Nevada KING Intercepts 3.41 G/T Au over 54.9M, 2.65 G/T Au over 50.3M, and 2.23 G/T Au over 51.8M, IN Oxide, at Its Atlanta GOLD MINE
NEVADA KING INTERCEPTS 3.41 G/T AU
OVER 54.9M, 2.65 G/T AU OVER 50.3M, AND
2.23 G/T AU OVER 51.8M, IN OXIDE, AT ITS
ATLANTA GOLD MINE
VANCOUVER, BC
,
Oct. 18, 2022
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX:
NKGFF) ("
Nevada King
" or the "
Company
") is pleased to announce assay results from 32 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. This drilling includes eight holes
designed to further define the high-grade Atlanta Mine Fault Zone ("
AMFZ
") at the bottom of the
historical
Atlanta
pit, together with 24 shallow holes drilled to test waste dumps from previous mining
north and west of the historical pit.
AMFZ Expansion Drilling Highlights:
Hole No.
From
(m)
To (m)
Interval
(m)
Au (g/t)
AT22NS-46
4.6
59.5
54.9
3.41
AT22NS-59
4.6
54.9
50.3
2.65
AT22NS-43
0
27.4
27.4
1.97
AT22NS-61A
^
6.1
57.9
51.8
2.23
Table 1: Highlight assays from eight expansion holes at Atlanta Gold Mine Project.
^
Denotes angle hole. True widths are unknown at this time.
These four high-grade intercepts in oxide have conclusively defined the footwall contact of the
high-grade AMFZ, including its steep westward dip (Figures 1, 2, and 3). These holes were
collared at the bottom of the historical pit roughly
10m
east of the north-south fence of high-
grade holes drilled by the Company in 2021, which intercepted
54.9m
of 5.34 g/t Au
in AT21-
62,
41.2m
of 3.94 g/t Au
in AT21-63,
64.1m
of 3.94 g/t Au
in AT21-64, and
48.8m
of 2.32 g/t
Au
in AT21-65
,
also starting at or near surface from within the
Atlanta
pit (
see
January 20, 2022
release
).
Drilling is currently underway on benches to the west of the pit floor, stepping out further down-
dip on this high-grade zone, which remains open both to depth and along strike.
Waste Dumps Drilling Highlights:
Hole No.
From
(m)
To (m)
Interval
(m)
Au (g/t)
AT22D-14
0
16.8
16.8
0.75
AT22D-23
4.6
13.7
9.1
1.21
AT22D-31
0
16.8
16.8
0.61
AT22D-33
0
15.2
15.2
0.78
AT22NS-22
6.1
30.5
24.4
0.47
Table 2: Highlight assays from 24 shallow holes testing waste dumps at Atlanta Gold Mine Project.
Today's release also includes results from 24 shallow holes drilled into mine dumps located
immediately to the north and west of the historical open pit (Figure 1). In total, these 24 holes
average
0.49 g/t Au over a
10.8m
thickness within a contiguous area encompassing
59,000m
2
(5.9 hectares) and demonstrate a significant amount of gold mineralization in this area.
This dump-hosted gold mineralization could play an important role in any future mining scenario
as an expansion of the Atlanta Pit to the west would necessitate relocating the material. Based
on the grades and widths identified in this first pass of drilling, the Company believes there is
good potential that a significant portion of this material could be heap leached in any future
operations. Additional drilling is planned to further define this mineralization, along with
metallurgical testwork to assess its economic potential.
Cal Herron
, Exploration Manager of
Nevada King
, stated, "As reported today, the RC holes located
at the bottom of the Atlanta Pit were positioned to firmly establish the location and attitude of the
AMFZ's eastern boundary, prior to initiating the deeper drilling now underway to the west on the
high-grade zone's down-dip extension. We now have a much better understanding of how the
Atlanta
gold deposit formed, of the host geology and of the controls on the spatial distribution of gold
mineralization (see detailed discussion below) that is significantly enhancing our drill targeting. The
Company has been rehabilitating benches in the historical pit over the past four months, work that
will facilitate drilling of critical structures that were inferred from deep angle holes drilled by previous
operators from sites west of the pit. Drilling these structures with predominantly vertical holes will
make for a much more accurate structural interpretation and be significantly more cost effective
compared to the historical angle holes. Many of the historical holes suffered from poor recovery or
failed to fully penetrate the mineralized zones and vertical drilling from these sites should significantly
improve recovery particularly in high-grade target areas. Prior operators were likely impeded by
access and core recovery issues and we are looking at more thoroughly testing these high-grade
target areas."
Figure 1. Location map for holes reported in this news release relative to the perimeter of the
historical Atlanta Pit and 2020 Gustavson pit shell. (CNW Group/Nevada King Gold Corp.)
Figure 2. Cross section C-C’ looking north across centre of historical Atlanta pit illustrating normal
fault displacement on the steeply-dipping Atlanta Mine Fault and progressive down-drop across
parallel faults to the west. The Eureka Quartzite is shown in fault contact with silica breccia and
dolomite units and appears to cut off the Atlanta Fault at depth, but this interpretation is based on 1
historical drill hole, and in other sections the Atlanta Fault clearly displaces quartzite contact. (CNW
Group/Nevada King Gold Corp.)
