Nevada Exploration Inc. Realigns its Nevada Land Holdings
September 6, 2013
Nevada Exploration Inc. (TSX.V:NGE) (“NGE”) announces that based on the results to date at its projects and the results of its ongoing generative hydrogeochemistry exploration program, NGE is realigning its project portfolio to focus its resources on its exploration projects that demonstrate the greatest upside potential.
NGE has applied a consistent, staged exploration program to manage risk while advancing its pipeline of new, grass roots exploration projects. At the same time, NGE has continued to complete additional generative exploration across Nevada’s large prospective covered basins using its proprietary hydrogeochemistry exploration technology. Based on the results of the work completed by NGE and its exploration partners at its projects, considered within the context of the new targets that NGE has identified as part of its ongoing generative exploration efforts, NGE is realigning its Nevada land holdings. Specifically, NGE is focusing on its Fletcher Junction, Hot Pot, Awakening, and Kelly Creek projects, as well as continuing its work with McEwen Mining Inc. at the Grass Valley Project and evaluating opportunities to acquire new land positions covering high priority targets identified during its 2012 and 2013 hydrogeochemistry sampling programs. At this time, NGE will no longer be advancing its Bull Creek, Sand Pass, Rye Patch, Jungo, or Whiskey Flats projects. Accordingly, NGE is no longer maintaining land positions at these projects. Including NGE’s 30% interest in the Grass Valley Project, NGE current ownership interests cover more than 120 square kilometres (46 sq mi), making NGE one of Nevada’s largest junior explorers by project area.
Discussing the realignment of NGE’s land holdings, Wade Hodges, NGE’s President and CEO: “With each additional exploration stage we learn more about our individual projects; with each new advancement in the industry’s understanding of the genesis of Nevada’s unique gold endowment we learn more about the geologic conditions and processes responsible for Nevada’s large gold deposits; and with each new field season of generative hydrogeochemistry sampling we learn more about the relative size and magnitude of our hydrogeochemistry exploration targets. It is our responsibility to continuously evaluate our projects within this technical context and within the context of the larger industry and the capital markets, and to focus our resources on the projects that we consider offer the greatest risk adjusted opportunities for our shareholders to participate in major new gold discoveries. While the results at the projects we dropped have been uniformly encouraging, and we are pleased by our hydrogeochemistry exploration technology’s ability to identify quality exploration targets in covered settings, these dropped projects are predominantly Sleeper-type volcanic-hosted systems, which we consider to be smaller, and at this time less marketable, than the larger Carlin-type sedimentary-hosted systems found further to the east. Recently published research has more precisely defined the extent of this area as a zone where an upper layer of siltstone overlapped and capped the underlying carbonate rocks during an important period of magmatism and has explained how these unique geologic conditions resulted in the creation of Carlin-type systems. Based on this research, over the last two years we have focused our hydrogeochemistry sampling efforts within this area of overlap and have identified several exciting new exploration targets– the first of which is the Grass Valley Project we are presently advancing with McEwen Mining Inc. Our decision to focus our efforts more on this area of overlap reflects our ongoing commitment to incorporate the latest research and data, and to apply the most up-to-date exploration tools to generate the highest quality gold exploration projects in Nevada.”
About Nevada Exploration Inc.
NGE is an exploration company focused on gold in Nevada. NGE is led by an experienced management team that has been involved with the discovery of more than 30 million ounces of gold in Nevada.
NGE is aggressively applying the latest in covered deposit exploration technology to identify, acquire, and advance new exploration properties in Nevada’s highly prospective, yet underexplored covered basins. Specifically, NGE has developed proprietary hydrogeochemistry (groundwater chemistry) exploration technology to explore for gold in Nevada’s covered basins where traditional exploration techniques are challenged.
Using its industry leading exploration technology, NGE has assembled a portfolio of new gold projects, and with interests in over 120 square kilometres (46 sq mi), is evolving as a major player in this world class jurisdiction. NGE’s business model is to leverage its properties and technology to create shareholder value through generative exploration, joint ventures, and other exploration partnerships.
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Wade A. Hodges, President & CEO, Nevada Exploration Inc., is the Qualified Person, as defined in National Instrument 43-101, and has prepared the technical and scientific information contained in this News Release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward-Looking Information:
This release contains certain "forward-looking statements" including, without limitation, expectations, beliefs, plans and objectives regarding the potential transactions and ventures discussed in this release. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the risks inherent in mineral exploration, the need to obtain additional financing, environmental permits, the availability of needed personnel and equipment for exploration and development, fluctuations in the price of minerals, and general economic conditions.