South Grass Valley Project – Start of 2022 Drilling Update
South Grass Valley Project – Start of 2022 Drilling Update
January 13, 2022
Nevada Exploration Inc. (“NGE” or the “Company”) (TSX -V:NGE; OTCQB:NVDEF) is pleased to provide an
update from its ongoing core drilling program at its South Grass Valley Carlin-type gold project (the
“Project”).
Specifically, the Company reports that:
- Based on the latest information from its late-2021 relogging efforts, NGE has reoriented SGVC013
to better sample the Water Canyon structural corridor and targeted Clm bedrock unit;
- SGVC013 is currently at a depth of 550 metres and has been surveyed to confirm that it is on track
to intersect the targeted features; and
- SGVC013 has not yet entered the Paleozoic “lower plate”, suggesting that the bedrock units in
SGVC013 have been dropped down relative to SGVC004 to the east, supporting the projection of
a regional-scale structural corridor cutting through th is area of the Project, which represents a
critical component needed to support a large Carlin-type gold district.
Discussing the program, NGE President, James Buskard: “ Similar to SGVC012 at the north end of the
Project, our objectives with SGVC013 at the south are to sample the Clm host unit and the Water Canyon
structural corridor - the intersection of which define s our primary East Golden Gorge target - in an area
where this favourable geologic setting has been squeezed along the margin of the Grass Valley Stock.
“When we paused drilling in June 2021 w e surveyed the SGVC013 pre-collar, which told us that it had
steepened considerably from its planned orientation. Based on our updated geologic model driven by our
late-2021 relogging efforts we believed that this steeper-than-planned pre-collar would set us up to
potentially miss the Water Canyon structural corridor, the sampling of which is one of our primary
objectives. Accordingly, when we resumed drilling last month we elected to redrill the SGVC013 pre-collar
using a shallower angle and a location 100 metres further to the west, which we believe will significantly
improve our chances of intersecting our features of interest.
“The latest samples from SGVC013 suggest that the hole has not yet reached t he lower plate. When
compared to the units seen in SGVC004 located approximately 500 metres to the west, this suggests the
presence of a major structurally related offset between the holes, consistent with the location and scale
of our projected Water Canyon structural corridor, which we believe represented the primary control for
sourcing mineralized hydrothermal fluids into the district. As SGVC013 continues deeper towards the
Water Canyon structural corridor and the Clm host unit, it will begin to approach our primary East Golden
Gorge target . As it does so, w e will be watching closely for increasing evidence of Carlin-type
hydrothermal alteration and enriched Carlin pathfinders.”
To review the results to date and NGE’s plans to advance its East Golden Gorge target at South Grass
Valley, the Company encourages its stakeholders to visit the interactive 3D VRIFY model prepared for its
recent September 15, 2021, news release, available at: https://vrify.com/decks/September-15-2021-
press-release.
To follow along as its team shares photos from the field and its core logging facility, NGE also encourages
its stakeholders to subscribe to one or more of its social medial channels, as well as to sign up to its email
list to receive the Company’s news releases.
Email sign up: www.nevadaexploration.com/investors/signup
Twitter: www.twitter.com/NV_Exploration
Instagram: www.instagram.com/nevadaexploration
Facebook: www.facebook.com/NevadaExplorationInc
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 o unces waiting to be discovered in the 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 180 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 Corporation
joint venture), within the specific region of north -central Nevada that hosts Nevada’s largest Carli n-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 p rogram consisting of 10 stratigraphic orientation holes, and a
follow-up reverse-circulation drilling program consisting of 17 holes to increase the density of its bedrock
sampling.
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 Project, 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 more information, the Company’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, 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.