Nevada Exploration Signs Letter of Intent for Earn-In Agreement on its Kelly Creek Project

RENO, Nev., June 01, 2020 (GLOBE NEWSWIRE) -- Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V: NGE; OTCQB: NVDEF) is pleased to announce that it has signed a Letter of Intent (the “LOI”) with Austin Gold Corp. (“Austin Gold”), led by former Pretium Resources Inc. CEO Joe Ovsenek, for an earn in and joint venture agreement on its district-scale Kelly Creek Project (the “Project”) within the Kelly Creek Basin in north-central Nevada.  Under the LOI, Austin would have the right to earn a 51% interest in the joint venture by spending $5,000,000 over four years, of which $1,000,000 is a firm commitment, with the election to then earn an additional 19% by delivering a prefeasibility study.  Under the LOI, Austin would also complete a $500,000 private placement into NGE.

Commenting on the LOI, NGE’s President, James Buskard: “Kelly Creek is the first place we integrated our full suite of hydrogeochemistry exploration technologies to evaluate a highly-prospective, covered valley basin to search for new district-scale Carlin-type mineral systems.  As we’ve shared, we believe our results to date confirm the presence of the critical components needed to host a world-class, 5-10 Moz gold deposit, and suggest that the gold-bearing mineral system at Kelly Creek is a likely northern extension of the system responsible for mineralization at the nearby Marigold and Lone Tree deposits.  With the success of our recent drilling programs at what has become our flagship project, South Grass Valley, we haven’t been able to return to Kelly Creek to continue with the next stages of exploration.  To keep this important project moving forward, we’re very pleased to be able to partner with such an experienced and technically capable team.  This partnership allows us to remain 100% focused at South Grass Valley, and gives our stakeholders the significant benefit of participating in multiple opportunities for discovery as both projects are advanced in parallel.”

Discussing the Project, Austin’s Executive Chairman, Joe Ovsenek: “With multi-deposit potential and a world-class address, Kelly Creek is one of only a handful of district-scale size properties with Carlin-type potential not currently controlled by the majors.  We are excited to team up with Nevada Exploration to unlock Kelly Creek’s potential.  At Austin, our focus is on grassroots exploration within the prolific gold-belts of Nevada, and Kelly Creek is right in our wheelhouse.”