Nevada KING Doubles Land Package to 13,100 Ha at Atlanta, Initiates District-Scale Csamt Survey
NEVADA KING DOUBLES LAND PACKAGE TO 13,100 HA AT ATLANTA,
INITIATES DISTRICT-SCALE CSAMT SURVEY
VANCOUVER, BC
,
July 11, 2023
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX: NKGFF) ("
Nevada King
" or the "
Company
") is pleased to
provide an update on its 100%-owned Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend 264km northeast of
Las Vegas, Nevada
.
Highlights:
The Company recently staked an additional 947 lode claims around the existing
Atlanta
land package, increasing total claims held to 1,562, covering
131 km
2
or 13,100 hectare (Figure 1).
The land package now covers and creates a buffer around all high-priority gold prospects in and around the
Atlanta
district identified historically and by
Nevada King
through its geophysical, geological, and geochemical studies conducted since 2019.
The Company has commenced a Phase II CSAMT (Controlled Source Audio-frequency Magneto-tellurics) survey, a low-impact, non-intrusive, ground
geophysical survey method that provides critical information about geologic structure and lithology, particularly in debris covered terrain such is as at
Atlanta
.
Nevada King
initially conducted a 51 line kilometre Phase I CSAMT survey in 2022 that covered 8.3 km
2
centred over the current resource zone.
Results outlined known structural features and faults and identified a number of new structures and high-priority targets at
Atlanta
, two of which led to
the development of the East Ridge and South Extension Targets. Based on the CSAMT survey's high degree of accuracy with respect to locating
mineralized structures, the Company has expanded the survey to 111 line-kilometres in order to cover potential distal target areas throughout the
Atlanta
district (Figure 2).
The new CSAMT data will be integrated with 56 km
2
of detailed ground gravity, 119 km
2
of drone magnetic surveys and geochemical data as well as
existing showings in order to enhance the existing exploration model. The Company anticipates releasing a detailed review of district targets at
Atlanta
in the coming weeks.
Cal Herron
, Exploration Manager of
Nevada King
, commented, "
Nevada King's
initial interest in acquiring the Atlanta Project centred on the district-scale
potential connected to hydrothermal activity localized around the perimeter of the Indian Peak caldera. Our drilling within the West Atlanta Graben target in
late 2022 and early 2023 revealed potential for a much larger deposit hosted within the Tertiary volcanic section above the basement Paleozoic carbonates
and quartzite. This West Atlanta Graben mineralization opened our eyes to the potential in the altered volcanic section west and south of the current
Atlanta
resource zone. Our district scale work has succcesfully identified numerous structural trends between various mineralized zones scattered across the
district, thus occasioning the recent, major expansion in our claim holdings. The Company now possesses a substantial claim buffer zone outside of what we
perceive to be the limit of volcanic-hosted mineralization around the
Atlanta
deposit."
Figure 1.
Current distribution of claims owned by Nevada King at Atlanta. (CNW Group/Nevada King Gold Corp.)
Figure 2.
Location of Phase 1 and Phase II CSAMT lines in relation to Atlanta pit, visible on top right. (CNW Group/Nevada King Gold Corp.)
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 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 Company is well funded with cash of approximately
$19 million
as of July 2023.
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
).
NI 43-101 Mineral Resources at the Atlanta Mine
Resource Category
Tonnes
(000's)
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
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, 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:
Collin Kettell at [email protected] or (845) 535-1486.
CO: Nevada King Gold Corp.
CNW 07:30e 11-JUL-23