Nevada Exploration Inc. announced the assays for drillhole SGVC014A at its South Grass Valley property, property acquisition negotiations, addition of directors, and a private placement financing. As previously released, the Company began drilling SGVC014 in March 2022. The drillhole was stopped at 574 metres due to broken ground conditions that sheared the drill rods, after which the drillhole was redrilled and sampled from 438 to 1,048 metres as SGVC014A.

SGVC014A entered the targeted Hales Formation at 805 metres, which continued until the bottom of the drillhole at 1,048 metres, providing a 243-metre-thick sample of the Hales below the Goodwin contact. Though the Hales represents a highly favourable Carlin-type host unit, SGVC014A encountered little evidence that it supported pervasive hydrothermal fluid flow in this area of the project and initial logging suggested SGVC014A did not drill through a major Carlin- type deposit. The Company has received all lab assays from SGVC014A.

Lab assays show generally low concentrations of Carlin-type pathfinders, including low gold values.