Nevada KING Announces Acquisition of Silver Park Option IN Lincoln County, Nevada
NEVADA KING ANNOUNCES ACQUISITION OF SILVER PARK
OPTION IN LINCOLN COUNTY, NEVADA
VANCOUVER, BC
,
Sept. 12, 2024
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTC: NKGFF) ("
Nevada King
" or the "
Company
") is
pleased to announce that the Company has completed the acquisition (the "
Acquisition
") of an option to purchase a 100% undivided interest
in the property known as the Silver Park property (the "
Property
"). Silver Park is located within the Atlanta Project boundary, totals
approximately 24 hectares, and is comprised of three contiguous patented land parcels described as the Summit lode mining claim, the Sam
Tilden lode mining claim, and the Roadside lode mining claim in
Lincoln County, Nevada
.
Figure 1. Location map of the Silver Park property in relation to the current Atlanta Project boundary. (CNW Group/Nevada King Gold Corp.)
Cal Herron
, Exploration Manager of
Nevada King
, commented: "This option agreement secures third-party land within the
Atlanta
claim
package that was not previously controlled by
Nevada King
and, importantly, adds further patented (private) ground to the Atlanta Project.
Private land, as opposed to BLM (US government) land, offers increased flexibility for permitting and siting of mine/mill infrastructure in the
event of a future possible mining scenario at
Atlanta
."
Silver Park Overview:
Silver and gold mineralization were discovered at Silver Park in 1869. Production began in 1871 and two mills had been built by 1872. Very
minor undocumented production, primarily silver, was mined from several shafts and drifts around the property, but high-grade silver values
proved to be shallow and did not generally extend to depths much deeper than
10m
. In 1975, extensive shallow rotary drilling was conducted
in the Silver Park area, which defined a small zone of near-surface mineralization. Silver Park mineralization is hosted in northeast and north
trending zones within the Ely Springs Dolomite with shallow supergene enrichment along fractures, bedding planes, and joints.
Terms of the Option:
In connection with the Acquisition,
Nevada King
entered into an option for purchase and sale dated
July 30, 2024
(the "
Option Agreement
")
with Ofor Silver, LLC ("
Ofor Silver
"). As consideration for the option under the Option Agreement, the Company has today issued to Ofor
Silver, 100,000 common shares of the Company (the "
Consideration Shares
") at a deemed value of
$0.41
per Consideration Share (being
the closing price of the Consideration Shares on the TSX Venture Exchange (the "
TSXV
") on
July 29, 2024
, the last trading day prior to
execution of the Option Agreement) for aggregate consideration of
$41,000
. The issuance of the Consideration Shares remains subject to
TSXV final approval and other customary conditions and filings.
The Option Agreement provides that
Nevada King
may purchase a 100% undivided legal interest in the Property from Ofor Silver by paying
Ofor Silver the sum of
US$75,000
before
July 30, 2034
.
Ofor Silver is at arm's length to
Nevada King
. No finders fees or commissions are payable by the Company in connection with the Acquisition.
About Nevada King Gold Corp.
The Atlanta Mine is a historical gold-silver producer with a National Instrument 43-101 ("
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.sedarplus.ca
).
Resource Category
Tonnes
(000s)
Au Grade
(ppm)
Contained Au
Oz
Ag Grade
(ppm)
Contained Ag
Oz
Measured
4,130
1.51
200,000
14.0
1,860,000
Indicated
6,910
1.17
260,000
10.6
2,360,000
Measured + Indicated
11,000
1.30
460,000
11.9
4,220,000
Inferred
5,310
0.83
142,000
7.3
1,240,000
The scientific and technical information in this news release has been reviewed and approved by
Calvin R. Herron
, P.Geo., Qualified Person
as defined by NI 43-101.
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. 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. All statements, other than statements of historical
fact, included herein, including, without limitation, statements regarding receipt of the final approval of the TSXV with respect to the
issuance of the Consideration Shares, are forward-looking statements. 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, 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.
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For further information:
For further information, contact Collin Kettell at [email protected] or (845) 535-1486.
CO: Nevada King Gold Corp.
CNW 07:30e 12-SEP-24