Nevada Exploration Commences Drilling at South Grass Valley Gold Project, Battle Mountain – Eureka (Cortez) Trend, Nevada
RENO, May 23, 2019 - Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V: NGE; OTCQB: NVDEF) is pleased to announce that it has commenced its 2019 field program at its South Grass Valley Project (the “Project”). NGE plans to use a combination of diamond core drill holes, reverse circulation drill holes, and soil sampling to add geologic, geochemistry, and stratigraphic information, both within and beyond the limits of its recently-completed Phase 1 drilling program, with the objectives of: (1) establishing the extent and size of the mineralized Carlin-type hydrothermal system at the Project; and (2) prioritizing targets for infill drilling.
A core drill rig has mobilized to the Project and has begun drilling at drill site SGVC009, located 600 metres north of the northernmost Phase 1 drill holes, beneath coincident gold-in-groundwater and mercury-in-soil anomalies along the NNW projected extension of the Carlin-type system discovered during the Phase 1 drilling.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/84398966-8841-42f4-a693-a798a3cc21c3
As described in more detail in the Company’s news release dated May 16, 2019, based on the results of the Phase 1 drilling, NGE has built a geologic model that domains the Project into smaller target areas, and suggests significant potential to identify additional targets. Driven by this model, with this next phase of exploration NGE plans to add stratigraphic and geologic information beyond the limits of the Phase 1 drill holes, and to increase the density of geochemistry samples across all areas of the Project, together for the purpose of selecting and prioritizing targets for detailed in-fill drilling.
Wade Hodges, NGE’s CEO, discusses the upcoming program: “With more than three kilometres of strike length that still remains open, we see the potential for an entire new district here at South Grass Valley. To maximize this incredible upside, we plan to stick to our systematic approach to exploration that has brought us to this point.
“Having discovered a new Carlin-type system, our plan now is to increase our data coverage to get a handle on how big the system is and on where the best parts of the system are to potentially support higher-grade mineralization. To answer these questions, we’re looking to complete a combination of: (1) relatively-deep oriented core holes to provide deep stratigraphic, structural, and geochemistry information across new areas of the Project; (2) relatively-shallow reverse circulation drill holes (ideally using our Scorpion drill rig) to collect overburden, groundwater, and top-of-bedrock geochemistry samples to focus our efforts towards potential structural controls for mineralization; and (3) soil-mercury sampling to look for further evidence to support the projected continued extension of this Carlin-type system along strike. Drilling has begun, and we look forward to keeping our stakeholders updated at each milestone.”
South Grass Valley Project
NGE’s South Grass Valley Project is a covered (blind) gold exploration project located approximately 50 kilometres south-southwest of the Cortez complex operated by Nevada Gold Mines (Barrick Gold Corp. and Newmont Mining Corp. joint venture), within the specific region of north-central Nevada known to host world-class CTGDs. NGE originally identified and staked the Project based on elevated concentrations of gold and CTGD pathfinder elements in groundwater that the Company discovered during a generative basin-scale hydrogeochemistry-supported exploration program. Since acquiring the Project, NGE has completed: an in-fill borehole groundwater sampling program, detailed air magnetic and gravity geophysics surveys, a soil geochemistry sampling program, and most recently, a Phase 1 core drilling program.
About Nevada Exploration Inc.
NGE is an exploration company advancing a portfolio of new district-scale gold exploration projects along Nevada’s Battle Mountain-Eureka (Cortez) Trend. NGE is led by an experienced management team that has been involved in several significant discoveries in Nevada, including the discovery of Lone Tree and Rabbit Creek (part of the Twin Creeks Mine). NGE’s team has spent the last decade integrating the use of hydrogeochemistry with conventional exploration tools to develop a Nevada-specific regional-scale geochemistry exploration program.
With new proprietary technology, NGE has completed the world’s largest groundwater sampling program for gold exploration, collecting approximately 6,000 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, a small-footprint, 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 overcoming the challenges and radically reducing the costs of exploring in Nevada’s covered basins, and is taking significant steps to open this important new search space up for district-scale exploration.
For further information, please contact:
Nevada Exploration Inc.
Telephone: +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.