Nevada Exploration acquires additional 1,090 ha and builds district-scale land position at Kelly Creek - Cortez Trend, Nevada
VANCOUVER, British Columbia, June 05, 2018 (GLOBE NEWSWIRE) -- Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V:NGE) (OTCQB:NVDEF) is pleased to report that the Company has significantly increased its land holdings at its Kelly Creek Project based on the results of its 2017 Scorpion drill program. With the addition of 153 new claims covering 1,090 ha, NGE now controls 5,320 ha in the Kelly Creek Basin, making it the third-largest holder in this important covered search space at the north end of the Cortez (Battle Mountain-Eureka) Trend, after Newmont Mining and Barrick Gold.
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Discussing the importance of the new claims, NGE’s CEO, Wade Hodges explains: “Based on our updated exploration model and our understanding of the large Carlin-type gold deposits to the north and south, we believe Kelly Creek offers district-scale potential, with multiple mineralized targets aligned along a corridor of favourable geology, under what we have demonstrated is only shallow cover. These types of opportunities have become rare, and we are excited to increase our holdings and our stakeholders’ exposure at the Project.”
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/91906001-5dce-4ceb-adbd-97ca530ea67c
About the Kelly Creek Project
NGE’s Kelly Creek Project is located within the prolific Kelly Creek Basin, a large covered valley basin bounded by multi-million-ounce Carlin-type gold deposits (CTGDs) at both the north and south ends. The Project was generated as a result of the Company’s systematic, hydrogeochemistry-supported, regional exploration program, which discovered highly-enriched gold in groundwater at the Project.
NGE has completed a comprehensive geophysics program at the Project, the results of which project important structures and host units, known to control the mineralization at Lone Tree and Marigold to the south, northwards beneath the covered Project. Based on these projections, the Company has completed Scorpion and other drill sampling programs to characterize the geochemistry of the groundwater, alluvial cover, and bedrock at the Project, which together suggest the presence of a large and mineralized hydrothermal system.
The combined exploration datasets have established that the critical components associated with large CTGDs are present at the Project, including: favourable structural setting, favourable host rocks, suitable wall-rock permeability, characteristic geochemistry, and significant volumes of altered and mineralized bedrock. With these datasets, as described in the Company’s news releases dated January 16 and 19, 2018, NGE has defined several mineralized targets similar in scale and ore-controlling features to the nearby Lone Tree and Marigold deposits. Lone Tree produced 4.60 Moz of gold from 1991 to 2015. Marigold produced 3.24 Moz of gold from 1989 to 2016, with a remaining indicated mineral resource of 4.98 Moz (348.30 Mt at 0.45 g/t) at December 31, 2016. Based on its geologic model, NGE believes that the gold-bearing hydrothermal system that was active at Kelly Creek was likely the extension of the system responsible for Lone Tree and Marigold, with potential to support significant additional mineralization.
For more information, readers are encouraged to review the most recent technical presentation on the Project available at: http://www.nevadaexploration.com/projects/kelly_creek/
Disclosure of an Exploration Target
The disclosure of the potential for Kelly Creek to host a significant gold deposit constitutes disclosure of an exploration target, and thus is subject to NI 43-101, 2.3(2) – Restricted Disclosure. NGE is required to highlight for its stakeholders that at this stage of exploration, the Kelly Creek Project remains a target for which the potential quantity and grade is still conceptual in nature. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
About Nevada Exploration Inc.
NGE is an exploration company advancing a portfolio of new district-scale gold exploration projects along Nevada’s Cortez Trend. NGE is led by an experienced management team that has been involved in several significant discoveries in Nevada, including the discovery of Lone Tree and Rabbit Creek (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 approximately 6,000 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 overcoming the challenges and radically reducing the costs of exploring in Nevada’s covered basins, and 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: info@nevadaexploration.com
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.