Nevada Exploration Begins 2021 Drilling Campaign at its South Grass Valley Carlin-Type Gold Project
Nevada Exploration Begins 2021 Drilling Campaign at its South Grass Valley Carlin-Type Gold Project
March 3, 2021
Nevada Exploration Inc. (“NGE” or the “Company”) (TSX -V:NGE; OTCQB:NVDEF) is pleased to announce
that it has begun the first hole of its 2021 drilling program at its South Grass Valley project , where the
Company has discovered a large new Carlin-type mineral system along a regional-scale structural feature
called the Water Canyon structural corridor (“WCSC”). NGE’s primary objective for its 2021 program is to
test for gold mineralization at a target named East Golden Gorge , defined by the down-dip projection of
Carlin-type alteration and geochemistry seen in earlier, shallower drilling, along a favourable lower-plate
stratigraphic unit, towards where the unit intersects the WCSC.
Discussing the program, NGE’s CEO, Wade Hodges: “If we look at Nevada’s three important camps, Carlin,
Cortez, and Turquoi se Ridge, which together contain 80% of Nevada’s Carlin-type ounces to date, the
research is clear that these three camps are the products of massive mineral systems that have exploited
regional-scale structural features to move immense volumes of minerali zed hydrothermal fluids through
suitable host environments. When we consider the size of the new Carlin-type mineral system we have
discovered at South Grass Valley, our initial drill holes have defined characteristic alteration and
geochemistry within ty pical host units along at least a seven-kilometre-length of a major structural
corridor, which has affected several cubic kilometres of bedrock and remains open in multiple directions.
Quite simply, if we want to discover Nevada’s next globally significant Carlin deposits, this is the district-
scale size of mineral system we need to be exploring.
“To advance this large project we have integrated the results of progressive geophysics, geochemistry,
and drilling programs to build a comprehensive geologic model to focus our efforts on the features that
controlled the mineralized hydrothermal fluid flow through the district. As we’ve shared, based on this
model, with this next program we are following the intense Carlin-type alteration and geochemistry seen
in our earlier drilling further to the east, down dip along a particular stratigraphic unit that we call the Clm
unit, closer towards the WCSC, which we believe was the primary control for the mineralized fluid flow.
“To test this down -dip projection of the Clm unit for significantly increasing intensity of Carlin- type
mineralization – defined by higher concentrations and thicker intervals of gold and pathfinders – our plan
is to begin with an initial series of relatively deep holes at the eastern ends of our east-west drill fences.
With continued validation and refinement of our target concept, we expect to increase the number of
drill holes at East Golden Gorge to a combined total of approximately 10 holes, which based on what we
know about the size and shape of the deposits within the Cortez camp to the north is the density of holes
we believe is required to adequately test the target volume.”
“While there are other groups advancing Carlin- type gold projects in Nevada, it is important to highlight
that East Golden Gorge is defined by features that extend from our southern fence of core holes all the
way to our most northern drill holes, a dis tance of more than 3,500 metres, with a width of at least 400
metres. To put the scale of this target into context, East Golden Gorge is comparable in size to Barrick’s
8 million-ounce* Goldrush deposit in the Cortez camp at the north end of the valley. E ach drill hole into
East Golden Gorge will be providing us with important new information, and we look forward to sharing
our progress with our stakeholders.”
As the program progresses, t he Company plans to release approximately monthly drilling updates to
provide information on hole locations, metres drilled, and preliminary geologic observations, and how
each relate to the East Golden Gorge target concept. Depending on the tim elines associated for logging
drill core, submitting samples, receiving assays, and integrating the resulting data from these deep drill
holes into the Company’s geologic model, NGE expects to release drilling results in batches that likely
include multiple drill holes. The Company encourages its stakeholders to sign up to its email list to receive
its news releases, as well as to subscribe to one or more of its social medial channels to follow along as its
team shares photos from the field and core logging facility.
Email sign up: www.nevadaexploration.com/investors/signup
Twitter: www.twitter.com/NV_Exploration
Instagram: www.instagram.com/nevadaexploration
Facebook: www.facebook.com/NevadaExplorationInc
For more detailed information about NGE’s work to da te and next -staged plans at South Grass Valley,
readers are encouraged to watch the Company’s July 2020 technical video available on its website at
https://www.nevadaexploration.com/investors/media/ (24 minutes).
*As of December 31, 2020, Goldrush contains 26 million tonnes at 6.57 g/t for 5.5 million ounces of
indicated resources, and 12 million tonnes at 6.2 g/t for 2.5 million ounces of inferred resources.
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 more than 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 170
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 Mining Corp.
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
most recently (2020), a follow -up reverse-circulation drilling program consisting of 17 holes to increase
the density of its bedrock sampling.
As outlined in the video listed above and described in the Company’s news release dated July 13, 2020
(https://www.nevadaexploration.com/news/2020/nevada-exploration-presents-plans-to-advance-east-
golden-gorge-at-south-grass-valley), 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 p roject, 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 further information, please contact:
Nevada Exploration Inc.
Email: [email protected]
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.