Nevada King Controls Strategic Land Holdings Along Battle Mountain Gold Trend, Nevada
Nevada King Controls Strategic Land Holdings
Along Battle Mountain Gold Trend, Nevada
VANCOUVER, BC
,
Nov. 8, 2021
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQB:
VKMTF) ("
Nevada King
" or the "
Company
") is pleased to provide an update on the Company's
strategic land holdings located along the Battle Mountain Gold Trend, Nevada.
Highlights
As of
September 1, 2021
,
Nevada King
holds 8,490 claims (169,800 acres) along the Battle
Mountain Gold Trend. This places the Company amongst the largest gold players in
Nevada
.
Nevada King
stands out as the only junior company among the top claim holders in the state and
in fact ranks third on this list:
1
.
Nevada Gold Mines
(Barrick & Newmont) – 29,164 claims
2
.
Kinross Gold
– 12,087 claims
3
.
Nevada King Gold
– 8,490 claims
4
.
Waterton Global Resource Management – 8,103 claims
5
.
McEwen Mining – 4,061 claims
6
.
Hecla Mining – 4,061 claims
7
.
Coeur Mining – 3,484 claims
Importantly, over 98% of the claims that are held by
Nevada King
were acquired over the past
six years through staking, resulting in no underlying royalties, option payments, or work
commitments.
The claims owned 100% by
Nevada King
(see Figure 1) are located within the confines of the
Battle Mountain Gold Trend. They are on trend and adjacent to multiple operating or past
producing gold mines. Each land package is district scale and host to a significant amount of
historical work and exploration conducted by major operators.
With
$18 million
in working capital the Company is very well funded for ongoing and planned
high priority exploration and drilling programs targeting Carlin-style gold systems.
Paul Matysek
, Executive Chairman of
Nevada King
, stated, "Nevada is the top mining jurisdiction in
the world
1
with senior mining companies and mid-tiers now accelerating M&A and exploration activity
that was absent for more than a decade. Since
Nevada King
listed on the TSX-V in
April 2021
, the
list of companies entering or re-entering the state now include Newcrest Mining, First Majestic Silver,
Hochschild, Equinox Gold,
Anglo Gold
, and Calibre Mining. Carlin-style gold deposits in
Nevada
are
some of the largest and lowest cost gold operations in the world.
Nevada King
is well positioned as
the third largest claim holder in the state, with these holdings focused along the Battle Mountain Gold
Trend which hosts numerous world-class mines and deposits. We believe that interest in
Nevada
exploration is going to see continued renewed interest. As an example, First Majestic made a
strategic investment this month in a junior explorer, while Barrick/Newmont announced their first
sizable exploration focused joint venture in many years, inking a
$20 million
earn-in with a junior.
Nevada King's
land package is dominant in comparison to any other junior and there is little risk of
any competition to our strategy as the window for staking these district-scale, high-quality land
packages is several years behind us. With its potential for additional discoveries of large, Carlin-
style gold systems, Nevada is where the bigger gold companies are hunting for new, large
discoveries."
1 Fraser Institute (2021)
Figure 1. Location of Nevada King properties in relation to known gold endowment along the Battle
Mountain Gold Trend. This graphic does not include the location of the Atlanta Gold Mine Project.
(CNW Group/Nevada King Gold Corp.)
Figure 1. Location of
Nevada King
properties in relation to known gold endowment along the
Battle Mountain Gold Trend.
This graphic does not include the location of the Atlanta Gold
Mine Project.
Drilling Update
Nevada King
will provide an update on drilling activities in the days and weeks ahead and anticipates
reporting initial assays from its maiden drill program at the Atlanta Gold Mine shortly. As part of its
program at
Atlanta
, to date,
Nevada King
has drilled 63 RC holes for a total of
6,400m
. Samples
from this work are in for assay and results will be reported as soon as they are received.
Recent Insider Activity
The Company is aware that Palisades Goldcorp Ltd. ("
Palisades
") has recently completed a
distribution by way of return of capital to its shareholders. As a result, Palisades distributed
82,449,949 shares of
Nevada King
to its shareholders. Because of the distribution, CEO
Collin
Kettell
now controls +10% of the Company, making him the largest shareholder of
Nevada King
.
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
).
Cautionary Statements Regarding Forward Looking Information
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.
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] or (301) 744-8744.
CO: Nevada King Gold Corp.
CNW 07:30e 08-NOV-21