Nevada KING Advances 2022 Atlanta Drill Campaign with 14 Holes Now Completed & Fast Tracks Drilling with Arrival of TWO More Drill Rigs
NEVADA KING ADVANCES 2022 ATLANTA
DRILL CAMPAIGN WITH 14 HOLES NOW
COMPLETED & FAST TRACKS DRILLING
WITH ARRIVAL OF TWO MORE DRILL RIGS
VANCOUVER, BC
,
July 7, 2022
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX:
NKGFF) ("
Nevada King
" or the "
Company
") is pleased to announce an update on resource
expansion and definition drilling at its 5,166 hectare, 100% owned Atlanta Gold Mine Project, located
in the prolific Battle Mountain Trend 264km northeast of
Las Vegas, Nevada
.
Highlights:
Nevada King
has completed 14 reverse circulation drill holes totaling 1,140 metres. An initial
batch of drill samples has been delivered to American Assay Labs in
Reno, Nevada
, with assay
results anticipated in the coming weeks.
Three drills are now on site, including a recently arrived Foremost dual rotary and a MaxiDrill
diamond core rig. Pre-collar work has begun, targeting high-grade gold mineralization along the
Atlanta Mine Fault Zone ("
AMFZ
"), identified in 2021 drilling with results that included
41.2m
averaging 3.94 g/t Au
,
64m
averaging 3.35 g/t Au
,
and
54.9m
averaging 5.34 g/t Au
,
starting at or near surface.
Nevada King
has initiated its Phase II Metallurgical Testing Program with the collection of a bulk
sample from the northern end of the historical pit. This is the first of three bulk samples that will
be collected from zones of low, medium, and high grade gold mineralization exposed in and
around the pit. Test work on these bulk samples will evaluate gold recoverability utilizing cyanide
extraction.
Exploration Manager
Cal Herron
stated: "Drilling is advancing smoothly. The first 14 RC holes drilled
this season were collared south of the historic Atlanta Pit and were planned to evaluate and test the
structural controls over gold mineralization across the southern extension of the AMFZ. A newly
arrived Foremost DR (dual rotary) rig is currently drilling pre-collar holes through the unmineralized
volcanic overburden in preparation for PQ and HQ core tails. Working in concert on the deeper
holes, the DR rotary and Maxi core drills can now efficiently and cost-effectively follow up on high-
grade intersections identified at the bottom of the pit to test extensions to the north, south, and
down-dip to the west as well as northwestward along the AMFZ.
In view of the recently announced positive cyanide solubility test results, this year's program will be
expanded to include drill testing of mineralization outside of the 2020 Gustavson resource zone,
particularly north, east, and south of the existing pit. Both low and high-grade gold mineralization
remain open in all directions and much of this season's drilling will occur well outside of the historical
pit perimeter into areas that have seen little or no drilling. Bolstered by the success of last year's
program in significantly expanding the footprint of gold mineralization at
Atlanta
well outside the
Gustavson resource area and in intercepting significant intervals of high-grade gold mineralization in
new areas,
Nevada King
enters the 2022 exploration season at
Atlanta
'loaded for bear', with an
expanded geological and support team, three drills, additional excavating equipment, and most
importantly, ever confident in our ability to grow
Atlanta
into a major gold deposit."
Figure 1: Recent Arrival at Atlanta Mine- Foremost Dual Rotary Drill (CNW Group/Nevada King Gold
Corp.)
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by
Calvin R. Herron
, P.Geo., who is a Qualified Person as defined by National Instrument 43-101 ("
NI
43-101
").
About Nevada King Gold Corp.
Nevada King
is the third largest mineral claim holder in the
State of Nevada
, behind
Nevada Gold
Mines
(Barrick/Newmont) and
Kinross Gold
. Starting in 2016 through to the present day the
Company has staked large project areas hosting significant historical exploration work along the
Battle Mountain
trend located close to current or former producing gold mines. These project areas
were initially targeted based on their potential for hosting multi-million ounce gold deposits and were
subsequently staked following a detailed geological evaluation. District-scale projects in
Nevada
King's
portfolio include (1) the 100% owned Atlanta Mine, located 100km southeast of
Ely
, (2) the
Lewis and Horse Mountain-Mill Creek projects, both located between
Nevada Gold Mines'
large
Phoenix
and Pipeline mines, and (3) the Iron Point project, located 35km east of
Winnemucca,
Nevada
.
The Atlanta Mine is a historical gold-silver producer with a NI 43-101 compliant pit-constrained
resource of 460,000 oz Au in the measured and indicated category (
11.0M
tonnes at 1.3 g/t) plus an
inferred resource of 142,000 oz Au (
5.3M
tonnes at 0.83 g/t). See the NI 43-101 Technical Report
on Resources titled "Atlanta Property,
Lincoln County, NV
" with an effective date of
October 6,
2020
, and a report date of
December 22, 2020
, as prepared by Gustavson Associates and filed
under the Company's profile on SEDAR (
www.sedar.com
).
NI 43-101 Mineral Resources at the Atlanta Mine
Resource
Category
Tonnes
(000's)
Au Grade
(ppm)
Contained Au Oz
(000's)
Ag Grade
(ppm)
Contained Ag Oz
(000's)
Measured
4,130
1.51
200
14.0
1,860
Indicated
6,910
1.17
260
10.6
2,360
Measured + Indicated
11,000
1.30
460
11.9
4,220
Inferred
5,310
0.83
142
7.3
1,240
Please see the Company's website at
www.nevadaking.ca
.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Statements Regarding Forward Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements"
(collectively "forward-looking statements") within the meaning of applicable securities legislation.
All statements, other than statements of historical fact, included herein, without limitation,
statements relating the future operations and activities of
Nevada King
, are forward-looking
statements. Forward-looking statements are frequently, but not always, identified by words such as
"expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar
expressions, or statements that events, conditions, or results "will", "may", "could", or" should"
occur or be achieved. Forward-looking statements in this news release relate to, among other
things, exploration plans and the Company's ability to potentially expand mineral resources and the
impact thereon. There can be no assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those anticipated in such statements.
Forward-looking statements reflect the beliefs, opinions and projections on the date the statements
are made and are based upon a number of assumptions and estimates that, while considered
reasonable by
Nevada King
, are inherently subject to significant business, economic, competitive,
political and social uncertainties and contingencies. Many factors, both known and unknown, could
cause actual results, performance or achievements to be materially different from the results,
performance or achievements that are or may be expressed or implied by such forward-looking
statements and the parties have made assumptions and estimates based on or related to many of
these factors. Such factors include, without limitation, the ability to complete proposed exploration
work given the global COVID-19 pandemic, the results of exploration, continued availability of
capital, and changes in general economic, market and business conditions. Readers should not
place undue reliance on the forward-looking statements and information contained in this news
release concerning these items.
Nevada King
does not assume any obligation to update the
forward-looking statements of beliefs, opinions, projections, or other factors, should they change,
except as required by applicable securities laws.
SOURCE
Nevada King Gold Corp.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/July2022/07/c1447.html
%SEDAR: 00015775E
For further information:
Collin Kettell at [email protected] or (301) 744-8744.
CO: Nevada King Gold Corp.
CNW 07:30e 07-JUL-22