Nevada KING Identifies Five High-Priority Drill-Ready Regional Exploration Targets
NEVADA KING IDENTIFIES FIVE HIGH-PRIORITY DRILL-READY
REGIONAL EXPLORATION TARGETS
VANCOUVER, BC
,
Sept. 17, 2024
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTC: NKGFF) ("
Nevada King
" or the "
Company
")
is pleased to announce the identification of five new regional targets (Figure 1) at its 5,166 hectares (51.6km
2
), 100%-owned Atlanta Gold
Mine Project along the prolific Battle Mountain Trend 264km northeast of
Las Vegas, Nevada
. The Lone Ranger, Northeast, Crossroads,
Bounty, and Jumbo Targets make up a combined 13.9km
2
footprint and are located north and northeast of the historical Atlanta Mine.
Highlights:
Nevada King's
extensive library of geophysical data consisting of Phase I and II CSAMT, drone magnetics, and gravity surveys
conducted across the
Atlanta
district reveals significant, caldera-related magmatic activity that caused the intrusion of low resistivity
igneous plumes upward into the high resistivity Paleozoic basement rocks, occasionally breaking through and reaching the paleo-
surface in places. The
Atlanta
resource zone provides one such example of an intrusive plume that broke through the basement cap
and CSAMT data reveals other such breakthrough points are scattered across the district.
Today's high priority
regional targets occur where intrusive bodies coincide with major basement faults potentially
responsible for channeling gold-bearing fluids up toward the paleo-surface
(Figure 3-8. These targets are buried, covered by
barren massive dolomite, post-mineral volcanics, and alluvium. Three of the targets have never been drill-tested, while the other two
have a few shallow (<
180m
) historical holes. A more detailed description of each of the targets can be found in the Target Description
section below.
Figure 1. Aerial view looking northeast at the Atlanta Pit with the five newly identified regional targets to the north and east. Green dots
indicate Nevada King and historical drilling to date. (CNW Group/Nevada King Gold Corp.)
Over the past months, the Company has announced three new discoveries located near the
Atlanta
resource zone that were made
based in large part on CSAMT signatures – the East Ridge Target (
July 16, 2024
), the South Quartzite Ridge Target with
6.28 g/t Au
over
54.9m
(
July 23, 2024
), and the Wild West Zone with
4.67 g/t Au over
42.7m
(
August 19, 2024
).
These back-to-back discoveries demonstrate the effectiveness of CSAMT in making new discoveries at
Atlanta
and offer fresh
insights into the geophysical signatures associated with these major gold occurrence types, which will guide regional targeting to help
predict what type of mineralization might be present in a given target area, what to look for in drill cuttings and sample geochemistry,
and how best to vector towards mineralized centers.
The Company is planning a Phase III regional drilling program designed to test the five regional targets outlined in today's release, as
well as other similar anomalies located south and west of the
Atlanta
resource zone. Further details of the program will be released in
the coming weeks. BLM (Bureau of Land Management) approval for this drilling program is currently pending.
Cal Herron
, Exploration Manager of
Nevada King
, commented, "Gold mineralization within the
Atlanta
District formed within a resurgent
caldera associated with the much larger Indian Peak volcanic field. The presence of shallow, quartz- and volatile-rich magmatism beneath
a water-rich caldera basin like we see at
Atlanta
provides the ideal setting for potentially hosting large gold deposits, such as what is seen
at
Round Mountain
(located 240km west of
Atlanta
and with 16 million ounces of gold produced through 2022 –
Source: USBM Nevada
Mineral Explorer Website, 2023
). At
Atlanta
, the majority of drilling to date has been focused around the
Atlanta
resource zone, which
represents just one intrusive plume that broke through the Paleozoic basement and deposited gold in a shallow epithermal environment.
