The silver and gold represent (what else) silver and gold. The blue represents the California-Nevada border and Lake Tahoe and Lake Mead and the United States. The gold and silver also represent Las Vegas and Reno. The gold also represents the Great Basin and Death Valley.
The current Nevada flag is very hard to see. It has all of the detail in the position of honor, in the canton, but there is a lot of detail, too much detail to be made small, and you can't even see the five-pointed star very well from far away. It's bad, but at least it's not the seal,. You can't even see the current Nevada flag, and this one is simpler and better than the current flag design.