New Placer Dome Gold Corp. Drills 61 Metres of 0.74 g/t Gold Oxide Including 21 Metres at 1.71 g/t and 6.1 Metres of 4.35 g/t Gold Oxide Near Surface at South Mine Fault – Continues to Expand Mineralization at Depth at Bolo

VANCOUVER, BC, Oct. 20, 2020 /CNW/ – New Placer Dome Gold Corp. (“New Placer Dome” or the “Company“) (TSXV: NGLD) (OTCQB: NPDCF) (FSE: BM5) is pleased to report the following additional analytical results from four reverse circulation (RC) drill holes completed at the Company’s Bolo Gold-Silver Project. The drill results have intersected significant oxide gold mineralization and expanded gold mineralization to depth. The South Mine Fault Zone remains open and has seven additional expansion drilling holes awaiting laboratory assay results. The Bolo Gold-Silver Project is located in a proven and prolific mining area within Nevada, USA.

All five holes for which assays results have been received to date have encountered significant oxide gold mineralization (Table 1). A total of 12 drill holes totaling 3,523 metres (11,560 feet) have been completed to date during 2020 at the Bolo Gold-Silver Project. The Company expects continued news flow over the coming weeks and months as assay results are received from the lab.

• Hole BL20-02 collared near the current southern extent of the South Mine Fault Zone intersected near surface high grade gold values grading 4.35 grams-per-tonne (g/t) gold (Au) over 6.1 metres, within a broader zone of mineralization averaging 1.38 g/t Au over 24.28 metres¹ (Figure 1).
• Hole BL20-03 collared within the north-central area of the South Mine Fault Zone area intersected an upper zone returning 0.24 g/t Au over 53.34 metres from surface and a lower zone averaging 0.74 g/t Au over 60.96 metres, including 1.71 g/t Au over 21.34 metres¹ (Figure 2). The hole successfully extended mineralization beneath 2019 drill hole BL19-01 which returned assays of 1.27 g/t Au over 83.8 metres².
• Hole BL20-04 returned 7.62 metres averaging 0.32 g/t Au¹ (Figure 3) and tested beneath 2019 drill hole BL19-02 that returned assays of 1.01 g/t Au over 85.3 metres². The hole deviated steeply downward, likely within a fault zone.
• Hole BL20-05 was designed to test interpreted south plunging continuity of South Mine Fault Zone gold mineralization and returned 0.54 g/t Au over 97.54 metres; including 0.72 g/t Au over 41.14 metres, and 1.52 g/t Au over 7.62 metres¹. The hole was lost due to faulted ground conditions and was still in mineralization averaging 0.84 g/t Au over 9.14 metres to a depth 176.78 metres¹ (Figure 4). BL20-05 was drilled beneath 2019 drill hole BL19-06 that returned a modest mineralized intercept of 0.61 g/t Au over 16.8 metres³.

The fact that the strength of mineralization is improving at depth on the BL19-06 / BL20-05 section is interpreted to reinforce New Placer Dome’s geological model of south plunging continuity of gold mineralization at the South Mine Fault Zone.

Kris Raffle, P.Geo., and a director of the New Placer Dome comments, “With the release of these four additional RC drill holes we continue to expand the footprint of South Mine Fault Zone gold mineralization. Hole BL20-05, which demonstrates stronger mineralization at depth than intersected near surface by New Placer Dome during its 2019 drill campaign, reinforces opportunities for continued expansion of this developing Carlin-style oxide gold target.”

RC drilling at Bolo defines a 1.2 kilometer north-south trending corridor of gold-silver mineralization containing the South Mine Fault Zone, Uncle Sam, and Northeast Extension zones. Gold mineralization at Bolo exhibits characteristics of classic Carlin-type mineralization, including strong subvertical structural control in addition to evidence of gold mineralization extending laterally at low angles within favorable silty carbonate units. The relatively untested 500 m strike length of the South Mine Fault-Uncle Sam segment is particularly prospective and is the focus of New Placer Dome’s 2020 exploration program designed to delineate these compelling structural and stratigraphic gold targets.

