Nevada KING Announces Commencement of Deep Core Drilling Program Targeting Lower Plate Hosted GOLD at Iron Point Project, Battle Mountain Trend, Nevada
NEVADA KING ANNOUNCES
COMMENCEMENT OF DEEP CORE DRILLING
PROGRAM TARGETING LOWER PLATE
HOSTED GOLD AT IRON POINT PROJECT,
BATTLE MOUNTAIN TREND, NEVADA
VANCOUVER, BC
,
May 3, 2022
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX:
NKGFF) ("
Nevada King
" or the "
Company
") is pleased to announce initiation of its phase II
exploration drilling campaign at the Company's 100% owned Iron Point Gold Project ("
Iron Point
" or
the "
Project
") in
Humboldt County, Nevada
. Drilling is currently underway on the first of five diamond
drill core tails planned for the 2022 drill program targeting Lower Plate hosted gold. Iron Point is
located at the juncture between the prolific Getchell and
Battle Mountain
gold trends and as such
represents a district-scale
Carlin
-type gold exploration target.
Deep Drill Program Highlights
In
January 2022
,
Nevada King
commenced pre-collar drilling for a five-hole,
4,000m
deep drill
program at Iron Point to further test
Carlin
-type gold mineralization hosted in Lower Plate
carbonate rocks beneath the Roberts Mountain Thrust. This program is designed to follow up on
initial drilling completed in 2019 by the Company in which a thick sequence of Lower Plate
carbonate rocks was encountered in core hole VM-008C. This hole bottomed in strongly
anomalous gold mineralization and associated pathfinder element, intercepting
5.8m
grading
0.17 g/t Au.
Four reverse-circulation ("
RC
") pre-collars have recently been completed and cased to an
average depth of
315m
. The fifth deep-hole will rely on an RC pre-collar (hole EG-002) drilled
by the Company in 2019.
Planned core drilling will extend each of these five pre-collar holes to targeted depths ranging
from 760-
915m
, beginning with the IP22-004 drill hole.
Figure 1.
Diamond drill core rig advancing the IP22-004 core tail along the RFZ. (CNW
Group/Nevada King Gold Corp.)
Iron Point Project Manager
Geoff Sterling
stated: "Building upon our 2019 drilling campaign, this
year's program is designed to step out from the zone of
Carlin
-type gold mineralization intersected
at the bottom of hole VM-008C within a thick sequence of Lower Plate silty carbonates. Additionally,
we intend to complete an initial deep scout hole test of the Fairway Zone target. The Fairway target
was identified during the comprehensive, integrated project-scale review undertaken during 2021, in
which anomalies identified from new geophysical surveys and historical geochemical datasets
coincide along a NNW trending corridor. The widespread gold-arsenic-mercury anomalies hosted in
Upper Plate rocks throughout the Iron Point District are interpreted as structural leakage from a
potential gold-bearing system at depth hosted in the more favorable underlying Lower Plate
carbonate sequence. This same sequence of carbonate rocks host multiple major gold deposits
across northern Nevada.
Nevada King
is well positioned to vector in to the source of the
Carlin
-type
gold mineralization with this targeted deep drill program."
Figure 2. Detailed map of Iron Point Gold Project showing location of recent and planned exploration
activities. (CNW Group/Nevada King Gold Corp.)
Figure 3. Cross Section A-A’ across RFZ target area from 2019 Nevada King core hole VM-008C to
1988 Chevron RC hole CH-IP88-03, showing location of ongoing drill hole IP22-004. (CNW
Group/Nevada King Gold Corp.)
Project Background
The Iron Point Gold Project is located 35km east of
Winnemucca, Nevada
, at the intersection of the
Battle Mountain
and Getchell gold belts and on trend from several world-class gold mines including
Twin Creeks and Turquoise Ridge with a combined gold endowment of 52 Moz Au (NBMG Nevada
Mineral Explorer Website,
January 2022
), and
Marigold and Lone Tree
with a reported gold
endowment of 12 Moz (NBMG Nevada Mineral Explorer Website,
January 2022
).
In the Iron Point area, Upper Plate Ordovician Vinini Formation overlies interpreted Lower Plate silty
carbonates, separated by the shallowly west-dipping Roberts Mountain thrust fault. Younger north-
south striking range front faults bounding the Iron Point Mining District's eastern margin cut the
Upper and Lower Plate sequences, forming a down-dropped graben east of the range front that was
subsequently covered by thick alluvium.
Since the mid-1960s, the Iron Point district and surrounding area have been explored by numerous
companies for different commodities, including gold and vanadium, beginning with Newmont in 1966
and continuing to
Miranda Gold
in 2008. Exploration efforts focused almost exclusively on shallow,
Upper Plate hosted gold targets (<
300m
depths), whereas deeper potential for a
Carlin
-type gold
deposit in Lower Plate rocks beneath the Roberts Mountain thrust remains virtually untested.
Some of the strongest
Carlin
-type gold pathfinder element geochemistry anomalism known in
Nevada
occurs at Iron Point along a north-trending zone 5 km long that is also anomalous in gold.
