Nevada KING Further Expands Mineralized Footprint of Oxide GOLD "North Extension Target" to 600M North of Atlanta Pit
NEVADA KING FURTHER EXPANDS
MINERALIZED FOOTPRINT OF OXIDE GOLD
"NORTH EXTENSION TARGET" TO 600M
NORTH OF ATLANTA PIT
VANCOUVER, BC
,
Dec. 20, 2022
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX:
NKGFF) ("
Nevada King
" or the "
Company
") is pleased to announce assay results from eleven
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
test the extent of the gold footprint within the North Extension Target (the "
NET
"), a newly identified
mineralized zone located north of the historical Atlanta Pit outside of the 2020 Gustavson resource
zone (Figure 1).
North Extension Target Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
AT22NS-9
86.9
128.0
41.2
0.65
AT22NS-11*
102.1
125.0
22.9
1.36
AT22NS-15*
155.5
176.8
21.3
1.83
Table 1: Highlight holes released today.
*
Denotes hole that bottomed in mineralization.
The eleven vertical RC holes released today are located north and south from an initial fence of
holes into the NET along Section E-E' (Figures 1 and 4)
reported
November 23, 2022
. These
holes were drilled proximal to the northerly-trending Atlanta Mine Fault Zone ("
AMFZ
"), both
north and south of the NET discovery hole AT21-003
released
November 22, 2021
, which
returned
9.1m
of 8.26 g/t Au
within a broader intercept of
18.3m
of 4.64 g/t Au.
Today's holes are focused along sections G-G' and H-H' (Figures 2 and 3), which cut across the
AMFZ showing vertical displacement (west side down), with the highest grade intervals
continuing to be found proximal to the fault. This higher-grade "core" mineralization along the
fault zone is approximately
50m
wide
.
Mineralization within the NET target is now drill defined over a
strike length of
175m
north-
south
, spanning
300m
east-west,
with today's Section H-H' (Figure 3) located approximately
600m
north
of the historical pit. Should the NET mineralization ultimately tie into the existing
Gustavson resource, it would roughly
double the footprint of the overall mineralized gold
zone at
Atlanta
.
Prior to these latest results the NET target area comprised an approximately
150m
wide
corridor. With these current results the NET target area footprint is now interpreted to be up to
400m
wide (Figure 1). This is an important development as it significantly increases the potential
for inclusion of the NET within the main pit zone, particularly if future drilling finds gold
mineralization in the untested East Ridge Target area ("
ERT
").
Many of today's holes bottomed in gold mineralization and the NET also remains open to further
expansion to the east and west where further step-out drilling is planned. Of note is that three
historical holes were drilled on the east side of the NET, but based on the current interpretation
all of them were too shallow to reach gold mineralization.
Cal Herron
, Exploration Manager of
Nevada King
, stated: "The NET target represents a significant
expansion area with a growing mineralized footprint. Drilling is set to resume shortly within the NET
and will continue to target: 1) the high-grade portion of this zone along the AMFZ, 2) the depth of
mineralization, and 3) the lateral extent, particularly eastward into a large area of the untested
potential where gold mineralization occurs in outcrop at the northern edge of the ERT. We look
forward to receiving the pending assays for holes completed between Section G-G' and the pit,
which will indicate if the NET could potentially be joined together with the existing resource."
Figure 1. Location map for holes reported in this news release along sections G-G’ and H-H’ relative
to the perimeter of the historical Atlanta Pit and footprint of the Gustavson 2020 NI 43-101 resource.
(CNW Group/Nevada King Gold Corp.)
Figure 2. Cross section G-G’ looking north across the northern extension of the Atlanta Mine Fault
Zone. Approximately 70m of vertical displacement is evident across the fault, with higher grades and
mineralized thicknesses occurring
proximal to the fault. (CNW Group/Nevada King Gold Corp.)
Figure 3. Cross section H-H’ looking north across the northern extension of the Atlanta Mine Fault
Zone. As with the section above, mineralization remains open east and west of the section. (CNW
Group/Nevada King Gold Corp.)
Figure 4.
Previously reported 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.)
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
AT22NS-9
86.9
128.0
41.2
0.65
AT22NS-11
*
102.1
125.0
22.9
1.36
AT22NS-15
*
155.5
176.8
21.3
1.83
AT22NS-3
0.0
210.4
210.4
<0.027
AT22NS-4
179.9
184.5
4.6
0.12
AT22NS-5
179.9
184.5
4.6
0.17
AT22NS-6
172.3
176.8
4.6
0.20
AT22NS-7
109.8
112.8
3.0
0.15
AT22NS-17
85.4
114.3
29.0
0.46
AT22NS-18
178.4
193.6
15.2
0.69
AT22NS-19
*
166.2
179.9
16.8
0.31
Table 2: Full list of RC drill results reported today from the North Extension Target.
*Denotes holes that bottomed in mineralization.
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
AT21-1
*
94.5
131.1
25.9
1.00
AT21-2
82.3
105.2
22.9
0.71
AT21-6
*
163.1
175.3
12.2
0.96
AT21-7
91.5
111.3
19.8
1.01
DHRI-11-13C
169.2
213.4
44.2
0.28
DHRI-11-7RC
*
74.7
108.2
33.5
0.18
Table 3: Previously reported and historic holes used in Sections G-G' and H-H'.
AT21 series holes were drilled by Nevada King in 2021. DHRI series holes were
drilled by Meadow Bay in 2011.
*Denotes hole that bottomed in mineralization.
Further Discussion
Holes AT22NS-18 and AT22NS-19, drilled across the projection of the AMFZ south of Section G-G',
indicate the AMFZ has either jogged eastward or has been fault-displaced to the east. Follow-up
drilling east of AT22NS-19 is planned to pick up the fault zone again. Meanwhile, holes AT22NS-3,
AT22NS-4, AT22NS-5, AT22NS-6, and AT22NS-7, drilled north of Section H-H', show a drop-off in
gold mineralization between AT22NS-9 and AT22NS-7 and suggest a significant lateral fault offset of
the AMFZ. Planned step-out drilling along Section H-H' will eventually define the type of offset or
lithologic discontinuity indicated by this sudden loss of mineralization northward along trend.
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
$12 million
as of December 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, the Company's ability to potentially expand mineral
resources and the impact thereof. 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 20-DEC-22