Nevada KING Intercepts 2.74 G/T Au over 89M Including 7.65 G/T Au over 13.4M at New "WEST Atlanta Graben" Target at Atlanta
NEVADA KING INTERCEPTS 2.74 G/T AU OVER 89M INCLUDING 7.65 G/T
AU OVER 13.4M AT NEW "WEST ATLANTA GRABEN" TARGET AT
ATLANTA
VANCOUVER, BC
,
April 3, 2023
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX: NKGFF) ("
Nevada King
" or the "
Company
") is pleased to announce
high-grade gold assay results from one core hole and three 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.
Drilling Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t
AT22HG-8T
^
135.7
185.4
49.7
3.50
3.3
includes
170.4
183.8
13.4
7.65
6.6
and
239.0
278.7
39.6
1.54
2.6
aggregate
135.7
278.7
89.3
2.74
3.0
Table 1: Highlight hole released today. True width estimated at 90-95%.
^
Denotes core hole.
Section 22-5N (W) crosses the southern end of the newly defined West Atlanta Graben ("
WAG
") target, which hosts a thick section of mineralized volcanic
and volcaniclastic sediments down-dropped along the western flank of the West Atlanta Fault (see
March 20, 2023
, release
). Core hole AT22HG-8T extends
known mineralization to depth and, together with nearby RC holes AT22SE-14 and 16, defines the location of a post-mineral fault (the "
South Fault
") that
displaced mineralization southwest of the
Atlanta
pit (Figure 1).
WAG mineralization along Section 22-5N (W) is
150m
wide and ranges from 50 to
125m
thick (Figure 2). Historical holes drilled by Gold Fields in 1990 on
both sides of AT22HG-8T compare closely in grade and thickness to today's hole, for example returning 2.79 g/t Au over
94.5m
in ARC-5 and 2.11 g/t Au
over
113.4m
in ARC-1 (Table 3).
The southern end of the WAG is geologically complicated by the intersecting E-W and N-S fault patterns, which in itself may be responsible for the higher
grades and thicker mineralization seen along section lines 22-5N through 22-7N. Both Kinross and Meadow Bay considered the South Fault to be a through-
going structure terminating the southern end of the
Atlanta
resource zone.
However,
Nevada King's
2021 and 2022 drilling south of the
Atlanta
pit
clearly shows the Atlanta Mine Fault Zone cutting the South Fault and extending mineralization further south into the South Extension Target.
The Company's current interpretation of the fault pattern immediately south of Section 5N/5N(W) opens the door for additional targets within the massive
quartzite ridge that abuts the southern rim of the pit. If mineralized, this ridge, which is currently categorized as strip material in the Gustavson resource
model, could provide the Company with another game-changing event with respect to decreasing strip ratios and allowing for a deeper pit in potential mining
scenarios.
Given the lack of depth penetration in AT22HG-9 and severe core loss within the mineralized zone in ARC-1 a
140m
zone exists between AT22HG-13 (
82.3m
@ 3.60 g/t Au,
released
January 12, 2023
) and AT22HG-8T (
89.3m
@ 2.74 g/t Au). The Company is drill testing this sizeable gap.
PQ and HQ size core from AT22HG-8T is currently being utilized for metallurgical testwork aimed at determining amenability of the volcanic-hosted
mineralization for heap-leach recovery. Gold cyanide solubility assays within these volcanics are amongst the highest at the property to date, opening up the
prospect of simple heap leach extraction, which could positively impact mining and processing costs.
Cal Herron
, Exploration Manager of
Nevada King
, stated, "With winter conditions now behind us, drilling progress within the West Atlanta Graben will accelerate.
We will soon gain a much better understanding of the resource potential west of the
West Atlanta Fault by testing a rectangular area measuring
300m
wide
and
500m
long.
In the process, additional narrow, fault-bounded grabens hosting anomalously high Au/Ag grades and thicknesses like that seen in AT22HG-13
will likely be found.
Nevada King
will continue to focus on defining these high-grade zones that can have significant economic impact on a bulk-tonnage gold
system. The Atlanta Au/Ag system is turning out to be much larger than previously envisioned, and with improving weather conditions we are eager to ramp up
drilling to continue unlocking the property's potential."
Figure 1.
Location map for holes reported in this news release along section 22-05N(W) relative to the perimeter of the historical Atlanta Pit and 2020 Gustavson
resource zone.
Fault pattern has been updated with addition of recent drill data.
E-W trending structural pattern offsetting mineralized N-S structural pattern is
now becoming evident. (CNW Group/Nevada King Gold Corp.)
Figure 2.
Cross section 22-05N (W) looking north across the southern end of the West Atlanta Graben extension of the AMFZ about 200m soutwest of the
historical Atlanta pit.
Gold mineralization within the graben block is largely confined to the volcanic section
Mineralization is truncated 50m south of the section by
the steeply-dipping South Fault, with pre-dates the West Atlanta Fault.
The Pogonip Limestone is conformable with the overlying Eureka Quartzite. (CNW
Group/Nevada King Gold Corp.)
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AT22HG-8T
135.7
185.4
49.7
3.49
3.3
and
239.0
278.7
39.6
1.54
7.2
AT22HG-9
*
201.2
205.8
4.6
2.1
6.3
AT22SE-14
122.0
128.0
6.1
0.3
<0.5
AT22SE-16
0
115.9
115.9
<0.04
0.5
Table 2: Complete list of drill results reported today. True widths estimated at 90-95%. AT22HG-9 was lost in the volcanic section just as it entered the mineralized zone and must be re-drilled. Holes AT22SE-14 and 16 were drilled on
the southern side of the
South Fault and delimit the southern boundary of the West Atlanta Graben
.
*
Denotes hole that bottomed in mineralization.
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AT22HG-13
109.8
192.1
82.3
3.60
11.0
Including
147.8
175.3
27.4
9.92
30.9
AT22NS-69
89.9
135.7
45.7
1.57
8.5
AR-18
221.0
257.6
36.6
0.53
1.9
ARC-5 (U)
^
131.1
202.7
71.6
2.97
11.1
includes
173.2
199.7
26.5
6.35
12.6
ARC-5 (L)
*
259.1
282.0
22.9
2.23
1.9
ARC-1
^
176.5
289.9
113.4
2.11
10.8
includes
265.2
288.1
22.9
6.12
34.1
ARC-2
^
155.5
184.5
29.0
3.93
27.5
KR98-1
186.0
239.3
53.4
3.05
1.1
KR98-3
266.8
288.1
21.3
0.83
0.9
Table 3: Other holes used in Section22-5N (W). AT22 series holes were drilled by Nevada King in 2022 and have been previously reported. AR and ARC series holes were drilled by Goldfields in 1990. KR98 series angle RC holes were drilled by Kinross in 1998.
*
Denotes holes that bottomed in mineralization.
^
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
$7.25-million
as of
April 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.
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For further information:
contact Collin Kettell at [email protected] or (845) 535-1486.
CO: Nevada King Gold Corp.
CNW 07:30e 03-APR-23