Relying on CSAMT surveys conducted across not just the resource zone, but throughout the district,
Nevada King
has now developed an
integrated, detailed geological model for gold deposition that outlines numerous additional areas where intrusive plumes have exploded up
through the basement rock. Where these plumes coincide with major faults, a favourable environment for gold deposition may occur,
particularly around fault intersections. As much of the
Atlanta
District is obscured by an extensive blanket of volcanic tuff and sediments,
these targets are largely buried and have remained undetected until recently with the aid of geophysical methods including CSAMT. All of
our drilling and work to date at
Atlanta
has sharpened our understanding of the complex interplay of structural and hydrothermal
components responsible for gold mineralization, and we now look forward to applying this knowledge toward unlocking the district-scale
potential."
Figure 2. Area of regional targets discussed today in relation to the Atlanta property outline and major basement faults inferred from
gravity geophysics. Today’s release only covers the northeastern part of the property, while the CSAMT low resistivity zones occur over a
much larger area. Resistivity data for the western half of the property is still being compiled and will be released at a later date. (CNW
Group/Nevada King Gold Corp.)
Figure 3. Plan view of the five regional targets in today’s release relative to the historical Atlanta pit, Gustavson 2020 resource zone, and
major structural elements. CSAMT lines run east-west across the predominant N-S structural grain. These targets largely coincide with
CSAMT low resistivity anomalies related to shallow felsic intrusions at depth, which has already been confirmed by drilling within the
current resource zone and along the East Ridge Target. (CNW Group/Nevada King Gold Corp.)
Target Descriptions
Jumbo Target
The Jumbo target is located 1km due east of the
Atlanta
pit along the eastern flank of the East Ridge and is arcuate shaped with a length
of 2.5km and an average width of
500m
. The large low resistivity zone is covered by dense dolomite and alluvium and has not been
historically explored. Field reconnaissance does show small outcrops of altered carbonate rock with preferentially silicified beds in thin-
bedded dolomite. Weak gold and arsenic anomalies in soil and rock samples were picked up in silicified dolomite along the base of the
East Ridge near the contact with alluvium. The large, bulbous-shaped low resistivity zone at the southern end of the Jumbo plume shown
on CSAMT line 14 in Figure 4 coincides with a large low resistivity corridor likely related to an igneous body that intruded up into the dense
dolomite basement along a major north-south structure. Potential mineralization would most likely be of the East Ridge Type with gold
hosted within the intrusive mass and along the contacts with dolomite, while the low resistivity appendage projecting westward from the
plume could host mineralization similar to mineralization found in AT24HG-41 (
released
July 23, 2024
). Moving
200m
northward to CSAMT
line 15 in Figure 5, the intrusive plume has plunged northeastward beneath a thin cap of high resistivity dolomite that is punctuated in
places by strong alteration and/or intrusive dikes. The apex of the low resistivity zone coincides at the surface with variably silicified and
brecciated dolomite hosting weakly anomalous gold (<0.05 g/t Au) and arsenic (<100 ppm) mineralization. Further to the northeast the
target is completely covered by alluvium.
Bounty Target
The northeast-trending, 1.5km long by
500m
wide Bounty target is a shallow, low resistivity zone that is largely covered by alluvium and
post-mineral volcanics as shown in Figure 6, but carbonate cover is evident in Figures 5, 7, and 8. For most of its length, the target
coincides with the axis of an apparent broad antiform. Variably decalcified and silicified dolomite is seen in outcrop at the southern end of
the target zone and in a low knob projecting through the alluvial blanket at the northern end. Rock samples on the knob average 0.03 g/t
Au and 50ppm As, indicating weakly anomalous mineralization. Only one historical reverse circulation ("
RC
") drill hole tested the zone's
southern margin but was too shallow (
90m
deep) to get into potential mineralization underneath the massive dolomite cap. Potential
mineralization is most likely of the AT24HG-41 Type where mineralizing fluids were trapped beneath the dense dolomite cap around the
intrusive apex. At the far eastern side of CSAMT line 21 (Figure 8) a low-angle, east-dipping resistivity low at the surface occurs on top of
dolomite basement, which is similar to what we see (albeit with a gentle westward dip) in the main resource zone. There is potential along
the eastern side of the Bounty Target for West Atlanta Graben Type mineralization and the Phase 3 CSAMT in-fill program currently
underway will better define this peripheral area and possibly further extend the target northward.
