Nevada Exploration Provides South Grass Valley Project Update
Nevada Exploration Provides South Grass Valley Project Update
VANCOUVER, British Columbia, Jan. 22, 2018 -- 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.
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: [email protected]
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.