South Grass Valley Carlin -Type Gold Project – March 2022 Update
South Grass Valley Carlin -Type Gold Project – March 2022 Update
Highlights
- Diamond drillhole SGVC013 A complete s objective of verifying the location of and sampling a 149 -
metre drill -thickness of the district -scale Water Canyon structural corridor (“WCSC”);
- The u pper portion of SGVC013 A intersect s fault-hosted hydrothermal breccias containing
intensely silicified transported fragments from host rocks below that suggest the drillhole is
proceeding to wards the source of the Carlin-type hydrothermal fluids ;
- NGE to mobilize additional deep -capacity drill rig to facilitate drilling deeper to follow these
features of significance down to the primary host unit; and
- While preparing to drill deeper at SGVC013 A, N GE begins drillhole SGVC014 targeting two
potential traps for mineralization where lower -plate host rocks meet the Grass Valley Stock.
RENO, Nevada, March 28 , 2022 (GLOBE NEWSWIRE) — Nevada Exploration Inc. (“NGE” or the
“Company”) (TSX -V:NGE; OTCQB:NVDEF) is pleased to provide its March update from the ongoing
exploration program at its South Grass Valley Carlin- type gold project (the “Project”).
NGE CEO, James Buskard: “ As we shared in January, based on our latest geologic model we chose to
carefully reorient SGVC013 A to maximize our chances of intersecting the WCSC . It was not easy, nor
fast, but we have now successfully penetrated and sampled a 149-metre drill -thickness of what we
believe to be th e main fault corridor . The early results validate our exploration concept and suggest
that the drillhole is proceeding towards the source of the mineralized hydrothermal fluids, in the
direction of our East Golden Gorge target. Now that we are finished sampling the challenging WCSC
above, we are preparing to drill a new deeper rotary pre -collar with core tail to maximize our chances
of intersecting the targeted host rock , the Hales Formation .
“In parallel to preparing to drill deeper at SGVC013 A, we have begun our next drillhole SGVC014 ,
located 1.1 kilometres west, in the vicinity of the highest gold in groundwater we see at the Project, where
the favourable lower-plate host rocks project clos er to the surface, along the margin of the Grass Valley
Stock. The location of SGVC014 allows us to test two target concepts – exploring for Fourmile-style,
structurally controlled high-grade mineralization within the metamorphic aureole of the intrusive stock,
as well as testing the Hales Formation below, where it abuts the intrusive – so it’s an important
drillhole and we look forward to sharing more as it progresses.”
SGVC013 A Details
SGVC013 A entered bedrock at approximately 500 metres, consisting of a volcanic mudflow unit seen
in other drillholes and that appears to have filled a paleo -topographic low along the WCSC on top of
the lower plate. The mudflow has been shown to contain boulders of mineralized lower plate in
several drill holes , and is interpreted to be post mineral , related to the nearby 34.0 M a Hall Creek
Caldera , which is significant in establishing that the age of mineralization at South Grass Valley is
likely pre-34.0 Ma, consistent with Nevada’s thre e largest Carlin districts.
Beneath the mudflow, at approximately 610 metres , SGVC013A entered a series of high-angle shear
zones in the lower-plate Goodwin Formatio n, defining a massive damage zone consistent with the
size and location of the district -scale WCSC. By successfully intersecting and sampling the WCSC, NGE
achieved the first objective of SGVC013 to improv e its structural understanding of the district.
Continuing down hole, west from the WCSC the core samples exhibit increasing marbleization
consistent with contact metamorphism related to the nearby Jurassic -aged (168Ma) Grass Valley
Stock. The marbleized Goodwin Formation is less reactive and more brittle , as shown by increas ing
structural damage . Places whe re less-reactive bedrock confin e the flow of acidic hydrothermal fluids
along structur al features represent important control s for Carlin -type mineralization. T his is the exact
process being seen in SGVC013 where t he core shows high-angle fractures associated with the WCSC
in marbleized Goodwin Formation host ing numerous hydrothermal breccias . The breccias comprise
oxidized, sulfidic matrix and dark, sub-angular, intensely silicified and vuggy transported fragments
of a deeper unit. XRF analyses confirm the breccias contain highly anomalous concentrations of
arsenic, antimony, and thallium relative to the lower concentrations within the surrounding
marbleized Goodwin, which supports the Carlin -type hydrothermal system post -dating the Grass
Valley Stock, further constrain ing the timing of the mineralization at South Grass Valley, again
consistent with Nevada’s three largest Carlin districts.
Based on conodont age dates, contact relationships, and regional stratigraphic position, N GE
interprets the units below the Goodwin Formation to be early Ordovician to Cambrian Hales
Formation (labelled “COh” in cross section above), which the Company had earlier described as
Cambrian -aged limey mudstone (the “Clm Unit”). NGE believes the brec cias cutting through the
Goodwin Formation include highly altered fragments of Hales Formation that have been transported
from below along fractures . These observations indicat e the drillhole is heading closer to the source
of the mineralized hydrothermal fluids and highlight the importance of continuing to drill deeper in
this area.
Drilling at SGVC013 A was terminated at 762 metres due to extremely challenging hole conditions .
Based on downhole acoustic televiewer data , NGE believes the drillhole has reached a m ajor thrust
feature NGE refers to as the Hydra Fault . The geologic features seen in SGVC013 A are consistent with
the Company’s exploration model ; however, continu ing to re-enter the borehole cutting through the
highly broken WCSC above complicat ed drilling and slowed progress. Having completed the core
drilling required to sample the WCSC, the Company’s drilling partner Drill NV is preparing to mobilize
a deep -capacity RC drill rig to establish a new deeper collar through which the Company expects to
resume core drilling to complete the next objective : testing NGE’s primary East Golden Gorge target
for potentially economic gold concentrations where the Hales Formation intersects the WCSC at this
southern end of the Project.
About Nevada Exploration Inc.
Led by an international team of proven explorers, NGE is disrupting Nevada’s exploration industry by
applying new technology to systematically explore for the second half of Nevada’s gold endowment
waiting to be discovered beneath Nevada’s valley basins. NGE is advancing a portfolio of new gold
exploration proj ects, primarily focused on three district -scale Carlin -type gold projects, which
includes its flagship South Grass Valley project where it is currently drilling approximately 50
kilometres south -southwest of the Nevada Gold Mines (Barrick Gold Corp. and Ne wmont Corporation
joint venture) Cortez complex.
For more information, Nevada Exploration’s latest videos are available at:
https://www.nevadaexploration.com/investors/media/
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, Chief Discovery Officer and 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 rele ase 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 regardin g 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 inher ently 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 m ineral 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
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