VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 10, 2013) - Nevada Exploration Inc. ("NGE") (TSX VENTURE:NGE) is pleased to provide a mid-year exploration update. Most significantly, NGE has been focused on advancing its regional hydrogeochemistry exploration program, specifically to generate new high quality exploration targets.
Since 1970, Nevada has produced over 250 million ounces of gold, and another 100 million ounces sit in reserves on ground mainly controlled by Barrick Gold Corporation and Newmont Mining Corporation along inferred regional geologic lineaments know as the Carlin and the Battle Mountain-Eureka trends. Early observations that multi-million ounce gold deposits were aligned along these trends helped to focus exploration in Nevada, but additional large deposits have been discovered off the trends and suggest that many other features of exploration significance are important for mineralization beyond simply a location along these inferred trends. Recent publications by John Muntean of the Nevada Bureau Mines and Geology (summarized in the presentations area of the NGE website) have examined the geologic conditions responsible for the genesis of Nevada's unique gold endowment. The research strongly suggest that an equivalent amount of gold as has already been discovered in Nevada still remains to be discovered, and that there are good reasons to believe that much of Nevada's remaining gold budget lies beyond the inferred trends that have been the focus of most exploration to date in Nevada, and importantly that this remaining gold is likely not on land controlled by the majors in the existing trends.
Based on this new and improved understanding of the origins of Nevada's gold, NGE has focused its 2013 hydrogeochemistry sampling program on these highly prospective areas between the major trends that have seen limited exploration to date. NGE's 2013 sampling program began in April and so far its field crews have collected 399 new groundwater samples, and have identified several new high priority targets in the areas defined as being most prospective for multi-million ounce Carlin-type deposits (see NGE website). Depending on weather conditions, NGE is optimistic that its sampling crews will collect approximately 300 mores samples this year, bringing the total number of NGE hydrogeochemistry samples to approximately 5,000. As NGE receives the laboratory analysis from these new samples, NGE will be evaluating opportunities to acquire the mineral rights covering the new high priority targets.
Discussing the 2013 field program, Wade Hodges, President & CEO: "Despite the challenging market conditions facing our industry, NGE is please to be pushing forward with its generative exploration program. We are leveraging our considerable investment in our proprietary hydrogeochemistry exploration program to complete low cost, high value exploration. We believe the new targets we have identified already this year represent some of the most exciting exploration opportunities in Nevada, the world's highest gold producing jurisdiction by unit area, and we are looking forward to reviewing the results from the balance of this year's program with an eye to acquiring additional ground."
In addition to NGE's generative exploration work, NGE's exploration partner at its Fletcher Junction Project, Spruce Ridge Resources Ltd. ("Spruce Ridge"), completed a second core hole at the project on April 19, 2013. Spruce Ridge completed the second core hole to a depth of 609 metres (2,000 feet), and NGE understands that Spruce Ridge is now waiting for lab results from the samples that it submitted. Under the Exploration and Option to Enter Joint Venture Agreement between Spruce Ridge and NGE, the next payments due to NGE if Spruce Ridge elects to continue the project are due on July 30, 2013.
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 in covered deposit exploration technology to identify, acquire, and advance new exploration properties in Nevada's highly prospective, yet underexplored covered basins. Specifically, 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 portfolio of nine new gold projects, and with over 13,500 hectares (52 sq mi), is evolving 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, joint ventures, and other exploration partnerships.
Wade A. Hodges, President & CEO, 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. An ongoing quality control/quality assurance protocol is being employed during the program including blank, duplicate and reference standards in every batch of assays. Gold and multi-element analyses are being performed at American Assay Laboratories in Sparks, Nevada.
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.
Cautionary Statement on Forward-Looking Information:
This release contains certain "forward-looking statements" including, without limitation, expectations, beliefs, plans and objectives regarding the potential transactions and ventures discussed in this release. 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.