Vancouver, BC: STEVENS GOLD NEVADA INC. (CSE: SG) (the “Company” or “Stevens Gold”) is pleased to announce that it will commence a drill program on its Black Point Property during the week of August 17, 2020.
Stevens Gold has the right to earn up to a 60% interest in the Black Point Property (the “Property”) from Golden Pursuit Resources Ltd. (TSX-V: GDP) (“GoldPur”). Under the terms of the binding Property Option, the Company has the right to purchase 60% interest in the Property by making a payment of US$500,000. Until the payment of the purchase price is made, the Company is to make annual lease payments. GoldPur retains a 2% Net Smelter Return royalty on production.
The Property, consisting of 80 lode mining claims covering approximately 1,600 acres, is located in Eureka County, Nevada, 11 miles northeast of Eureka and 18 miles west of the Bald Mountain-Alligator Ridge-Yankee mining district.
The Company has contracted HD Drilling based in Winnemucca, Nevada, to drill three reverse circulation holes for a total depth of approximately 2,200 feet. The drilling will test the down-dip extension of anomalous gold and pathfinder elements shown in the July 2019 soil sampling program and geophysical targets identified in gravity and CSAMT surveys conducted in December 2018 and September 2019 respectively. The soil anomaly coincides with altered float and sub-outcrop of the Mississippian-Devonian Pilot Shale, a calcareous siltstone. This stratigraphy is a prolific host in the nearby Eureka and Alligator Ridge – Bald Mountain district and other Carlin-style deposits in Eastern Nevada.
The gravity and CSAMT geophysical surveys on the property concentrated on the alluvium covered slopes and valley to the west of the outcrops. CSAMT results show an apparently steep lying strong resistive area underlies the west flank of the ridgeline. This could represent a silicified fault zone or a resistive geologic unit. Gravity shows a relatively consistent dip of the basin to the west, which is also mirrored to a degree in the CSAMT data.
Mining in the Black Point area started about 1864 with sporadic activity until the 1939 – 1942 period when a few shipments with silver grades of 410 – 3,700 ppm (12 to 108 opt) were made to various smelters. Exploration in the local area recommenced about 1964 culminating in an 82-hole percussion drill program in 1971 – 1972. The district was quiet until the early 1980’s gold rush when portions of the current property were explored by Gergan, Newcrest, Iron Horse Resources and Urastar between 1989 and 2012.
Alan J. Morris, CPG, who is the “Qualified Person” as defined by NI 43-101 for this project, has reviewed and approved the technical disclosure contained in this news release.
About Stevens Gold Nevada Inc.:
Stevens Gold Nevada Inc. is a mineral exploration company. Its primary business objective is to explore its optioned claims in Nevada with a view to acquiring ownership interest in the Black Point property.
ON BEHALF OF STEVENS GOLD NEVADA INC.
(sgd.) Charles MaLette CEO,
President, Director & Secretary
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Stevens Gold. Forward-looking information is based on certain key expectations and assumptions made by the management of Stevens Gold. In some cases, you can identify forward-looking statements by the use of words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include that (a) the company will commence a drill program on the Property during the week of August 17, 2020 and (b) the drilling will test the down-dip extension of anomalous gold and pathfinder elements shown in the July 2019 soil sampling program and geophysical targets identified in gravity and CSAMT surveys conducted in December 2018 and September 2019 respectively. Although Stevens Gold believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Stevens Gold can give no assurance that they will prove to be correct.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.