Business
Nevada Exploration Provides Corporate Update
VANCOUVER, British Columbia, May 04, 2023 (GLOBE NEWSWIRE) -- Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V:NGE; OTCQB:NVDEF) provides the following u
About this update from Urz3 Energy Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, May 04, 2023 (GLOBE NEWSWIRE) -- Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V:NGE; OTCQB:NVDEF) provides the following update: Data Review and Target Generation The Company has engaged certain experts to conduct a comprehensive compilation, review and verification of the Company’s data that have been collected in various formats over the past two decades. These data include hydrogeochemistry, drill-logs, assays, and geological interpretations. On completion of the review, the Company’s team of experts will generate and prioritize a pipeline of targets for advancement during the 2023 field season. In connection with target generation, the Company is also conducting a review of its extensive land position in Nevada and, in due course, will determine whether to rationalize any of these positions. Decisions will be based on multiple factors, including target priority and the cost of retaining claims. The Company is committed to the use of hydrogeochemistry as an important tool, in combination with geological, alteration and remotely sensed data, to identify gold deposits hidden under cover within Nevada, and proximal to many of the most productive gold mines in the world. Drill Contract Drilling on the Company’s flagship South Grass Valley project stalled in Q2 of 2022 due to a variety of factors suffered by the drill contractor, Drill NV. The issues included the inability of Drill NV to source critical parts for the drill in a timely manner, as well as the inability of Drill NV to retain staff. In addition, there has been a marked lack of reasonable communication from Drill NV, despite numerous unsuccessful attempts by the Company and its agents to contact Drill NV. The Company is unsure whether Drill NV has the capacity to conduct further drilling and therefore, in subsequent disclosure, the Company may be forced to reconcile its previously reported approximately C$1.7 million asset and associated approximately C$0.6 million liability related to the Drill NV contract, with a resulting impact on the financial position of the Company. Previous management of the Company sold a combined drill and water sampling rig (the “Scorpion”) to Drill NV in December 2021. The Scorpion had been used historically to conduct in-house water sampling as part of the ongoing collection of hydrogeochemical data c...