Figure 3. Cross section D-D’ looking north across the south-central part of the historical Atlanta pit
showing progressive down-drop of the mineralized silica breccia zone and the basal quartzite contact
along a series of parallel faults comprising the Atlanta Mine Fault Zone. Note the start of gold
mineralization in the volcanic/sedimentary package above the silica breccia horizon at the left side of
the section. (CNW Group/Nevada King Gold Corp.)
Hole #
Type of Hole
From (m)
To (m)
Interval (m)
Au (g/t)
AT22NS-43
Resource Hole
0.0
27.4
27.4
1.97
AT22NS-43A
Resource Hole
3.0
30.5
27.4
1.02
AT22NS-46
Resource Hole
4.6
59.5
54.9
3.41
AT22NS-59
Resource Hole
4.6
54.9
50.3
2.65
AT22NS-60
Definition Hole
0.0
30.5
30.5
<0.20
AT22NS-61
Definition Hole
0
18.3
18.3
<0.10
AT22NS-61A
Resource Hole
6.1
57.9
51.8
2.23
AT22NS-72
Definition Hole
0.0
76.2
76.2
<0.05
AT22D-1
Dump Hole
15.2
19.8
4.6
0.29
AT22D-2
Dump Hole
16.8
25.9
9.1
0.39
AT22D-3
Dump Hole
0
6.1
6.1
0.27
AT22D-4
Dump Hole
7.6
27.4
19.8
0.26
AT22D-5
Dump Hole
15.2
25.9
10.7
0.16
AT22D-8
Dump Hole
7.6
9.1
1.5
0.37
AT22D-9
Dump Hole
7.6
16.8
9.1
0.72
AT22D-10
Dump Hole
9.1
21.3
12.2
0.62
AT22D-11
Dump Hole
18.3
25.9
7.6
0.57
AT22D-14
Dump Hole
0.0
16.8
16.8
0.75
AT22D-18
Dump Hole
0
10.7
10.7
0.36
AT22D-20
Dump Hole
3.0
24.4
21.3
0.16
AT22D-23
Dump Hole
4.6
13.7
9.1
1.21
AT22D-28
Dump Hole
0.0
13.7
13.7
0.19
AT22D-29
Dump Hole
12.2
13.7
1.5
0.22
AT22D-30
Dump Hole
0.0
21.3
21.3
0.20
AT22D-31
Dump Hole
0.0
16.8
16.8
0.61
AT22D-33
Dump Hole
0.0
15.2
15.2
0.78
AT22D-34
Dump Hole
0.0
12.2
12.2
0.54
AT22D-43
Dump Hole
3.0
10.7
7.6
0.28
AT22D-45
Dump Hole
10.7
13.7
3.0
0.25
AT22NS-22
Dump/Pre-Collar
6.1
30.5
24.4
0.47
AT22NS-26
Dump/Pre-Collar
0.0
4.6
4.6
0.47
AT22NS-28
Dump/Pre-Collar
0.0
1.5
1.5
0.26
Table 3: Full list of eight expansion and 24 mine dump holes released today
.
Detailed Discussion
Based on our recent drilling the AMFZ's eastern contact with massive dolomite is a northerly
trending, curvilinear plane dipping 75
o
to 85
o
west. This major structural boundary defines the
eastern limit of the much broader mineralized fault zone that incorporates multiple sub-parallel
strands exhibiting vertical displacements ranging up to
75m
across individual faults (see Figures 2
and 3). Both normal and reverse displacements are noted. Most of the gold mineralization at
Atlanta
is hosted within a densely silicified breccia zone that developed along an unconformable contact
separating a basal carbonate sequence of Paleozoic-age limestone and dolomite from an overlying
Tertiary-age, caldera-related volcanic package consisting of felsic to intermediate composition tuff,
volcaniclastics, and epiclastic sediments. This major contact dips 20
o
to 30
o
northwestward and
generally ranges in thickness from
10m
to
40m
, although mineralization does extend downward into
decalcified dolomite (Figure 2) and upward into the volcanic sequence (Figure 3) in places
throughout the deposit. Residual sulfides containing gold are occasionally encountered, but gold
mineralization for the most part is strongly oxidized down to depths of
350m
. Sulfides do occur in
strongly altered volcaniclastics and sediments overlying the mineralized silica breccia zone, but
pyritic rock does not generally host gold values greater than 0.1 g/t and appears to be an early
stage hydrothermal event that was over-printed by an oxide-dominant gold stage. High-angle,
northerly and easterly-trending faults cutting up through both rock sequences served as "feeder
structures" for ascending epithermal fluids and channeled gold-bearing solutions into the very porous
and receptive silica breccia zone. Higher gold grades tend to be concentrated around the
intersections of these high-angle faults with the low-angle silica breccia zone. The strongly argillized
volcanic sequence overlying the silica breccia served as a effective seal or cap on top of the
hydrothermal system that contained the metalliferous fluid within the breccia zone, thus concentrating
the gold mineralization. Rhyolitic dikes and sills were injected into the deposit along the high-angle
feeder faults and low-angle breccia zone at about the same time as the gold mineralization, and
shallow explosive venting of these intrusions created the distinctive "tuff dikes" that are closely
associated both in space and time with the gold event.
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 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 October 2022.
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
(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, 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.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/October2022/18/c5562.html
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For further information:
Collin Kettell at [email protected] or (301) 744-8744.
CO: Nevada King Gold Corp.
CNW 07:30e 18-OCT-22