Nevada KING Intercepts 2.31 G/T Au over 71.7M IN Oxide Mineralization 200M North of the Atlanta Pit
NEVADA KING INTERCEPTS 2.31 G/T AU
OVER 71.7M IN OXIDE MINERALIZATION 200M
NORTH OF THE ATLANTA PIT
VANCOUVER, BC
,
Feb. 13, 2023
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX:
NKGFF) ("
Nevada King
" or the "
Company
") is pleased to announce assay results from four reverse
circulation ("
RC
") holes and one core hole recently completed at its Atlanta Gold Mine Project
located 264km northeast of
Las Vegas, Nevada
, in the prolific Battle Mountain Trend. These holes
were drilled
200m
north of the
Atlanta
pit on Section 22-16N (Figure 1) and cut across the high-
grade feeder zone that includes a network of structures comprising the Atlanta Mine Fault Zone
("
AMFZ
"). The Company has incorporated these new results to produce an updated interpretation on
cross section of this part of the AMFZ (Figure 2).
Highlights:
Hole No
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
Notes
AT22WS-2
227.1
298.8
71.7
2.31
5.8
Bottomed in mineralization
includes
265.2
298.8
33.6
4.10
10.2
Bottomed in mineralization
AT22NS-28T*
65.5
130.3
64.8
0.50
9.2
Table 1: Highlight hole intervals released today
Mineralization occurs along sub-horizontal horizons generally dipping gently westward, and true mineralized thickness in
vertical holes is between 85% and 95% of reported drill intercept length.
*
Denotes core hole.
Hole AT22WS-2 (2.31 g/t Au over
71.7m
) was drilled in the
Northwest Target Zone,
32m
eastward from historical hole DHRI-11-NRC3 (3.90 g/t Au over
56.4m
).
The Northwest
Target Zone was initially identified by Meadow Bay in 2011 with hole DHRI-11-NRC3, but most
of their subsequent holes stepped out westward and southward from this initial discovery hole
and failed to go deep enough to fully penetrate mineralization.
Nevada King
started its drilling in the Northwest Target Zone in late 2022 with the objective of
defining mineralization eastward from DHRI-11-NR3 moving toward the AMFZ and eventually
southeastward into the main Gustavson 2020 resource envelope. Today's holes released along
Section 22-16 do indeed confirm that gold mineralization connects eastward into the AMFZ and
presents an impressive
215m
wide and 55-
80m
thick mineralized zone that remains wide
open to the west and at depth,
with averaged intercept gold grades ranging from 0.21 g/t to
3.9 g/t Au.
Several of the holes released today and nearby historic holes bottomed in
mineralization.
Step-out drilling is currently underway along this section line and on parallel
fences aligned along a north-south axis aimed at expanding the drill defined mineralized
envelope laterally and to depth.
Cal Herron
, Exploration Manager of
Nevada King
, stated, "Meadow Bay made a significant high-
grade discovery with its 2011 and 2012 drilling of the Northwest Target Zone. Advancing where they
left off, Section 22-16N confirms connection of gold mineralization from the Meadow Bay intervals
eastward to the AMFZ.
Nevada King's
fence drilling across the southern end of the Atlanta Mine
Fault Zone along sections
22-5N (
January 12, 2023
)
,
22-6N (
January 6, 2023
)
, and
22-8N (
February 1, 2023
)
demonstrate the importance of the AMFZ with respect to controlling thick
zones of mineralization within the volcanic section west of the fault, as well as higher-grade
mineralization on both sides of the fault. Follow-up drilling will allow for a better understanding of
both the structural geometry and distribution of higher-grade mineralization, as well as defining the
bottom to the mineralization. Drilling has been active on adjacent parallel sections and new results
are anticipated shortly, which will allow us to further refine our modeling of grade distribution in the
Northwest Target Zone.
"Looking back at the drilling done from our start in
May 2021
to today, the one characteristic that
remains constant from hole to hole throughout the entire system is the consistent and contiguous
nature of the gold mineralization seen in drill intervals. Grade distribution is generally even and does
not fluctuate greatly from sample to sample in the drill intervals. Even with the high-grade intervals,
gold values increase and decrease in a steady and even manner. In my experience, this type of
grade consistency is generally the hallmark of a strong and well-developed gold system. As it stands
right now, we do not know how deep the gold mineralization extends at
Atlanta
nor do we know
what the lateral boundaries of gold mineralization are. Knowing we are drilling into a strong gold
system without knowing what the lateral and vertical limits on the system are, we can only imagine
what is possible at
Atlanta
as we move into this 2023 exploration season."
Figure 1.
Location map for holes reported in this news release along drill section 22-16N 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 22-16N looking north across the central portion of the Atlanta Mine Fault
Zone. Shallow intrusive activity and closely associated gold mineralization are localized within the
volcanic and sedimentary sequence along the western side of the West Atlanta Fault.
Higher grade
mineralization is concentrated within narrow fault blocks formed adjacent to the East Atlanta Fault
and east of the West Atlanta Fault. (CNW Group/Nevada King Gold Corp.)
Hole No
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
Notes
AT22WS-3A
179.9
259.1
79.3
0.44
3.8
AT22WS-12
204.2
259.1
54.9
0.21
1.2
Bottomed in mineralization
AT22NS-28T
*
65.5
130.3
64.8
0.50
9.2
AT22WS-2
227.1
298.8
71.7
2.31
5.8
Bottomed in mineralization
Includes
265.2
298.8
33.6
4.10
10.2
Bottomed in mineralization
AT22NS-29A
1.5
32.0
30.5
0.66
14.0
Table 2: All holes released today along Section22-016N.
Mineralization occurs along sub-horizontal horizons generally
dipping gently westward, and true mineralized thickness in vertical holes is between 85% and 95% of reported drill intercept
length.
*
Denotes core hole.
Hole No
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AT21-13
53.4
67.1
13.7
0.82
3.8
AT21-14
0.0
24.4
24.4
0.35
38.4
DHRI-11-NRC03
263.7
320.1
56.4
3.9
20.9
includes
265.2
280.5
15.3
8.6
13.22
DHRI-12-MRC1
^
271.3
349.1
77.8
1.95
6.49
GC96-09
0
27.4
27.4
0.41
2.35
AR-41
0
19.8
19.8
0.16
21.7
Table 3
: Historical holes used in Section 22-16N. AT21 series holes were drilled by Nevada King in 2021. DHRI series
holes were drilled by Meadow Bay in 2011 and 2012. GC series hole was drilled by Golden Chief in 1996. AR series holes
were drilled by Goldfields in 1990.
Mineralization occurs along sub-horizontal horizons generally dipping gently westward,
and true mineralized thickness in vertical holes is between 85% and 95% of reported drill intercept length.
^
Denotes hole that
bottomed in mineralization.
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
$9.3 million
as of February 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 given the global COVID-19 pandemic, 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.
SOURCE
Nevada King Gold Corp.
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For further information:
Collin Kettell at [email protected] or (845) 535-1486.
CO: Nevada King Gold Corp.
CNW 07:30e 13-FEB-23