Nevada KING Intercepts 3.28 G/T of Oxide GOLD over 21.0M at Southwestern Edge of Atlanta GOLD MINE Pit, Battle Mountain Trend, Nevada
NEVADA KING INTERCEPTS 3.28 G/T OF
OXIDE GOLD OVER 21.0M AT
SOUTHWESTERN EDGE OF ATLANTA GOLD
MINE PIT, BATTLE MOUNTAIN TREND,
NEVADA
VANCOUVER, BC
,
May 11, 2022
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX:
NKGFF) ("
Nevada King
" or the "
Company
") is pleased to announce results from three core holes
drilled at the Company's 100% owned Atlanta Gold Mine, located 264km northeast of
Las Vegas
at
the southern end of the Battle Mountain Trend.
Highlights
AT21-068C intercepted
2
1.0m
averaging 3.28 g/t Au
beginning at a depth of
99.1m
at the
southwestern corner of the historical
Atlanta
pit. The entire core intercept consists of oxide
material and includes a higher-grade intercept of
5.7m
averaging 7.62 g/t Au
beginning
at 100.5m. The hole was drilled within an area of low historical drill density (see Figure 1) and
was sited approximately
70m
southwest of high-grade hole AT21-062, which returned
54.9m
averaging 5.35 g/t Au (see Figure 2). As such, AT21-068C significantly expands upon the known
zone of high-grade gold mineralization that was found at the bottom of the Atlanta Pit in 2021.
Hole AT21-003C was collared a few metres from RC discovery hole AT21-003, (which returned
8.26 g/t Au over
9.1m
,
released
November 22, 2021
, located approximately
500m
north of the
historical
Atlanta
pit). This hole was intended to check the higher-grade gold values drilled in the
RC hole, but a complete loss of circulation at
163.9m
precluded such an examination. Both
AT21-003C and the RC hole entered the mineralized zone at the same depth and the gold
grades in each hole are very similar continuing to
163.9m
depth. At the point prior to lost
circulation in AT21-003C the core had intersected oxide mineralization averaging
6.95m
of 4.65
g/t Au
including a higher-grade interval at the very bottom of the hole grading
1.7m
of 12.82 g/t
Au
(see Table 1).
Hole AT21-002C was collared at a
10m
offset from RC hole AT21-002 (returned
22.9m
averaging 0.71 g/t Au starting at
82.3m
depth, released
November 22, 2021
), the purpose of
which was to determine the degree to which gold grades intersected in the core varied from
those in the RC hole. The RC hole was drilled with water so there was some concern that water
may have separated Au-bearing fine-grained oxides from the drill samples, an issue that can
occur with wet RC drilling. As the Company intends to conduct wet RC drilling during the 2022
program, investigating this possibility was of key importance. AT21-002C returned
18.3m
averaging 0.56 g/t Au
starting at
86.3m
depth and a close examination of the intercepts in both
holes shows similar gold distribution. This gives the Company confidence that the probability of
washed-out gold and downhole contamination is low.
Preparations are currently being made for drill pads and road access to initiate the 2022 drill
program. It is anticipated that the Company will commence drilling by June.
Exploration Manager
Cal Herron
stated: "Hole AT21-068C is very significant in demonstrating the
extent of the known zone of high-grade gold mineralization present at the bottom of the Atlanta Pit.
Consequently, the Company's 2022 drilling program will extend northward and southeastward from
AT21-068C along the wide gaps that exist between holes drilled in 2021 and the historical drill
coverage, as seen in Figure 1. This will tie together the high grade mineralization encountered in
AT21-062 to the shallow mineralization seen in the 2021 holes drilled along the southern end of the
open pit, filling a highly prospective, glaring gap in the historical drill pattern that was caused by very
poor access. This poor access zone overlies areas mined in the late 1800s to early 1900s via
underground methods.
Nevada King
is currently improving access roads and pads within both gap
areas to allow for vertical pre-collar and core drilling. Core twin holes AT21-002C and AT21-003C
confirmed gold intercept lengths in their respective RC holes AT21-002 and AT21-003 and
reasonably confirmed gold grades as well. More twin core holes are planned in 2022, but these
initial twin tests tell us the 2021 RC results agree well with the core results. We see no evidence of
downhole contamination in the RC holes that could lead to either upgrading or downgrading of gold
values."
Figure 1.
Location of 2021 core holes (blue diamonds) relative to 2021 RC holes (red dots) and
historical holes (white dots). Black faults show surface trace of strands comprising the Atlanta Mine
Fault zone. (CNW Group/Nevada King Gold Corp.)
