Nevada KING Intercepts 19.2 G/T Au over 10.7M Within 6.9 G/T Au over 68.6M & 19.3 G/T Au over 3.0M Within 4.9 G/T over 77.7M at Atlanta, Expands Near Surface High-Grade "Jewelry Box" Zone
NEVADA KING INTERCEPTS 19.2 G/T AU OVER 10.7M WITHIN 6.9 G/T AU
OVER 68.6M & 19.3 G/T AU OVER 3.0M WITHIN 4.9 G/T OVER 77.7M AT
ATLANTA, EXPANDS NEAR SURFACE HIGH-GRADE "JEWELRY BOX"
ZONE
VANCOUVER, BC
,
Feb. 6, 2024
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX: NKGFF) ("
Nevada King
" or the "
Company
") is pleased to announce
assay results from five reverse circulation ("
RC
") holes located along an updated Section 22-8N(3), initially
released
February 1, 2023
and updated
October 30, 2023
, that were recently completed at its Atlanta Gold Mine Project located 264km northeast of
Las Vegas, Nevada
, in the prolific Battle Mountain
Trend.
Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
Notes
AT23NS-174
+
117.4
186.0
68.6
6.90
93.7
Angle hole: -82.5
o
dip
Includes
166.2
176.8
10.7
19.20
41.7
AT23NS-174A
+
118.9
196.6
77.7
4.90
75.0
Angle hole: -83
o
dip
Includes
169.2
172.3
3.0
19.35
190
AT23NS-161
106.7
157.0
50.3
1.93
32.0
Bottomed in Mineralization
AT23NS-162
109.8
146.3
36.6
3.44
116.0
AT23NS-163
120.4
147.9
27.4
1.25
59.3
Table 1. All holes released today. True mineralized thicknesses have yet to be determined for AT23NS-174, AT23NS-174A, and AT23NS-161, whereas true mineralized thickness in AT23NS-162 and 163 are estimated to be 90% to 100% of the reported intercept
length.
+
Denotes angle hole.
Two of today's holes were angle holes that were sited to follow up on the very high-grade intercept of
6.55 g/t Au and 100.8 g/t Ag over
82.3m
, including
26.71 g/t Au over
12.2m
encountered in angle hole AT23NS-133F, which represents the third most gold rich intercept so far recorded at
Atlanta
(released
November 14, 2023
). Today's two follow up holes successfully crossed the same high-grade structure, intercepting
6.9 g/t Au and 93.7 g/t Ag over
68.6m
including
19.2 g/t Au over
10.7m
in AT23NS-174 and
4.9 g/t Au and 75.0 g/t Ag over
77.7m
including
19.35 g/t Au over
3.0m
in AT23NS-174A
.
Collectively, these three steeply dipping angle holes define a high-angle west-dipping high-grade vein-like structure hosted within the hanging wall of the West
Atlanta Fault (Figure 2). High grade (>5 g/t Au) mineralization occurs within a hydrothermal breccia zone
5m
to
8m
thick that cuts up through a
50m
-wide
rhyolite to quartz latite composition dike sandwiched between the
West Atlanta
and
West Atlanta
#1 Faults. Very high-grade mineralization (>20 g/t Au) is
concentrated along the contact between the breccia and intrusive within a boiling zone that coincides with a sharp upward inflection in the contact's dip.
There appears to be about
30m
of vertical extent to this very high-grade zone that is characterized by a very vuggy, strongly silicified heterolithic breccia
infilled by iron oxides, clay, and barite. Lower grade mineralization spreads out laterally from the high-grade feeder zone into adjacent dike and felsic tuff
hosts, as indicated by intercepts plotted around this high-grade zone (see Figure 3). We also see the high-grade zone flattening westward in Figure 2 where
it was encountered in previously released holes AT23NS-53 (11.12 g/t Au over
12.2m
, released
February 1, 2023
) and AT22HG-20 (10.09 g/t Au over
6.1m
,
released
February 1, 2023
). This high-grade "tail" that flattens at depth away from the very high-grade zone is seen in numerous holes throughout the
Atlanta
deposit and may be the best guide for vectoring into additional concentrations of high-grade mineralization.
For the first time,
Nevada King
now has direct confirmation of a high-angle feeder structure, which in itself strongly supports the Company's new geological
model for the mineralization at
Atlanta
. In terms of size, shape, and depth, the Company will now use this new understanding of high-angle, high-grade
feeders to more confidently pursue potential high-grade zones hosted elsewhere throughout the deposit, looking for combinations of high-grade intercepts
most likely to vector into discreet areas where close-spaced drilling may encounter and define additional high-grade bodies possessing potential for
significantly upgrading these various portions of the resource zone.
