Nevada Exploration Inc. and Spruce Ridge Ltd. Sign Formal Option Agreement on the Fletcher Junction Gold Project, Nevada

Nevada Exploration Inc. ("NGE") (TSX VENTURE:NGE) is pleased to announce that
NGE and Spruce Ridge Resources Ltd. ("Spruce Ridge") have completed and executed
the definitive Exploration and Option to Enter Joint Venture Agreement
("Agreement") on NGE's Fletcher Junction Gold Project, in Mineral County, Nevada
(the "Property").


The Agreement grants Spruce Ridge the option to earn a 70% interest in the
Property by funding $2,600,000 in qualifying expenditures and making $300,000 in
payments over 4 years (the "Earn-In"). The Year 1 payment of $50,000 is due upon
the signing of a definitive agreement and the Year 1 work commitment of $580,000
is a firm obligation. Subject to TSX Venture Exchange approval, Spruce Ridge may
elect to pay up to 50% of the payments due under the definitive agreement by
issuing Spruce Ridge Common Shares. NGE will act as the Operator during the
Earn-In. If Spruce Ridge completes the Earn-In, Spruce Ridge may earn an
additional 15%, for a total of 85%, by completing a feasibility report.


Furthermore, NGE is pleased to report that Spruce Ridge has completed a
high-resolution (150 metre line spacing) and deep penetrating (+300 metre)
airborne VTEM (versatile time-domain electromagnetic geophysical system) and
magnetic survey over the Property. The survey included approximately 387 line
kilometres covering both the Project and a portion of the nearby historic Aurora
Mine. The acquired datasets are now being processed and will be used as part of
the exploration dataset to delineate potential structural and lithologic
constraints to mineralization, similar to those found at the Aurora Mine,
beneath the recent basaltic cover at the Property, and specifically to help
target Spruce Ridge's anticipated upcoming drilling program.


Nevada Exploration Inc.

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 "blind 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 20,000 hectares (75 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. 


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.

Nevada Exploration (TSXV:NGE)
過去株価チャート
から 10 2024 まで 11 2024