VANCOUVER, British Columbia, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V:NGE; OTCQB:NVDEF) is pleased to announce that it has resumed its Phase 3 drilling program at its South Grass Valley Carlin-type gold project under its previously announced strategic partnership with Nevada-based Drill NV Inc. (“Drill NV”). NGE’s objective for its Phase 3 program is to test for gold mineralization at its East Golden Gorge target, as defined by its drilling, geophysics, and geochemistry programs to date. The Company’s partnership with Drill NV is based on a fixed all-inclusive footage rate, chargeable only for dill holes completed to target depth, for which the Company may elect to pay Drill NV up to 25% in the form of NGE common shares.
Discussing the program, NGE President, James Buskard: “In the next couple of weeks we expect the new core to start arriving at our logging facility, which is exciting. While it has taken longer to resume the program than we had anticipated, by waiting to find the right drilling partner, and now specifically by entering this strategic partnership, we believe we have significantly derisked our program. Under our agreement, Drill NV has agreed to shoulder the technical and execution risk of getting the holes to target depth, giving us both cost and depth certainty at a time when similar programs across Nevada are experiencing low rates of hole completion. With Drill NV responsible for all aspects of drilling, our team will be focusing on where we add maximum value: on the geology.
“During the pause in drilling, we integrated the new information from our most recent drill hole (SGVC012), as well as new trace-elements geochemistry data from our first eight core holes - which we re-assayed to provide a complete and consistent dataset across the project. Together this new information has allowed us to carefully review the logging of all our holes to date, including importantly fine tuning the locations of the contacts between major bedrock units and other features, specifically to update our understanding of the structural geology across the project.
“Having discovered this large new Carlin-type mineral system, and having confirmed that it has hosted large volumes of gold-bearing Carlin-type hydrothermal fluids, with this current drill program we are tasked with targeting potential traps that could have forced the gold out of the fluids and into the surrounding favourable host rocks. In Carlin-type systems these traps are often structural, such as thrust faults and anticlinal folds, and so leveraging our latest data to improve our interpretation of the structural geology is very important. Over the coming weeks and months, we look forward to sharing the outputs from this work in the form of updated cross sections within our VRIFY model for all of our stakeholders to review together with our other datasets.“
With drilling now underway at drill site SGVC013, the Company plans to continue with its approximately monthly updates to provide information on hole locations, metres drilled, preliminary geologic observations, and how each relate to its East Golden Gorge target concept. Depending on the timelines associated with drilling rates, processing and logging core, receiving assays, and integrating the resulting data into the Company’s geologic model, NGE expects to release drilling results in batches that likely include multiple drill holes.
To review the results to date and NGE’s plans to advance its East Golden Gorge target at South Grass Valley, the Company encourages its stakeholders to visit the interactive 3D VRIFY model prepared for its recent September 15, 2021, news release, available at: https://vrify.com/decks/September-15-2021-press-release.
NGE also encourages its stakeholders to subscribe to one or more of its social medial channels to follow along as its team shares photos from the field and its core logging facility, as well as to sign up to its email list to receive the Company’s news releases.
Email sign up: www.nevadaexploration.com/investors/signup
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About Nevada Exploration Inc.
With mature, exposed search spaces seeing falling discovery rates, NGE believes the future of exploration is under cover. Nevada’s exposed terrains have produced more than 200 million ounces of gold, and experts agree there is likely another 200 million ounces waiting to be discovered in the half of Nevada where the bedrock is hidden beneath post-mineral cover. NGE has spent more than 15 years developing and integrating new hydrogeochemistry (groundwater chemistry) and low-cost drilling technology to build an industry-leading, geochemistry-focused toolkit specifically to explore for new gold deposits under cover, and the Company is now advancing a portfolio of projects totalling more than 180 square kilometres.
NGE’s most advanced project is South Grass Valley, located approximately 50 kilometres south-southwest of the Cortez complex, operated by Nevada Gold Mines (Barrick Gold Corp. and Newmont Corporation joint venture), within the specific region of north-central Nevada that hosts Nevada’s largest Carlin-type gold deposits (“CTGDs”). Since acquiring the project, NGE has completed: an infill borehole groundwater sampling program, detailed air magnetic and gravity geophysics surveys, a soil geochemistry sampling program, an initial diamond core drilling program consisting of 10 stratigraphic orientation holes, and a follow-up reverse-circulation drilling program consisting of 17 holes to increase the density of its bedrock sampling.
Based on the results of its combined exploration datasets, NGE believes it has discovered a mineral system at South Grass Valley with the architecture and scale to potentially support multiple CTGDs. As the Company continues to advance the project, per NI 43-101, 2.3(2), the Company must remind its stakeholders that the project remains an exploration target for which the potential quantity and grade of any mineral resource is still conceptual in nature, and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.
For more information, the Company’s latest videos are available at:
https://www.nevadaexploration.com/investors/media/
For further information, please contact:
Nevada Exploration Inc.
Email: info@nevadaexploration.com
Telephone: +1 (604) 601 2006
Website: www.nevadaexploration.com
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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/daed0791-4604-4922-bb4a-b8710602bbb6
