Nevada Exploration Inc. (TSX-V:NGE) (OTCQB:NVDEF) is pleased to announce that it has closed its previously announced non-brokered private placement offering pursuant to which it has issued 36,538,460 units at a price of $0.13 per Unit, for gross proceeds of $4,750,000 – an increase of $1,500,000 from the $3,250,000 contemplated in the news release dated May 25, 2021.
Commenting on the Offering, NGE’s President, James Buskard: “Executing our Phase 3 drill program at South Grass Valley – to test our primary target at what is now our flagship project – is the culmination of more than a decade of systematic exploration through which we’ve reduced a search space that began as north-central Nevada, down to a specific basin, down to a specific district-scale mineral system, and now down to a specific well-constrained target, all of which has been specifically designed to search for new globally significant Carlin-type gold deposits under cover.
“At this important milestone for both the project and our Company, we would like to take this opportunity to thank all of our long-term supporters as well as our new shareholders for their strong support to fund this program. We’ve begun an exciting chapter of our history, and as the drilling continues we plan to return to our monthly updates to keep our stakeholders up to date, so stay tuned in the coming weeks for more information about our first hole of the program, SGVC012, as well as how things are progressing with our second hole, SGVC013.”
Each Unit consists of one common share in the capital of the Company and one Common Share purchase warrant, with each Warrant entitling the holder thereof to acquire an additional Common Share at an exercise price of $0.20 per Common Share for 30 months. Proceeds from the Offering will be used to advance the Company’s South Grass Valley project and for general working capital. In connection with the Offering, the Company paid finders’ fees totalling $197,066 in cash, 320,600 in shares, and 1,835,721 in finder warrants, with each finder warrant entitling the holder thereof to acquire an additional Common Share at an exercise price of $0.13 per Common Share for 30 months. The Offering is subject to final TSX Venture Exchange approval. All securities issued are subject to a four month plus one day hold period expiring October 18, 2021, as well as to any other re-sale restrictions imposed by applicable securities regulatory authorities.
About Nevada Exploration Inc.
With mature, exposed search spaces seeing falling discovery rates, NGE believes the future of exploration is under cover. Nevada’s exposed terrains have produced more than 200 million ounces of gold, and experts agree there is likely another 200 million ounces waiting to be discovered in the than half of Nevada where the bedrock is hidden beneath post-mineral cover. NGE has spent more than 15 years developing and integrating new hydrogeochemistry (groundwater chemistry) and low-cost drilling technology to build an industry-leading, geochemistry-focused toolkit specifically to explore for new gold deposits under cover, and the Company is now advancing a portfolio of projects totalling more than 170 square kilometres.
NGE’s most advanced project is South Grass Valley, located approximately 50 kilometres south-southwest of the Cortez complex, operated by Nevada Gold Mines (Barrick Gold Corp. and Newmont Corporation joint venture), within the specific region of north-central Nevada that hosts Nevada’s largest Carlin-type gold deposits. Since acquiring the project, NGE has completed: an infill borehole groundwater sampling program, detailed air magnetic and gravity geophysics surveys, a soil geochemistry sampling program, an initial diamond core drilling program consisting of 10 stratigraphic orientation holes, and most recently (2020), a follow-up reverse-circulation drilling program consisting of 17 holes to increase the density of its bedrock sampling.
Based on the results of its combined exploration datasets, NGE believes it has discovered a mineral system at South Grass Valley with the architecture and scale to potentially support multiple CTGDs. As the Company continues to advance the project, per NI 43-101, 2.3(2), the Company must remind its stakeholders that the project remains an exploration target for which the potential quantity and grade of any mineral resource is still conceptual in nature, and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.
For more information, the Company’s latest videos are available at:
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We acknowledge the [financial] support of the Government of Canada.