Nevada KING Commences 6,400M Deep Drilling Program at Iron Point Targeting Lower Plate GOLD Mineralization
NEVADA KING COMMENCES 6,400M DEEP
DRILLING PROGRAM AT IRON POINT
TARGETING LOWER PLATE GOLD
MINERALIZATION
VANCOUVER, BC
,
Jan. 6, 2022
Nevada King Gold Corp.
(TSX-V: NKG) (OTCQX:
NKGFF)
("Nevada King"
or the "
Company
") is pleased to announce commencement of a 23
hole, 6,400m drill program at the Company's 100% owned Iron Point Gold Project ("
Iron Point
" or
the "
Project
") in
Humboldt County, Nevada
. Located at the juncture between the prolific Getchell and
Battle Mountain
gold trends, Iron Point is one of the last remaining district-scale
Carlin
-type gold
exploration targets in
Nevada
.
Highlights
Nevada King
has commenced a
6,400m
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 mineralization intercepting
5.8m
grading 0.17 g/t Au
associated with strongly elevated pathfinder elements.
In this program,
Nevada King
has planned 23 holes (Figure 1) with five of those holes (totaling
4,000m
) targeting deep, Lower Plate gold mineralization.
Four of these deep holes are located along the Range Front Zone and are currently being pre-
collared using a mud-rotary drill rig to depths of approximately
455m
with casing installed. The
fifth deep hole will be pre-collared in the "Fairway" Zone, 2.8km NNW of VM-008C, using an RC
drill rig to a depth of approximately
455m
(see Figure 2).
Additionally a scout reconnaissance program of 18 shallow RC drill holes totaling
2,400m
began
in
November 2021
and is designed to probe unexplored areas near the north end of the Iron
Point claim block where geophysical surveys and interpretation by the Company indicate the
potential for shallow, uplifted blocks of Lower Plate stratigraphy. Sample results from several of
these initial scout holes have been submitted for assay with results pending.
Lewis Teal
, M.Sc., B.Sc. Geo., Independent Technical Advisor to the Company at Iron Point, stated:
"Occurring strategically at the regional intersection of Nevada's
Battle Mountain
– Cortez and
Getchell gold belts, the Iron Point project represents a significant district-scale opportunity for
discovery of a
Carlin
-type gold deposit, in under-explored terrain, hosted in Lower Plate carbonate
rocks beneath the Roberts Mountains Thrust. The setting at Iron Point is enhanced by the wide-
spread occurrences of historical near-surface, lower-grade gold drill intercepts which are hosted in
the overlying Upper Plate siliciclastic assemblage above the Roberts Mountains Thrust, as
documented and modeled by
Nevada King's
project exploration team."
Range Front Zone ("RFZ") Deep Drill Program
A mud-rotary drill rig is being mobilized to Iron Point to drill three deep pre-collars along the
RFZ. Each pre-collar will be drilled to a nominal depth of approximately
455m
and casing will be set
to allow for follow-on diamond drilling to advance each drill hole to a depth up to approximately
915m
. The objective of these drill holes is to step-out from areas of known mineralization, and at the
same time, test the hanging wall side of the range front fault. A gravity survey completed in 2020
indicates the presence of a large down-dropped block extending to the east up to 3.5km from the
range front fault beneath alluvium. If favorable Lower Plate carbonates are discovered in this down-
dropped block, the target area along the RFZ will be greatly expanded.
Proposed RFZ holes 1 and 2, collared
250m
apart in a north-south direction, will serve as
350m
step-outs to the ENE and ESE of deep drill hole VM-008C drilled in 2019. 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 with an appearance similar to the Roberts Mountain Formation. This area is
considered to have good potential for higher grade gold mineralization at depth. Proposed RFZ drill
hole 2 is located approximately
90m
northwest of historic hole CH-IP88-03 drilled by Chevron in
1988 that intersected
7.62m
grading 1.59 g/t Au beginning
353.57m
downhole, including
1.54m
grading 3.68 g/t Au at
355m
. CH-IP88-03 drilled through
305m
(1,000ft) of alluvium before entering
bedrock, however the rock unit hosting gold is unknown at this time, (see Figure 4).
Proposed RFZ drill hole 3, 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, a
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 in 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.Diamond drill core tails will be completed
in each of these four pre-collar holes to depths up to
915m
.
