Nevada Exploration Acquires Additional 25 Square Kilometres North of Sleeper Gold Mine, Awakening Mining District, Nevada
October 21, 2020
Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V: NGE; OTCQB: NVDEF) is pleased to provide a corporate update, and to announce that it has significantly increased its land holdings at its Awakening Gold Project by staking additional unpatented mining claims covering approximately 25 square kilometres. Awakening is a low-sulfidation epithermal gold project located directly north of Paramount Gold Nevada Corp.’s 4.8 million-ounce Sleeper Gold Mine, where NGE has been active since 2008 completing a progressive series of district-scale geochemistry, geophysics, and orientation-drilling programs to build a comprehensive exploration dataset to target Sleeper-style mineralization.
Discussing the project and the Company’s plans, NGE’s President, James Buskard: “As our stakeholders know, we founded NGE to leverage the latest technology to identify new high-quality gold projects. We’ve completed one of the largest geochemistry-based generative exploration programs in recent history - certainly the largest in Nevada in several decades, and Awakening was one of the original high-priority projects identified by our industry-leading program. It’s a predominantly-covered project, and we’ve completed significant work to establish the major geologic building blocks to guide the next phases of exploration.
“As we’ve been increasing our Awakening land position, we remain committed to completing the next phase of drilling at the East Golden Gorge target at our flagship South Grass Valley project. We are working through the remaining permitting steps, and in the meantime are continuing to review all of our results to date, which now include more than 400,000 unique geochemical assays from more than 9,000 drilling, mapping, groundwater, and soil samples across an area comparable in size to the northern-Carlin trend, in order to fine-tune our geologic model and ensure that our planned drill holes sample and test as large a volume of the East Golden Gorge target as possible.
“In parallel to preparing for the next round of drilling at South Grass Valley, we’ve also been advancing our two other projects: Kelly Creek and North Grass Valley. At Kelly Creek, we’ve been facilitating the Austin Gold Corp. technical team’s data compilation and review for the purpose of focusing Austin’s efforts for its initial work program, where Austin must spend a minimum of $1,000,000 in qualifying expenditures prior to September 1, 2021. With Kelly Creek now in the hands of Austin’s team, we’re turning some of our attention and resources to acquiring the mapping, sampling, and other datasets at North Grass Valley to ultimately support the same geology-driven approach that led us to discovery of the large Carlin-type mineral system we’re currently advancing at South Grass Valley.”
“With a portfolio of four large projects, we are positioning our shareholders to participate in multiple opportunities for discovery, and we look forward to providing additional project-specific updates over the coming months as our work continues.”
Awakening Gold Project
The Awakening Project is located in Humboldt County, Nevada, approximately 50 kilometres north-northwest of Winnemucca, Nevada, and directly north of the Sleeper Gold Mine, which produced 1.66 million ounces from 1986 to 1996 and has a remaining measured and indicated mineral resource of 3.14 million ounces (297 Mt at 0.33 g/t Au).
The project is largely covered by syn- to post-mineral volcanic units and post-mineral alluvium, and as a result has seen little historic exploration activity. Projections of favourable lithology, structure, and alteration at regional, district, and project scales suggest that gold mineralization may be located within economic depths beneath the cover at Awakening.
To advance and de-risk the project, NGE, together with its former joint-venture partner Northgate Minerals Corp., has completed a series of systematic district-scale geophysics, geochemistry, and early-stage drilling programs to acquire the exploration data needed to establish the larger-scale geologic features across the project. This work included:
- 85 km2 detailed gravity geophysics survey;
- 173 km2 airborne magnetic survey;
- 42 line-km induced polarisation and resistivity (IP) survey;
- 1,830 sample soil geochemistry program;
- 62 borehole hydrogeochemistry (groundwater) sampling program; and
- 4,668 metres of core, reverse-circulation, and mud-rotary drilling from 24 holes (average depth 195 metres).
NGE’s management believes that the results of these large programs have confirmed the potential to discover Sleeper-style mineralization along the structural zone extending north from Sleeper. Furthermore, combined with the in-depth research on the mineral controls at Sleeper, which is now being used to target additional mineralization at the mine, the Company believes its integrated exploration dataset at Awakening provides the foundation for building a robust geologic model to define and prioritize specific exploration targets.
Incentive Stock Options
NGE also announces that it has granted incentive stock options to officers and directors under its Stock Option Plan entitling them to purchase an aggregate of up to 1,400,000 common shares of the Company. The stock options are exercisable on or before October 20th, 2030 at a price of $0.185 per share, subject to TSX Venture Exchange acceptance.
About Nevada Exploration Inc.
With mature, exposed search spaces seeing falling discovery rates, NGE believes the future of exploration is under cover.
The Company has spent 15 years developing and integrating new hydrogeochemistry (groundwater chemistry) and low-cost drilling technology to build an industry-leading, geochemistry-focused, under-cover toolkit specifically to explore for new gold deposits in the more than half of Nevada where the bedrock is hidden beneath post-mineral cover. Nevada’s exposed terrains have produced more than 200 Moz of gold, and experts agree there is likely another +200 Moz waiting to be discovered under cover in Nevada.
NGE has completed the world’s largest hydrogeochemistry exploration program, and is now advancing a portfolio of new projects in north-central Nevada.
NGE’s most-advanced project is South Grass Valley, located south of Nevada Gold Mines’ Cortez Complex. Based on the Company’s work to date at the project, NGE believes it has discovered a mineral system at South Grass Valley with the architecture and scale to support multiple Carlin-type gold deposits (CTGDs), and the potential to host an entire new district. NGE believes South Grass Valley is one of the most exciting new district-scale, Carlin-type projects in Nevada.
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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, statements about the proposed Offering, as well as 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 be able to close the Offering on the terms and timing as currently contemplated, and 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 risk 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. There are currently no known resources or reserves on the Company’s properties. Any proposed exploration programs are exploratory searches for commercial bodies of ore and the presence of gold resources on adjacent and nearby properties is not necessarily indicative of gold mineralization on the Company’s projects.
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.