8-K: Nevada Canyon Gold Corp. Announces Drilling Commences at Lapon Canyon Project

Nevada Canyon Gold Corp. reports that drilling has begun at the Lapon Canyon Project, where they hold a 3% Net Smelter Royalty.

Summary

• Nevada Canyon Gold Corp. has announced that drilling has commenced at the Lapon Canyon Project, in which they hold a 3% Net Smelter Royalty.
• Walker River Resources Corp., the owner of the Lapon Canyon Project, has initiated a reverse circulation drill program.
• The drilling program will target the historical Lapon Canyon Mine, the Central Zone, and the newly discovered Hot Spot Zone.
• The program aims to extend known gold-bearing mineralized zones and explore new areas of mineralization.
• Grid drilling will be conducted at approximately 30-meter centers, with up to five holes per pad.
• Serac Exploration has been retained to manage the drilling database, geological mapping, and create a three-dimensional model of the project.
• The 2024 drill program results will be used to complete an initial NI 43-101 compliant mineral resource estimate.

Sentiment

Score: 7

Explanation: The sentiment is positive due to the commencement of drilling and the potential for resource discovery, but tempered by the inherent risks of exploration.

Positives

• The commencement of drilling at the Lapon Canyon Project is a positive step for Nevada Canyon Gold Corp.
• The project has historical high-grade gold mining with significant past assay values.
• The engagement of Serac Exploration should provide valuable geological insights and modeling.
• The project is easily accessible with good infrastructure, including a nearby power grid.

Negatives

• The mineralization is not visible at the surface, making the target blind and requiring drilling to explore.
• The project is still in the exploration phase, and there is no guarantee of a commercially viable resource.

Risks

• Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially.
• These risks include general economic conditions, competition, and changes in technology.
• There are risks associated with exploration programs, including delays and potential results.
• The company's actual results could differ materially from those discussed in the press release.

Future Outlook

The company plans to regularly post similar information to its website and may use the release in reports and presentations. The 2024 drill program results will be used to complete an initial NI 43-101 compliant mineral resource estimate.

Management Comments

• Nevada Canyon Gold Corp. is pleased to announce it has been informed that drilling has begun on the Lapon Canyon Project.
• The Company may choose to regularly post similar information, as the management deems fit, to its website.

Industry Context

This announcement is relevant to the gold exploration industry, particularly in Nevada's Walker Lane gold trend. The commencement of drilling is a key step in advancing the project and potentially increasing the value of Nevada Canyon Gold Corp.'s royalty.

Comparison to Industry Standards

• The use of reverse circulation drilling is a common practice in early-stage gold exploration projects.
• The engagement of a consulting firm like Serac Exploration for geological modeling is standard practice.
• The goal of completing an NI 43-101 compliant mineral resource estimate is a typical milestone for exploration companies.
• The historical high-grade gold mining at Lapon Canyon is comparable to other projects in the Walker Lane trend, such as the nearby Comstock Lode.

Stakeholder Impact

• Shareholders may see a positive impact from the exploration progress.
• Employees of Nevada Canyon Gold Corp. and Serac Exploration will be involved in the project.
• The local community may benefit from potential economic activity.

Next Steps

• The 2024 drill program will continue with exploration drilling near the historical Lapon Canyon Mine, the Central Zone, and the Hot Spot Zone.
• Serac Exploration will manage the drilling database and create a 3D model of the project.
• The results from the 2024 drill programs will be used to complete an initial NI 43-101 compliant mineral resource estimate.

Key Dates

Keywords

Lapon Canyon Project, Drilling, Gold Exploration, Net Smelter Royalty, Mineral Resource, Nevada Canyon Gold Corp, Walker River Resources, Serac Exploration, Reverse Circulation Drilling, NI 43-101