Nevada Exploration Inc. Increases Land Holdings at the Awakening Project and Provides Project Update
March 3, 2014
Nevada Exploration Inc. (TSX.V:NGE) (“NGE”) is pleased to provide a project update for NGE’s wholly owned Awakening Project, and to announce that it has increased its land holdings at the Project. The results of NGE’s integrated exploration program at Awakening have delineated a focused pediment target along a structural zone extending north from Paramount Gold & Silver Corp.’s Sleeper Gold Project, which produced a reported 1.6 million ounces of gold and 2.3 million ounces of silver from the mid-1980’s to mid-1990’s. To fully secure the target, NGE has staked an additional 41 new unpatented mining claims at Awakening, for a total of 158 claims covering approximately 1,200 hectares (2,950 acres).
The Awakening Project is located due north of and immediately adjacent to the Sleeper Gold Project, in Humboldt County, Nevada. NGE established a land position covering the Awakening target based on a regionally significant gold in groundwater anomaly that NGE identified as part of its generative hydrogeochemistry exploration program. Since acquiring the Project, NGE and its former joint venture partner Northgate Minerals Corp., have invested more than $2,000,000 to complete detailed hydrogeochemistry, surface geochemistry, geologic mapping, geophysics (gravity, magnetic, and IP/resistivity), and wide spaced drilling (14 rotary holes and 7 core holes). In addition to NGE and its exploration partner’s work, the current and previous operators of the Sleeper Gold Project and other nearby land holders have acquired and disclosed additional surface, geophysical, and drilling data in the district, as well as compiled, reviewed, and presented much of the historic data available for some of smaller past producing deposits in the adjacent Slumbering Hills.
Through a comprehensive review and integration of the exploration datasets available, combined with recent whole rock analysis of several Northgate drill intercepts of interest and an additional 2013 follow up hydrogeochemistry sampling program, NGE believes that it has focused the exploration target at Awakening on a trend of magnetic lows that continue northward from the Sleeper Pit, which also sits on a magnetic low, along the projected extension of the fault zones known to control the hydothermal alteration and gold mineralization at Sleeper. These projected structures from Sleeper are coincident with the structural interpretations defined by the air magnetic geophysics and the high concentrations of gold in the groundwater at the Awakening Project, and together these features of exploration significance have defined a structural fabric and geochemical signature that narrow the area of exploration interest at the Project.
The wide spaced drilling to date on the Project has already successfully confirmed the presence of shallow, hydrothermally altered bedrock units at Awakening similar to those hosting the adjacent mineralization at Sleeper. While these early wide spaced drill holes did not encounter potentially ore grade material, they did encounter intervals of weak to moderate oxidation, evidence of high angle structures, and anomalous gold and silver concentrations (including isolated samples with values up to 0.5 g/t gold and 30.5 g/t silver), which together support NGE’s improved structural and geochemical interpretations. NGE is very pleased to report that it believes that the combined exploration datasets at Awakening define a focused target for follow up drilling at Awakening, and NGE is now evaluating options to complete the next phase of drilling either by itself or with an exploration partner.
For a more detailed description of the Awakening Project please refer to:
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 more than 135 square kilometres (52 sq mi), has established itself 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.