Historic drilling encountered multiple intervals of significantly anomalous gold mineralization in Upper
Plate stratigraphy. A small number of historical holes testing shallow Lower Plate stratigraphy
exposed in the northern part of the property within an erosional window beneath the Roberts
Mountain thrust also returned significantly anomalous pathfinder values, including an interval of
Carlin
-type gold mineralization. The Company's 2019 drilling which tested these Lower Plate rocks
encountered an interpreted recumbent Zed-fold that is partially exposed along the range front fault.
A similar geologic setting including recumbent Zed-folding along a range front fault approximately
40km northeast of Iron Point is host to extensive gold-mineralization at Newmont's Twin Creeks mine
and partly based on this model. However, within the property's southern portion, only
Nevada King's
deep core hole VM-008C has to date encountered
Carlin
-type mineralization in rocks conclusively
identified as Lower Plate.
Range Front Zone ("RFZ") Deep Drill Program
Three of the five pre-collars are located close to a deep structural break striking north-south (the
"
Range Front Zone
" or "
RFZ
") along the eastern margin of Iron Point mining district. As shown in
Figure 2, the mineralized interval in Lower Plate stratigraphy encountered near the bottom of core
hole VM-008C occurs on the west side (upthrown side) of the RFZ, while the three pre-collar holes
are located on the east side within the down-thrown block. A ground-based gravity survey completed
in 2020 provided higher resolution definition of the RFZ and indicated the down-thrown eastern block
extends up to 3.5km eastward from the RFZ. If favourable Lower Plate carbonates are intersected
in this down-dropped block, the target area along and east of the RFZ will be greatly expanded. The
three scout holes in this area are designed to step-out eastwardly from intervals of Lower Plate
hosted gold and pathfinder mineralization intercepted in hole VM-008C and test the down-dropped
fault block on the hanging wall (east) side of the RFZ.
RFZ pre-collars IP22-003 and IP22-004 have been completed and cased to depths of
365m
and
332m
, respectively. Collaring
250m
apart in a north-south direction, they serve as
350m
step-outs to
the ENE and ESE of deep drill hole VM-008C drilled in 2019. Drilling of the IP22-004 core tail is
currently underway.
As noted, VM-008C bottomed in
5.8m
grading 0.17g/t Au accompanied by elevated As, Sb, and Hg
in silicified Lower Plate thin-bedded "dirty" limestone sequences, similar in appearance to the
Roberts Mountain Formation, which remains an historic host to high-grade gold deposits on the
Carlin Trend. IP22-004 is located approximately
90m
northwest of historic hole CH-IP88-03 drilled
by Chevron Minerals in 1988 which intersected
7.62m
grading 1.59 g/t Au beginning
353.57m
downhole, including
1.54m
grading 3.68 g/t Au at
355m
.
RFZ pre-collar IP22-005, situated
600m
to the NNE of drill hole VM-008C, is a
265m
step-out of
mineralization encountered in 2019 drill hole EG-001C. Grade-thickness contours of nearby historic
drill holes indicate an ENE orientation to Au mineralization in the Upper Plate siliciclastic rocks, thus
forming vector that coincides with a pronounced shoulder in the gravity dataset. EG-001C
intersected the following zones of low-grade gold mineralization:
25.9m
grading 0.198 g/t Au from 22.9-
48.8m
downhole associated with brecciated quartzite,
strong sulfide veining, and intrusive dikes
10.7m
grading 0.303 g/t Au and 50.4 g/t Ag, from 172.2-
182.9m
downhole hosted in quartzite
with intrusive dikes, breccia, and quartz-sulfide veining
18.3m
grading 0.309 g/t Au from 358.1-
376.4m
downhole hosted in granodiorite and endoskarn
EG-002, the fourth planned deep test along the RFZ, is a
265m
step-out to the south of VM-008C.
This drill hole was pre-collared to
305m
during the 2019 program but a core tail was not drilled at
that time. A
610m
core tail is planned during the 2022 program, bringing the total planned depth of
this hole to
915m
. This hole is situated within the same structural block as VM-008C and is expected
to fully test prospective Lower Plate stratigraphy in this area west of the RFZ.
Fairway Zone Deep Drill Program
During 2021,
Nevada King's
geologists compiled and integrated extensive datasets including new
(2020), separate geophysical surveys for Bouguer gravity, resistivity (CSAMT) , and aeromagnetics,
along with historic soil and drill results, resulting in identification of a profound NNW-trending
structural corridor, referred to as the "Fairway Zone" (Figure 2). This zone displays alteration and
gold mineralization centered along an interpreted intrusive complex which extends over a distance of
4.5km, projecting under the post-mineral basalt flows to the north. Prospective Lower Plate
stratigraphy is expected to be encountered in this area.
Drill hole IP22-001, collared 2.2km NNW of VM-008C, is the initial test of this target area. The pre-
collar has been drilled and cased to a depth of
245m
and will be extended with a diamond drill core
tail to a planned total depth of
760m
. Zones of quartz veining, decalcification, and silicification were
encountered in the pre-collar indicating the presence of a hydrothermal system. Pending drill
samples were submitted for analysis to American Assay Labs in
Reno, Nevada
, in late
January
2022
.
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
).
Tabulation of 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, the Company's 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.
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For further information:
Collin Kettell at [email protected] or (301) 744-8744.
CO: Nevada King Gold Corp.
CNW 07:30e 03-MAY-22