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Nevada Exploration and Astro Resources Sign Letter of Intent for Strategic Alliance
Highlights: Astro and Nevada Exploration agree to terms for Strategic Alliance to generate and advance epithermal gold projects in Northern Nevada; Nevada Explo
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[{"type":"text","content":" Highlights: Astro and Nevada Exploration agree to terms for Strategic Alliance to generate and advance epithermal gold projects in Northern Nevada; Nevada Exploration has developed new undercover exploration technology to assist in the discovery of mineralization in the more than 50% of Nevada where the prospective bedrock is hidden beneath its valley basins; Nevada Exploration to provide Astro access to its extensive exploration database covering a million-acre area of interest, together with its strong local management; and Astro to enjoy first right to use Nevada Exploration’s database to acquire exploration projects within the area of interest for two years based on a standard earn-in agreement, and commits to spending US$1.4M on resulting projects. RENO, Nev., March 21, 2022 (GLOBE NEWSWIRE) -- Nevada Exploration Inc. (TSX-V: NGE; OTCQB:NVDEF, “NGE”) and Astro Resources NL (ASX: ARO, “Astro”) are pleased to announce that they have signed a Letter of Intent (“LOI”) to leverage NGE’s extensive exploration database to generate and advance epithermal gold projects in a million-acre area of interest in northern Nevada (the “AOI”). Under the LOI, NGE will contribute its exploration data within the AOI and grant Astro a first right to use this data to acquire current and future exploration targets for two years, based upon a standard earn-in agreement. In exchange Astro will commit to spending US$1.4M on the resulting projects (the “Strategic Alliance”). Astro Chairman, Jacob Khouri, commented, “Being based in Australia, where our industry has had no choice but to advance new undercover exploration tools to explore in the 80% of the country where the bedrock is covered, our team recognises the incredible opportunities globally for first movers applying new technology to open up covered search spaces. We’re very pleased to partner with Nevada Exploration, a recognised leader in undercover exploration, to employ the same strategies being used in Australia to participate in exploring for what we believe to be one the biggest prizes in our industry, the second, undercover, half of Nevada’s gold endowment. With a 15-year head start, NGE has used the latest exploration technology to build a database of new exploration targets under cover, which we can now use to develop a meaningful portfolio of new projects. We have begun our review o...