Nevada Exploration's Infill Borehole Program Defines Large Carlin-type Gold Deposit Target at South Grass Valley on Cortez Trend
VANCOUVER, British Columbia, March 15, 2018 (GLOBE NEWSWIRE) -- Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V:NGE) (OTCQB:NVDEF) is very pleased to report that the results of its infill borehole program at the South Grass Valley Project have identified a 1,000 x 4,000 metre Carlin-type Gold Deposit (“CTGD”) target defined by a focused zone of enriched gold in groundwater coincident with the projected intersection of favourable lower-plate host rocks and a major high-angle fault corridor. With strong support for mineralization along the projected fault corridor, NGE is preparing for a deeper drilling program to test for the structural controls of the potentially large system.
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NGE’s 100% owned 22 km2 South Grass Valley Project is located at the southern end of Grass Valley, the covered valley immediately south of Barrick’s Cortez complex (Pipeline, Cortez Hills, and Goldrush), one of the world’s largest and lowest cost gold mines with annual production of approximately one million ounces. Two bedrock outcrops spaced 5 km apart at the South Grass Valley Project exhibit CTGD-style alteration and geochemistry within a 700-metre-thick sequence of lower plate carbonate host rocks immediately below the Roberts Mountains Thrust. Based on gravity and air magnetic geophysics, these favourable host rocks project under relatively shallow cover across a large portion of the Project. This large area of favourable geology is intersected by a N-S high-angle fault corridor that projects under the cover from the exposed range front based on mapping and gravity geophysics, providing a potential major conduit to expose the known favourable host rocks to mineralized hydrothermal fluids.
From November 2017 to January 2018, NGE completed 69 infill groundwater sampling boreholes at South Grass Valley to follow up on a gold-in-groundwater anomaly identified during a regional-scale, generative exploration program. The objectives of NGE’s infill program were to establish the extent, size, and magnitude of the gold-in-groundwater footprint at South Grass Valley and its relationship to the larger prospective geologic setting, and to build support for a deeper drilling program. NGE reported results from the first 44 boreholes on January 22, 2018. In total, NGE has now completed 135 boreholes across the Project area, collecting samples from most boreholes at multiple depths, for a total of 234 groundwater samples.
The results of NGE’s infill borehole program have defined a focused 1,000 x 4,000 metre N-S oriented zone of enriched gold, arsenic, antimony, barium, thallium, tungsten, and sulfate in groundwater, representing a hydrogeochemistry footprint consistent in size and magnitude (with gold up to 800 times background) as those seen around Lone Tree and Twin Creeks, large known gold deposits on the Cortez Trend, as well as at NGE’s Kelly Creek Project. Importantly, this zone of enrichment is coincident with the projected intersection of the major N-S high-angle fault corridor and the favourable lower plate carbonate host rocks known to exist at the Project. At 4,000 metres in length, NGE believes that the size of the target is large enough to support a district-scale mineral system, and at 1,000 metres in width, NGE believes that the target is now suitably constrained for a focused deeper drilling program to evaluate the potential for economic mineralization associated with the projected major structural controls.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/58688056-6ec3-4534-ba25-b563cca88bcf
Discussing the results of the infill borehole program at South Grass Valley, Wade Hodges, NGE’s CEO, explains: “With characteristic CTGD lower plate host rocks exposed in outcrop at the Project, and with strong support from mapping and geophysics that these favourable host rocks continue under cover and intersect a major high-angle structure, this project area has drawn the interest of many exploration companies. As the first group to use hydrogeochemistry at the Project, we are the first to have been able to integrate this new geochemical filter into our exploration program to systematically evaluate this highly-prospective covered target. We are very pleased to share with our stakeholders that the results from our infill program have provided the required, but up-until-now missing, support for gold mineralization at the Project. We have constrained this large prospective area to a focused and compelling target that is now ready for a deeper drilling program.”
A comprehensive technical presentation accompanying this news release is available at: http://nevadaexploration.com/_resources/presentations/Nevada_Exploration_March_2018_SGV_Techical_Presentation.pdf
About Nevada Exploration Inc.
NGE is an exploration company advancing a portfolio of new district-scale gold exploration projects along Nevada’s Cortez Trend. 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 (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 overcoming the challenges and radically reducing the costs of exploring in Nevada’s covered basins, and 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.