Nevada Exploration Clarifies Press Release on Results at Kelly Creek
January 19, 2018
At the request of IIROC (Investment Industry Regulatory Organization of Canada), Nevada Exploration Inc. (“NGE” or the “Company”) is pleased to clarify and provide additional information related to its January 16, 2018, news release regarding the Company’s results at its Kelly Creek Project (the “Original Press Release”).
Geologic context of nearby deposits
The Company wishes to clarify the information provided about the nearby Lone Tree and Marigold deposits, the sizes of which were rounded to the nearest million ounces and presented simply as 5 Moz and 8 Moz respectively, in the Original Press Release:
- Lone Tree produced 4.60 Moz of gold from 1991 to 2015; and
- Marigold produced 3.24 Moz of gold from 1989 up to and including 2016; and at December 31, 2016, SSR Mining published a 4.98 Moz Indicated Mineral Resource (348.30 Mt at 0.45 g/t).
Disclosure of an Exploration Target
The disclosure of the potential for Kelly Creek to host a 5 to 10 Moz gold deposit constitutes disclosure of an exploration target, and thus is subject to NI 43-101, 2.3(2) – Restricted Disclosure. As a result, the Company wishes to provide additional cautionary language with respect to the statements: “Our results at Kelly Creek combine all the critical components necessary to source a world-class gold deposit.”, and “NGE believes that these results confirm that all the critical components needed to host a world-class 5 - 10 Moz deposit are present at the Kelly Creek Project”. NGE is both required and desires to highlight for its stakeholders that at this stage of exploration, the Kelly Creek Project remains a target for which the potential quantity and grade is still conceptual in nature. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
NGE Management Experience
The Company wishes to clarify the statement that NGE’s management has been involved with the discovery of 30 Moz gold in Nevada. Due to the uncertainty associated with characterizing each of the historic resources in terms of their resource and reserve categories, NGE wishes to retract the reference to the number of ounces associated with these discoveries.
For further information, please contact:
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.