Nevada Exploration and Austin Gold Complete Earn-In Agreement At Kelly Creek Gold Project

RENO, NV - Nevada Exploration Inc. (NGE) has executed the definitive Exploration and Option to Enter Joint Venture Agreement with Austin Gold Corp. on its district-scale Kelly Creek Project (within the Kelly Creek Basin in north-central Nevada.  Under the Agreement, Austin has the right to earn a 51% interest in the joint venture with the election to then earn an additional 19% by delivering a pre-feasibility study.  Austin has also completed a private placement.

Austin’s Executive Chairman, Joe Ovsenek, said, “Kelly Creek is one of only a handful of district-scale Carlin-type gold projects not currently controlled by the majors.  SSR Mining’s recent drilling success at nearby Trenton Canyon highlights the potential to discover new mineralization within the Battle Mountain Mining District, and is bringing new attention to the area.  Now that the definitive agreement is signed, we’re looking forward to working with Nevada Exploration to integrate their comprehensive exploration dataset with the latest research on the district, and we’re gearing up to get on the ground.”

NGE’s President, James Buskard said, “Kelly Creek is the first place we integrated our full suite of hydro geochemistry exploration technologies to evaluate a highly-prospective, valley basin to search for new district-scale Carlin-type mineral systems.  As we’ve shared, we believe the combined results of our drilling, geophysics, and geochemistry programs have confirmed the presence and necessary scale of the critical components needed to host significant Carlin-type mineralization, and suggest that the gold-bearing mineral system at Kelly Creek is a likely northern, covered extension of the system responsible for mineralization at the nearby Marigold and Lone Tree deposits.  With our current focus on our flagship South Grass Valley Project, we’re pleased to partner with such an experienced and technically capable team to continue to advance Kelly Creek through the next stages of exploration.  This partnership gives our stakeholders the significant benefit of participating in multiple opportunities for discovery as both projects advance in parallel.”