Nevada Exploration Inc. ('NGE' or the 'Company') (TSX-V: NGE; OTCQX: NVDEF) is pleased to announce that it has added another 102 new claims covering 712 hectares (1,760 acres) to its Kelly Creek Basin land position. This is in addition to the 76 new claims covering 550 hectares (1,360 acres) announced last month. With the addition of these new claims, NGE now controls more than 38.22 km (14.76 mi) or 3,822 hectares (9,445 acres) within the Kelly Creek Basin.
The Kelly Creek Basin is located along the Battle Mountain - Eureka Gold Trend, and is bounded by multi-million-ounce gold deposits to the north (Twin Creeks, Getchell, Turquoise Ridge, and Pinson) and south (Lone Tree, Marigold, Trenton Canyon, Converse, Buffalo Valley, Copper Basin, and Phoenix) - together representing more than 70 million ounces of gold along the periphery of the Basin. Despite its close proximity to world-class mineralization, the interior of the Kelly Creek Basin has seen limited systematic exploration activity to date because its bedrock is largely covered by sand and gravels.
Recognizing the potential to find significant gold mineralization within the Kelly Creek Basin, dozens of major and junior explorers, including Santa Fe Pacific, BHP, and Placer Dome, have spent tens of millions of dollars exploring this area. Other companies that either now hold or have held claims in the immediate area include Newmont, Barrick, AngloGold, Hemlo, Homestake, and Kennecott. The efforts of each company have added valuable information about the geology of the Basin; however, without a cost effective tool to conduct basin-scale exploration beneath the valley cover, the exploration programs to date in the Kelly Creek Basin have predominantly consisted of unsystematic and uncoordinated efforts focused on relatively small areas.
NGE has developed its groundwater chemistry exploration technology specifically to complete large-scale exploration for gold in Nevada`s covered basins. NGE is now using this technology to map the elevated concentrations of gold in groundwater along the major structural corridor beneath the Kelly Creek Basin that connects the multi-million-ounce gold deposits to the north and to the south.
To facilitate the exploration in covered bedrock settings, NGE has purchased a truck mounted drill platform for a small-diameter reverse circulation drilling rig. This tool represents the logical evolution of the Company's under-cover exploration program in Nevada. NGE has been using its own direct-push equipment to collect groundwater chemistry samples in the surface to 200-foot depth range to focus the targets and direct land acquisition. With the addition of its own small-diameter reverse circulation drill rig, NGE will now be able to collect multiple groundwater samples from the same hole to better characterize the third dimension of the groundwater regime, plus important overburden and bedrock samples to characterize the geochemistry from the surface to 400-plus feet.
Obtaining drill samples to establish the geochemical makeup of the bedrock, as well as the overburden, at a covered exploration project is a very important stage of project development, and with this new equipment the Company expects to be able to collect this information for a fraction of the cost of using conventional drilling equipment. By lowering the costs of early stage drilling, NGE expects to be able to complete more drilling on more projects for less money, thereby maximizing the Company's exposure to the upside of discovering new gold deposits in Nevada's covered basins. The Company looks forward to utilizing this new drill rig at the Kelly Creek Basin project area.
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 technology in covered deposit exploration to identify, acquire, and advance new exploration properties in Nevada's highly prospective yet underexplored covered basins. 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 large portfolio of new gold projects, and has established itself as a major player in this world-class jurisdiction.
For further information, please contact:
Investor Relations
Nevada Exploration Inc.
Email: [email protected]
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.