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Nevada Exploration Resumes Drilling at South Grass Valley Under Strategic Drilling Partnership
VANCOUVER, British Columbia, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V:NGE; OTCQB:NVDEF) is pleased to announce
About this update from Urz3 Energy Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V:NGE; OTCQB:NVDEF) is pleased to announce that it has resumed its Phase 3 drilling program at its South Grass Valley Carlin-type gold project under its previously announced strategic partnership with Nevada-based Drill NV Inc. (“Drill NV”). NGE’s objective for its Phase 3 program is to test for gold mineralization at its East Golden Gorge target, as defined by its drilling, geophysics, and geochemistry programs to date. The Company’s partnership with Drill NV is based on a fixed all-inclusive footage rate, chargeable only for dill holes completed to target depth, for which the Company may elect to pay Drill NV up to 25% in the form of NGE common shares. Discussing the program, NGE President, James Buskard: “In the next couple of weeks we expect the new core to start arriving at our logging facility, which is exciting. While it has taken longer to resume the program than we had anticipated, by waiting to find the right drilling partner, and now specifically by entering this strategic partnership, we believe we have significantly derisked our program. Under our agreement, Drill NV has agreed to shoulder the technical and execution risk of getting the holes to target depth, giving us both cost and depth certainty at a time when similar programs across Nevada are experiencing low rates of hole completion. With Drill NV responsible for all aspects of drilling, our team will be focusing on where we add maximum value: on the geology. “During the pause in drilling, we integrated the new information from our most recent drill hole (SGVC012), as well as new trace-elements geochemistry data from our first eight core holes - which we re-assayed to provide a complete and consistent dataset across the project. Together this new information has allowed us to carefully review the logging of all our holes to date, including importantly fine tuning the locations of the contacts between major bedrock units and other features, specifically to update our understanding of the structural geology across the project. “Having discovered this large new Carlin-type mineral system, and having confirmed that it has hosted large volumes of gold-bearing Carlin-type hydrothermal fluids, with this current drill program we are tasked with targeti...