Nevada KING Expands Phase Ii Drilling Program at Its 100% Owned Atlanta GOLD MINE Project Battle Mountain Trend Nevada
NEVADA KING EXPANDS PHASE II DRILLING
PROGRAM AT ITS 100% OWNED ATLANTA
GOLD MINE PROJECT BATTLE MOUNTAIN
TREND NEVADA
VANCOUVER, BC
,
Nov. 1, 2022
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX:
NKGFF) ("
Nevada King
" or the "
Company
") is pleased to announce an increase to its 2022 Phase
II resource expansion and definition drilling program at its 5,166 hectare (19.94 square mile), 100%
owned Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend 264km northeast of
Las Vegas, Nevada
.
Highlights:
The Phase II drill program was initially designed to include
13,100m
in 100 holes. To date,
Nevada King
has completed 95 reverse circulation ("
RC
") holes totaling
9,651m
, 13 RC pre-
collar holes totaling
1,835m
, and 14 core holes totaling
1,532m
, for a grand total of
13,018m
.
Based on the positive initial assay results and the numerous high priority drill targets that
demand testing, the Company now intends to continue drilling until winter weather impedes
further progress.
It is expected that the drill program will expand 20% and will now exceed
16,000m
of total drilling.
Results from Phase II drilling include high-grade oxide hosted intervals of
120.4m
of 1.49 g/t Au
and
57.9m
of 1.38 g/t Au
, located south and southeast of the
Atlanta
pit, as well as
54.9m
of
3.41 g/t Au
,
50.3m
of 2.65 g/t Au
, and
51.8m
of 2.23 g/t Au
, starting from surface at the
bottom of the
Atlanta
pit, (see
September 13, 2022
, and
October 18, 2022
news releases).
Drilling continues to target high-grade gold mineralization along the Atlanta Mine Fault Zone
("
AMFZ
"), westward and southwestward from last year's drilling. Assays from these target
areas returned high-grade intercepts including
41.2m
of 3.94 g/t Au,
64m
of 3.35 g/t Au,
and
54.9m
of 5.34 g/t Au
, starting at surface from within the
Atlanta
pit (see
January 20, 2022
, news release
).
10,561m
of combined core and RC are pending assay from American Assay Labs in
Reno,
Nevada
.
Exploration Manager
Cal Herron
, P.Geo., stated: "Drilling at
Atlanta
is advancing at a fast and
expansive pace. We initially planned our Phase II drill program to include
13,100m
in 100 holes. We
are pleased to reach that milestone well ahead of schedule and with time left in the season. With
numerous high priority targets left to test, we will continue to press ahead until inclement weather
brings our 2022 drilling season to an end. Over the next month, we will place special emphasis on
developing a number of pre-collar holes with the aim of keeping a core rig on site to facilitate drilling
into the winter months. Drill results continue to demonstrate a strongly mineralized system that is
open in all directions. With each drill hole, we are gaining a better understand of the geology,
controls on mineralization, and grade distribution of mineralization at
Atlanta
."
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
$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 Pit-Constrained Mineral Resources at the Atlanta Mine
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
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 to 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, 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 01-NOV-22