Nevada KING Expands Phase Ii Drilling Program to 30,000M at Its Atlanta GOLD MINE Project, Battle Mountain Trend, Nevada
NEVADA KING EXPANDS PHASE II DRILLING
PROGRAM TO 30,000M AT ITS ATLANTA
GOLD MINE PROJECT, BATTLE MOUNTAIN
TREND, NEVADA
VANCOUVER, BC
,
Jan. 17, 2023
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX:
NKGFF) ("
Nevada King
" or the "
Company
") is pleased to announce a further increase to its Phase
II resource expansion and definition drilling program at its 5,166 hectare (51.6km
2
), 100%-owned
Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend 264km northeast of
Las
Vegas, Nevada
.
Highlights:
On
November 15, 2022
, the
Company announced
a 25% expansion to its Atlanta Mine Phase II
drill program to
20,000m
, as a result of positive assay results and ongoing geological
interpretation.
Drilling productivity has continued to exceed expectations with the Company having now
completed 168 holes totalling
21,822m
. Based on recent assay results and continued expansion
of target envelopes in multiple areas,
the Company has decided to expand the Phase II
program by an additional 33% to
30,000m
.
Drilling will now continue through the winter months with two reverse circulation ("
RC
") rigs
operating. As the weather improves in early 2023, the Company is planning to add rigs to
continue its coring program for both resource confirmation work and its metallurgical test
program.
To date, the Company has reported assays from 72 holes covering
6,843m
, with
results from
96 drill holes totalling
14,979m
currently pending
.
Cal Herron
, Exploration Manager of
Nevada King
, stated, "Recent drilling demonstrates the
Atlanta
epithermal system remains open in all directions and at depth (see Phase II Drilling Highlights
below). Our immediate drilling focus lies within and adjacent to the confines of the existing
Gustavson resource zone, where the majority of pending holes were collared. Priority objectives
include:
1
.
Fully penetrating the silica breccia zone's lower contact.
The highest gold grades frequently
occur 10-
15m
above the basal contact of the mineralized silica breccia zone with underlying
Ordovician-age dolomite and quartzite. Many past holes failed to fully penetrate this lower
portion of the silica breccia horizon and doing so is critical for fully realizing gold and silver
grades and tonnage.
2
.
Finding the bottom of gold mineralization.
Recent drilling down through thick intervals of
strongly altered volcanics west of the Atlanta West Fault reveals the potential for significantly
increasing tonnage along the Atlanta Mine Fault Zone. Our interpretation indicates that this could
be another game-changer for the Company at
Atlanta
.
"Much of
Nevada King's
current program, therefore, involves drilling around existing holes that did not
fully penetrate the mineralized zone, while also tracking mineralization westward into the volcanics.
With the opportunity to significantly increase both grade and tonnage within the current resource
zone,
Nevada King
has opted to place special emphasis here by drilling more holes and drilling
deeper."
Phase II Drilling Highlights:
On
January 12, 2023
, the Company intercepted
9.9 g/t Au over
27.4m
including 17.6 g/t Au
over
12.2m
, within a broad interval of oxide gold averaging
3.6 g/t au over
82.3m
.
On
January 6, 2023
, the Company announced results from one of the high-grade feeder zones
associated with the Atlanta Mine Fault Zone, west of the historical Atlanta Pit, including three
holes that bottomed in mineralization, intercepting
1.38 g/t Au over
96m
,
0.92 g/t Au over
165.5m
, and
1.92 g/t Au over
77.7m
, and a high-grade interval of
4.03 g/t Au over
29m
. All
holes included significant intervals of silver mineralization; two holes intercepted gold-mineralized
intrsuve rock starting around
180m
depth.
On
December 5, 2022
, the Company announced assays from three core holes and one RC
hole, testing the gap between the historical 2020 Gustavson resource zone and gold
mineralization drill-defined by the Company's 2021 program south of the Altanta Pit. Highlight
intervals include
2.71 g/t Au over
25.9m
,
2.9 g/t Au over
28.1m
, and
3.2 g/t Au over
32m
.
On
November 23, 2022
, the Company announced an expansion to the oxide gold mineralization
found over
500m
north of the Atlanta Pit in the North Extension Target, well outside the existing
resource zone, with intercepts of 1
.77 g/t Au over
19.8m
and
1.67 g/t Au over
24.4m
. These
holes were collared to follow up on
Nevada King's
2021 hole AT21-3, which intercepted
4.64 g/t
Au over
18.3m
.
The Company reported initial assay results on
September 13, 2022
and
October 18, 2022
.The
results included 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,
and 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.
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
$10.2 million
as of January 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 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:
Collin Kettell at [email protected] or (845) 535-1486.
CO: Nevada King Gold Corp.
CNW 07:30e 17-JAN-23