Nevada KING Intercepts 2.45 G/T Au over 102.1M & 1.52 G/T Au over 65.5M Located 300M Northwest of the Atlanta Pit
NEVADA KING INTERCEPTS 2.45 G/T AU OVER 102.1M & 1.52 G/T AU
OVER 65.5M LOCATED 300M NORTHWEST OF THE ATLANTA PIT
VANCOUVER, BC
,
June 6, 2023
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX: NKGFF) ("
Nevada King
" or the "
Company
") is pleased to announce
assay results from seven vertical, reverse circulation ("
RC
") holes and one vertical core hole 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
.
Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AT23WS-23
230.2
332.3
102.1
2.45
10.1
Includes
288.1
300.3
12.2
8.78
11.8
AT23WS-18
225.6
283.5
57.9
1.48
8.5
AT22WS-1
^
239.3
304.9
65.5
1.52
11.6
Table 1. Highlight holes released today along Section 22-17N. Mineralization occurs along near-horizontal horizons with true mineralized thickness in vertical holes estimated to be 95-100% of reported drill intercept length.
^
Denotes hole that bottomed in
mineralization.
Holes released today are located
300m
northwest of the
Atlanta
pit along Section 22-17N where drilling continues to extend thick, high-grade oxide
mineralization northward along the West Atlanta Graben ("
WAG
"). Drill hole
AT23WS-23 intercepted
102.2m
of 2.45 g/t Au including
12.2m
of 8.78 g/t
Au
, while drill hole
AT22WS-1 intersected
65.5m
of 1.52 g/t Au and bottomed in mineralization
(Figure 1). Bounded on its east side by the West Atlanta
Fault, the WAG is approximately
150m
wide and contains sub-horizontal oxide mineralization ranging from
50m
to
200m
thick hosted within silicified Tertiary
volcanics and underlying silica breccia that developed in strongly decalcified Ordovician dolomite along the unconformable contact. Gold bearing fluids were
channeled into the unconformity via high angle faults that cut the stratigraphy and also localized felsic intrusive dikes that display a very close spatial
relationship to the gold zone.
Grades and mineralized thicknesses currently being encountered within the WAG show strong potential for substantially increasing the overall Au/Ag resource
at
Atlanta
. The Gustavson 2020 resource model primarly focused on the Atlanta Mine Fault Zone ("
AMFZ
"), which is immediately adjacent to the WAG on its
eastern side, while drill density within the WAG itself was in many cases insufficient for providing the lateral continuity of mineralization necessary for
establishing resources.
A good example of this is seen along Section 22-17N (Figure 2) where historical hole DHRI-11-15C had no other hole eastward along the section to tie to.
Consequently, the Gustavson 2020 resource model extended the thin, low grade intercept (0.28 g/t Au over
67.1m
) to the east and gradually pinched it out,
showing no evidence for more resource to the east. In stark contrast, today's banner intercept in AT23WS-23 (
102.2m
at 2.45 g/t Au), located only
50m
east
of DHRI-11-15C, is
considerably thicker and nine times stronger in terms of grade
compared to DRHI-11-15C, significantly changing the Company's
interpreted resource potential along this section. Consequently, the current drilling program is centred on expanding the WAG mineralization northward,
southward, and to depth.
Cal Herron
, Exploration Manager of
Nevada King
, commented, "Section 22-17N generally mimics the structural, stratigraphic and mineralization patterns seen in
adjacent Section 22-16N (
released
February 13, 2023
) and in sections previously released further south along lines 22-5N through 22-10N. We are seeing a
northward narrowing of mineralization along the AMFZ starting at Sections 22-16N and 22-17N, and this is probably due to the northerly-trending
Atlanta
King
Fault having been faulted out just north of the pit. At the same time, we see a new high-grade zone developing within the WAG between the
West Atlanta
#1 and
West Atlanta
#2 Faults (Figure 2). The thick, higher-grade intercept in AT23WS-23 is more typical of intercepts seen within the narrow graben blocks between the
Atlanta
King and East Atlanta Faults, so the West Atlanta Fault #1 may be the western analog of the
Atlanta
King Fault, which acts as an important fluid conduit
responsible in part for the high-grade mineralization seen along the eastern side of the AMFZ."
Figure 1.
Location map for the hole reported in this news release along drill Section22-17N 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 22-17N looking north across the northern portion of the Atlanta Mine Fault Zone and West Atlanta Graben. (CNW Group/Nevada King Gold
Corp.)
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AT22WS-1
^
239.3
304.9
65.5
1.52
11.6
AT22WS-11
^
193.6
283.5
89.9
1.05
19.1
AT22WS-12
^*
204.3
259.1
54.9
0.21
1.2
AT23WS-15
213.4
248.5
35.1
0.50
8.4
AT23WS-18
225.6
283.5
57.9
1.48
8.5
AT23WS-23
230.2
332.3
102.1
2.45
10.1
Includes
288.1
300.3
12.2
8.78
11.8
AT22NS-26T
+
119.2
138.3
19.1
0.39
11.3
AT22NS-27
51.8
71.6
19.8
0.41
12.5
Table 2. Newly released holes used on Section 22-17N.
^
Denotes holes bottoming in mineralization.
*
Denotes aggregate assay interval.
+
Denotes core hole.
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AT21-11
*
15.2
21.3
6.1
0.45
10.9
AT21-10
^
150.9
152.4
1.5
0.24
0.7
DHRI-11-15C
+
266.7
333.8
67.1
0.28
8.4
Table 3. All previously released holes used on Section 22-17N. AT21 series drilled by Nevada King in 2021. DHRI series drilled by Meadow Bay in 2011.
*
Denotes aggregate assay interval.
+
Denotes
core hole.
^
Denotes hole 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
$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 06-JUN-23