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 SGVC013A 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
the 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
SGVC013A, 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 closer 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.”
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e6cfb5d4-7d63-4488-9cde-02813ccdc361
SGVC013A Details
SGVC013A 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 Ma 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 three largest
Carlin districts.
Beneath the mudflow, at approximately 610
metres, SGVC013A entered a series of high-angle shear zones in the
lower-plate Goodwin Formation, 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 improve 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 increasing structural
damage. Places where less-reactive bedrock confine the flow of
acidic hydrothermal fluids along structural features represent
important controls for Carlin-type mineralization. This is the
exact process being seen in SGVC013 where the core shows high-angle
fractures associated with the WCSC in marbleized Goodwin Formation
hosting 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 constraining the timing of the
mineralization at South Grass Valley, again consistent with
Nevada’s three largest Carlin districts.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/715e870b-ca1f-4b5f-8014-7d92f0e5ddae
Based on conodont age dates, contact
relationships, and regional stratigraphic position, NGE 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 breccias cutting
through the Goodwin Formation include highly altered fragments of
Hales Formation that have been transported from below along
fractures. These observations indicate 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 SGVC013A was terminated at 762
metres due to extremely challenging hole conditions. Based on
downhole acoustic televiewer data, NGE believes the drillhole has
reached a major thrust feature NGE refers to as the Hydra Fault.
The geologic features seen in SGVC013A are consistent with the
Company’s exploration model; however, continuing to re-enter the
borehole cutting through the highly broken WCSC above complicated
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 projects, 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 Newmont 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:
info@nevadaexploration.comTelephone: +1 (604) 601 2006Website:
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 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.
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