Nevada Exploration Inc. Establishes Geologic Context for Gold in Groundwater at the South Grass Valley Project and Stakes Additional Claims
August 24, 2016
Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V: NGE; OTCQX: NVDEF) is pleased to announce that it has completed mapping, range front sampling and geophysical data reduction on its wholly-owned South Grass Valley Project establishing a favorable geologic context for its previously announced gold in groundwater chemistry anomaly and has added another 232 new claims covering 19.4 km2 (7.5 mi2) to its South Grass Valley land position. With the addition of these new claims to its current land holdings, NGE now controls 22.1 km2 (8.5 mi2) at the Project.
The South Grass Valley Project is located within the Eureka - Battle Mountain Gold “Trend” in central Nevada and is approximately 48 km (30 mi) south of Barrick’s Cortez Hills (+8.76 Mozs) and Gold Rush (+15.6 Mozs) complexes. The project area is largely covered by sand and gravel.
Geologic mapping and rock sampling of exposed range front bedrock confirm the presence of hydrothermally altered and geochemically anomalous Roberts Mountains Formation Carlin-Type Host Rock. Air magnetic and gravity geophysics further confirm the projection of the favorable geologic environment beneath significant areas of adjacent sand and gravel cover. And, most importantly, NGE’s pioneering groundwater sampling technology has identified significant concentrations of gold and gold-related trace elements in groundwater over a large part of that covered area measuring 11 km by 1.6 km (7 mi by 1 mi).
Readers are encouraged to review http://www.nevadaexploration.com/_resources/presentations /South Grass Valley Technical Update_2016-08-24.pdf for maps, rock samples, 3D images and other technical details that establish the important geologic context for a very large gold in groundwater anomaly.
With strong support for favourable lower plate carbonate host rocks coincident with elevated gold and supporting Carlin-Type gold deposit trace element geochemistry in the groundwater, NGE believes that the South Grass Valley Project presents one of the most exciting new gold exploration projects in Nevada, and is very pleased to be able to significantly increase its land holdings in the project area.
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.
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.