NV Gold (NVX.V) has announced it has dropped the Exodus property as the first pass exploration program in British Columbia did not yield the desired results. The company is quoting the glacial till cover and the proximity to nearby tributaries as main reasons for dropping the option, as no agreement could be reached with the local First Nations. NV Gold is cutting its losses and as the option agreement was quite favorable to NV Gold (with minimal requirements in the early stages of the agreement), it’s better for NV Gold to drop the project now.
Meanwhile, the drill program at the Slumber gold project in Nevada has started. An initial 10 RC holes will be drilled in an area where NV Gold hopes to encounter a high-grade vein system. Once the Slumber drill program will be completed, the rig will be redirected to the Sandy project, also in Nevada.
Disclosure: The author has a long position in NV Gold. NV Gold is a sponsor of the website. Please read our disclaimer.
