Nevada KING Expands Oxide GOLD Mineralization over 500M North of the Atlanta Pit IN the "North Extension Target"
NEVADA KING EXPANDS OXIDE GOLD
MINERALIZATION OVER 500M NORTH OF THE
ATLANTA PIT IN THE "NORTH EXTENSION
TARGET"
VANCOUVER, BC
,
Nov. 23, 2022
/CNW/ -
Nevada King Gold Corp.
(TSX-V: NKG), (OTCQX:
NKGFF) ("
Nevada King
" or the "
Company
") is pleased to announce assay results from four reverse
circulation ("
RC
") holes recently completed at its Atlanta Gold Mine Project located 264km northeast
of
Las Vegas, Nevada
, in the prolific Battle Mountain Trend. This drilling was designed to better
define the northern extension of the Atlanta Mine Fault Zone ("
AMFZ
").
Figure 1. Location map for holes reported in this news release along section E-E’ relative to the
perimeter of the historical Atlanta Pit and 2020 Gustavson pit shell. (CNW Group/Nevada King Gold
Corp.)
Drilling Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
AT22NS-12
175.3
195.1
19.8
1.77
AT22NS-13
135.7
160.1
24.4
1.67
AT22NS-RC14
99.1
143.3
44.2
0.71
AT22NS-16
91.5
106.7
15.2
0.54
AT21-003
*
155.5
173.8
18.3
4.64
Table 1: Full list of four RC holes released today.
*
Denotes NKG hole reported in 2021.
The four holes released today cut across the northern projection of the AMFZ through high-
grade discovery hole AT21-003, which was drilled in 2021,
560m
north
of the historic Atlanta
Pit, intercepting
9.1m
of 8.26 g/t Au
, within a broader intercept of
18.3m
of 4.64 g/t Au
. This
hole opens up a new target area well outside the current resource called the North Extension
Target ("
NET
"), shown in Figure 1.
As shown in Section E-E' (Figure 2), today's holes, along with AT21-003 and three historic holes
summarized below in Table 2,
drill-define a gold mineralized zone that is over
300m
wide
along the section line and remains open both to the west and east
, indicating the presence
of a strong gold system in the NET.
Gold in this zone is hosted in silica breccia and is relatively sub-horizontal and down-faulted to
the west along the AMFZ. Gold grade and mineralized thickness are greatest within the fault
zone, as seen in AT21-003, AT22NS-12 and AT22NS-13, while grade tends to decrease
laterally west and east from the AMFZ.
Comparing gold grades in ATNS-016 and DHRI-11-04RC, gold mineralization appears to be
strengthening east of Section E-E' toward the East Ridge Target ("
ERT
"), which remains
untested by drilling. Assays for holes completed south of Section E-E' are still pending and
these results will help to determine whether or not the NET gold mineralization can be tied to the
main resource zone around the
Atlanta
pit.
The NET target area measures roughly
600m
north-south
from the pit to Section E-E'. The
mineralized zone on Section E-E' averages
25m
in thickness with average grades approaching
1.5 g/t Au
across a minimum width of
300m
east-west
. If the NET mineralization can be tied to
the main resource, it could significantly enlarge the footprint of the overall mineralized gold
zone at
Atlanta
.
Cal Herron
, Exploration Manager of
Nevada King
stated, "This first set of definition holes across the
North Extension Target demonstrate good lateral continuity of gold mineralization between the holes
and show the target zone to be open both west and east. The strong gold vector extending
eastward from Section E-E' points to a large area of strong surface mineralization that has not yet
been drill-tested, placing additional emphasis on the need to access and drill the ERT.
"Receipt of more assays over the coming weeks will greatly clarify the potential for merging the
relatively flat-lying and oxidized mineralization in the NET with the existing resource zone around the
Atlanta Pit. Closely spaced drilling is needed along the
100m
to
150m
wide AMFZ in order to
document down-faulted displacement of the mineralized horizon and define the higher grade areas
within the fault zone. Drilling so far indicates the NET is large, but tapping into zones of higher-grade
and thicker mineralization will be important for converting this blanket-like mineralization into a
resource. With additional step-out and in-fill drilling north of the
Atlanta
pit, we expect to find other
structures hosting higher grade mineralization within the silica breccia zone just as we encountered
south of the
Atlanta
pit."
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
KN98-10
198.2
211.9
13.7
1.19
DHRI-11-4RC
103.7
123.5
19.8
0.47
DHRI-11-08C
80.8
103.7
22.9
0.62
Table 2: Historical holes used in Section E-E'.
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 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
$14.5 million
as of November 2022.
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 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.
Figure 2. Cross section E-E’ looking north across the northern extension of the AMFZ about 500m
north of the historical Atlanta pit.
Mineralization hit in historical hole 170m west of section and
remains open to the west, while mineralization remains open east of DHRI-11-04RC. Westward
normal fault displacement on the mineralized horizon across the steeply-dipping Atlanta Mine Fault is
evident. (CNW Group/Nevada King Gold Corp.)
SOURCE
Nevada King Gold Corp.
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For further information:
Collin Kettell, [email protected], (845) 535-1486.
CO: Nevada King Gold Corp.
CNW 07:30e 23-NOV-22