Nevada Exploration Inc. Provides Fletcher Junction Drilling Update
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/16/13 -- Nevada Exploration Inc. ("NGE") (TSX VENTURE: NGE) is pleased to announce that Spruce Ridge Resources Ltd. ("Spruce Ridge"), NGE's exploration partner at NGE's Fletcher Junction Gold Project (the "Project") in Mineral County, Nevada, has completed its first angle core hole with positive results and has indicated its intentions to continue its drill program with heightened expectations.
Core hole FJ14 has been successfully completed on a bearing of N45W at an angle of -60 degrees, to a total depth of 628m (2,063ft). The drill hole successfully penetrated the Aurora basalt and the gravel beds and intersected 324 meters of hydrothermally altered bedrock containing high concentrations of the gold-related trace-elements Ag (to 1oz/t), As (to 800ppm), Sb (to 450ppm), Hg (to 3ppm) and Mo (to 300ppm). The thick zone of hydrothermal alteration together with high concentrations of gold-related trace-element chemistry suggest the peripheral and/or upper parts of an Aurora-style gold-bearing quartz-adularia vein system has been encountered. A significant volume of relatively lower-temperature hydrothermal fluid containing high concentrations of gold-related trace-elements has moved laterally through a very large volume of rock and strongly suggests one or more major high-angle fault zone(s) nearby as the primary gold-bearing hydrothermal fluid source(s). Higher concentrations of gold would be expected closer to the higher-temperature, repeatedly-brecciated, primary hydrothermal fluid conduits and are the target of the next drill hole.
Thirteen (13) previous, wide-spaced, Reverse Circulation (RC) drill holes drilled through 250-300m (800-1,000ft) of post-mineral cover only penetrated a few meters of bedrock, but all bottomed in high concentrations of gold-related trace-elements and demonstrated the large areal extent of hydrothermally altered rock existing beneath the basalt and sand & gravel cover on the Fletcher Junction Property. An Airborne VTEM geophysical survey confirmed and expanded the area of exploration interest. Hole FJ14 has now demonstrated the vertical extent of the system to be more than 300m (1,000ft).
Targeting of the next drill hole is facilitated by: (1) the delineation of major N-S fault zones extending from the Aurora mining district as traced from section to section in the VTEM geophysical survey, and (2) the high concentrations of gold in groundwater (greater than 5,000ppt) coincident with the traces of inferred underlying major fault zones. Gold in groundwater from several depths from a number of RC drill holes show uniformly anomalous, but much lower gold concentrations (less than 200ppt), suggesting the source of the high gold concentrations in groundwater to be from groundwater upwelling from depth along coincident major high-angle fault zones that potentially localize an oxidizing, gold ore body somewhere at depth.
Wade A. Hodges, CEO & President of NGE commented: "Previous work by NGE has demonstrated that the lateral movement of groundwater through a covered setting over a broad area can identify a large area of unusual groundwater chemistry as of heightened exploration interest to attract Joint Venture Partners. The positive results of FJ14 strongly suggest that high concentrations of gold in groundwater, above locally anomalous concentrations can identify areas of upwelling groundwater along underlying high-angle fault zones and further focus exploration resources to efficiently and effectively identify high-priority exploration drill targets in other areas within the Fletcher Junction property and perhaps within other properties elsewhere in Nevada."
More detailed information about the Fletcher Junction Project, the results to date and the continuing drilling program are available at: http://www.nevadaexploration.com/investor_info/presentations/.
NGE is an exploration company focused on gold in Nevada. NGE is led by an experienced management team that has been involved with the discovery of more than 30 million ounces of gold in Nevada.
NGE is aggressively applying the latest in covered deposit exploration technology to identify, acquire, and advance new exploration properties in Nevada's highly prospective, yet underexplored covered basins. Specifically, NGE has developed proprietary hydrogeochemistry (groundwater chemistry) exploration technology to explore for gold in Nevada's covered basins where traditional exploration techniques are challenged.
Using its industry leading exploration technology, NGE has assembled a portfolio of nine new gold projects, and with over 13,500 hectares (52 sq mi), is evolving as a major player in this world class jurisdiction. NGE's business model is to leverage its properties and technology to create shareholder value through generative exploration, joint ventures, and other exploration partnerships.
Wade A. Hodges, President & CEO, Nevada Exploration Inc., is the Qualified Person, as defined in National Instrument 43-101, and has prepared the technical and scientific information contained in this News Release. An ongoing quality control/quality assurance protocol is being employed during the program including blank, duplicate and reference standards in every batch of assays. Gold and multi-element analyses are being performed at American Assay Laboratories in Sparks, Nevada.
Cautionary Statement on Forward-Looking Information:
This release contains certain "forward-looking statements" including, without limitation, expectations, beliefs, plans and objectives regarding the potential transactions and ventures discussed in this release. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Nevada Exploration Inc.
James Buskard
Vice President Corporate Development
(775) 359-7740
info@nevadaexploration.com
www.nevadaexploration.com
