Nevada Pacific Gold Ltd.: Nevada Exploration Project
Update
VANCOUVER, BRITISH COLUMBIA--Nevada Pacific Gold Ltd. (TSX
Venture Exchange - Symbol NPG) is pleased to provide an update on
four existing exploration projects and two new acquisitions in
its extensive portfolio that now includes thirteen gold and
silver exploration projects in the state of Nevada. The Amador
Canyon Project will be updated under a separate news release.
Exploration Update:
BMX Gold Project - located within the Northern Battle Mountain
District, the project consists of 24 square miles of mineral
rights. The project is under Option to Placer Dome US Inc., who
is funding all work as part of a $ 4 million Joint Venture
agreement signed between the two companies in December 2002.
Phase I drilling was recently completed and comprised a total of
7,060 feet in ten reverse circulation drill holes. Drilling
tested four of the most accessible target areas that were the
lowest in elevation and helped provide stratigraphic information
for the project area. These targets were selected as a result of
surface mapping, soil and rock-chip geochemistry and geophysical
surveys. All ten holes drilled in this program encountered
geochem gold, trace and base-metal mineralization, thus
confirming the presence of a major gold and copper system(s).
BMX-03-1, BMX-03-2 and BMX-03-4 were designed to test a distinct
geochemical anomaly in the "Mote" area. Historic drilling in the
area suggested there would be approximately 450 feet of pediment
gravel cover. The soil/gas geochemical program was specifically
designed to image potentially buried ore bodies. Additional
detailed gravity surveys carried out by the Nevada Pacific
Gold-Placer Dome JV outlined major buried horst-bounding faults.
These horst-bounding structures display good continuity and
project strongly mineralized features, mapped in the uplands, to
the south with gold values up to 10 ppm. These "buried and
projected" structures are interpreted to be mineralized and are
postulated as the source for the soil/gas geochemical anomalies.
All three of the drill tests display anomalous geochemistry
analogous to a mineralized system. Two of the holes encountered
anomalous gold values, with numerous intervals containing 20 to
+50 ppb gold. Free gold was panned from alluvial material
directly above the bedrock contact. Assays of this alluvial
material were generally greater than those from the underlying
bedrock, with individual values of 199 ppb. The result of this
first drill test suggests close proximity to the main mineralized
body, with the stronger gold values in the alluvium being eroded
from nearby mineralization.
The seven remaining holes tested three target areas proximal to
the Elder Creek Porphyry. During the Phase I Program, Nevada
Pacific Gold secured historic assay results from two holes
drilled in the area by Western Mining in 1994. All nine of the
drill holes contained significantly anomalous gold values and
fall within a coincident gravity and aeromagnetic high that
defines the proximal alteration halo surrounding the Elder Creek
stock. The strongest gold values in these previously drilled
holes occur on the edge of a large pediment covered area within
the mapped alteration halo that surrounds the Elder Creek
Porphyry.
Gold assays up to 0.024 opt and copper values up to 0.86% were
encountered in Nevada Pacific Gold's drilling. Pathfinder
elements were also extremely elevated with arsenic values up to
6,415 ppm and antimony values up to 235 ppm. The highest gold
values were seen in Western Mining's hole MOTC-07 which averaged
0.256 opt gold over 10 feet from 125'-130'. This drill hole was
located 700 feet from Nevada Pacific's BMX-03-6, which bottomed
in 100 feet and averaged values of 192 ppb gold and 627-ppm
arsenic. The second Western Mining drill hole, MOTC-12 (located
5,100 feet north of MOTC-07), averaged 50 ppb gold over 1,486
feet (from 0'-1,486') with individual 5 foot gold values up to
0.022 opt. Nevada Pacific's BMX-03-7 intersected 10 feet
averaging 0.016 opt gold within a 370 foot interval of double
digit ppb gold and BMX-03-8 had double digit ppb gold throughout
the entire 500 foot hole.
These strongly anomalous assay results over a wide area may
indicate proximity to a major gold-bearing hydrothermal system
related to the Elder Creek Porphyry. The higher gold values are
concentrated on individual structures. The potential of the
adjacent pediment covered areas has been significantly enhanced
by the Phase I results. Follow-up drilling will use these results
to vector toward the more promising of these structural zones.
