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Specifically, NGE is pleased to report that: (1) the silicic blanket seen in the northern cluster of 2018-2019 core holes has now been intersected further to the west, beneath the Freddie target area; (2) drilling at the northern end of the
The Project is located approximately 50 kilometres south-southwest of the Cortez complex operated by
No drilling activity yet. NGE expects to commence drilling at the
NGE’s first drill hole of the program at the
NGE’s second drill hole of the program at the
The presence of the shallow granite in SGVR005 confirms both the magnetic interpretation of granitic bedrock and the gravity interpretation that this bedrock is shallow. The significant changes in geology between the two holes, over a relatively short distance, are typical of the contact aureole interface surrounding large intrusives, which represent highly favourable depositional settings and known ore controls at Nevada’s major
Waterfall
NGE’s first drill hole of the program at the Waterfall target area, SGVR004, encountered bedrock at 46 metres, which consisted of a volcanic tuff that transitioned into an andesite mudflow unit. At 155 metres, the drill hole entered black, limey mudstone; and below that a hard, siliceous mudstone and chert unit; before finally entering granite at 280 metres, which continued until the bottom of the hole at 305 metres.
Importantly, based on the geologic units encountered in SGVR004, NGE is pleased to report that the granite-limestone interface immediately beneath Waterfall is resolving into a more complex geologic domain than simply a large mass of granite, within the larger magnetic-high feature seen in the airborne magnetic data. This first drill hole in this area of the Project supports the Waterfall exploration model of favourable host units located within close proximity to the Grass Valley Stock, immediately beneath the highest concentrations of gold in groundwater at the Project. NGE expects to complete a number of additional holes to continue to refine its understanding of the granite-limestone interface across the target.
Freddie
NGE’s first drill hole of the program at the Freddie target area, SGVR001, was located immediately next to
NGE’s second drill hole of the program at the Freddie target area, SGVR002, was located 850 metres NNW of SGVR001, and was completed to a total depth of 628 metres. The drill hole hit bedrock at 70 metres, and intersected tuff then likely mudflow, before entering a sequence of siltstone +/- black chert, black siliceous mudstone and chert, and bottoming in black shale.
NGE’s third drill hole of the program at the Freddie target area, SGVR003, is located 550 metres east of SGVR002, and remains in progress, currently at 536 metres. SGVR003 hit bedrock at 168 metres, entering a likely mudflow unit sitting on top of a sequence of siltstone, black chert, limestone, and mudstone, from 186 metres to the current bottom of the hole, which included silica-sulfide breccia units as well as other alteration features that will be further examined with the addition of geochemistry data, once assays are available.
The alteration, and specifically the silicification, seen in holes SGVR001 and SGVR003 have confirmed that the silicification at the target horizon, based on NGE’s earlier core holes, extends towards the west, as well as have also confirmed that both the lithology and hydrothermal alteration plunge towards the east, as predicted based on the NGE’s exploration model. NGE plans to use the geochemistry results from these first three holes at Freddie to guide its next series of drill holes at the target.
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About
NGE is an exploration company advancing a portfolio of new district-scale
NGE’s team has spent the last decade integrating the use of hydrogeochemistry with conventional exploration tools to develop a Nevada-specific regional-scale geochemistry exploration program. With new proprietary technology, NGE has completed the world’s largest groundwater sampling program for gold exploration, collecting approximately 6,000 samples to evaluate Nevada’s covered basins for new gold exploration targets.
By integrating hydrogeochemistry with conventional exploration methods, NGE is leading the industry to open this important new search space to explore for large new
For more information, the Company’s latest videos are available at:
https://www.nevadaexploration.com/investors/media/
For further information, please contact:
Email: info@nevadaexploration.com
Telephone: +1 (604) 601 2006
Website: www.nevadaexploration.com
Neither the
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In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, regarding, among other things, the assumption the Company will continue as a going concern and will continue to be able to access the capital required to advance its projects and continue operations. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
In addition, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. 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.
A more complete discussion of the risks and uncertainties facing the Company is disclosed in the Company’s continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
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