Geophysical Surveys At Kinsley Mountain Continue To Generate New Targets

VANCOUVER - New Placer Dome Gold Corp. announced the completion of the first phase of diamond drilling at the Bolo Gold-Silver Project in Nye County, Nevada. A total of 701 meters of core was drilled in two holes at the South Mine Fault Zone (SMFZ). Induced polarization (IP) / resistivity geophysical surveying continues at Kinsley Mountain Gold Project in Elko County, Nevada.

The purpose of the core drilling was to advance the development of a 3D geological model, and to continue to test the depth extent of SMFZ gold mineralization. The program included oriented core measurements to provide valuable structural and stratigraphic data that will used in the development of the 3D geological model and a potential future SMFZ initial mineral resource estimate. Both drill holes exhibited elevated arsenic, barium, and antimony values as determined by semi-quantitative hand-held portable X-ray fluorescence (XRF) analysis, associated with intervals of oxidation, decalcification, silicification, faults and breccias, all of which are known gold hosts at the SMFZ.

Max Sali, CEO, said, "Given the encouraging pathfinder element values and visual alteration observed in the Bolo core, we eagerly await the assay results from the drilling program. The data collected from the Bolo drill core will be instrumental in modeling the gold mineralization with the eventual goal of establishing an initial mineral resource for the SMFZ. With work also well underway at Kinsley, we look forward to leveraging the geophysical data collected to develop robust targets for drilling programs at both projects later in the year."

IP/Resistivity surveying is ongoing at Kinsley Mountain, currently targeting the frontier Kinsley North Range. Five lines totaling 15.9 line-km have been completed at Kinsley North to date. An additional nine lines totaling 29.7 line-km remain. 2021-2022 IP/resistivity surveys expanded 6.5 km north of the high-grade gold Western Flank Zone to test underexplored Kinsley North Range targets. Chargeability breaks indicative of significant displacement and arsenic ± antimony in soil anomalies are associated with property-scale northwest-trending fault structures analogous to those host significant gold resources along the Kinsley NW fault. Chargeability/resistivity breaks and broad arsenic ± antimony in soil anomalies associated with northeast to northwest-trending block faulting exposing prospective lower Pogonip Group carbonate rocks, the host for much of the gold mineralization at the Long Canyon Mine. Chargeability highs associated with mapped jasperoid and arsenic-antimony in soil anomaly along north-trending fault structure in the centre of the range. Nine Kinsley North IP/resistivity lines remain to be completed that cover a significant strike length of block faulted Pogonip Group and upper Notch Peak Formation rocks on the east side of the Kinsley Range.

A total of 14 lines totaling approximately 50.9 line-km have been completed during the 2021-2022 Kinsley Mountain Gold Project geophysical program. The lines are spaced 150 to 1,000 meters apart, with line lengths ranging from approximately 2.5 to 4.0 kilometers. Data were collected using the Direct Current Resistivity, Induced Polarization (DCIP) method, on a 16-channel pole-dipole array with a dipole size (a-spacing) of 100 meters. A GDD GRx16 receiver and GDD 5000W-2400V-20A IP Tx model Tx4 transmitter was used. Raw data were loaded into GDD IP Post-Process software and Geosoft Oasis Montaj software for quality control and review. The reviewed data were used to produce pseudo section plots of apparent resistivity and apparent chargeability and were the input for the inversion. Inversions were completed using the UBC-GIF DCIP2D inversion codes. Each line of data was inverted independently. The resistivity and IP inversion is a two-step process. The resistivity inversion is run first, and this model is used in the chargeability inversion. Multiple inversions were completed for quality control.