NSGold Reports Mooseland Gold Results Including 15.21 Grams Per Tonne Over 1.7 Meters

Bedford, Nova Scotia – February 20, 2013 – NSGold Corporation (NSX:TSXV) is pleased to report assay results from fifteen diamond drill holes totalling 948 meters at its wholly-owned Mooseland Gold Project located in Halifax County, Nova Scotia.

The 2012 drill program tested the deposit above the 75 meter level which had been little explored by previous drilling campaigns. Holes NSG-6-12 and NSG-7-12 encountered old workings near the surface and were discontinued. The remaining thirteen holes all encountered the expected, relatively sulphide rich, quartz bearing argillite zones. Of particular significance Hole NSG-8-12 returned gold values of 36.8 grams per tonne over 0.6 meters starting at 30.9 meters and 15.21 grams per tonne over 1.7 meters starting at 77.7 meters.

Other significant drill intercepts included the following;

  • 9.93   gpt over 1.0 meter in Hole NSG-1-12   starting at 25.2 meters
  • 7.10   gpt over 1.0 meter in Hole NSG-3-12   starting at 67.2 meters
  • 6.25   gpt over 1.0 meter in Hole NSG-8-12   starting at 74.3 meters
  • 11.49 gpt over 1.0 meter in Hole NSG-10-12 starting at 51.8 meters
  • 8.44   gpt over 1.0 meter in Hole NSG-10-12 starting at 54.8 meters
  • 9.44   gpt over 1.0 meter in Hole NSG-13-12 starting at 48.0 meters
  • 18.76 gpt over 1.0 meter in Hole NSG-15-12 starting at 22.9 meters

In the thirteen holes that were drilled to planned depths, there were thirty-nine (39) intercepts with gold values greater than 0.5 grams per tonne, including twenty-six (26) intercepts with gold values greater than 1.0 grams per tonne.   The average sample length and grade of the thirty-nine intercepts were 0.92 meters and 4.57 grams per tonne respectively.  Appendix A includes a table of the gold results exceeding 0.5 grams per tonne.

All holes were drilled at angles between 45 and 47 degrees and core angles were generally in excess of 60 degrees, averaging between 65 and 70 degrees, resulting in true widths being seven to nine percent less than core lengths.

The data obtained from this drilling program, together with the results from previous drilling, will be used to undertake a preliminary evaluation of the potential for open pit mining of the West Zone.  The West Zone has been previously drill tested at depth and extends along strike approximately 1,000 meters, however, past drilling campaigns (110 holes totaling 29,000 meters) were not designed to target the gold bearing veins within 75 meters from the surface.  The Mooseland gold deposit occurs within a typical Meguma structure with steeply dipping limbs. The gold bearing quartz veins at Mooseland occur on both limbs of the fold with similar widths and grades.  Of particular significance from a potential open-pit mining perspective is the relatively shallow depth (generally 0.5-1.5 meters) of overburden covering the West Zone deposit and the geometry of the near surface saddle veins.

The West Zone comprises 57% (259,000 ounces) of the total inferred mineral resources for the Mooseland Gold Project which are estimated at 454,000 ounces of gold (see NSGold news release dated June 5, 2012).    A summary of the June 2012 resource estimate is provided in the table below.

Mooseland Summary of Non-Diluted Inferred Mineral Resources

  Cut-off Grade (g/tonne) Tonnes Above Cut-off Average Diluted Grade (g/tonne) Ounces
West Zone 2.6 1,460,000 5.52 259,000
East Zone 2.6 1,060,000 5.72 195,000
Total 2.6 2,520,000 5.6 454,000

Sampling Protocol and QA-QC

Drill core was split in half by hydraulic splitter at the secure core shack on the property and was placed in poly bags and sealed with zip ties once the sample tag is inserted. Splitting equipment was thoroughly cleaned between samples. The remainder of the core is retained in core boxes stored in the core shack. Sample bags were packed in numbered boxes and shipped to Laboratoire Expert in Rouyn-Noranda, Quebec for analysis.

All samples were assayed for gold using standard fire assay and all samples returning values over 500 ppb were re-assayed using the “screen for metallics” method utilizing the complete sample. In addition, any samples identified as containing visible gold were also tested using the metallics method. A total of 79 of the samples were analyzed using this method, including 22 samples testing less than 500 ppb in the original results. Sample standards, blanks and duplicate samples were inserted in accordance with industry best practice.

Qualified Person

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.

About NSGold

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
(902) 798-1148

Forward-Looking Statements

This news release contains statements that may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of NSGold Corporation (“NSGold”), or the assumptions underlying any of the foregoing.  In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking statements.  Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved.  No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that NSGold or its shareholders will derive.  Forward-looking statements and information are based on information available at the time and/or management’s good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond NSGold’s control.  These risks, uncertainties and assumptions include, but are not limited to, those described under “Risks and Uncertainties” in NSGold’s Management Discussion and Analysis for the Year ended December 31, 2011, which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements.  NSGold does not intend, nor does NSGold undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.

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.