Nevada Pacific Gold also conducted an ongoing district
reconnaissance in the area surrounding the BMX project throughout
the fall and winter of 2003-4. This work has lead to the staking
of additional claims on the south end of the property. The new
ground lies on the structural extension of high-grade underground
values obtained from the Bluebird mine area. Surface rock-chip
values up to 0.625 opt gold and 17.17 opt silver were obtained
from the new claim group and the Bluebird area will be the focus
of drilling at BMX later in 2004.
Limousine Butte Gold Project - is a 100% owned property located
in White Pine County. A winter drill program was partially
completed prior to access being blocked by snow. Six holes,
totaling 2,980 feet, were completed testing three different
targets within the Resurrection Ridge area. All of the holes
encountered significant levels of gold and geochemistry analogous
to a highly mineralized hydrothermal system. Five of the six
holes contained gold values in excess of 1 ppm (0.03 opt). The
table below summarizes the results of this Phase 1 drill program:
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Hole ID Footage Interval Au opt As (ppm) Sb (ppm) Hg (ppm)
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RR03-1(1) 290'-315' 25' 0.014 1245-2800 800-3110 20-37
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375'-530' 155' 0.061 319-7490 50-2390 3-142
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inc. 50' 0.162 1775-7490 830-2390 45-142
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inc. 20' 0.309 3680-4640 990-2390 59-142
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RR03-2(1) 270'-465' 195' 0.050 353-6310 90-3640 23-1000
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inc. 50' 0.100 596-6310 578-3090 56-337
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inc. 30' 0.123 596-2730 578-3090 56-337
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RR03-3 590-595 No Significant Values
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RR03-4 445-470 25' 0.038 2210 593 113
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Inc. 15' 0.054 2050 593 78
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RR03-5 200-285 85' 0.010 253-720 128-269 14-46
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inc. 5' 0.049 720 153 46
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RR03-6 90-280 190' 0.017 338-804 813-2090 28-128
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inc. 65' 0.025 405-804 813-2090 28-59
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(1)assays previously released
...............
Drill holes RR03-01 through RR03-04 were designed to characterize
and extend the high-grade mineralization previously encountered
in LIM-46. The results in drill holes RR03-1 and RR03-2 did
confirm and extend this mineralization (see NPG Press Release
03-34) while holes RR03-3 and RR03-4 intersected narrower
intervals of lower grade gold, further defining the orientation
and size of both the lower-grade and the higher-grade
mineralization.
Drill hole RR03-5 tested a surface rock-chip anomaly 500 feet
north of drill hole LIM-46 where rock chip samples of the surface
jasperoid assayed 0.058 opt gold. Due to bad ground this drill
hole was terminated at 300 feet and did not reach the projected
down dip extension of the surface gold enriched jasperoid.
Drilling however did intersect 85 feet grading 0.010 opt gold
beginning at 200 feet, including a 5-foot intersection of 0.049
opt gold.
Drill hole RR03-6 targeted a zone of mineralization located west
of LIM-46, and intersected 190 feet grading 0.017 opt gold
beginning 90 feet below the collar.
The focus of the remaining holes will be to test the Resurrection
Ridge area as well as Cadillac Valley (located south of
Resurrection Ridge) where past wide-spaced, vertical holes have
encountered an extensive zone of anomalous gold mineralization.
The program in general is designed to augment the existing
(620,000 ounce) gold mineral inventory.
Buffalo Canyon Gold Project - is a 100% owned property located in
the Shoshone Range in Nye County and encompasses a bulk tonnage,
potentially open-pittable gold mineralized zone. As previously
reported, numerous historic drill holes intersected gold
mineralization from surface to over 200 feet grading +/- 0.02
oz/ton gold. Nevada Pacific recently outlined a new higher-grade
surface mineralized zone (see NPG Release 03-27) Sixty-five
surface rock chip samples were collected over a 1,500 ft by 600
ft area with 14 samples containing greater than 0.100 oz/ton gold
and 26 containing greater than 0.040 oz/ton gold. The highest
assay returned 0.492 oz/ton gold. Following permitting, a drill
program is planned for 2004.
Clover Valley Gold Project - is a 100% owned property located in
the Spruce Mountain Mining District of Elko County. The target
area for gold mineralization at the project is in the lower
portion of the Pilot Shale together with related fault structures
that is a proven host for multi-million ounce deposits.
