Nevada KING Intercepts 1.62 G/T Au over 93M & 1.78 G/T Au over 62.5M IN TWO Holes South of the Atlanta Pit
NEVADA KING INTERCEPTS 1.62 G/T AU OVER 93M & 1.78 G/T AU OVER
62.5M IN TWO HOLES SOUTH OF THE ATLANTA PIT
VANCOUVER, BC
,
Jan. 30, 2024
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX: NKGFF) ("
Nevada King
" or the "
Company
") is pleased to
announce assay results from six 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. Today's holes are plotted in plan and section on Figures 1 and 2 below.
Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
Zone
AT22SE-16A
176.8
320.1
93.0
1.62
6.7
WAGZ
AT23HG-27
193.6
256.1
62.5
1.78
3.7
WAGZ
AT23WS-51
158.5
160.1
1.5
0.56
0.0
WAGZ
AT23NS-131
*
103.7
141.8
38.1
1.98
6.3
AMFZ
AT23NS-167
*
56.4
99.1
42.7
1.19
36.4
AMFZ
AT23NS-167B
*
50.3
71.6
21.3
1.35
40.6
AMFZ
Table 1. Holes released today along Section 23-5N(3). Mineralization occurs along near-horizontal horizons with true mineralized thickness in vertical holes estimated to be 85% to 95% of reported drill intercept length. True mineralized thickness in angle
holes estimated to be 75% to 90% of reported intercept length.
*
Denotes angle hole.
1.98 g/t Au over
38.1m
in AT23NS-131,
1.19 g/t Au over
42.7m
in AT23NS-167, and
1.35 g/t Au over
21.3m
in AT23NS-167B were intercepted in a series
of northward-directed angle holes sited along the eastern margin of the Atlanta Mine Fault Zone ("
AMFZ
") to test a
100m
-wide gap in drill coverage at the
southwestern corner of the historical
Atlanta
open pit. These intercepts continue to demonstrate good lateral continuity of mineralization in this area.
1.62 g/t Au over
93.0m
in AT22SE-16A and
1.78 g/t Au over
62.5m
in AT23HG-27 were sited within the West Atlanta Graben Zone ("
WAGZ
") to fill in gaps
that were present, with both holes displaying good continuity of grade and thickness moving eastward toward the West Atlanta Fault.
AT23WS-51 was also sited within the WAGZ but did not encounter significant gold values, effectively bounding the WAGZ mineralization on its southwestern
margin along this portion of the system. Strong mineralization is still seen in holes located southeast of AT23WS-51 moving toward the South Quartzite Ridge
Target, and the Company intends to target potential extensions of mineralization south of AT22SE-16A and AT23HG-27 in its drilling over the coming months.
Cal Herron
, Exploration Manager of
Nevada King
, stated, "The three northward directed angle holes complete our infill drilling within the approximately
100m
-wide
gap in drill coverage that existed at the southwest corner of the historical
Atlanta
pit. We have now successfully demonstrated continuity of mineralization along the
western side of the pit together with mineralization south of the pit and eliminated a data gap over a plan view area of approximately
10,000m
2
that formed a
prominent "hole" in the 2020 resource model.
"The three holes drilled across the WAGZ were sited to infill gaps in the existing drill pattern, and in the case of AT22SE-16A (1.62 g/t Au over
93.0m
), mineralization was extended
20m
further south from
Nevada King's
previously released hole AT22HG-16 (1.21 g/t Au over
129.6m
) reported to the north
along line 22-6N (
released
January 6, 2023
). This southward trend will be followed with additional holes in the coming months. AT23WS-51 (0.56 g/t Au over
1.5m
) effectively delimits mineralization
25m
west of historical hole ARC-5 (2.97 g/t Au over
71.8m
). Both holes drilled the same volcanic sequence, so the
mineralization contact separating these holes is most likely an alteration contact as opposed to fault contact. Additional drilling southeast of AT23WS-51 is needed
in order to better define this contact where it trends toward the South Quartzite Ridge Target."
Figure 1.
Location map for holes reported in this news release along updated drill Section 22-5N(3) 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.
Updated cross section 22-5N(3) looking north across the West Atlanta Fault that divides the AMFZ target on the east from the WAGZ target on the
west. Along the AMFZ Au/Ag mineralization is largely hosted within a silica breccia horizon developed on top the Paleozoic dolomite and quartzite units, whereas
mineralization within the WAGZ
is largely hosted within volcanic tuff and sediments above the Paleozoic basement. (CNW Group/Nevada King Gold Corp.)
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AT23HG-21
149.4
219.5
70.1
3.18
20.8
AT22HG-13
109.8
192.1
82.3
3.60
11.0
AT22NS-69
89.9
135.7
45.7
1.57
8.5
AT22NS-80
80.8
129.6
48.8
1.37
6.6
AT22NS-82
102.1
128.0
25.9
2.71
6.1
AT22HG-8T
135.7
278.7
89.3
2.74
3.0
AT22SE-42
122.0
318.6
163.1
0.98
2.5
AT21-41B
*
38.1
73.2
35
1.17
9.5
AT21-42A
*
18.3
50.3
32
0.80
5.9
AT21-43A
*
19.8
33.5
13.7
1.9
18.6
AT22RC-11
0.0
33.5
33.5
1.28
0.5
AT22RC-12
*
0
57.9
57.9
1.38
14.0
ARC-5
131.1
202.7
71.6
2.97
11.1
ARC-1
176.5
289.9
113.4
2.11
10.8
AR-18
221
257.6
36.6
0.53
1.9
Table 2. Previously reported and historical holes used along updated Section 22-5N(3). AT22 series holes were drilled by Nevada King in 2022 and the AT21 series holes were drilled in 2021. ARC and AR series holes drilled by Goldfields in 1990. True
thickness of gold mineralization interpreted in today's release is 90% to 100% of the reported intercept length in vertical holes. True mineralized thickness in angle holes estimated to be 75% to 90% of reported intercept length.
*
Denotes angle hole.
QAQC 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 weighed 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. Silver samples that run greater than 100ppm are also 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.
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 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 3. 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:
Collin Kettell at [email protected] or (845) 535-1486.
CO: Nevada King Gold Corp.
CNW 07:30e 30-JAN-24