Nevada Exploration Provides South Grass Valley Project Update
VANCOUVER, British Columbia, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V:NGE) (OTCQB:NVDEF) provides an update on the results of its ongoing detailed 3D hydrogeochemistry program at its 100%-owned South Grass Valley Project in Nevada. NGE has received assay results from 88 groundwater samples, from 44 of 54 new boreholes completed since the beginning of November 2017, and the Company is pleased to report that the South Grass Valley target is resolving into a focused, north-south lineament of enriched gold in groundwater above a projected shallow bedrock shelf of favourable lower-plate host rocks.
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Due to challenging ground conditions, namely course boulder layers, NGE has predominantly completed the recent sampling boreholes using its GeoprobeTM equipment, rather than with its Scorpion drill rig, as initially planned. While the GeoprobeTM collects shallower samples, in this round of sampling from 30 m to depths up to 64 m, it is still able to provide multiple samples per hole, allowing for 3D interpretation of the hydrogeochemistry, and importantly, is much faster, allowing NGE to complete sampling boreholes at approximately five times the rate of the Scorpion. As a result, NGE has collected broader sample coverage than expected, although providing samples from not as deep. With this increased sampling density, NGE has collected sufficient groundwater level data to accurately model the regional direction of groundwater flow, providing important information to interpret the results at the Project.
In terms of the gold-in-groundwater results, the values ranged from less than detection to a high of 447 ppt, representing considerably higher enrichment than seen in earlier sampling at the Project. The image below shows all of: (i) the results of NGE’s earlier basin-scale sampling program in the larger Grass Valley (which identified both the South Grass Valley Project as well as NGE’s Grass Valley Project at the north end of the valley); (ii) the collar locations of NGE’s South Grass Valley boreholes, shown with groundwater elevation contours; and (iii) the updated distribution of gold-in-groundwater at the Project, showing all assays received to date.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/aa2d5aca-78f3-4d2a-84e0-1428394ef8ce
Discussing the results, NGE’s CEO, Wade Hodges: “We’re excited to share with our stakeholders that as we tighten the net at South Grass Valley by increasing our sampling density, the results are providing even more support for the continuity of the north-south zone of gold-in-groundwater enrichment located approximately 800 m to the east of the favourable lower plate Pogonip Formation host rock units exposed, outcropping at surface. Just like our work at our Kelly Creek Project, we are systematically testing for the critical components needed to host a large, Carlin-type gold deposit by integrating hydrogeochemistry with conventional geology to focus the South Grass Valley target for deeper drilling. Based on these encouraging results, we’re proceeding to complete additional boreholes, and we look forward to reporting the next round of results once complete.”
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 originally identified the Project based on elevated concentrations of gold and CTGD trace element geochemistry in groundwater as part of a basin-scale generative exploration program. NGE’s follow-up work has established the significant, coincident presence of hydrothermally altered and geochemically anomalous lower plate carbonate host rock along the western edge of the Project, and interpretation of air magnetic and gravity geophysics projects this favourable host rock towards the target defined by the enriched gold and supporting geochemistry in groundwater.
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 meaningfully involved in several significant discoveries in Nevada, including the discovery of Lone Tree and Rabbit Creek, which is now 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 innovative technology, NGE has completed the world’s largest groundwater sampling program for gold exploration, collecting more than 5,500 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 generating and advancing a 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 (>300 m) containing widespread low-level gold (>0.1 g/t) and supporting trace-element lithogeochemistry consistent with the geologic and geochemical footprints of large Carlin-type gold deposits in Nevada. 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 significant steps to open this important new search space up for district-scale exploration.
For further information, please contact:
Investor Relations
Nevada Exploration Inc.
Email: info@nevadaexploration.com
Tel: +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.