Permitting will be initiated for a 2004 drill program to follow
up on recent geochemical and geophysical surveys where a new
geochemical target has been outlined by an 800 ft by 1,600 ft
gold in soil anomaly.
New Acquisitions:
Valmy Antler Project: Nevada Pacific Gold has acquired
approximately 2,080 acres in the Battle Mountain District through
the staking of 118 lode mining claims.
This property is positioned over a major gravity high suggesting
shallow depths to bedrock. Historic drilling data acquired by
Nevada Pacific confirmed the presence of Antler Sequence rocks at
shallow depths over a portion of the package. Antler Sequence
rocks are a preferred ore host at Newmont's nearby Lone Tree Mine
and Glamis Gold's Marigold Mine and Nevada Pacific Gold believes
that the overall gravity feature may represent a horst block of
this favorable lithologic unit. These two operations have a
combined gold endowment of at least 12 million ounces and both
mines have added significant reserves in 2003 and have active
exploration and development programs planned for 2004.
The Valmy Antler Project adjoins the Marigold claim package on
the east and north boundaries and covers both northeast and
north/south mineralized trends extending from the known ore
zones. Mineralization lies within about 1.5 miles of the eastern
boundary and 3 miles from the northern boundary. The project also
lies within Newmont's checker boarded private lands and is
adjacent to active lode mining claims that Newmont has held since
1986.
In 2004 Nevada Pacific Gold is planning an exploration program
that will include detailed survey grids, gravity work followed by
soil/gas geochemistry prior to drill targeting.
Mary's Mountain: Nevada Pacific Gold has acquired approximately
1,580 acres on the Carlin Trend through the staking of 82 lode
mining claims controlling 100% of the mineral rights without
underlying interests or encumbrances of any kind. The new land
package is surrounded by Newmont landholdings in the Maggie Creek
Mining District and lies within two miles of the 24 million ounce
Gold Quarry mine. The claims are nine miles due west of the town
of Carlin and cover portions of Mary's Mountain.
Several major southwest trending structures that are controls for
mineralization at the Gold Quarry Mine are projected onto the
Mary's Mountain claims. A major regional thrust fault passes
through portions of the property that has placed siliceous
western assemblage rocks over top of the younger Mary's Mountain
Sequence, which in turn overlies the productive Robert's Mountain
Formation.
Compilation of past exploration data indicates that strong gold
anomalies found on the surface are hosted within heavily iron
stained breccia and silicified rock chip samples that assay up to
1 ppm gold. The presence of Eocene (37 Ma) dikes related to the
Welches Canyon intrusive complex suggests a heat engine and
possible source for the surface mineralization.
The anomalous rock and soil samples cover wide areas of the
property and are found in both the upper and middle thrust
plates. Surface geochemistry is highly elevated in arsenic (to
greater than 1000 ppm) and mercury (to greater than 31 ppm) and
lesser antimony (to 430 ppm). The preferred target horizons lie
within the Mary's Mountain Sequence and the underlying Roberts
Mountain Formation, where structural intersections with these
favorable hosts may have formed significant high-grade gold
deposits.
Historic drilling has encountered significant intervals of
anomalous gold with individual 5 foot samples ranging up to 0.052
ounce per ton. The best composite drill intercept contains 20
feet grading 0.032 ounce gold per ton. To date the drilling has
been shallow, vertical and wide-spaced, leaving open the
possibility of discovering a near surface high-grade gold deposit
associated with the outcropping mineralization.
Curt Everson, P.Geol., M.Sc. is a Qualified Person as defined by
National Instrument 43-101 and is responsible for program design
and quality control of exploration undertaken by the Company.
Further updates of these projects complete with results and
current activities will be released in the coming weeks. A
description of these projects, including maps and photographs can
be viewed on the Company's website at: www.nevadapacificgold.com.
ON BEHALF OF NEVADA PACIFIC GOLD LTD.
Richard J. Barclay, CEO and Director
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Nevada Pacific Gold Ltd.
David Hottman
(604) 646-0188
(604) 646-0189 (FAX)
Website: www.nevadapacificgold.com
No securities regulatory authority or stock exchange has reviewed
or accepts responsibility for the adequacy or accuracy of this
release.
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