Nevada Exploration Announces Exploration Agreement with International Enexco to Drill at Hot Pot Gold Propertyadmin
Nevada Exploration Inc. announce that it has entered into an Exploration and Option to Joint Venture Agreement with International Enexco Ltd. on the Hot Pot Gold Property. The Agreement calls for Enexco to complete a work program that includes 6,000 meters (19,600ft) of drilling over three years to earn a 51% interest in the Property, with the option to earn an additional 19%, for 70% total, by drilling another 3,000 meters (9,800ft) during the fourth year. Enexco’s minimum annual work commitment during the first three years is 1,500 meters (4,900ft) of drilling. Enexco plans to test several steeply-dipping structural targets with a number of angled core holes. Enexco expects to mobilize one of its company-owned core drills to the Property and commence drilling within the next 30 days.
Wade Hodges, President and CEO: “We are very excited to work with Enexco to take Hot Pot to the next level. With this Agreement, NGE is executing on its strategy to identify and develop new, high-quality exploration properties for the mining industry. We have used our proprietary groundwater chemistry exploration program to establish an exploration pipeline of 11 properties. Partnering with groups such as Enexco to drill our properties allows us to focus on identifying and advancing new properties. By leaving the later, more-traditional exploration stages for our partners, we are leveraging our investment in groundwater chemistry exploration to maximize shareholder value.”