Nevada Exploration Begins Drilling at South Grass Valley
October 19, 2017
Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V: NGE; OTCQB: NVDEF) is pleased to report that it has commenced the Scorpion drilling program at its South Grass Valley Project outlined in the Company’s news release dated September 20, 2017.
The Scorpion drilling program is designed to map and evaluate the geochemistry of the bedrock, alluvium (cover), and groundwater above a target area defined by favourable lower-plate host rocks and enriched gold in groundwater. The Company expects the program to begin with relatively wide-spaced Scorpion drill holes to depths of 150m (500ft) to build a 3D geochemistry model that will then direct tighter follow-up Scorpion drilling, with the specific objective of systematically advancing the Project for the focused application of deeper drilling.
About South Grass Valley
NGE’s 100% owned, 22.1 km2, South Grass Valley Project is located approximately 50 kilometres south-southwest of Barrick Gold Corp.’s Cortez complex, along the Eureka - Battle Mountain Gold Trend, within the specific region of north-central Nevada known for Carlin-type gold deposits (“CTGD”). NGE identified the Project based on elevated concentrations of gold (up to 80 ppt) and CTGD trace element geochemistry in groundwater as part of a basin-scale exploration program, and NGE’s follow-up work established the significant, coincident presence of hydrothermally altered and geochemically anomalous lower plate carbonate host rock. Interpretation of air magnetic and gravity geophysics projects this favourable host rock towards the target area defined by the enriched gold and supporting geochemistry in groundwater.
Kelly Creek Scorpion Drilling Results Update
The Company is still waiting for a portion of the assay results from its recently completed Scorpion drilling program at Kelly Creek. The Company drilled 59 Scorpion drill holes, totalling 5,564 metres (18,255 feet), for an average depth of 93 metres (304 feet). A total of 43 holes encountered bedrock at an average depth of 70 metres (230 feet). The Company sampled alluvium and bedrock in all holes at 1.5 metre (5 foot) intervals, as well as the groundwater, which was sampled approximately every 10 metres (30 feet). Once all assay results have been received and processed, NGE will provide a full detailed report of the results of the program. NGE expects the next stage of work at Kelly Creek will focus on deeper diamond or RC drilling to test the mineralized bedrock and structural projections confirmed by the Scorpion drilling.
Discussing the recently completed Scorpion drill program at Kelly Creek, NGE’s CEO, Wade Hodges explains: “While we are still waiting for some final results, we already know that we have successfully used our Scorpion platform to collect 3D groundwater and alluvium geochemistry samples to vector into potentially ore-grade, mineralized bedrock with similar host rock, alteration, structural, and geochemical characteristics to the orebodies associated with the nearby 8 Moz Au Marigold and 5 Moz Au Lone Tree deposits. This program has been a tremendous success in terms of focusing our efforts at Kelly Creek for the next stage of deeper drilling and solidifying our workflow as we now begin Scorpion drilling at South Grass Valley. Most certainly this represents an important milestone for our Company. We look forward to sharing a detailed technical update once we’ve received all of the assay results.”
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’s team has spent the last decade integrating the use of hydrogeochemistry (groundwater chemistry) with conventional exploration tools to develop a Nevada-specific regional-scale geochemistry exploration program. With innovative technology, NGE has completed the world’s largest groundwater sampling program for gold exploration, collecting more than 5,000 samples to evaluate Nevada’s covered basins for new gold exploration targets. To advance follow-up targets, NGE has overcome the high drilling costs that have previously prohibited the wide-spread use of drilling as a prospecting tool by developing its Scorpion drill rig, Nevada’s first truck-mounted small-diameter RC drill rig specifically tailored to the drilling conditions in Nevada’s basins (analogous to RAB drilling in other parts of the world).
By integrating hydrogeochemistry and early-stage low-cost drilling with conventional exploration methods, NGE is generating and advancing a significant portfolio of gold exploration projects in Nevada. NGE and its exploration partners have now drilled more than 18,000 metres on targets defined by its exploration program, and at several projects have discovered new large hydrothermal systems, with spatial extents covering several square kilometres, defined by system-appropriate alteration in bedrock over significant drill intervals (>100 feet) containing widespread low-level gold (>100 ppb) and supporting trace-element lithogeochemistry consistent with the geologic and geochemical footprints of Nevada’s large gold deposits. These are the types of footprints that are associated with multi-million-ounce gold deposits in Nevada, and with these results NGE believes that it has demonstrated the validity of its integrated exploration program to discover and advance new high-quality gold targets in otherwise blind settings. By overcoming the challenges and radically reducing the costs of exploring in Nevada’s covered basins, NGE is taking meaningful steps to open this important new search space up for district-scale exploration.
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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.