Feb 19, 2021
 in 
Precious Metals

Western US Mining: Stevens Gold (CSE: SG) Exploration Update

STEVENS GOLD NEVADA INC. (CSE:SG, OTCQB:STVGF, FSE:311) is pleased to announce results from the data mining of historic geophysical and soil geochemical surveys on the optioned Millennium Gold Property (the “Property”). The Property is located 4.8 km northeast of Lake Havasu City in Mojave County, western Arizona and hosts underexplored low sulphidation volcanic-hosted epithermal gold mineralization with geological similarities in style of mineralization and alteration to other nearby epithermal gold deposits including the Castle Mountain Mine (TSX: EQX) and the Moss Mine (TSX.V: NEE).

Equinox’s (TSX: EQX. Market cap: $3.3B) Cast Mountain open pit gold mine had historic production of 1.1 million ounces of gold. The property hosts epithermal type gold-silver mineralization of economic interest in an area of Arizona and Nevada that is well known for its epithermal gold-silver and porphyry copper-molybdenum deposits.

Norther Vertex’s (TSX.V: NEE. Market cap: $124M) Moss Mine currently has a resource of – Measured & Indicated: 363,000oz of gold, and Inferred: 129,000oz of gold. Currently Moss is the largest pure gold and silver mine in Arizona. Norther Vertex’s (TSX.V: NEE) recently closed a merger with Eclipse Gold (CSE: EGLD), the combined entity has a cash balance of approx. US$18.7M.

Kenneth Berry, president and chief executive officer of Northern Vertex, commented: "We have created a powerful gold consolidation company operating exclusively in the Western United States by combining the assets and leadership teams of Northern Vertex and Eclipse Gold. With a strong balance sheet, production from the Moss mine, and significant organic growth targeted through exploration at both the Moss mine in Arizona and the Hercules project in Nevada, we are uniquely positioned to be an active consolidator to become a mid-tier producer.”

Stevens Gold (CSE: SG, OTCQB: STVGF, FSE: 311) has been extracting useful information on the Millennium gold asset to aid exploration by mining historic geoscientific databases. A 2007 program of virtual grid-based soil geochemical surveys based on mobile metal ion technology (MMI) was undertaken on the Millennium gold property and successfully delineated multiple strongly elevated gold responses. A total of 523 samples were collected. Multisampling, arcuate, ovoid and linear anomalies from widely spaced 400-foot stations varied from 20 to 221 times background and defined broad areas of anomalous response on the property. The wide sample spacing was utilized to assess the property for geochemical signatures originating from structurally related bulk-minable gold mineralization.

Historic ground magnetic surveys were undertaken on the property in 2008 by Zonge Engineering and IP (induced polarization) geophysical surveys in 2011 by Durango Geophysical Operations. Multiple magnetic lows were defined by the magnetic survey and were interpreted as signatures of magnetic destructive alteration. Several of these magnetic lows were accompanied by high resistivity responses and occurred in areas of known gold mineralization that assayed up to 6 g/t gold as well as at Westley Hill where the company will undertake its maiden drill program to confirm historic gold mineralization intersected in 2008.

Although ground geophysical and soil geochemical surveys were undertaken on the property at significantly different times there is marked coincidence between magnetic lows, high resistivity responses and multisampling gold MMI anomalies in soils. These historic results are value-added information and will assist more focused exploration on the property using modern exploration techniques and drilling. The company has submitted its application for a drill permit to the Arizona State Lands Department and is currently awaiting its review and approval.

Stevens Gold (CSE: SG, OTCQB: STVGF, FSE: 311) currently has 38.5M shares outstanding, and is trading at $0.35, giving it a market cap of $13.48M. The share structure breakdown is as follows – 42% held by insiders, 31% held by insiders, and 27% held by retail.


*DISCLAIMER: THIS ARTICLE CONTAINS SPONSORED CONTENT

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