Table 1. 2020 Bolo Gold-Silver Project RC Drilling – Significant Results

Methodology and QA/QC
The analytical work reported on herein was performed by ALS Global (ALS), Vancouver Canada. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of New Placer Dome and the QP. RC drill samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250 gram split to 85% passing 75 microns. Gold determination was via standard atomic absorption spectroscopy (AAS) finish 30 gram fire-assay (FA) analysis, in addition to 48 element ICP-MS geochemistry. For any samples assaying over 0.1 ppm gold an additional 30 gram cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by AAS.

New Placer Dome follows industry standard procedures for the work carried out on the Bolo Gold-Silver Project, with a quality assurance/quality control (QA/QC) program. Blank, duplicate and standard samples were inserted into the sample sequence sent to the laboratory for analysis. New Placer Dome detected no significant QA/QC issues during review of the data. New Placer Dome is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.

About New Placer Dome Gold Corp.
New Placer Dome Gold Corp. is a gold exploration company focused on acquiring and advancing gold projects in Nevada. New Placer Dome’s flagship Kinsley Mountain Gold Project, located 90 km south of the Long Canyon Mine (currently in production under the Newmont/Barrick Joint Venture), hosts Carlin-style gold mineralization, previous run of mine heap leach production, and NI 43-101 indicated resources containing 418,000 ounces of gold grading 2.63 g/t Au (4.95 million tonnes) and inferred resources containing 117,000 ounces of gold averaging 1.51 g/t Au (2.44 million tonnes)⁴. The Bolo Project, located 90 km northeast of Tonopah, Nevada, is another core asset, similarly hosting Carlin-style gold mineralization. New Placer Dome also holds an option to acquire 100% of the Troy Canyon Project, located 120 km south of Ely, Nevada. New Placer Dome is run by a strong management and technical team consisting of capital market and mining professionals with the goal of maximizing value for shareholders through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.

Qualified Person
The scientific and technical information contained in this news release as it relates to the Bolo Project has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB and a Director of New Placer Dome, and Christopher Livingstone, P.Geo. (BC) Project Geologist of APEX Geoscience Ltd. of Edmonton, AB, both “Qualified Persons” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Raffle and Mr. Livingstone verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein.

On behalf of the Board of Directors,

/s/ “Max Sali”
Max Sali, Chief Executive Officer

Neither the 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 news release.

Forward Looking Information

This news release includes certain statements that constitute “forward-looking information or statements” within the meaning of applicable securities law, including without limitation, conducting exploration work on its projects, receipt of further assays, other statements relating to the technical, financial and business prospects of the Company and its properties, and other matters.

Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, anticipated costs and the ability to achieve goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks.

Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: (i) risks related to gold and other commodity price fluctuations; (ii) risks and uncertainties relating to the interpretation of exploration results; (iii) risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses; (iv) that resource exploration and development is a speculative business; (v) that the Company may lose or abandon its property interests or may fail to receive necessary licences and permits;  (vi) that environmental laws and regulations may become more onerous;  (vii) that the Company may not be able to raise additional funds when necessary; (viii) the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; (ix) exploration and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration and development; * competition; (xi) the potential for delays in exploration or development activities or the completion of geologic reports or studies; (xii) the uncertainty of profitability based upon the Company’s history of losses; (xiii) risks related to environmental regulation and liability; (xiv) risks associated with failure to maintain community acceptance, agreements and permissions (generally referred to as “social licence”); (xv) risks relating to obtaining and maintaining all necessary government permits, approvals and authorizations relating to the continued exploration and development of the Company’s projects; (xvi) risks related to the outcome of legal actions; (xvii) political and regulatory risks associated with mining and exploration; (xix) risks related to current global financial conditions; and (xx) other risks and uncertainties related to the Company’s prospects, properties and business strategy. These risks, as well as others, could cause actual results and events to vary significantly.

Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, adverse weather conditions, increase in costs, equipment failures, government regulations and policies, litigation, exchange rate fluctuations, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, decrease in the price of gold and other metals, failure of counterparties to perform their contractual obligations and fees charged by service providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

 

SOURCE New Placer Dome Gold Corp.

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