Nevada King Gold Receives Plan of Operation from BLM for Iron Point Project
Nevada King Gold Receives Plan of Operation
from BLM for Iron Point Project
VANCOUVER, BC
,
June 3, 2021
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) ("
Nevada King
"
or the "
Company
") is pleased to announce that the Bureau of Land Management ("
BLM
") has
approved the Plan of Operation (the "
Plan
") for its
Iron Point Project
(the "
Project
") which will
allow for further advancement including future expanded drilling targeted at resource definition.
Highlights
The Plan allows for comprehensive exploration access to a 4 km
2
core area within the 61.5 km
2
project area.
The Plan will now accomodate construction of evenly spaced in-fill drill patterns for advancing
the vanadium resource, as well as facilitating drill exploration of the deep
Carlin
-type gold
mineralization
Nevada King
discovered in 2019.
The cultural and biological clearance contained in the FONSI (Finding of No Significant Impact)
decision included with the Plan obviates restrictions on the ground investigations and additional
testwork required for planning and siting critical mine infrastructure.
The Company continues to advance toward completion of a PEA for the vanadium project.
At the same time the Company is on-going with its exploration of
Carlin
-type gold mineralization
in Lower Plate carbonates beneath the Roberts Mountain Thrust and will provide a separate
update on these plans shortly.
Paul Matysek
, Founder & Executive Chairman of
Nevada King
, stated "Receiving this Plan of
Operations provides us with significantly enhanced flexibility to both advance the Iron Point vanadium
project and to drill the project for deep
Carlin
-type gold mineralization. This Plan approval is a key
step toward unlocking the mineral potential at Iron Point. We look forward to moving the vanadium
project through the PEA process and at the same time expand the multiple gold zones discovered
along a 5km long structure corridor during our 2019 deep drilling program. Our team has been
working hard over the past two years to better understand the distribution and geometry of deep
Carlin
-type gold mineralization at Iron Point. Our results will be discussed shortly in up-coming
releases."
Specifically the Plan includes approval for:
Construction of roads and the utilization of existing overland travel routes
Geologic mapping and geophysical surveys
Construction of drill sites
Core and reverse circulation (RC) drilling
Excavation of geologic test pits/trenching for bulk sampling
Drilling and test pits for geotechnical assessment
Drilling of water monitoring and water production wells
Installation of a meteorological station
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 in the
Battle Mountain
trend that are close to current or former producing gold mines, and that
have significant historic exploration work. These project areas were initially selected 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 vanadium and gold project, located 35km east of
Winnemucca, Nevada
.
The Atlanta Mine is a historical gold-silver producer with an NI 43-101 compliant pit-constrained
resource of 460,000 oz Au in the measured and indicated category (
11.0 M
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
).
A drill program will commence shortly at
Atlanta
aimed at expanding the existing resource as well as
testing multiple targets elsewhere within the large
Atlanta
property package. The Lewis project
exhibits significant gold mineralization at surface and in historic drilling and is adjacent to and on
trend with
Nevada Gold Mine's
Hilltop gold deposit. The Horse Mountain – Mill Creek Project is a
lower plate target adjoining an active
Nevada Gold Mines
exploration project and hosts historic high-
grade hits drilled by Barrick in carbonates beneath the Roberts Mountain Thrust. The Iron Point gold
and vanadium project is located within a few kilometers of Interstate 80, 35km east of Winemucca,
has high voltage electric power lines running through the project area and a railroad line passing
across the northern property boundary. With
$18M
in working capital,
Nevada King
is well financed
to advance further exploration of its gold projects as well as to advance the Iron Point Vanadium
Project through resource estimation and initial feasibility study work.
Nevada King
has a proven
capital market and mining team led by Executive Chairman
Paul Matysek
and CEO
Collin Kettell
.
Please see the Company's website at
www.nevadaking.ca
.
Cautionary Statements Regarding Forward Looking Information
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.
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:
For more information, contact Collin Kettell at [email protected].
CO: Nevada King Gold Corp.
CNW 07:30e 03-JUN-21