Crossroads Target
The Crossroads Target lies along the West Atlanta Fault (Figure 5) and extends northward from the West Atlanta Graben. Unlike the other
four new targets discussed today, the Crossroads is the only one possessing significant historical drill data, which did in fact hit anomalous
mineralization. Five holes were drilled into the northern end of the target and one hole tested the western margin. Two RC holes at the
northern end hit significant gold mineralization: GC96-04 intersected 0.97 g/t Au over
9.1m
at a depth of 108.2 metres while AR-60
intersected
6.1m
of 0.54 g/t Au starting at a depth of 112.8 metres. Both holes were collared seven metres apart drilling due east at a -
45-degree angle. The mineralized bed that was intersected remains consistent between both holes and intersects the gradational CSAMT
signature in between strong high and low resistivity signatures.
Nevada King's
planned Phase III holes step eastward and northeastward
from the target, following the trend of mineralization seen in the two historical holes.
Northeast Target
The NNE-trending,
1,400m
long by
300m
wide Northeast Target sits on the western side (hanging wall side) of the West Atlanta Fault,
which is the main mineralizing structure within the
Atlanta
resource zone. The tabular shaped low resistivity zone dips steeply eastward and
is about
100m
thick (see Figures 6-8), which is very similar to the CSAMT signature associated with the AT24HG-41 zone at the northern
end of the South Quartzite Ridge Target along the West Atlanta Fault. The Northeast Target is sandwiched between two massive
basement (dolomite) blocks that confine the intrusive body and potential mineralization to a relatively small area, thus possibly resulting in
higher grades. Again, this scenario is very similar to what was encountered at the southern end of the
Atlanta
resource zone in vertical RC
holes AT23HG-37 (1.89 g/t Au over
114m
starting at
171m
) and AT23HG-34 (2.15g/t Au over
96m
starting at
136m
, both
released
October 17, 2023
), and AT24HG-41 (6.28 g/t Au over
54.9m
starting at
148m
;
released
July 23, 2024
). All three holes drilled
through barren basement rock before encountering intrusive-hosted mineralization, with values starting abruptly at the basement-intrusive
contact. The low resistivity zone occurs between the
West Atlanta
and
West Atlanta
#1 Faults, and it is also important to note that this
northerly trending fault corridor hosts most of the shallow intrusions, explosive brecciation, and gold mineralization seen throughout the
resource zone, as well as the highest gold grades like those seen in AT23WS-44 (11.64 g/t Au over
108m
starting at
215m
;
released
October 2, 2023
). Very weak Au-As anomalies were found in rock sampled in the adjacent dolomite, but the target is covered by
dolomite on the west and alluvium and post-mineral tuff on the east. Four historical holes were drilled at the extreme southern end of the
target but were too shallow to reach the low resistivity zone at depth. The low resistivity zone appears to shallow northward with an
attendant increase in silicification noted at the surface in the dolomite. Based on what is currently known, potential mineralization along this
target would most likely be AT24HG-41 Type. The target is open northward where the Phase III CSAMT survey will add further definition.
Lone Ranger Target
The Lone Ranger Target occurs on the hanging wall (west side) of the
West Atlanta
#1 Fault and is probably the northern extension of the
West Atlanta Graben Zone and Wild West Target. Located 1.5km north of the
Atlanta
pit, Lone Ranger is at least
1,600m
long, of variable
width, and occurs at the contact of massive dolomite on the east with a deep volcanic basin on the west. This volcanic basin is most likely
the centre of the
Atlanta
caldera and is at least
600m
deep based on historical drilling. Historical holes generally transited unmineralized
volcanics and bottomed in barren, massive dolomite at shallow depths – the implication being
Nevada King
must shift its attention further
westward and look for locations along the contact that may have localized intrusive activity and potential mineralization. Broad zones of
intermediate CSAMT gradients between the high resistivity dolomite and low resistivity volcanic basin can be seen on Figure 8. Many
occurrences of strong mineralization within the
Atlanta
resource occur along these gradational resistivity zones, so this type of CSAMT
signature has become a good vector for finding potential mineralization. We also know from the distribution of higher-grade gold within the
West Atlanta Graben that crossing structures are important, like the E-W trending North and South Faults in the resource zone, so our
Phase III CSAMT includes three N-S oriented lines to check for easterly trending structures. Potential West Atlanta Graben Type
mineralization is the most likely scenario given the target's location along the
West Atlanta
#1 Fault. The low resistivity zone remains open
to the north and the Phase III CSAMT program will add further definition for a potential northward extension.
