Nevada Exploration Receives Permit and Prepares to Begin Scorpion Drilling at South Grass Valley
VANCOUVER, British Columbia, Sept.20, 2017(GLOBE NEWSWIRE) -- Nevada Exploration Inc. ("NGE" or the "Company") (TSX-V:NGE)(OTCQX:NVDEF) is pleased to report that is has received its drill permit and is preparing to mobilize its Scorpion drill rig to its 100% owned, 22.1 km2 South Grass Valley project. South Grass Valley 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 identified the predominantly covered South Grass Valley project based on elevated concentrations of gold (up to 80 ppt) and CTGD trace element geochemistry in groundwater, discovered as part of NGE's basin-scale exploration program in the larger Grass Valley. NGE's follow-up range-front geologic mapping and sampling at the project established the presence of hydrothermally altered and geochemically anomalous lower plate carbonate host rock outcropping in the exposed bedrock at the edge of the property. Interpretation of air magnetic and gravity geophysics projects this favourable host rock towards the covered target area defined by the elevated concentrations of gold and supporting geochemistry in groundwater.
NGE's planned Scorpion drilling program at South Grass Valley is designed to map and evaluate the geochemistry of the bedrock, alluvium (cover), and groundwater above the target area defined by the projected favourable lower plate host rocks and elevated concentrations of gold and related trace elements in the groundwater. The program will begin with relatively wide-spaced drill holes (approximately 1 km apart) to tighten the sample spacing from its earlier basin-scale program to build a project-scale, 3D geochemistry model. Based on the results of the wide-spaced drill holes, NGE expects to further tighten the Scorpion drill hole spacing to systematically constrain the project area down to discrete targets for the focused application of deeper, conventional RC or diamond drilling.
Discussing the upcoming Scorpion drill program at South Grass Valley, NGE's CEO, Wade Hodges explains: "With strong support for favourable and potentially shallow lower plate carbonate host rocks coincident with elevated gold and supporting CTGD trace elements in the groundwater, we believe that South Grass Valley represents an exciting new gold exploration project in an underexplored part of Nevada. We are 100% focused on high-value exploration, and using our low-cost Scorpion drill rig to execute a systematic and science-based early-stage drilling program allows us to be very targeted in our use of more expensive conventional drilling, which we believe improves our odds of discovery."
NGE has now completed its final full Scorpion drill shift at its Kelly Creek Project. As disclosed in the Company's July 21, 2017, news release, NGE is very pleased with the early results of the Scorpion drill program. Once the final assay results from the most recent Scorpion drilling at Kelly Creek have been received and processed, NGE will provide a full detailed report of the results of the program. NGE expects the next stage of work at Kelly Creek will focus on deeper diamond or RC drilling to test the mineralized bedrock and structural projections identified by the Scorpion drilling.
In preparation for moving from Kelly Creek to South Grass Valley, NGE's Scorpion drill equipment is returning to Reno, Nevada, for general maintenance, and NGE will provide a further update once drilling commences.
Further to the company's news release of August 17, 2017, in connection with the Offering described in the news release, the company paid additional finders fees totalling 181,650 Units, for a total of 213,367 Units, all paid to arm's length finders.
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 involved with the discovery of more than 30 million ounces of gold in Nevada.
NGE's team has spent the last decade integrating the use of hydrogeochemistry (groundwater chemistry) 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 5,000 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, Nevada's first 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 significant 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 (>100 feet) containing widespread low-level gold (>100 ppb) and supporting trace-element lithogeochemistry consistent with the geologic and geochemical footprints of Nevada's large gold deposits. These are the types of footprints that are associated with multi-million-ounce gold deposits in Nevada, and 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 meaningful steps to open this important new search space up for district-scale exploration. NGE's business model is to create shareholder value by leveraging its properties and technology through generative exploration, joint ventures, and other exploration partnerships.
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.