Sep 21 2017
Nevada Exploration Inc. is pleased to report that is has received its drill permit and is preparing to mobilize its Scorpion drill rig to its 100% owned, 22.1 km2 South Grass Valley project. South Grass Valley 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 (“CTGD”).
NGE identified the predominantly covered South Grass Valley project based on elevated concentrations of gold (up to 80 ppt) and CTGD trace element geochemistry in groundwater, discovered as part of NGE’s basin-scale exploration program in the larger Grass Valley. NGE’s follow-up range-front geologic mapping and sampling at the project established the presence of hydrothermally altered and geochemically anomalous lower plate carbonate host rock outcropping in the exposed bedrock at the edge of the property. Interpretation of air magnetic and gravity geophysics projects this favourable host rock towards the covered target area defined by the elevated concentrations of gold and supporting geochemistry in groundwater.
NGE’s planned Scorpion drilling program at South Grass Valley is designed to map and evaluate the geochemistry of the bedrock, alluvium (cover), and groundwater above the target area defined by the projected favourable lower plate host rocks and elevated concentrations of gold and related trace elements in the groundwater. The program will begin with relatively wide-spaced drill holes (approximately 1 km apart) to tighten the sample spacing from its earlier basin-scale program to build a project-scale, 3D geochemistry model. Based on the results of the wide-spaced drill holes, NGE expects to further tighten the Scorpion drill hole spacing to systematically constrain the project area down to discrete targets for the focused application of deeper, conventional RC or diamond drilling.
Discussing the upcoming Scorpion drill program at South Grass Valley, NGE’s CEO, Wade Hodges explains: “With strong support for favourable and potentially shallow lower plate carbonate host rocks coincident with elevated gold and supporting CTGD trace elements in the groundwater, we believe that South Grass Valley represents an exciting new gold exploration project in an underexplored part of Nevada. We are 100% focused on high-value exploration, and using our low-cost Scorpion drill rig to execute a systematic and science-based early-stage drilling program allows us to be very targeted in our use of more expensive conventional drilling, which we believe improves our odds of discovery.”
NGE has now completed its final full Scorpion drill shift at its Kelly Creek Project. As disclosed in the Company’s July 21, 2017, news release, NGE is very pleased with the early results of the Scorpion drill program. Once the final assay results from the most recent Scorpion drilling at Kelly Creek have been received and processed, NGE will provide a full detailed report of the results of the program. NGE expects the next stage of work at Kelly Creek will focus on deeper diamond or RC drilling to test the mineralized bedrock and structural projections identified by the Scorpion drilling.
In preparation for moving from Kelly Creek to South Grass Valley, NGE’s Scorpion drill equipment is returning to Reno, Nevada, for general maintenance, and NGE will provide a further update once drilling commences.
Further to the company’s news release of August 17, 2017, in connection with the Offering described in the news release, the company paid additional finders fees totalling 181,650 Units, for a total of 213,367 Units, all paid to arm’s length finders.
Source: http://www.nevadaexploration.com/