Figure 4. CSAMT Section 14 looking north showing a large intrusive body at depth below southern end of the Jumbo Target. The plume of
the intrusive body is indicated by white hatched lines and is bounded by steeply dipping structure likely responsible for providing a pathway
for the intrusive plume. The Blue color represents Paleozoic carbonate rocks exhibiting high-resistivity signatures in the CSAMT data. The
intrusive plume shown by strong low-resistivity signature in pink apexes subsurface. (CNW Group/Nevada King Gold Corp.)
Figure 5. CSAMT Section 15 looking north with the development of the Jumbo Target. Magenta and red signatures represent the deep
intrusive body as it upwells just below the surface. Multiple near vertical structures have staggered the Paleozoic carbonate basement
represented by the deep blue CSAMT signature. The white arrows indicate the upwelling of the plume with the white hatched lines
indicating the rough outline of the intrusive body at depth. (CNW Group/Nevada King Gold Corp.)
Figure 6. CSAMT Line 18 looking north showing continuation of a deep intrusive body to the east with an upwelled plume (outlined by white
hatched lines). The deep basement structure likely bounds both sides of this intrusive body creating a trough-like basin that is subsequently
filled with volcanics. The low resistivity signature at surface represents a post-mineral blanket of younger volcanics that has effectively
covered any potential mineralizing signatures to be found at surface. (CNW Group/Nevada King Gold Corp.)
Figure 7. CSAMT Line 19 looking north across 3 major zones: Lone Ranger Target, Bounty Target, & Jumbo Target. White arrows
indicate possible upwelling directions of plume signatures indicated by CSAMT data. Eruptive style plumes follow along steep structures
separating large blocks of high resistivity Paleozoic carbonates. Large CSAMT gradient signatures surrounding these Paleozoic rocks may
indicate strong alteration caused by nearby intrusive. All covered by a post-mineral volcanic blanket. (CNW Group/Nevada King Gold
Corp.)
Figure 8. CSAMT Line 21 looking north across three major zones: Lone Ranger Target, Bounty Target, and Jumbo Target. White arrows
posite upwelling intrusive plumes as indicated by the CSAMT data that were likely sourced from a deeper, much larger intrusive body.
Large CSAMT gradient signatures surrounding these Paleozoic rocks may indicate strong alteration caused by the nearby intrusive and
are all covered by a post-mineral volcanic blanket. (CNW Group/Nevada King Gold Corp.)
QA/QC Protocols
All RC samples from the Atlanta Project are split at the drill site and placed in cloth and plastic bags utilizing a nominal 2kg sample weight.
CRF standards, blanks, and duplicates are inserted into the sample stream on-site on a one-in-twenty sample basis, meaning all three
inserts are included in each 20-sample group. Samples are shipped by a local contractor in large sample shipping crates directly to
American Assay Lab in
Reno, Nevada
, with full custody being maintained at all times. At American Assay Lab, samples were weighted
then crushed to 75% passing 2mm and pulverized to 85% passing 75 microns in order to produce a 300g pulverized split. Prepared
samples are initially run using a four acid + boric acid digestion process and conventional multi-element ICP-OES analysis. Gold assays
are initially run using 30-gram samples by lead fire assay with an OES finish to a 0.003 ppm detection limit, with samples greater than 10
ppm finished gravimetrically. Every sample is also run through a cyanide leach for gold with an ICP-OES finish. The QA/QC procedure
involves regular submission of Certified Analytical Standards and property-specific duplicates.
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.
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.sedarplus.ca
).
Resource Category
Tonnes
(000s)
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
Table 1. NI 43-101 Mineral Resources at the Atlanta Mine
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, 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:
For further information, contact Collin Kettell at [email protected] or (845) 535-1486.
CO: Nevada King Gold Corp.
CNW 07:30e 17-SEP-24