Nevada Exploration Provides August Update and New Geologic Model at South Grass Valley Carlin-Type Gold Project

RENO, Nev., Aug. 08, 2022 (GLOBE NEWSWIRE) -- Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V:NGE; OTCQB:NVDEF) is pleased to provide a progress update from its South Grass Valley Carlin-type gold project located 50 kilometres south-southwest of Nevada Gold Mines’ Cortez complex, including reporting assays for drillhole SGVC013A, the completion of drillhole SGVC014A, and the release of an updated geologic model.

Discussing the progress, NGE Chief Discovery Officer, Wade Hodges: “The objectives of our most-recently completed drillhole, SGVC014, were to test for mineralization within the metamorphic aureole of the Grass Valley Stock, and in particular within the deeper Hales Formation where the flow of mineralizing hydrothermal fluids may have been trapped by the intrusive stock to the west and the Goodwin Formation above – a place that represents a particularly good setting to host Carlin-type mineralization.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/33fb06f8-7ccd-430b ...

“Based on our logging, while we see two of the critical features we were looking for – namely thick sections of metamorphosed lower-plate cut by structures hosting intense alteration, oxidation, and highly-anomalous pathfinders – what we don’t see in SGVC014/A is sufficient widespread structural preparation or damage needed to break these brittle hornsfelsed and marbleized units and increase their permeability to allow mineralizing fluids to move outwards beyond the confines of the structures into the surrounding host rocks.   What we’ve learned with SGVC014/A is that in this southern area of the project we need to move further outwards from the intrusive, closer to the Water Canyon corridor.

“With each drillhole, the importance of structural features in controlling hydrothermal fluid flow through our system is becoming increasingly evident, and our need to better understand the location and nature of the structural geology at South Grass Valley has driven a year-long initiative to update our geologic model. This effort has included relogging our earlier drillholes, in many cases re-assaying them to ensure we have a consistent geochemistry dataset across the project, and today we are pleased to publish this updated model for our stakeholders to review directly, together with a narrated video tour.