Nevada KING Intercepts 2.37 G/T Au over 75M at a Depth of Just 12M Beneath the Atlanta Pit, Extends the 'East High-Grade Zone' Northward
NEVADA KING INTERCEPTS 2.37 G/T AU OVER 75M AT A DEPTH OF JUST
12M BENEATH THE ATLANTA PIT, EXTENDS THE 'EAST HIGH-GRADE
ZONE' NORTHWARD
VANCOUVER, BC
,
Nov. 29, 2023
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX: NKGFF) ("
Nevada King
" or the "
Company
") is pleased to
announce assay results from three vertical 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. The three holes reported today tested gaps within the existing drill pattern across the
80m
-wide northerly
trending Atlanta Mine Fault Zone ("
AMFZ
") between the East Atlanta Fault ("
EAF
") and the West Atlanta Fault ("
WAF
") and are plotted in plan (Figure 1) and
along an updated Section 22-10N(3) (Figure 2), initially released on
April 20, 2023
and updated on
August 10, 2023
.
Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AT23NS-124
12.2
86.9
74.7
2.37
43.9
AT23NS-120
33.5
71.6
38.1
1.14
43.4
AT23NS-129
109.8
143.3
33.5
1.14
31.4
Table 1. All holes reported today along Section 22-10N(3). 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.
2.37 g/t Au over
74.7m
in AT23NS-124 starts at
a depth of just
12m
beneath the pit floor
and was sited to test for a northward extension of higher-grade
and thicker mineralization hosted within a
20m
-wide fault block, termed the "
East High-Grade Zone
" that runs along the western side of the EAF and floors
the bottom of the Atlanta Pit.
The East High-Grade Zone had previously been intercepted in holes drilled south of Section 22-10N(3) and today's intercept successfully
extends this zone
30m
northward
, injecting higher-grade and thicker mineralization into this area of the AMFZ.
Since historical explorers did not conduct drilling from within the
Atlanta
pit, the East High-Grade Zone was not discovered until
Nevada King's
2021 drilling
campaign that intercepted high-grade oxide mineralization starting at surface from the bottom of the pit, including
5.34 g/t Au over
54.9m
and
3.35 g/t Au
over
64.1m
(released
January 12, 2022
, and
January 20, 2022
, respectively).
As shown in Figure 2, the East High-Grade Zone is atypical in that it hosts grades and thicknesses that are considerably greater when compared to most
other mineralized fault blocks comprising the AMFZ.
AT23NS-120 intercepted 1.14 g/t Au over
38.1m
and was positioned
17m
north-northwest of AT23NS-124 to define the western boundary of the East High-
Grade Zone. The deeper intercept depth relative to AT23NS-124 indicates that AT23NS-120 collared west of the fault bounding the western side of the zone
and subsequently drilled down through the boundary fault and into mineralization.
AT23NS-129 stepped a further
39m
west of AT23NS-120 into another drill pattern gap and intercepted 1.14 g/t Au over
33.5m
, confirming the presence of
mineralization within a westward thickening wedge of silica breccia bounded on top and bottom by shallow-dipping contacts.
Cal Herron
, Exploration Manager of
Nevada King
, comments, "The three holes released today along Section 22-10N(3) provide further support for the current infill
drilling program along the AMFZ, the purpose being to better define the grade and geometry of mineralization. With the areal extent of mineralization along the
AMFZ now fairly well defined, our current focus is on boosting the average grade by drilling in closer to the high-angle feeder faults responsible for both higher
grade and thicker mineralization. Today's
75m
thick intercept averaging 2.37 g/t Au in AT23NS-124 is the thickest intercept recorded to date along the East High-
Grade Zone."
Figure 1. Location map for holes reported in this news release along drill Section 22-10N(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. Cross section 22-10N(3) looking north across the southern portion of the Atlanta Mine Fault Zone. Higher grade mineralization is concentrated within
narrow fault blocks formed between the East Atlanta and Atlanta King Faults and along the western side 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
AT21-65
3.0
51.8
48.8
2.32
32.9
AT22NS-89
172.3
213.4
41.2
0.94
67.8
Bottomed in mineralization
AT22NS-90
182.9
222.6
39.7
0.82
52.3
AT23NS-48
91.5
112.8
21.3
1.27
35.1
AT22NS-50
89.9
108.2
18.3
3.68
27.1
includes
93.0
99.1
6.1
7.09
33.1
AT22NS-47
64.0
89.9
25.9
2.04
27.8
AT22NS-49
62.5
88.4
25.9
3.73
46.1
Including
67.1
74.7
7.6
6.33
28.8
AT22NS-43A
3.0
30.5
27.4
1.02
21.2
AT22NS-46
4.6
59.5
54.9
3.41
26.0
90-2
135.7
173.8
38.1
0.99
90.4
Table 2
. Previously reported and historic holes used in Section 22-10N(3). AT21 series hole was drilled by Nevada King in 2021, while AT22 series holes were drilled by Nevada King in 2022. "90" series hole drilled by Bobcat in 1990. 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.
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.
Granting of Options
The Company also announces it has granted 300,000 stock options to a director of the Company with each stock option exercisable at a price of
$0.50
into a
common share of the Company for a period of five years.
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 29-NOV-23