Drilling has begun Now we will see good news this time.
RENO, Nev., March 03, 2021 (GLOBE NEWSWIRE) -- Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V:NGE; OTCQB:NVDEF) is pleased to announce that it has begun the first hole of its 2021 drilling program at its South Grass Valley project, where the Company has discovered a large new Carlin-type mineral system along a regional-scale structural feature called the Water Canyon structural corridor (“WCSC”). NGE’s primary objective for its 2021 program is to test for gold mineralization at a target named East Golden Gorge, defined by the down-dip projection of Carlin-type alteration and geochemistry seen in earlier, shallower drilling, along a favourable lower-plate stratigraphic unit, towards where the unit intersects the WCSC.
Discussing the program, NGE’s CEO, Wade Hodges: “If we look at Nevada’s three important camps, Carlin, Cortez, and Turquoise Ridge, which together contain 80% of Nevada’s Carlin-type ounces to date, the research is clear that these three camps are the products of massive mineral systems that have exploited regional-scale structural features to move immense volumes of mineralized hydrothermal fluids through suitable host environments. When we consider the size of the new Carlin-type mineral system we have discovered at South Grass Valley, our initial drill holes have defined characteristic alteration and geochemistry within typical host units along at least a seven-kilometre-length of a major structural corridor, which has affected several cubic kilometres of bedrock and remains open in multiple directions. Quite simply, if we want to discover Nevada’s next globally significant Carlin deposits, this is the district-scale size of mineral system we need to be exploring.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2f7ef9e1-1468-4f7c-bf1f-174f6f3eaafe
“To advance this large project we have integrated the results of progressive geophysics, geochemistry, and drilling programs to build a comprehensive geologic model to focus our efforts on the features that controlled the mineralized hydrothermal fluid flow through the district. As we’ve shared, based on this model, with this next program we are following the intense Carlin-type alteration and geochemistry seen in our earlier drilling further to the east, down dip along a particular stratigraphic unit that we call the Clm unit, closer towards the WCSC, which we believe was the primary control for the mineralized fluid flow.
“To test this down-dip projection of the Clm unit for significantly increasing intensity of Carlin-type mineralization – defined by higher concentrations and thicker intervals of gold and pathfinders – our plan is to begin with an initial series of relatively deep holes at the eastern ends of our east-west drill fences. With continued validation and refinement of our target concept, we expect to increase the number of drill holes at East Golden Gorge to a combined total of approximately 10 holes, which based on what we know about the size and shape of the deposits within the Cortez camp to the north is the density of holes we believe is required to adequately test the target volume.”
“While there are other groups advancing Carlin-type gold projects in Nevada, it is important to highlight that East Golden Gorge is defined by features that extend from our southern fence of core holes all the way to our most northern drill holes, a distance of more than 3,500 metres, with a width of at least 400 metres. To put the scale of this target into context, East Golden Gorge is comparable in size to Barrick’s 8 million-ounce* Goldrush deposit in the Cortez camp at the north end of the valley. Each drill hole into East Golden Gorge will be providing us with important new information, and we look forward to sharing our progress with our stakeholders.”
As the program progresses, the Company plans to release approximately monthly drilling updates to provide information on hole locations, metres drilled, and preliminary geologic observations, and how each relate to the East Golden Gorge target concept. Depending on the timelines associated for logging drill core, submitting samples, receiving assays, and integrating the resulting data from these deep drill holes into the Company’s geologic model, NGE expects to release drilling results in batches that likely include multiple drill holes. The Company encourages its stakeholders to sign up to its email list to receive its news releases, as well as to subscribe to one or more of its social medial channels to follow along as its team shares photos from the field and core logging facility.