Nevada Exploration Partnership Update

RENO, Nevada, Aug. 02, 2022 (GLOBE NEWSWIRE) -- Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V:NGE; OTCQB:NVDEF) is pleased to announce that its partner Austin Gold Corp. has commenced drilling at NGE’s Kelly Creek Carlin-type gold project in north-central Nevada pursuant to an Exploration and Option to Enter Joint Venture Agreement (the “Agreement”) under which Austin has the right to earn a 51% interest in the project by spending $4,750,000, with the election to earn an additional 19% by delivering a prefeasibility study. Additionally, NGE also announces that Astro Resources NL (ASX: ARO, “Astro”) has notified the Company that Astro has decided not to proceed with the proposed strategic alliance as announced March 21, 2022.

Kelly Creek (Austin Gold Corp.)

NGE’s Kelly Creek Project is located along the Battle Mountain – Eureka Gold Trend within the larger Kelly Creek Basin, which is bounded by large gold deposits to the north (Twin Creeks, Getchell, Turquoise Ridge, and Pinson) and south (Lone Tree, Marigold, Trenton Canyon, Converse, Buffalo Valley, Copper Basin, and Phoenix).

Despite its proximity to significant mineralization, the interior of the Kelly Creek Basin has seen limited systematic exploration activity to date because its bedrock is largely covered by syn- to post-mineral volcanic units and post-mineral alluvium. Recognizing the potential to find significant gold mineralization within the Kelly Creek Basin, dozens of major and junior explorers have spent tens of millions of dollars to follow the prospective geology seen in and proximal to the exposed bedrock in the surrounding mountain ranges beneath the sands and gravels covering the Basin. Within the Project area, this activity has included: Santa Fe Pacific completing wide-spaced bedrock-mapping drilling in the 1990s; BHP completing an extensive soil auger geochemistry program through the late 1990s; and Placer Dome completing a reconnaissance-scale reverse circulation program in the early 2000s. Other companies that either now hold or have held claims in the immediate area include Newmont, Barrick, AngloGold, Hemlo, Homestake, and Kennecott. The efforts of each company have added valuable information about the geology of the Basin; however, without a cost-effective tool to conduct basin-scale exploration beneath the valley cover, the exploration programs to date in the Kelly Creek Basin have predominantly consisted of uncoordinated efforts focused on relatively small areas.