Nevada KING Intercepts 1.79 G/T Au over 51.8M and 1.45 G/T Au over 64M at Atlanta
NEVADA KING INTERCEPTS 1.79 G/T AU OVER 51.8M AND 1.45
G/T AU OVER 64M AT ATLANTA
VANCOUVER, BC
,
June 19, 2023
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX: NKGFF) ("
Nevada King
" or the "
Company
") is
pleased to announce assay results from eight vertical, reverse circulation ("
RC
") holes recently completed at its 5,166 hectare (51.6km
2
), 100%
owned Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend 264km northeast of
Las Vegas, Nevada
. All eight holes were
drilled along Section 22-11N (see Figure 1) with highlight intervals including
1.79 g/t Au over
51.8m
150m
west of the Atlanta Pit
and
1.45 g/t
Au over
64m
on the Atlanta Mine Fault Zone ("AMFZ")
.
Drilling Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AT22NS-40
15.2
79.3
64.1
1.45
32.7
AT22NS-42
61.0
80.8
19.8
1.82
31.0
AT22NS-45
70.1
106.7
36.6
1.35
34.7
AT22NS-92
181.4
231.7
50.3
1.07
64.0
AT22NS-95
129.6
155.5
25.9
1.63
67.3
AT23NS-106
268.3
309.5
41.2
0.84
14.1
AT23WS-24
324.7
376.5
51.8
1.79
21.1
AT23WS-26
306.4
336.9
30.5
0.33
3.2
Table 1. Holes released today along Section 22-11N. Mineralization occurs along near-horizontal horizons with true mineralized thickness in vertical holes estimated to be 95-100% of reported drill intercept length.
Five of today's holes were drilled across the AMFZ between the
East Atlanta
and West Atlanta Faults. In this area intercept grades range
from 1.07 to 1.82 g/t and average around
40m
in length, with good continuity between holes, while adjacent historical core and RC holes
saw gold grades ranging from 0.69 to 1.80 g/t with intercept lengths averaging
27m
. The Company's grades and intercept lengths show an
appreciable increase against historical intercepts, due in large part to the historical drilling having missed the thick, higher-grade wedge of
mineralization that comes to surface along the western side of the East Atlanta Fault, highlighted in AT22NS-40 that hit
64.1m
of 1.45 g/t
Au, starting at a depth of just
15m
.
The three remaining holes released today are located west of the
Atlanta
pit and continue to extend mineralization northward along the
West Atlanta Graben ("
WAG
"), highlighted by AT23WS-24 that intercepted
51.8m
of 1.79 g/t Au
. At the far western end of Section 22-
11N, historical hole DHRI-11-NRC05 reported
61m
at 1.61 g/t Au
, thus demonstrating the presence of strong gold mineralization further
westward across the WAG where it remains open for further expansion (see Figure 2).
Lower grade mineralization found in AT23WS-26 (
30.5m
@ 0.33 g/t Au) is attributed to the hole having drilled down through a dacite
porphyry intrusion that generally hosts anomalous to low grades (<0.40 g/t Au). This is in stark contrast to AT23WS-24 located only
30m
east of AT23WS-26 that cut
51.8m
grading 1.79 g/t Au within the strongly silicified contact breccia zone and historical hole DHRI-11-
NRC05, located
36m
west of AT23WS-026, that hit
61m
grading 1.61 g/t Au almost all of which was hosted in a dacite intrusion. Such
variation in gold grade and thickness over shorter distances highlights the need for understanding the structural controls that relatively tightly
spaced drilling provides.
Cal Herron
, Exploration Manager of
Nevada King
, stated, "Section 22-11N spans the entire AMFZ and part way across the WAG, with drilling to
date falling short of reaching the
West Atlanta
#2 Fault that appears to bound the WAG's western margin. High gold values seen within the
dacite intrusion in DHRI-11-NRC05 indicate
gold mineralization is increasing westward as the
West Atlanta
#2 Fault is approached where
additional holes are being drilled.
The basement "plumbing system" beneath the WAG looks to be complex so close-spaced drilling will help
to decipher the structural patterns and accurately define the geometry of Au/Ag mineralization. The dacite porphyry intrusion is noteworthy in
that it appears to be a sill that was injected along the dolomite-volcanic unconformity. The dacite body is certainly an important plumbing
feature, but it's enigmatic origin requires deeper drilling in order to track it down."
Figure 1.
Location map for the hole reported in this news release along drill Section22-11N relative to the perimeter of the historical Atlanta Pit.
Shallow drillholes on the mine dumps have been removed from the plot for clarity. (CNW Group/Nevada King Gold Corp.)
Figure 2.
Section 22-11N looking north across the central portion of the Atlanta Mine Fault Zone and West Atlanta Graben. For further detail
including how this section fits into the Company’s evolving interpretation of gold mineralization at Atlanta, please see Figure 1 plan view and full
set of interpreted sections on Nevada King’s web site at www.nevadaking.ca. (CNW Group/Nevada King Gold Corp.)
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
KR98-15
^
135.7
155.5
19.8
1.80
83.56
KR98-17
179.9
204.3
24.4
1.26
43.54
KR98-18
^
118.9
146.3
27.4
0.69
15.90
DHRI-11-03C
^*
134.8
170.7
36.0
1.45
29.92
DHRI-11-NRC05
312.5
373.5
61.0
1.61
9.09
Including
352.1
373.5
21.4
3.41
17.80
Table 2. All historical holes used on Section 22-11N. KR series holes were drilled by Kinross in 1998 followed by the DHRI series holes drilled by Meadow Bay in 2011. ^Denotes angle holes. *Denotes core 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
$20.0 million
as of June 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, 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 19-JUN-23