VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 3, 2014) - Nevada Exploration Inc. (TSX VENTURE:NGE) ("NGE") announces that in accordance with its planned, systematic, and staged exploration program, NGE has reviewed the results to date at each of its projects, and has adjusted its land holdings to focus its resources on the projects demonstrating the highest potential to contain economic gold deposits. Moving forward, NGE will continue to advance its Grass Valley, South Grass Valley, Kelly Creek, Hot Pot, and Awakening Projects, which cover a combined 8,000 hectares (20,000 acres). NGE has dropped its Fletcher Junction Project.
The Fletcher Junction Project was identified as part of NGE's ongoing hydrogeochemistry reconnaissance program. NGE and an exploration partner advanced the Project by completing additional surface geochemistry, VTEM geophysics, and both reverse circulation and core drilling. The results have confirmed the presence of a large, potentially, gold-bearing hydrothermal system, and have demonstrated the effectiveness of using groundwater chemistry to identify important, previously unknown gold exploration targets. Unfortunately, while the Fletcher Junction Project contains large volumes of hydrothermally-altered volcanic rock reporting highly-anomalous gold-associated trace elements consistent in size, shape, and geology with the adjacent Aurora Mining District, the exploration dataset suggests that the primary zone of potential mineralization lies beneath a relatively deep layer of basalt, alluvium, and other material measuring approximately 600 metres (2,000 feet). At this depth, the economics of a deposit of this size become less attractive, and for this reason, NGE has chosen to stop advancing the Project.
Discussing NGE's ongoing exploration efforts, Wade Hodges, CEO & Chairman explained: "We manage exploration risk using a standardized, staged exploration program at each of our projects, and each year we apply clear criteria to allocate our resources to the projects most likely to provide our shareholders with exposure to new gold discoveries. At this time, we believe our targets in north-central Nevada present the best opportunities for new discoveries, and this is the rationale behind our recent acquisition of the new South Grass Valley Project in late 2013, and our continued efforts at our now 100% controlled Grass Valley Project."
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 involved with the discovery of more than 30 million ounces of gold in Nevada.
NGE is aggressively applying the latest in covered deposit exploration technology to identify, acquire, and advance new exploration properties in Nevada's highly prospective, yet underexplored covered basins. Specifically, NGE has developed proprietary hydrogeochemistry (groundwater chemistry) exploration technology to explore for gold in Nevada's covered basins where traditional exploration techniques are challenged.
Using its industry-leading exploration technology, NGE has assembled a portfolio of new gold projects totalling more than 8,000 hectares (20,000 acres), and has become a major player in this world class jurisdiction. NGE's business model is to leverage its properties and technology to create shareholder value through generative exploration, joint ventures, and other exploration partnerships.
Wade A. Hodges, Chairman & CEO, 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.
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.
Cautionary Statement on Forward-Looking Information:
This release contains certain "forward-looking statements" including, without limitation, expectations, beliefs, plans and objectives regarding the potential transactions and ventures discussed in this release. 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.