Nevada KING Intercepts 1.74 G/T Au over 114.3M, 1.05 G/T Au over 89.9M, and 1.09 G/T Au over 61M, Extends WEST Atlanta Graben at Atlanta
NEVADA KING INTERCEPTS 1.74 G/T AU OVER 114.3M, 1.05 G/T AU OVER
89.9M, AND 1.09 G/T AU OVER 61M, EXTENDS WEST ATLANTA GRABEN
AT ATLANTA
VANCOUVER, BC
,
Aug. 22, 2023
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX: NKGFF) ("
Nevada King
" or the "
Company
") is pleased to
announce assay results from 11 vertical and angle 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 were sited to tie the mineralization at the north end of the historical pit together
with mineralization hosted in the West Atlanta Graben ("
WAG
") further to the west and are plotted on a newly released Section 22-14N (Figures 1 & 2).
Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
Notes
AT22WS-6
202.7
314.0
111.3
0.56
8.3
Bottomed in Mineralization
AT22WS-7
211.9
306.4
94.5
0.59
10.1
AT22WS-11
193.6
283.5
89.9
1.05
19.1
Bottomed in Mineralization
AT23WS-34
205.8
320.1
114.3
1.74
13.8
Bottomed in Mineralization
AT23NS-105
282.0
343.0
61.0
1.09
5.7
Includes
294.2
295.7
1.5
10.92
9.5
Table 1: Highlight holes released today along Section 22-14N. Mineralization occurs along sub-horizontal horizons
generally dipping gently westward; true mineralized thickness in vertical holes is estimated to be between 80% and 100%
of reported vertical drill intercept length
.
1.74 g/t Au over
114.3m
in AT23WS-34 is a
14m
step-out from historical hole DHRI-15-LRC1 that cut 1.66 g/t Au over
102.1m
and bottomed in
mineralization, thus extending mineralization
12m
deeper while also confirming the Au/Ag grades reported in DHRI-15-LRC1.
1.09 g/t Au over
61m
in AT23NS-105 is an
8m
step-out from historical hole DHRI-11-MRC4 (3.27 g/t Au over
22.9m
), which bottomed in mineralization. We
now know mineralization within this fault block is around
60m
thick and the Company is planning an additional hole to be drilled on the east side of DHRI-11-
MRC4 to see if grade increases moving toward the nearby fault.
Of the three holes drilled along the West Atlanta Fault #1 ("
WAF1
"), AT22WS-11 showed the best result, averaging
1.05 g/t Au over
89.9m
, while the
adjacent holes AT22WS-6 and 7 intercepted
0.56 g/t Au over
111.3m
and
0.59 g/t Au over
94.5m
, respectively. Historical core hole DHRI-11-7C, located
19m
east of WS-7, reported
90.2m
at 0.97 g/t Au, demonstrating consistency in thickness and grade all across this
50m
-wide fault block to DHRI-15-LRC1
on the east side.
Drilled between the West Atlanta Fault ("
WAF
") and the WAF1, AT23WS-10A picked up
29m
grading 0.685 g/t Au, indicating the presence of mineralization
that needs to be further defined with additional drilling to the east and west where the bounding faults may provide higher grades.
Cal Herron
, Exploration Manager of
Nevada King
, commented, "Our holes reported along Section 22-14N repeat the same pattern of mineralization seen
30m
northward along Section 22-15N (
released
April 27, 2023
). Gold values and thicknesses along the Atlanta Mine Fault Zone between the
East Atlanta
and WAF are
decreasing northward from the pit, while at the same time values and thicknesses west of the WAF within the WAG are increasing. We are therefore currently
pushing our drilling along Section 22-14N westward to the West Atlanta Fault #2 and beyond into areas devoid of historical drilling in an effort to find new faults
that may have pumped higher grade mineralization into what is turning out to be a very large, gold/silver blanket-like mineralized horizon."
Figure 1.
Location map for holes reported in this news release along drill section22-014N
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 22-14N looking north across the northern portion of the Gustavson 2020 resource zone. Higher grade mineralization is concentrated within
narrow fault blocks west of the West Atlanta Fault, within the West Atlanta Graben. (CNW Group/Nevada King Gold Corp.)
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
Notes
AT23NS-105
282.0
343.0
61.0
1.09
5.7
Includes
294.2
295.7
1.5
10.92
9.5
AT23WS-34
205.8
320.1
114.3
1.74
13.8
Bottomed in Mineralization
AT22WS-6
202.7
314.0
111.3
0.56
8.3
Bottomed in Mineralization
AT22WS-7
211.9
306.4
94.5
0.59
10.1
AT22WS-11
193.6
283.5
89.9
1.05
19.1
Bottomed in Mineralization
AT22WS-10A
199.7
228.7
29.0
0.69
15.1
AT22NS-30
0.0
140.2
140.2
<0.07
<0.5
AT22NS-31
62.5
71.6
9.1
0.41
21.6
AT22RC-20
109.8
128.0
18.3
0.54
12.4
Angle hole
AT22RC-21
9.1
13.7
4.6
0.25
1.00
Angle hole
AT22RC-15
54.9
97.6
42.7
0.25
20.7
Angle hole
Table 2: All holes reported today along Section22-14N.
Mineralization occurs along sub-horizontal horizons generally
dipping gently westward; true mineralized thickness in vertical holes is estimated to be between 80% and 100% of
reported vertical drill intercept length.
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
Notes
AT21-15
24.4
53.4
22.9
0.44
32.3
AT21-18
0.0
3.0
3
0.15
18.1
AT21-18B
0.0
4.6
4.6
0.13
22.9
Angle hole
AT21-19
16.8
19.8
3
0.14
5.1
88-8
152.4
173.8
21.3
0.44
23.2
DHRI-11-7C
202.7
293.0
90.2
0.97
25.4
Bottomed in mineralization
DHRI-12-MRC4
272.9
295.7
22.9
3.27
3.6
Bottomed in mineralization
DHRI-15-LRC1
208.8
311.0
102.1
1.66
8.9
DHRI-15-LRC2
275.9
309.5
33.5
0.28
<0.5
Table 3
: Previously reported and historic holes used in Section 22-14N. AT21 series hole was drilled by Nevada King in
2021. The 88 series hole was drilled by Bobcat in 1988 while the DHRI series holes were drilled by Meadow Bay in 2011,
2012, and 2015. 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 vertical drill intercept length.
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
$17 million
as of August 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.sedarplus.ca
).
NI 43-101 Mineral Resources at the Atlanta Mine
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
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
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, 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:
contact Collin Kettell at [email protected] or (845) 535-1486.
CO: Nevada King Gold Corp.
CNW 07:30e 22-AUG-23