Nevada Exploration Inc. Increases Land Holdings at the Awakening Project and Provides Project Update
03 März 2014 - 2:00PM
Marketwired Canada
Nevada Exploration Inc. (TSX VENTURE:NGE) ("NGE") is pleased to provide a
project update for NGE's wholly owned Awakening Project, and to announce that it
has increased its land holdings at the Project. The results of NGE's integrated
exploration program at Awakening have delineated a focused pediment target along
a structural zone extending north from Paramount Gold & Silver Corp.'s Sleeper
Gold Project, which produced a reported 1.6 million ounces of gold and 2.3
million ounces of silver from the mid-1980's to mid-1990's. To fully secure the
target, NGE has staked an additional 41 new unpatented mining claims at
Awakening, for a total of 158 claims covering approximately 1,200 hectares
(2,950 acres).
The Awakening Project is located due north of and immediately adjacent to the
Sleeper Gold Project, in Humboldt County, Nevada. NGE established a land
position covering the Awakening target based on a regionally significant gold in
groundwater anomaly that NGE identified as part of its generative
hydrogeochemistry exploration program. Since acquiring the Project, NGE and its
former joint venture partner Northgate Minerals Corp., have invested more than
$2,000,000 to complete detailed hydrogeochemistry, surface geochemistry,
geologic mapping, geophysics (gravity, magnetic, and IP/resistivity), and wide
spaced drilling (14 rotary holes and 7 core holes). In addition to NGE and its
exploration partner's work, the current and previous operators of the Sleeper
Gold Project and other nearby land holders have acquired and disclosed
additional surface, geophysical, and drilling data in the district, as well as
compiled, reviewed, and presented much of the historic data available for some
of smaller past producing deposits in the adjacent Slumbering Hills.
Through a comprehensive review and integration of the exploration datasets
available, combined with recent whole rock analysis of several Northgate drill
intercepts of interest and an additional 2013 follow up hydrogeochemistry
sampling program, NGE believes that it has focused the exploration target at
Awakening on a trend of magnetic lows that continue northward from the Sleeper
Pit, which also sits on a magnetic low, along the projected extension of the
fault zones known to control the hydothermal alteration and gold mineralization
at Sleeper. These projected structures from Sleeper are coincident with the
structural interpretations defined by the air magnetic geophysics and the high
concentrations of gold in the groundwater at the Awakening Project, and together
these features of exploration significance have defined a structural fabric and
geochemical signature that narrow the area of exploration interest at the
Project.
The wide spaced drilling to date on the Project has already successfully
confirmed the presence of shallow, hydrothermally altered bedrock units at
Awakening similar to those hosting the adjacent mineralization at Sleeper. While
these early wide spaced drill holes did not encounter potentially ore grade
material, they did encounter intervals of weak to moderate oxidation, evidence
of high angle structures, and anomalous gold and silver concentrations
(including isolated samples with values up to 0.5 g/t gold and 30.5 g/t silver),
which together support NGE's improved structural and geochemical
interpretations. NGE is very pleased to report that it believes that the
combined exploration datasets at Awakening define a focused target for follow up
drilling at Awakening, and NGE is now evaluating options to complete the next
phase of drilling either by itself or with an exploration partner.
For a more detailed description of the Awakening Project please refer to:
http://www.nevadaexploration.com/_resources/presentations/Awakening_News_Release_03_03_14.pdf
About 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 new gold projects, and with interests in more than 135 square kilometres (52
sq mi), has established itself 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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Nevada Exploration Inc.
James Buskard
Vice President Corporate Development
+1 (888) 263 2110
info@nevadaexploration.com
www.nevadaexploration.com
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