Nevada KING Hits 28.5 G/T Au over 7.6M, Within 5.64 G/T Au over 42.8M, IN New High-Grade Discovery Located 290M Northwest of the Atlanta Pit
NEVADA KING HITS 28.5 G/T AU OVER 7.6M, WITHIN 5.64 G/T AU OVER
42.8M, IN NEW HIGH-GRADE DISCOVERY LOCATED 290M NORTHWEST
OF THE ATLANTA PIT
VANCOUVER, BC
,
April 27, 2023
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX: NKGFF) ("
Nevada King
" or the "
Company
") is pleased to
announce assay results from nine, vertical 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. Holes reported today along Section 22-15N were drilled north of the
Atlanta
pit in order to test the grade and
thickness of mineralized fault blocks comprising the Atlanta Mine Fault Zone ("
AMFZ
") and the West Atlanta Graben moving northward toward the North Extension
Target zone (see Figure 1).
Selected Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
Notes
AT23WS-22
288.0
330.8
42.8
5.64
6.7
Bottomed in Mineralization
Includes
292.7
300.3
7.6
28.5
10.7
AT23WS-20
275.9
337.0
61.1
3.04
21.4
Bottomed in Mineralization
Includes
286.6
291.2
4.6
15.84
19.8
AT22WS-4
279.0
346.0
67.0
2.07
12.1
Includes
317.1
333.8
16.7
3.63
12.6
AT23WS-5C
207.3
320.0
112.7
1.08
14.78
Bottomed in Mineralization
Table 1: Highlight hole intervals released today. Mineralization occurs along sub-horizontal horizons generally dipping westward, and true mineralized thickness in vertical holes is between 85% and 95% of reported intercept length.
AT23WS-22 (5.64 g/t Au over
42.8m
including 28.5 g/t over
7.6m
) is located
290m
northwest of the
Atlanta
pit and is interpreted to be close to true
width where the high-grade gold mineralization is consistent throughout the
7.6m
interval
(see Table 2). DHRI-11-NRC04 is the only historic drill hole
located in this area (
15m
to the northeast), intercepting 1.49 g/t over
42.7m
including 4.01 g/t over
13.7m
, but with no single sample interval exceeding 8.62
g/t Au. No other holes have been drilled in the immediate vicinity of this intercept, leaving the area around this high-grade discovery open for follow on step-
out drilling.
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AT23WS-22
292.68
294.21
1.52
28.25
10.0
AT23WS-22
294.21
295.73
1.52
13.28
6.3
AT23WS-22
295.73
297.26
1.52
20.02
10.9
AT23WS-22
297.26
298.78
1.52
24.62
7.8
AT23WS-22
298.78
300.3
1.52
56.58
18.7
Table 2: Assay results for 7.6m thick high grade interval in AT23WS-022 on a 1.52m basis
.
Hole AT23WS-5C (1.08 g/t Au over
112.7m
) intercepted a thick zone of gold mineralization west of the West Atlanta Fault.
Thickness in this hole is
five times greater than reported in a nearby historic hole KR98-21 (1.19 g/t Au over
19.8m
), which was lost in strongly fractured rock before it could fully
penetrate the mineralized zone.
Similarly, holes AT23WS-20 (3.04 g/t Au over
61.1m
) and AT22WS-4 (2.07 g/t Au over
67.0m
) exhibit stronger grades
over
significantly thicker intervals
than nearby historic hole DHRI-11-NRC04, which reported
36.6m
grading 1.71 g/t Au. This suggests that historic drill
intercepts within the West Atlanta Graben failed to accurately reflect true thickness and grade. This comparison illustrates the need for tightly spaced holes
that thoroughly penetrate the mineralized zones, and also highlights the differences in grade and thickness being encountered by
Nevada King
compared to
many holes reported by prior operators
Additional in-fill drilling is needed between AT23WS-5C and AT23NS-104 in order to test extension of the thick mineralization encountered in AT23WS-5C
eastward and beneath KR98-21 to the generally higher-grade mineralization proximate to the West Atlanta Fault.
Cal Herron
, Exploration Manager of
Nevada King
, stated, "Our drill fence along Section 22-15N reveals three important features:
1
.
The high-grade intercept in AT23WS-22 provides us with three well-mineralized zones along the
West Atlanta
and
West Atlanta
#2 Faults from which high-
grades can be targeted for expansion outward into the thick, broad gold blanket that characterizes the West Atlanta Graben Target.
