Nevada Exploration Inc. Stakes Additional Claims in Kelly Creek Basin and Updates Geologic Model
May 2, 2016
Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V: NGE; OTCQX: NVDEF) is pleased to announce that it has added 76 new claims covering 550 hectares (1,360 acres) to its land position in Nevada’s prolific Kelly Creek Basin to secure the growing target defined by NGE`s updated 3D geologic model.
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 syn- to post-mineral volcanic units and post-mineral alluvium.
Recognizing the potential to find significant gold mineralization within the Kelly Creek Basin, dozens of major and junior explorers have spent tens of millions of dollars to follow the prospective geology seen in and proximal to the exposed bedrock in the surrounding mountain ranges beneath the sands and gravels covering the Basin. Within the areas controlled by NGE, this activity has included: Santa Fe Pacific completing wide-spaced bedrock mapping drilling in the 1990s; BHP completing an extensive soil auger geochemistry program through the late 1990s; and Placer Dome completing a reconnaissance-scale reverse circulation program in the early 2000s. 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.
Since establishing its initial holdings in the Kelly Creek Basin, NGE and its exploration partners have completed major work programs, building a comprehensive exploration dataset to understand the geology beneath the Basin. This exploration dataset now includes:
- 1,000 km2 (390 mi2) regional magnetic geophysical survey data;
- 670 km2 (260 mi2) detailed air magnetic geophysical survey data;
- 1,000 km2 (390 mi2) regional gravity geophysical survey data;
- 100 km2 (40 mi2) detailed gravity geophysical survey data;
- 33 line-km (21 line-mi) of CSAMT geophysical survey data;
- 49 line-km (30 line-mi) 3D reflection seismic survey lines; and
- Drilling database containing 31 drill holes from NGE and its exploration partners, plus 114 historic drill holes, representing more than 29,000 metres (95,000 feet) of drilling, including assay results for more than 5,000 drill intervals representing more than 10,000 metres (32,000 feet) of drill assay data.
With this unparalleled exploration dataset for the Kelly Creek Basin, NGE is applying the latest in 3D modelling software to build a comprehensive geologic model focused on the central portion of the Basin where NGE has demonstrated the presence of high levels of gold in the groundwater associated with the structural trend connecting the major gold mineralization to the north and south. NGE is now using this updated 3D geologic model to target additional acquisitions along this important trend. With the addition of NGE’s new claims, NGE now controls more than 3,100 hectares (7,680 acres) within the Kelly Creek Basin.
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. NGE’s business model is to leverage its properties and technology to create shareholder value through generative exploration and development.
For further information, please contact:
Nevada Exploration Inc.
Tel: +1 (604) 601 2006
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.