Nevada KING Commences 13,100 Metre Phase Ii Drill Program Targeting High- Grade GOLD at Its 100% Owned Atlanta GOLD MINE, Nevada
NEVADA KING COMMENCES 13,100 METRE
PHASE II DRILL PROGRAM TARGETING HIGH-
GRADE GOLD AT ITS 100% OWNED ATLANTA
GOLD MINE, NEVADA
VANCOUVER, BC
,
June 13, 2022
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX:
NKGFF) ("
Nevada King
" or the "
Company
") is pleased to announce the commencement of a
13,100 metre ("
m
"), core and reverse circulation ("
RC
") drill program at its 5,166 hectare (20 sq.
mile), 100% owned Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend, 264km
northeast of
Las Vegas, Nevada
.
Highlights:
Phase II drilling with a RC rig commenced on
June 9, 2022
. Two additional rigs are en route
and expected to start drilling in early July.
Nevada King's
initial 2022 drill campaign at
Atlanta
is designed to expand: (1) the known high-
grade mineralization into areas of low historical drill density to the west of the current resource
envelope on the strike extension of the Atlanta Mine Fault Zone; and (2) the foot print of the
gold mineralization into untested areas east and southward of the existing resource
Cal Herron
, Exploration Manager of
Nevada King
stated: "Results from the 2021 Phase I drill
program at
Atlanta
far exceeded our expectations, and our interpretation provides a clear road map
for further value generation by extending the drilling to test the limits of gold mineralization. Currently,
gold mineralization remains open in all directions with a clear high-grade core that demands further
definition and tracing. At the end of this current Phase II drill program, we will have drilled
approximately
20,000m
during the 2021/2022 exploration seasons and will have significantly
increased our geological modelling and understanding of the distribution and styles of gold
mineralization at the Atlanta Mine area. A CSAMT (Controlled-source Audio-frequency
Magnetotellurics) survey is also underway that will help build a district-scale geologic model and
early results have already defined a number of additional drill targets."
2022 Phase II Drill Campaign
The 2022 drill pattern (see Figure 1) along the western margin of the historical
Atlanta
open pit will
test the down-dip extension of shallow, oxidized high-grade mineralization discovered last year by
five RC holes drilled in the bottom of the pit (Table 1
)
. These high grade hits are particularly
important because they occur in zones characterized as waste in the Gustavson National Instrument
43-101 ("
NI 43-101
") 2020 resource (Table 2). The westward step-out drilling will investigate
potential for connecting the shallow, high-grade mineralization in the pit to deeper high grades zones
previously defined by historical drilling that are part of the 2020 Gustavson resource.
Nevada King's
more closely spaced 2022 Phase II drill pattern optimizes the chances of increasing
the average grade and tonnage by tying together these various higher grade strands across wide
gaps currently present within the resource model and achieving better core recovery. These holes
also seek to extend this higher grade mineralization northwest of the pit (and north of the Gustavson
resource) into an area with sparse historical drill data that extends
500m
north to
Nevada King's
2021 high grade discovery hole AT21-003.
Figure 1. 2022 Nevada King Phase II Drill Program (CNW Group/Nevada King Gold Corp.)
Hole #
Top of Interval
Length of Interval
Average Au Grade
AT21-062
Surface
54.9m
5.34 g/t
includes
30.5m
10.7m
11.19 g/t
AT21-063
7.6m
41.2m
3.94 g/t
includes
38.1m
9.1m
9.23 g/t
AT21-064
3m
64m
3.35 g/t
includes
50.3m
12.2m
6.88 g/t
AT21-065
3m
48.8m
2.32 g/t
AT21-68C
99.1m
21.0m
3.28 g/t
includes
100.5m
5.7m
7.62 g/t
AT21-003
160.1m
9.1m
8.26 g/t
Table 1: Tabulation of Highlighted Drill Intercepts from 2021 Drill Campaign
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
.
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
Table 2. NI 43-101 Mineral Resources at the Atlanta Mine
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
). 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 NI 43-101.
The Company is well capitalized with cash in excess of
$27-million
to support expansion and drilling.
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.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/June2022/13/c2510.html
%SEDAR: 00015775E
For further information:
Collin Kettell at [email protected] or (301) 744-8744.
CO: Nevada King Gold Corp.
CNW 07:30e 13-JUN-22