2
.
We see the same repetition of high-angle faults and associated fault blocks that have been identified further south on lines 22-5N through 22-10N and further
north on line 22-16N. We continue to see good continuity of mineralization over an area approximately
360m
long in a N-S direction and at least
150m
wide
within the portion of the West Atlanta Graben drilled so far. Several historical holes suggest this mineralization extends further to the west and north from the
area drilled to date.
3
.
Nevada King's
more densely targeted vertical drilling pattern and better sample recovery has more accurately defined the spatial distribution of gold
mineralization compared to historic drilling. In addition, a number of historic holes appear to have been terminated before fully testing the mineralized zones.
The large disparity seen above between Kinross' angle hole KR98-21 and
Nevada King's
vertical hole AT23WS-5C is a good example of this. Other similar
examples exist throughout the Gustavson 2020 resource zone and to the north in the North Extension Target, so simply re-drilling earlier holes that did not go
through the mineralized zones is an important component of the Company's exploration strategy at
Atlanta
. Stepping out from recent discovery intervals and
testing mineralization to greater depths will keep our drills busy for several months to come.
"
The
7.6m
of 28.5 g/t Au hit in AT23WS-022 represents the highest grade gold intercept exceeding
1.52m
in length on the entire
Atlanta
property going
back to the 1970s.
This intercept occurs on the western margin of the West Atlanta Graben and is probably associated with the
West Atlanta
#2 Fault. We will
certainly be positioning holes along multiple drill fence lines to intercept this structure northward and southward from Section22-15N. We've now hit high grades
along the
East Atlanta
,
West Atlanta
, and
West Atlanta
#2 Faults, so these widely spaced occurrences beg the question, 'How many more high grade structures
will we find at
Atlanta
that no one knew about?'"
Figure 1. Location map for holes reported in this news release along drill section22-15N relative to the perimeter of the historical Atlanta Pit and footprint of the
Gustavson 2020 NI 43-101 resource.
Shallow drillholes on the mine dumps have been removed from the plot for clarity. (CNW Group/Nevada King Gold Corp.)
Figure 2. Cross section 22-15N looking north across the northern portion of the Atlanta Mine Fault Zone and West Atlanta Graben. (CNW Group/Nevada King
Gold Corp.)
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
Notes
AT23WS-22
288.0
330.8
42.8
5.64
6.7
Bottomed in Mineralization
Includes
292.7
300.3
7.6
28.5
10.7
AT23WS-21
280.5
343.0
62.5
0.31
3.3
AT22WS-04
279.0
346.0
67.0
2.07
12.1
Includes
317.1
333.8
16.7
3.63
12.6
AT23WS-20
275.9
337.0
61.1
3.04
21.4
Bottomed in Mineralization
Includes
286.6
291.2
4.6
15.84
19.8
AT23WS-5C
207.3
320.0
112.7
1.08
14.8
Bottomed in Mineralization
AT23NS-104
198.2
244.0
45.8
0.35
5.0
AT23NS-103
192.1
202.7
10.6
0.37
3.4
AT23NS-102
129.5
141.8
12.3
0.41
23.4
And
166.2
190.5
24.3
0.40
5.2
AT23NS-101
71.6
111.3
39.7
0.17
19.1
Table 3. All holes reported today along Section22-15N.
Mineralization occurs along sub-horizontal horizons generally dipping gently westward; true mineralized thickness in vertical holes is estimated to be between 85% and 95% of reported drill intercept
length.
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
Notes
DHRI-11-NRC04
317.1
353.7
36.6
1.71
6.8
KR98-21
*
242.4
262.2
19.8
1.19
1.6
Bottomed in Mineralization
Table 4
: Historical holes used in Section 22-15N. KR98 series hole was drilled by Kinross in 1998. DHRI series hole was drilled by Meadow Bay in 2011. Mineralization occurs along sub-horizontal horizons generally dipping gently westward; true mineralized
thickness in vertical holes is estimated to be between 85% and 95% of reported drill intercept length.
*
Denotes angle hole.
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
$7.25 million
as of April 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.
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For further information:
Collin Kettell, [email protected], (845) 535-1486
CO: Nevada King Gold Corp.
CNW 07:30e 27-APR-23