Nevada KING Intercepts 3.18 G/T Au over 44.2M, Including 8.25 G/T over 13.7M at Atlanta, Extends WEST Atlanta Graben Mineralization Westward
NEVADA KING INTERCEPTS 3.18 G/T AU OVER 44.2M, INCLUDING 8.25
G/T OVER 13.7M AT ATLANTA, EXTENDS WEST ATLANTA GRABEN
MINERALIZATION WESTWARD
VANCOUVER, BC
,
Aug. 10, 2023
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX: NKGFF) ("
Nevada King
" or the "
Company
") is pleased to
announce assay results from four 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 four holes reported today are plotted in plan and along an updated Section 22-10N(2), initially released
on
April 20, 2023
.
Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
Notes
AT23HG-25
271.3
315.5
44.2
3.180
53.2
Includes
292.7
306.4
13.7
8.253
13
AT23HG-26
279.0
317.1
38.1
0.817
27
Bottomed in Mineralization
AT23NS-96
105.2
135.7
30.5
0.944
51.0
AT23WS-27
306.4
349.1
42.7
0.328
14.3
Bottomed in Mineralization
T
able 1: Highlight holes released today along Section 22-10N(2). 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.
Hole AT22-HG-18 reported
April 20, 2023
was collared along the east side of the West Atlanta Graben ("
WAG
") and returned highlight intervals of
33.5m
grading 2.35 g/t Au and 363 g/t Ag including 1.08 kg/t Ag over
10.7m
. Today's AT23HG-25 (
44.2m
@ 3.18 g/t Au and 53 g/t Ag) is located
14m
west of
AT22HG-18, thus extending the high-grade mineralization further westward into the WAG from the West Atlanta Fault (see Figure 2).
AT23HG-26 stepped out a further
23m
west of AT23HG-25 and was planned to deepen AR-1 (
19.9m
@ 0.41 g/t), a historical hole which did not penetrate
into the gold-bearing silica breccia zone. While AT23HG-26 only partially penetrated the silica breccia, in turn bottoming in mineralization, it intercepted
38.1m
of 0.82 g/t Au, which is considerably thicker and higher grade compared to the
19.9m
of 0.41 g/t reported in AR-1.
AT23WS-27 stepped a further
36m
west into the WAG and returned
42.7m
@ 0.328 g/t Au and 14.3 g/t Ag, providing further confirmation that higher grades
are concentrated in a halo around the fault structures and decrease more distally into the graben.
Drilling is currently ongoing with further step outs to the west in the approximately
100m
gap between AT23WS-27 and historical hole DHRI-11-NRC-7, where
grades may pick back up again approaching the West Atlanta Fault #2 (WAF2), as seen along sections to the north and south.
It is important to note the large difference in intercept grade across the WAG in the historical holes versus
Nevada King's
holes.
In the Gustavson
2020 resource model, only two historical holes were drilled in this area, DHRI-11-NRC-7 and AR-1. Both are dramatically lower in grade compared to
Nevada
King's
closer spaced holes (AT23WS-27, AT23HG-26, AT23HG-25, AT22HG-18, AT22NS-89, AT22NS-90). On a weighted average basis, the two historical
holes average 0.25 g/t Au and 24.7 g/t Ag over
39m
, while the Company's six holes average 1.41 g/t Au and 88.0 g/t Ag over
40m
.
Numerous historical holes were collared within the WAG, but as seen in Figure 2 with Kinross angle holes KR98-2 and KR98-11, these holes failed to reach
the mineralized zone, leaving a sizeable data gap between DHRI-11-NRC-7 and AR-1. This same gap occurs north and south of Section 22-10N(2) – gaps
the Company is currently filling with more closely spaced vertical holes that stand a good chance of similarly boosting average grade.
Cal Herron
, Exploration Manager of
Nevada King
, commented, "
Nevada King's
drilling appears to show that historic holes consistently under estimated interval
grades, primarily from not drilling near higher grade feeder structures and not fully penetrating the mineralized zones. Our drilling continues to discover new zones
of mineralization that were not intersected in the historic programs including areas of high-grade mineralizaiton proximate to key sub-vertical fault structures.
Based on our drill results to date and ongoing modelling of the mineralization we are optimistic that we can significantly increase the size and grade of the
resource base at
Atlanta
from that reported in the Gustavson (2020) report."
Figure 1. Location map for holes reported in this news release along drill section22-010N
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(2) 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 Nevada King Fault 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
AT22HG-18
257.6
291.2
33.5
2.35
363.0
Bottomed in mineralization
includes
259.1
269.8
10.7
5.27
1084.1
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-43
0.0
27.4
27.4
1.97
25.1
Bottomed in mineralization
Table 2: All holes reported today along Section22-10N(2).
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.
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
AR-1
283.5
303.4
19.9
0.41
16.2
Bottomed in mineralization
AR-2
^
182.9
205.8
22.9
1.72
47.0
90-2
135.7
173.8
38.1
0.99
90.4
DHRI-11-NRC-7
295.7
371.9
58
0.19
27.6
Aggregate grades
Table 3
: Previously reported and historic holes used in Section 22-10N(2). AT21 series hole was drilled by Nevada King in
2021. AR series holes were drilled by Goldfields in 1990. "90" series hole drilled by Bobcat in 1990, while DHRI series
hole was drilled by Meadow Bay in 2011. 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.
^
Denotes angle hole.
Nevada King Engages GRA Enterprises LLC
The Company is pleased to announce that it has engaged a third-party investor relations provider, GRA Enterprises LLC ("
GRA
") to disseminate news releases
and newsworthy related events, provide communications and media services, produce and publish investor bulletins on the National Inflation Association website,
and distribute e-mail alerts to the Consultant's National Inflation e-mail list about the Company and its projects.
GRA is a limited liability company with an office at 112 Camp Lane,
Mooresville, NC
, USA 28117-8925, and is headed by
Gerard Adams
. GRA is in the business
of providing communication services including assisting public companies in the marketing of corporate activities. The Company is at arm's length from GRA and
Gerard Adams
. The term of the agreement with GRA (the "
Agreement
") is for 12 months ending
August 9, 2024
. GRA will be paid an upfront cash fee of
US$15,000
and three additional quarterly cash fees of
US$15,000
each for a total of
US$60,000
for the services.
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
$17 million
as of August 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
(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
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 10-AUG-23