VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 26, 2016) - Nevada Exploration Inc. ("NGE" or the "Company") (TSX VENTURE:NGE)(OTCQX:NVDEF) is pleased to announce that it has added 233 new claims covering 18.9 km2 (7.3 mi2) at its Grass Valley Project in north-central Nevada, more than doubling the size of the Project to 34.4 km2 (13.3 mi2).
NGE's Grass Valley Project is located at the northwestern end of Grass Valley, a 924 km2 (357 mi2) valley basin that continues south from the world class mineralization at Barrick Gold Corp.'s Cortez mine, which produced nearly 1 million ounces in 2015 and contained proven and probable reserves greater than 11 million ounces as of December 31, 2015. Since 2011, NGE has used its hydrogeochemistry exploration technology to explore for new gold exploration targets in this large prospective basin in the area of Nevada famous for Carlin-Type gold deposits. With this technology, NGE identified a 14.5 km by 2.4 km (9 mi by 1.5 mi) target defined by elevated concentrations of gold and gold-related trace element geochemistry in groundwater. The target sits approximately 16 km (10 mi) south of the Cortez mine, along the western edge of the northern end of Grass Valley.
In addition to completing a detailed hydrogeochemistry program using the Company's direct push groundwater sampling equipment, NGE and a former partner's work to date at the Grass Valley Project has included: vegetation and soil surface geochemistry (including soil gas mercury); the acquisition and reprocessing of two historic seismic geophysical lines; geologic mapping; a gravity geophysical survey; one stratigraphic orientation drill hole; and most recently, geochemical analysis of approximately 2,400 metres (8,000 feet) of drill cuttings obtained from seven historic (2005 to 2008) geothermal exploration drill holes.
As described in more detail in the Company's news release of October 26, 2015, based on the work to date at the Project, the Company believes that it has confirmed the presence of a large, gold-bearing hydrothermal system at the Grass Valley Project, consistent with the geologic setting of a Carlin-Type gold deposit. NGE's exploration team is continuing to update its geologic model with ongoing field mapping activities and 3D compilation and interpretation of the comprehensive exploration datasets. With this work, NGE believes it has established support that the complex structural controls associated with the Cortez mine to the north are also present along the western edge of Grass Valley, coincident with the elevated gold in groundwater NGE has identified at the Grass Valley Project. The Company has now enlarged its claim position to more fully control this increasingly important exploration target. Along with the Company's South Grass Valley Project, located 30 km (18 mi) to the south and recently highlighted in a news release dated August 24, 2016, NGE now controls more than 56 km2 (22 mi2) in the Grass Valley basin.
Explaining the significance of NGE's Grass Valley Project, Wade Hodges, NGE's CEO: "Cortez is one of Nevada's largest and lowest cost gold mines. Significant mineralization is known to continue both northwest and southeast of Cortez in a band of mineralized geologic systems, including: Gold Acres, Pipeline, Cortez, Gold Rush, South Gold Rush, and now the Iceberg Project. Recent academic research on the genesis of Carlin-Type Gold Deposits suggests additional bands of gold mineralization should be located parallel to and farther south of this band. Using hydrogeochemistry, we have continued to systematically explore this important area south of Cortez in Grass Valley, and with supporting confirmation from conventional exploration tools, have built a strong case that the western edge of Grass Valley could be the logical host for another band of gold mineralization. Based on our ongoing work at Grass Valley, we have acquired this additional ground to cover what we consider to be the main structural corridor of this important, district scale, exploration project."
The Company also wishes to announce that it has agreed to extend the term of the investor relations agreement with Future Money Trends, LLC announced on October 19, 2015, for an additional 18 months, through May 1, 2018.
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 has developed proprietary hydrogeochemistry (groundwater chemistry) exploration technology to explore for gold in Nevada's covered basins where traditional exploration techniques are challenged. NGE is aggressively applying this latest technology in covered deposit exploration to identify, acquire, and advance new exploration properties in Nevada's highly prospective yet underexplored covered basins.
Using its industry-leading exploration technology, NGE has assembled a portfolio of new gold projects, and has established itself as 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 and development.
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.