Nevada Exploration Acquires Additional 25 Square Kilometers North of Sleeper Gold Mine

RENO, NV - Nevada Exploration Inc. has significantly increased its land holdings at its Awakening Gold Project by staking additional unpatented mining claims covering approximately 25 square kilometers. Awakening is a low-sulfidation epithermal gold project located directly north of Paramount Gold Nevada Corp.’s 4.8 million-ounce Sleeper Gold Mine, where NGE has been active since 2008 completing a progressive series of district-scale geochemistry, geophysics, and orientation-drilling programs to build a comprehensive exploration dataset to target Sleeper-style mineralization.

NGE’s President, James Buskard, said, “As our stakeholders know, we founded NGE to leverage the latest technology to identify new high-quality gold projects. We’ve completed one of the largest geochemistry-based generative exploration programs in recent history - certainly the largest in Nevada in several decades, and Awakening was one of the original high-priority projects identified by our industry-leading program. It’s a predominantly-covered project, and we’ve completed significant work to establish the major geologic building blocks to guide the next phases of exploration.

As we’ve been increasing our Awakening land position, we remain committed to completing the next phase of drilling at the East Golden Gorge target at our flagship South Grass Valley project. We are working through the remaining permitting steps, and in the meantime are continuing to review all of our results to date, which now include more than 400,000 unique geochemical assays from more than 9,000 drilling, mapping, groundwater, and soil samples across an area comparable in size to the northern-Carlin trend, in order to fine-tune our geologic model and ensure that our planned drill holes sample and test as large a volume of the East Golden Gorge target as possible.

In parallel to preparing for the next round of drilling at South Grass Valley, we’ve also been advancing our two other projects: Kelly Creek and North Grass Valley. At Kelly Creek, we’ve been facilitating the Austin Gold Corp. technical team’s data compilation and review for the purpose of focusing Austin’s efforts for its initial work program, where Austin must spend a minimum of $1,000,000 in qualifying expenditures prior to September 1, 2021. With Kelly Creek now in the hands of Austin’s team, we’re turning some of our attention and resources to acquiring the mapping, sampling, and other datasets at North Grass Valley to ultimately support the same geology-driven approach that led us to discovery of the large Carlin-type mineral system we’re currently advancing at South Grass Valley.

“With a portfolio of four large projects, we are positioning our shareholders to participate in multiple opportunities for discovery, and we look forward to providing additional project-specific updates over the coming months as our work continues.”

The Awakening Project is located in Humboldt County, Nevada, approximately 50 kilometers north-northwest of Winnemucca, Nevada, and directly north of the Sleeper Gold Mine, which produced 1.66 million ounces from 1986 to 1996 and has a remaining measured and indicated mineral resource of 3.14 million ounces (297 Mt at 0.33 g/t Au). The project is largely covered by syn-to post-mineral volcanic units and post-mineral alluvium, and as a result has seen little historic exploration activity. Projections of favorable lithology, structure, and alteration at regional, district, and project scales suggest that gold mineralization may be located within economic depths beneath the cover at Awakening.

To advance and de-risk the project, NGE, together with its former joint-venture partner Northgate Minerals Corp., has completed a series of systematic district-scale geophysics, geochemistry, and early-stage drilling programs to acquire the exploration data needed to establish the larger-scale geologic features across the project. NGE’s management believes that the results of these large programs have confirmed the potential to discover Sleeper-style mineralization along the structural zone extending north from Sleeper. Furthermore, combined with the in-depth research on the mineral controls at Sleeper, which is now being used to target additional mineralization at the mine, the Company believes its integrated exploration dataset at Awakening provides the foundation for building a robust geologic model to define and prioritize specific exploration targets.