Nevada Exploration Inc. ("NGE" or the "Company") is pleased to announce that it has completed the commissioning of its Scorpion Drill Rig, a truck-mounted, small-diameter reverse-circulation drilling rig designed to provide low-cost, early-stage drilling at NGE's gold projects in Nevada's highly prospective covered basins.
Nevada has produced more than 200 million ounces of gold. These 200 million ounces have been produced primarily from the less than half of the State made of up of areas close to where the bedrock is exposed in its mountain ranges. Nevada's leading geologists believe there is likely an equivalent amount of gold still waiting to be discovered in the remaining more than half of the State where the bedrock is covered beneath its valley basins. NGE is the only company 100% focused on advancing new technology to explore for gold in Nevada's covered basins, and believes that significantly reducing drilling costs is a critical step towards discovering the next major gold deposits in Nevada.
Traditional drilling is prohibitively expensive for widespread use at early-stage projects, and as a result, explorers are often limited to testing only small numbers of drill targets. The exploration industry is currently embracing less expensive drill sampling methods such as rapid air blast ("RAB") and small-diameter reverse-circulation ("small-diameter RC") drilling with the goal of improving the odds of making a discovery by being able to test more drill targets for less money.
Drilling in Nevada's basins requires drilling through tens to hundreds of meters of usually groundwater-saturated sand and gravel cover in order to get down to the bedrock below, and these drilling conditions present unique challenges. Following up and expanding upon the Company's pioneering use of direct-push equipment to collect groundwater samples to explore for gold in Nevada's basins, NGE is again leading the industry by adapting new small-diameter RC equipment to operate in Nevada's basins. NGE expects its new Scorpion Drill Rig to significantly reduce the costs of collecting early-stage bedrock, overburden (sand and gravel above the bedrock), and groundwater samples at the Company's exploration projects.
Explaining the significance of this development, NGE's CEO, Wade Hodges: "Our Scorpion Drill Rig represents the logical evolution of our under-cover exploration program in Nevada. Similar to a bull's eye, we are using regional groundwater chemistry to reduce Nevada's large basins to discrete new targets; we are using our direct-push equipment to collect detailed groundwater samples to focus our follow up work at our targets; and now we are using our Scorpion Drill Rig to collect important bedrock and overburden geochemistry samples, as well as three-dimensional groundwater chemistry samples, to test our projects for the presence of large mineralized footprints consistent in size and make up with the geochemistry and alteration halos associated with the multi-million ounce gold deposits surrounding our projects. These are the clear, systematic milestones required to advance a successful pipeline of exploration projects through to discovery, and by lowering the costs of collecting our early-stage drilling inputs, our goal is to test more targets for less money, offering shareholders maximum exposure to the upside of discovering major new gold deposits in Nevada."