Figure 2. Cross section J-J’ showing gold distribution in the Nevada King core hole drilled at the
southwest corner of the pit and RC hole drilled at the bottom of the pit. The Mineralized horizon is
sharply down-dropped to the west along the Atlanta Mine Fault zone. (CNW Group/Nevada King
Gold Corp.)
Drillhole Details
Drill
Hole ID
From
(m)
To
(m)
Averaged Length
(m)
Average Grade
(g/t Au)
AT21-002C
86.3
104.6
18.3
0.56
AT21-003C*
157.0
163.9
6.95
4.65
includes
162.2
163.9
1.7
12.82
AT21-068C
99.1
120.1
21
3.28
includes
100.4
106.1
5.7
7.62
Table 1. Gold intercepts for NKG's vertical core holes drilled in 2021, one located at the
southwestern end of the historical
Atlanta
open pit and the other two drilled
500m
north of
the pit. True thickness of mineralization is currently unknown and must be determined with
additional drilling.
*AT21-003C lost at
163.9m
in open void.
2021 Core Drilling Summary
The 2021 core drilling program utilized a track-mounted Maxi Drill operated by Harris Exploration
Drilling out of
Fallon, Nevada
. RC pre-collars penetrated the Tertiary sediments and volcanics
overlying the mineralization and coring was initiated
10m
to
15m
above the anticipated contact with
mineralized collapse breccia hosted by Ordovician-age carbonates. The HQ size core was
transported by
Nevada King
staff to the Company's secure warehouse in
Winnemucca, NV
, where it
was photographed, logged, sawn in half and sampled. Samples were placed in tagged, heavy cloth
bags and transported by staff to American Assay Lab's facility in
Sparks, Nevada
. Pulp standards
and coarse blank samples were inserted into the sample stream on a 1-in-20 sample basis. At
American Assay Lab the samples were analyzed for gold via 30gm fire assay.
Holes AT21-002C and AT21-068C drilled well and recovery within the gold zones averaged greater
than 90%. The collapse breccia was strongly fractured but core recovery remained stable
throughout. In stark contrast, AT21-003C penetrated the upper collapse breccia contact without
difficulty but encountered open voids immediately above the high grade zone. The drill was able to
negotiate a
1.2m
open void at
161m
depth, but the hole was ultimately lost in high-grade material
with the final interval running 19.5 g/t at
163.5m
within a much larger void.
The recovery problems in AT21-003C are not unusual at
Atlanta
. Based on an examination of
existing historical core and drill logs, numerous historical RC and core holes experienced similar low
recoveries within the higher grade portions of the deposit. In order to avoid the difficult recovery
issues experienced in AT21-003C, the Company will be using PQ size core to do much of the high-
grade definition drilling. This will hopefully eliminate some of the recovery problems, plus it allows for
hole reduction down through lost circulation zones. Compared to historical drill results, there is good
chance of seeing higher grades and thicknesses in the 2022 drill holes due simply to improved
recovery and full penetration of the mineralized zones.
2022 Drilling Plan
Based on
Nevada King's
experience gained at
Atlanta
in 2021, the 2022 drilling program will
incorporate a high percentage of PQ and HQ core holes in the higher-grade portions of the deposit
in order to ensure better recovery and accurate gold assay results. RC drilling will be used both for
pre-collars and for definition of the lower grade mineralization peripheral to major structures, such as
seen in AT21-002C. The total 2022 program currently anticipates a 100-hole drill program totaling
13,100m (43,000ft), comprising
10,000m
of combined pre-collar and exploratory RC drilling and
3,100m
of core drilling. Most of the meterage will focus on expanding the high grade zones along the
Atlanta Mine Fault zone northward and to depth in order to increase both tonnage and grade.
Granting of Options
The Company has granted 3,750,000 stock options to consultants of the Company with each stock
option exercisable into a common share of the Company (a "
Share
") at a price of
$0.60
for a period
of five years and 12,500,000 stock options to certain directors and officers of the Company with
each stock option exercisable into a Share at a price of
$0.60
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 through to the present day 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.sedar.com
).
Tabulation of NI 43-101 Mineral Resources at the Atlanta Mine
Resource Category
Tonnes
(000's)
Au
Grade
(ppm)
Contained
Au Oz
(000's)
Ag
Grade
(ppm)
Contained
Ag Oz
(000's)
Measured
4,130
1.51
200
14.0
1,860
Indicated
6,910
1.17
260
10.6
2,360
Measured+Indicated
11,000
1.30
460
11.9
4,220
Inferred
5,310
0.83
142
7.3
1,240
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, [email protected], (301) 744-8744.
CO: Nevada King Gold Corp.
CNW 07:30e 11-MAY-22