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Nevada Exploration Inc (2)
Symbol NGE
Shares Issued 52,502,818
Close 2018-01-19 C$ 0.325
Market Cap C$ 17,063,416
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Nevada Expl. finds gold in groundwater at South Grass

2018-01-22 10:27 ET - News Release

Mr. Wade Hodges reports

NEVADA EXPLORATION PROVIDES SOUTH GRASS VALLEY PROJECT UPDATE

Nevada Exploration Inc. has provided an update on the results of its continuing detailed 3-D hydrogeochemistry program at its 100-per-cent-owned South Grass Valley project in Nevada. Nevada Exploration has received assay results from 88 groundwater samples, from 44 of 54 new boreholes completed since the beginning of November, 2017, and the company is pleased to report that the South Grass Valley target is resolving into a focused, north-south lineament of enriched gold in groundwater above a projected shallow bedrock shelf of favourable lower-plate host rocks.

Figures associated with this news release are available on-line.

Due to challenging ground conditions, namely coarse boulder layers, Nevada Exploration has predominantly completed the recent sampling boreholes using its Geoprobe equipment, rather than with its Scorpion drill rig, as initially planned. While the Geoprobe collects shallower samples, in this round of sampling from 30 metres to depths up to 64 m, it is still able to provide multiple samples per hole, allowing for 3-D interpretation of the hydrogeochemistry, and importantly, is much faster, allowing Nevada Exploration to complete sampling boreholes at approximately five times the rate of the Scorpion. As a result, Nevada Exploration has collected broader sample coverage than expected, although providing samples from not as deep. With this increased sampling density, Nevada Exploration has collected sufficient groundwater-level data to accurately model the regional direction of groundwater flow, providing important information to interpret the results at the project.

In terms of the gold-in-groundwater results, the values ranged from less than detection to a high of 447 ppt, representing considerably higher enrichment than seen in earlier sampling at the project. An image available on-line shows all of: (i) The results of Nevada Exploration's earlier basin-scale sampling program in the larger Grass Valley (which identified both the South Grass Valley project as well as Nevada Exploration's Grass Valley project at the north end of the valley); (ii) The collar locations of Nevada Exploration's South Grass Valley boreholes, shown with groundwater elevation contours; and (iii) The updated distribution of gold-in-groundwater at the project, showing all assays received to date.

Discussing the results, Nevada Exploration's chief executive officer, Wade Hodges, said: "We're excited to share with our stakeholders that as we tighten the net at South Grass Valley by increasing our sampling density, the results are providing even more support for the continuity of the north-south zone of gold-in-groundwater enrichment located approximately 800 m to the east of the favourable lower plate Pogonip formation host-rock units exposed, outcropping at surface. Just like our work at our Kelly Creek project, we are systematically testing for the critical components needed to host a large, Carlin-type gold deposit by integrating hydrogeochemistry with conventional geology to focus the South Grass Valley target for deeper drilling. Based on these encouraging results, we're proceeding to complete additional boreholes, and we look forward to reporting the next round of results once complete."

About South Grass Valley

Nevada Exploration's 100-per-cent-owned, 22.1-square-kilometre South Grass Valley project is located approximately 50 kilometres south-southwest of Barrick Gold Corp.'s Cortez complex, along the Eureka-Battle Mountain gold trend, within the specific region of north-central Nevada known for Carlin-type gold deposits. Nevada Exploration originally identified the project based on elevated concentrations of gold and CTGD trace-element geochemistry in groundwater as part of a basin-scale generative exploration program. Nevada Exploration's follow-up work has established the significant, coincident presence of hydrothermally altered and geochemically anomalous lower plate carbonate host rock along the western edge of the project, and interpretation of air magnetic and gravity geophysics projects this favourable host rock towards the target defined by the enriched gold and supporting geochemistry in groundwater.

About Nevada Exploration Inc.

Nevada Exploration is an exploration company focused on gold in Nevada. Nevada Exploration is led by an experienced management team that has been meaningfully involved in several significant discoveries in Nevada, including the discovery of Lone Tree and Rabbit Creek, which is now part of the Twin Creeks mine. Nevada Exploration'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, Nevada Exploration has completed the world's largest groundwater sampling program for gold exploration, collecting more than 5,500 samples to evaluate Nevada's covered basins for new gold exploration targets.

Mr. Hodges, chief executive officer and director, Nevada Exploration, is the qualified person as defined in National Instrument 43-101, and has prepared the technical and scientific information contained in this news release.

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