2022 Drilling Update From South Grass Valley Project

RENO, NV - Nevada Exploration Inc. (NGE) reported on its ongoing core drilling program at its South Grass Valley Carlin-type gold project. Based on the latest information from its late-2021 relogging efforts, NGE has reoriented SGVC013 to better sample the Water Canyon structural corridor and targeted Clm bedrock unit. SGVC013 is currently at a depth of 550 meters and has been surveyed to confirm that it is on track to intersect the targeted features. SGVC013 has not yet entered the Paleozoic “lower plate”, suggesting that the bedrock units in SGVC013 have been dropped down relative to SGVC004 to the east, supporting the projection of a regional-scale structural corridor cutting through this area of the Project, which represents a critical component needed to support a large Carlin-type gold district.

President, James Buskard, said, “Similar to SGVC012 at the north end of the Project, our objectives with SGVC013 at the south are to sample the Clm host unit and the Water Canyon structural corridor - the intersection of which defines our primary East Golden Gorge target - in an area where this favorable geologic setting has been squeezed along the margin of the Grass Valley Stock.

“When we paused drilling in June 2021 we surveyed the SGVC013 pre-collar, which told us that it had steepened considerably from its planned orientation. Based on our updated geologic model driven by our late-2021 relogging efforts we believed that this steeper-than-planned pre-collar would set us up to potentially miss the Water Canyon structural corridor, the sampling of which is one of our primary objectives. Accordingly, when we resumed drilling last month we elected to redrill the SGVC013 pre-collar using a shallower angle and a location 100 meters further to the west, which we believe will significantly improve our chances of intersecting our features of interest.

The latest samples from SGVC013 suggest that the hole has not yet reached the lower plate. When compared to the units seen in SGVC004 located approximately 500 meters to the west, this suggests the presence of a major structurally related offset between the holes, consistent with the location and scale of our projected Water Canyon structural corridor, which we believe represented the primary control for sourcing mineralized hydrothermal fluids into the district. As SGVC013 continues deeper towards the Water Canyon structural corridor and the Clm host unit, it will begin to approach our primary East Golden Gorge target. As it does so, we will be watching closely for increasing evidence of Carlin-type hydrothermal alteration and enriched Carlin pathfinders.”