East Golden Gorge target – South Grass Valley Carlin-Type Gold Project, NEVADA
East Golden Gorge target – South Grass Valley Carlin-Type Gold Project, NEVADA
RENO, Nev., March 3, 2021 (GLOBE NEWSWIRE) – Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V: NGE; OTCQB: NVDEF) is pleased to announce that it has started the first hole from its 2021 drilling program in its South Grass Valley project, where the company discovered a major new Carlin-type mineral system along a structural resource on a regional scale called the Water Canyon structural corridor (“WCSC”). The main objective of NGE for its 2021 program is to test gold mineralization on a target called the East Golden Gorge, defined by the down-dip projection of the Carlin-type alteration and geochemistry seen in shallower previous drilling, along a stratigraphic unit favorable bottom plate, in the direction where the unit crosses the WCSC.
Discussing the program, NGE CEO Wade Hodges: “If we look at the three important Nevada fields, Carlin, Cortez and Turquoise Ridge, which together contain 80% of Nevada’s Carlin jaguars to date, the research makes it clear that these three fields are products of massive mineral systems that exploited structural characteristics on a regional scale to move immense volumes of mineralized hydrothermal fluids through suitable host environments. When considering the size of the new Carlin-type mineral system that we discovered in South Grass Valley, our initial holes defined characteristic and geochemical changes within typical host units along at least seven kilometers in length of a main structural corridor, which affected several kilometers cubes of solid rock and remains open in several directions. Quite simply, if we want to discover Nevada’s next globally significant Carlin deposits, this is the size of the district-scale mineral system that we need to explore.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2f7ef9e1-1468-4f7c-bf1f-174f6f3eaafe
“To advance this great project, we integrated the results of progressive geophysics, geochemistry and drilling programs to build a comprehensive geological model to focus our efforts on the characteristics that controlled the flow of mineralized hydrothermal fluid through the district. As we share, based on this model, with this next program we are following the intense alteration of the Carlin type and geochemistry seen in our previous drilling further to the east, diving along a particular stratigraphic unit that we call the Clm unit, closer to the WCSC , which we believe to be the main control for the flow of mineralized fluid.
“To test this down-dip projection of the Clm unit to significantly increase the intensity of Carlin-type mineralization – defined by higher concentrations and thicker intervals of gold and pathfinders – our plan is to start with an initial series of relatively deep holes in the east ends of our east-west drilling fences. With the continuous validation and refinement of our destination concept, we expect to increase the number of holes in East Golden Gorge to a combined total of approximately 10 holes, which based on what we know about the size and shape of deposits within the Cortez field. to the north is the density of holes that we believe is necessary to properly test the target volume. “
“While there are other groups promoting Carlin-type gold projects in Nevada, it is important to note that East Golden Gorge is defined by characteristics that extend from our southern core hole fence to our northernmost hole, at a distance of more than 3,500 meters, with a width of at least 400 meters. To put the scale of that target in context, East Golden Gorge is comparable in size to Barrick’s 8 million ounce * Goldrush deposit at Cortez Camp, at the northern end of the valley. Each drilling at East Golden Gorge will provide us with important new information and we look forward to sharing our progress with our stakeholders. “
As the program progresses, the company plans to release approximately monthly drilling updates to provide information on hole locations, drilled gauges and preliminary geological observations, and how each relates to the East Golden Gorge target concept. Depending on the associated schedules for profiling the drilling core, sending samples, receiving tests and integrating the data resulting from these deep holes into the company’s geological model, NGE expects to release drilling results in batches that are likely to include multiple drill holes. The Company encourages its stakeholders to subscribe to its email list to receive its press releases, as well as to subscribe to one or more of its social media channels to follow while its team shares photos of the field and the installation of central extraction.
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For more detailed information on NGE’s work to date and future plans in South Grass Valley, readers are encouraged to watch the company’s July 2020 technical video, available on its website at https: //www.nevadaexploration .com / investors / media / (24 minutes).
* As of December 31, 2020, Goldrush contained 26 million tonnes at 6.57 g / t for 5.5 million ounces of indicated resources and 12 million tonnes at 6.2 g / t for 2.5 million ounces inferred resources.
About Nevada Exploration Inc.
With mature search spaces exposed, observing declining discovery rates, NGE believes that the future of exploration is hidden. Nevada’s exposed land has produced more than 200 million ounces of gold, and experts agree that there are probably another 200 million ounces waiting to be discovered in more than half of Nevada, where the bedrock is hidden under a post-mineral cover . NGE spent more than 15 years developing and integrating new hydrogeochemistry (groundwater chemistry) and low-cost drilling technology to build an industry-leading toolkit, focused on geochemistry, specifically to explore new gold deposits under cover, and the company is now advancing a portfolio of projects totaling more than 170 square kilometers.
NGE’s most advanced project is the South Grass Valley, located approximately 50 kilometers south-southwest of the Cortez complex, operated by Nevada Gold Mines (joint venture Barrick Gold Corp. and Newmont Mining Corp.), in the specific center-north region Nevada that hosts Nevada’s largest Carlin gold deposits (“CTGDs”). Since the acquisition of the Project, NGE has concluded: a well drilled groundwater sampling program, detailed geophysical gravity and aerial magnetic surveys, a soil geochemical sampling program, an initial diamond core drilling program consisting of 10 stratigraphically oriented holes and, more recently (2020), a follow-up reverse circulation drilling program consisting of 17 holes to increase the density of your parent rock sampling.
As described in the video listed above and described in the company’s press release dated July 13, 2020 (https://www.nevadaexploration.com/news/2020/nevada-exploration-presents-plans-to-advance-east- golden-gorge-at-south-grass-valley), based on the results of its combined exploration data sets, NGE believes it has discovered a mineral system in South Grass Valley with the architecture and scale to potentially support multiple CTGDs. As the company continues to advance the project, in accordance with NI 43-101, 2.3 (2), the company must remind its stakeholders that the project remains an exploration goal for which the potential quantity and degree of any mineral resource is still conceptual in nature and it is uncertain whether other explorations will result in the destination being outlined as a mineral resource.
For more information, please contact:
Nevada Exploration Inc.
Email: [email protected]
Phone: +1 (604) 601 2006
Website: www.nevadaexploration.com
Neither TSX Venture Exchange nor its Regulatory Service Provider (as defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.
Wade A. Hodges, CEO 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 press release.
Cautionary statement regarding forward-looking information:
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of the applicable securities laws, including, without limitation, expectations, beliefs, plans and objectives in relation to projects, transactions potential and ventures discussed in this release.
In connection with the forward-looking information contained in this press release, the Company made several assumptions regarding, among other things, the assumption that the Company will continue to operate and will continue to be able to access the capital necessary to advance its projects and operations continued. Although 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 that could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in 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 licenses, the availability of personnel and equipment necessary for exploration and development, fluctuations in the price of minerals and general economic conditions.
A more complete discussion of the risks and uncertainties that the Company faces is disclosed in the Company’s continuing disclosure files with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information contained herein is qualified in its entirety by this precautionary statement, and the Company disclaims any obligation to review or update such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained in this document for reflect future results, events or developments, except as required by law.