Nevada Exploration Inc. Completes Commissioning of its Scorpion Drill Rig to Target Covered Gold Deposits in Nevada
October 31, 2016
Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V: NGE; OTCQX: NVDEF) is pleased to announce that it has completed the commissioning of its Scorpion Drill Rig, a truck-mounted, small-diameter reverse-circulation drilling rig designed to provide low-cost, early-stage drilling at NGE’s gold projects in Nevada’s highly prospective covered basins.
Nevada has produced more than 200 million ounces of gold. These 200 million ounces have been produced primarily from the less than half of the State made of up of areas close to where the bedrock is exposed in its mountain ranges. Nevada’s leading geologists believe there is likely an equivalent amount of gold still waiting to be discovered in the remaining more than half of the State where the bedrock is covered beneath its valley basins. NGE is the only company 100% focused on advancing new technology to explore for gold in Nevada’s covered basins, and believes that significantly reducing drilling costs is a critical step towards discovering the next major gold deposits in Nevada.
Traditional drilling is prohibitively expensive for widespread use at early-stage projects, and as a result, explorers are often limited to testing only small numbers of drill targets. The exploration industry is currently embracing less expensive drill sampling methods such as rapid air blast (“RAB”) and small-diameter reverse-circulation (“small-diameter RC”) drilling with the goal of improving the odds of making a discovery by being able to test more drill targets for less money.
Drilling in Nevada’s basins requires drilling through tens to hundreds of meters of usually groundwater-saturated sand and gravel cover in order to get down to the bedrock below, and these drilling conditions present unique challenges. Following up and expanding upon the Company’s pioneering use of direct-push equipment to collect groundwater samples to explore for gold in Nevada’s basins, NGE is again leading the industry by adapting new small-diameter RC equipment to operate in Nevada’s basins. NGE expects its new Scorpion Drill Rig to significantly reduce the costs of collecting early-stage bedrock, overburden (sand and gravel above the bedrock), and groundwater samples at the Company’s exploration projects.
Explaining the significance of this development, NGE’s CEO, Wade Hodges: “Our Scorpion Drill Rig represents the logical evolution of our under-cover exploration program in Nevada. Similar to a bull’s eye, we are using regional groundwater chemistry to reduce Nevada’s large basins to discrete new targets; we are using our direct-push equipment to collect detailed groundwater samples to focus our follow up work at our targets; and now we are using our Scorpion Drill Rig to collect important bedrock and overburden geochemistry samples, as well as three-dimensional groundwater chemistry samples, to test our projects for the presence of large mineralized footprints consistent in size and make up with the geochemistry and alteration halos associated with the multi-million ounce gold deposits surrounding our projects. These are the clear, systematic milestones required to advance a successful pipeline of exploration projects through to discovery, and by lowering the costs of collecting our early-stage drilling inputs, our goal is to test more targets for less money, offering shareholders maximum exposure to the upside of discovering major new gold deposits 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 has developed proprietary hydrogeochemistry (groundwater chemistry) exploration technology to explore for gold in Nevada’s covered basins where traditional exploration techniques are challenged. NGE is aggressively applying this latest technology in covered deposit exploration to identify, acquire, and advance new exploration properties in Nevada’s highly prospective yet underexplored covered basins.
Using its industry-leading exploration technology, NGE has assembled a portfolio of new gold projects, and has established itself 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 and development.
For further information, please contact:
Nevada Exploration Inc.
Tel: +1 (604) 601 2006
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.
Wade A. Hodges, CEO & Director, 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.
Cautionary Statement on Forward-Looking Information:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws, including, without limitation, expectations, beliefs, plans, and objectives regarding projects, potential transactions, and ventures discussed in this release.
In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, regarding, among other things, the assumption the Company will continue as a going concern and will continue to be able to access the capital required to advance its projects and continue operations. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
In addition, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. 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.
A more complete discussion of the risks and uncertainties facing the Company is disclosed in the Company’s continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.