Bedford, Nova Scotia – June 5, 2012 – NSGold Corporation (NSX:TSXV) is pleased to report that it has received an updated resource report for its wholly owned Mooseland Gold Project located in Halifax County, Nova Scotia. Total inferred mineral resources for Mooseland are estimated at 454,000 ounces of gold. This resource report was prepared by MineTech International Limited of Halifax, Nova Scotia. A summary of the updated resource estimate is provided in the table below.
* Refer to Appendix A “Notes for Mooseland Mineral Resource Estimate” for additional details regarding the mineral resource estimate.
This estimate is based on drill core assay results from historic and recent drilling programs totaling 45,382 meters in 183 drill holes as detailed below.
The results of MineTech’s resource estimation analysis at varying cut-off grades are tabulated below.
Mooseland mineralisation, typical of the majority of Nova Scotian lode gold deposits, exhibits “coarse gold” or “nuggety” behaviour. In this type of deposit, close samples may vary wildly in grade. A top-cut value is normally chosen to prevent the overestimation of block grades by a small number of very high assays or “outliers”. For the Mooseland resource estimation the +100 g/tonne assays were top-cut or “capped” to 100 g/tonne.
The NSGold 2011 program consisted of 5,011 meters of diamond drilling in 16 drill holes and was designed with the objective of building confidence in the ore body model. This program has increased the knowledge of the deposit and added significant ounces to the resource. Drilling filled in some of the larger gaps in the model 300 meters west and 200 meters east of last year’s drilling on the West Zone and 200 meters north of last year’s drilling on the East Zone. Fifteen of the sixteen had multiple intercepts of quartz veins that assayed greater than 1 gram per tonne gold. The best grade encountered was 0.5 meters of 107 grams/tonne.
NSGold Executive Chairman, Hans van Hoof commented,
“This resource update for the Mooseland Project means that each issued and outstanding share of NSGold is now underpinned by 1/100 of an ounce of gold in the ground. We remain optimistic of adding significantly more resource ounces at Mooseland as well as increasing the Company’s gold portfolio through acquisition.”
NI 43-101 Report
A technical report detailing the updated gold resource estimate for the Mooseland Project will be filed on SEDAR within the next 45 days.
Doug Roy, M. A. Sc., P. Eng. is the Qualified Person who carried out this resource estimate. Mr. Roy is a mining engineer with MineTech International Limited of Halifax, Nova Scotia who has carried out mineral resource estimates for numerous gold deposits.
Perry MacKinnon P. Geo., Chief Geologist, for NSGold, a qualified person as defined by National Instrument 43-101 has reviewed the information provided in this news release.
NSGold Corporation is a mineral exploration company actively exploring for gold in Nova Scotia, Canada. NSGold’s principal property is the Mooseland Gold Property. NSGold’s shares are listed on the TSX Venture Exchange under the symbol NSX.
For further information, please contact:
Glenn A. Holmes
Chief Executive Officer, NSGold Corporation
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