Vancouver, British Columbia – November 18, 2010 -NSGold Corporation (NSX : TSXV) is pleased to report initial drill results from the 6,000 meter drill program currently underway on its wholly owned Mooseland Gold Project in Halifax County, Nova Scotia. To date assays have been received for two complete holes (NSG 1-10 and NSG 2-10) and selected partial sections of other holes with the selection criteria being determined by the quantity of visible gold in the core or the geologic features of the sample.
Significant intersections, grading in excess of 1 gram gold per tonne, are detailed in the table below.
|Hole Number||From (m)||To (m)||Width (m)||Au Grade (g/t)||Equivalent Au Grade (Troy oz/t)|
|NSG 1 -10||98.4||99.3||0.90||15.61||0.50|
|NSG 1 -10||228.7||229.2||0.50||20.92*||0.67|
|NSG 2 -10||112.8||113.2||0.40||9.99||0.32|
|NSG 3 -10||59.85||60.4||0.55||39.49**||1.27|
* average of 2 assays ** average of 3 assays *** average of 4 assays
All the above gold intercepts occurred in veins of a dark grey smoky quartz known to be the primary host for gold in the Meguma formations. Drilling has consistently intercepted such veins, many of which do not show visible gold at the point of intersection, but do contain anomalous gold values. Consequently, they are considered to be potential ore zones.
The disparity in gold distribution is due to the fact that gold occurs as discrete nuggets of free gold within these veins and is not uniformly distributed. This disparity is illustrated by the results obtained during the preparation of the Technical Report on the Mooseland Property dated April 8, 2010 and prepared by Minetech International (Minetech) of Halifax, Nova Scotia. The Technical Report is available at www.sedar.com. The results in the table below are from random sampling carried out by MineTech on the Azure Resources Corp. drill core. Independent assays were performed at that time.
|Sample number||2003 Result (g/t Au)||2009 Result (g/t Au)|
A review of the results of past drilling programs (Hecla Mines Canada 1987-89 and Azure Resources 2003) indicates the results obtained to date by NSGold are consistent with those of the earlier programs.
Compilation and analysis of the drilling results is progressing and this information will be made available as it is completed.
Mooseland Drilling Update
Seven diamond drill holes have now been completed on the East Zone of the Mooseland Project and thirteen diamond drill holes have been completed on the West Zone for a total of twenty drill holes as part of the Phase I Program. The Phase I Program is expected to total twenty-five drill holes comprising in excess of 6,000 meters of drilling.
Samples for the first seven drill holes have been shipped to Laboratoire Expert of Rouyn – Noranda, Quebec for assay and results are pending.
Perry MacKinnon P. Geo., Chief Geologist for NSGold, a qualified person as defined by National Instrument 43-101, has reviewed and approved the information provided in this news release.
NSGold Corporation is a mineral exploration company actively exploring for gold in Nova Scotia, Canada. NSGold’s flagship property is the Mooseland Gold Project. NSGold’s shares are listed on the TSX Venture Exchange under the symbol NSX.
For further information, please contact:
Glenn A. Holmes
Chief Financial Officer,
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.