As shown on Figure 3, two other prospective feeder zones are outlined in blue to the southeast and east of AT23NS-174. Angle hole AT23NS-131C (4.91 g/t
Au over
39.6m
,
released
January 9, 2024
) and vertical hole AT22NS-68 (4.03 g/t Au over
29m
including 10.03 g/t Au over
3m
,
released
January 6, 2023
) are
considerably higher grade than the surrounding holes, so we now suspect there is another feeder structure in close proximity to these holes. In similar
manner, vertical hole AT21-63 (3.95 g/t Au over
41.2m
includes 9.23 g/t Au over
9.1m
,
released
January 20, 2022
) and angle hole AT22NS-61A (2.23 g/t Au
over
51.8m
includes 5.95 g/t Au over
4.6m
near top of intercept,
released
October 18, 2022
) also exhibit evidence of proximity to a high-grade feeder along
the East Atlanta Fault.
The three vertical holes released today tested and successfully filled in gaps in the current drill pattern along the footwall side of the WAF (Figure 1) and
intercepted
1.93 g/t Au over
50.3m
, 3.44 g/t Au over
36.6m
,
and
1.25 g/t Au over 27.4.
Cal Herron
, Exploration Manager of
Nevada King
, stated, "We chose to further pursue the high-grade intercept in AT23NS-133F largely because we could fan-drill
the probable strike line with a series of shallow, steep angle holes from a single drill platform. So far, we've proven that the high-grade mineralization can be
tracked along strike, which will enable a resource modeler to tie the high-grade intercepts together into a cohesive body. Just as important, we also now see what
a high-grade feeder zone at
Atlanta
looks like and how it relates geologically to the surrounding rocks and structures. The whole point of drill-defining these high-
grade structures is to further up-grade the resource, both in scale and confidence. The AT23NS-133F high-grade zone may be too narrow to appreciably upgrade
the surrounding area, unless additional definition drilling can connect the higher grade mineralization (>5 g/t Au) eastward to the West Atlanta Fault, as seen in
Figure 3 above. However, the larger areas northwest and southwest of the pit along lines 22-3N through 22-7N and 22-14N through 22-18N host considerably
more potential for increasing overall grade. In both areas there is good evidence for multiple feeder zones, such as hole AT23WS-44 (11.64 g/t Au over
108.2m
including 37.16 g/t Au over
29m
). Going forward,
Nevada King
is now re-evaluating its drill intercepts within both areas and choosing discreet targets to selectively
test."
Figure 1. Location map for holes reported in this news release along drill section22-8N(2)
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 22-8N(3) looking north across northerly-trending West Atlanta and West Atlanta #1 Faults, both important basement structures that
channeled shallow intrusives and Au/Ag bearing fluids up into the receptive host horizon that developed at the uniformity separating Paleozoic basement dolomite
and quartzite from overlying Tertiary-age volcanics. High grade mineralization occurred along the steeply-dipping contact separating the silica breccia and rhyolitic
intrusive units. (CNW Group/Nevada King Gold Corp.)
Figure 3. Detailed plan view of hole locations and intercepts reported today together with previously reported drill results in the surrounding area. Surface
projection of high grade core zones outlined in blue are targets for further exploration aimed at increasing overall average grade within the deposit. (CNW
Group/Nevada King Gold Corp.)
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
Notes
AT23NS-133F
+
117.4
199.7
82.3
6.55
100.8
includes
184.5
196.6
12.2
26.71
89.3
AT23NS-133G
+
97.6
126.5
29.0
1.46
23.9
AT22NS-53
157.0
224.1
67.1
2.88
52.0
Includes
205.8
218.0
12.2
11.12
122.1
AT22NS-54
170.7
216.5
45.7
4.21
79.6
Includes
173.8
199.7
25.9
5.40
113.8
AT22NS-61A
+
6.1
57.9
51.8
2.23
59.0
Bottomed in mineralization
Includes
22.9
27.4
4.6
5.95
20.1
AT22NS-68
134.1
163.1
29.0
4.03
21.2
Includes
157.0
160.1
3.0
10.03
18.5
AT21-63
7.6
48.8
41.2
3.94
27.3
includes
38.1
47.3
9.1
9.23
24.3
Bottomed in mineralization
AT23NS-131C
+
132.6
172.3
39.6
4.91
41.4
includes
157.0
160.1
3.0
10.03
18.5
AT22HG-20
207.3
240.9
33.5
3.43
125.7
Includes
233.2
239.3
6.1
10.09
284
AT23HG-31
176.8
294.2
74.7
0.73
22.7
AT22NS-51
89.9
109.8
19.8
2.92
61.5
Includes
93.0
102.1
9.1
4.85
96
AT23NS-70
80.8
108.2
27.4
4.96
49.3
AT22NS-71
36.6
88.4
51.8
2.95
79.5
includes
54.9
68.6
13.7
5.90
164
Table 2. All holes previously reported by Nevada King shown on Figure 2 and referenced within the text of this release.
Mineralization generally occurs along near-horizontal horizons with true mineralized thicknesses in vertical holes estimated to be 85% to
100% of reported drill intercept length, while true mineralized thickness in the angle holes is currently unclear.
+
Denotes angle hole.
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 mutli-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.
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 06-FEB-24