Fairway Zone Deep Drill Program
During 2021,
Nevada King's
geologists compiled extensive datasets including from multiple
geophysical surveys conducted in 2020 including gravity, 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. This zone displays alteration and gold mineralization centered
along an interpreted intrusive complex and extends a distance of 4.5km, projecting under the post-
mineral basalt flows to the north. A single deep drill hole, collared 2.8km NNW of VM-008C, is
planned as an initial test of this target area. This test will be started with a cased RC pre-collar
drilled to a planned depth of
457m
and finished with a diamond drill core tail to a planned total depth
of
760m
. Prospective Lower Plate stratigraphy is expected to be encountered in this area
Scout Reconnaissance Drill Program
Post-mineral basalt flows cap a plateau covering a 16 sq. km area in the northeast portion of the
Iron Point claim block. Historic drilling along the NNW-trending projection of the Fairway Zone near
the center of the basalt flows intersected intervals up to
39.6m
grading 0.22 g/t Au including
3.05m
of 1.85 g/t Au. Because the Company does not possess cuttings or geological logs from these
historic holes to determine the host rock and nature of this mineralization, it was decided to
undertake a scout reconnaissance drill program to help identify and delineate future deep exploration
in this target area. The purpose of this scout program is to determine the thickness of the basalt
cover as well as to identify the underlying bedrock geology, alteration, and vectors to mineralization.
Results will also be used to ground-truth CSAMT data and refine the subsurface interpretation.
Foremost 1500 and Canterra-312 buggy-mounted reverse-circulation rigs were mobilized to Iron
Point in mid-November and early
December 2021
, respectively, to focus on three areas under basalt
cover (See the hachured areas in Figures 2 and 3). Prior to the end of year drilling break, a series of
shallow vertical holes totaling
1,790m
were completed to an average depth of
150m
. An additional
490m
of drilling is planned for completion in January using the Canterra-312 rig. Initial results
indicate the thickness of basalt drilled ranges from 20-
69m
, and that bedrock geology consists of
Comus and Preble formations. Zones of quartz veining, sulfides and alteration were encountered in
various holes in this scout program. Drill samples were submitted for analysis to American Assay
Labs in
Reno, Nevada
in late November and late
December 2021
and results are pending.
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 (12
Moz Au
), Turquoise Ridge (16
Moz Au
), and Marigold (4
Moz Au
).
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 had mainly focused on shallow gold
targets (<
300m
depths) and the potential for a deeper
Carlin
-type gold deposit in Lower Plate rocks
remains virtually untested.
At Iron Point, Upper Plate Ordovician Vinini Formation overlies interpreted Lower Plate Silurian-
Devonian Roberts Mountain Formation, separated by the Roberts Mountain thrust fault dipping
shallowly to the west. North-south striking normal faults down drop stratigraphy to the east along a
range front fault thus resulting in areas to the east being covered by alluvium. Some of the strongest
Carlin
-type gold pathfinder element geochemistry anomalism known in
Nevada
occurs at Iron Point in
rocks immediately west of the range front fault occurring over an approximate 5 km strike distance.
Anomalous gold mineralization also occurs along this 5 km trend. Historic drilling has encountered
multiple intervals of significantly anomalous gold mineralization in Upper Plate and Lower Plate
stratigraphy immediately west of the range front fault. This includes an interval of
Carlin
-type gold
mineralization occurring along the range front fault and interpreted to be smeared fault gouge
originating from deeper levels.
Recent drilling that penetrates the upper levels of the Lower Plate rocks encountered an interpreted
recumbent Zed-fold parallel to and immediately west of the range front fault. This recumbent Zed-
fold is also partially exposed in an erosional window near the north end of the target area near drill
hole EG-003A. A similar geologic setting including recumbent Zed-folding along a range front fault is
host to extensive gold-mineralization at Newmont's Twin Creeks mine located approximately 25 miles
northeast of Iron Point. The primary target for
Carlin
-type mineralization at Iron Point is within Lower
Plate rocks caught up in Zed-folding in proximity to the range front fault.
Figure 1. The Iron Point Gold Project located at the intersection of the prolific Getchell and Battle
Mountain gold trends. (CNW Group/Nevada King Gold Corp.)
Figure 1. The Iron Point Gold Project located at the intersection of the prolific Getchell and
Battle Mountain
gold trends.
Figure 2. Map of Iron Point Gold Project showing location of recent and planned exploration
activities. (CNW Group/Nevada King Gold Corp.)
Figure 2. Map of Iron Point Gold Project showing location of recent and planned exploration
activities.
Figure 3. Detailed map of Iron Point Gold Project showing location of recent and planned exploration
activities. (CNW Group/Nevada King Gold Corp.)
Figure 3. Detailed map of Iron Point Gold Project showing location of recent and planned
exploration activities.
Figure 4. 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 proposed RFZ hole 2. (CNW Group/Nevada
King Gold Corp.)
Figure 4. 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 proposed RFZ hole 2.
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 the Company 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 an 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
).
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:
Contact Collin Kettell at [email protected], (301) 744-8744.
CO: Nevada King Gold Corp.
CNW 07:30e 06-JAN-22