Nevada KING Intercepts 4.01 G/T Au over 21.3M & 3.69 G/T Au over 13.7M, Expands Oxide Mineralization Within "North Extension Target" 600M North of Atlanta Pit
NEVADA KING INTERCEPTS 4.01 G/T AU OVER 21.3M & 3.69 G/T AU OVER
13.7M, EXPANDS OXIDE MINERALIZATION WITHIN "NORTH EXTENSION
TARGET" 600M NORTH OF ATLANTA PIT
VANCOUVER, BC
,
Sept. 27, 2023
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX: NKGFF) ("
Nevada King
", "
NKG
" or the "
Company
") is pleased to
announce assay results from 13 vertical, reverse circulation ("
RC
") holes recently completed within the North Extension Target ("
NET
") at its Atlanta Gold Mine
Project, located in the prolific Battle Mountain Trend 264km northeast of
Las Vegas, Nevada
. Today's holes are plotted in plan and on Sections 22-24N through
22-30N in Figures 1 to 8 below.
NET Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AT23NS-109
225.6
239.3
13.7
3.69
1.3
AT23NS-110
*
175.3
201.2
25.9
1.21
3.3
AT23NS-112
155.5
176.8
21.3
4.01
6.7
AT23NS-127
117.4
146.3
28.9
0.96
1.5
AT23NS-15A
160.1
179.9
19.8
1.31
12.1
Table 1. Highlight holes reported today from the North Extension Target.
*
Denotes hole that bottomed in mineralization. True widths are estimated
to be 95% of reported intervals.
Today's release outlines an area of
shallowly hosted oxide gold mineralization spanning
250m
long x
250m
wide
(outlined in purple in Figure 1) located
approximately
600m
north of the historic Atlanta Pit, along the northerly-trending Atlanta Mine Fault Zone ("
AMFZ
"). This mineralization occurs within the
overall NET target area (shaded red in Figure 1), which was originally identified through limited historical drilling, but was not pursued through more detailed
drilling due to low grades and lean thicknesses.
Nevada King's
intercept of
8.26 g/t Au over
9.1m
within 4.64 g/t Au over
18.3m
in AT21-003 (
November 22, 2021
) was the first high-grade intercept at this
target and transformed the Company's interpretation of the NET's potential. Subsequent intercepts including
1.67 g/t Au over
24.4m
in
AT22NS-13 (
November 23, 2022
) and
1.83
g/t Au over
21.3m
in AT22NS-15
(
December 20, 2022
)
further expanded the interpreted envelope of higher-grade "core"
mineralization localized along the AMFZ.
As seen in Figures 2-8, mineralization occurs along a gently west-dipping horizon developed at the contact between basal Ordovician age dolomite and
overlying Tertiary age volcanics. This contact is vertically displaced
60m
to
80m
across the northerly-trending AMFZ with the west side down.
The highest grade intervals are found proximal to the AMFZ along a
50m
-wide corridor centred on the fault zone, as demonstrated by
4.01 g/t Au
over
21.3m
in AT23NS-112. Gold grades tend to gradually decrease westward and eastward from the AMFZ, although high-grade does occur outside of this
corridor at the intersection of secondary faults or feeders, including highlight hole AT23NS-109 grading
3.69 g/t Au over
13.7m
,
100m
west of the AMFZ.
Mineralization within the NET shows strong lateral continuity and remains open to the south, west, and east, where it gradually shallows east of AT23NS-127
and trends into the currently untested East Ridge Target. The Company will focus additional drilling near to and east of the AMFZ with the goal of expanding
the resource to include this area, where grades and thicknesses may be shallow enough to support stripping in a potential mining scenario. NET mineralization
is not included in the existing resource.
Cal Herron
, Exploration Manager of
Nevada King
, stated, "Sniffs of mineralization within the NET were found by past operators Kinross and Meadow Bay, but
their drill patterns did not hit the higher-grade AMFZ, and consequently, the area was overlooked. By applying the Company's new geological model,
Nevada
King's
drilling has consistently hit higher-grade mineralization by focusing on identifying and targeting the high-angle feeder faults responsible for channeling high-
grade gold along the AMFZ. Similar to drilling conducted by the Company further south in and around the Atlanta Pit, applying the new geological model has
proven key to unlocking the potential of the NET. The Company will continue to expand the gold zone eastward, westward, and southward in the coming months,
paying particular attention to suspected high-angle structures adjacent to the AMFZ that might result in thicker and higher grade mineralization within the low grade
horizon. It is important to note
all mineralization within the NET is oxidized
."
Figure 1. Location map for holes reported in this news release along drill sections22-24N, 25N, 26N, 27N, 28N, 29N and 30N 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 22-30N looking north along the AMFZ at the vertically displaced mineralized horizon. Au/Ag mineralization is hosted within a silica breccia
layer developed on top of Paleozoic dolomite and underneath the Tertiary volcanic cover. Higher grade and mineralized thickness tend to occur proximal to the
AMFZ. (CNW Group/Nevada King Gold Corp.)
Figure 3. Cross section 22-29N looking north along the AMFZ at the vertically displaced mineralized horizon. Au/Ag mineralization is hosted within a silica breccia
layer developed on top of Paleozoic dolomite and underneath the Tertiary volcanic cover. Higher grade and mineralized thickness tend to occur proximal to the
AMFZ. (CNW Group/Nevada King Gold Corp.)
Figure 4. Cross section 22-28N looking north along the AMFZ at the vertically displaced mineralized horizon. Au/Ag mineralization is hosted within a silica breccia
layer developed on top of Paleozoic dolomite and underneath the Tertiary volcanic cover. Higher grade and mineralized thickness tend to occur proximal to the
AMFZ. (CNW Group/Nevada King Gold Corp.)
Figure 5. Cross section 22-27N looking north along the AMFZ at the vertically displaced mineralized horizon. Au/Ag mineralization is hosted within a silica breccia
layer developed on top of Paleozoic dolomite and underneath the Tertiary volcanic cover. Higher grade and mineralized thickness tend to occur proximal to the
AMFZ. (CNW Group/Nevada King Gold Corp.)
Figure 6. Cross section 22-26N looking north along the AMFZ at the vertically displaced mineralized horizon. Au/Ag mineralization is hosted within a silica breccia
layer developed on top of Paleozoic dolomite and underneath the Tertiary volcanic cover. Higher grade and mineralized thickness tend to occur proximal to the
AMFZ. (CNW Group/Nevada King Gold Corp.)
Figure 7. Cross section 22-25N looking north along the AMFZ at the vertically displaced mineralized horizon. Au/Ag mineralization is hosted within a silica breccia
layer developed on top of Paleozoic dolomite and underneath the Tertiary volcanic cover. Higher grade and mineralized thickness tend to occur proximal to the
AMFZ. (CNW Group/Nevada King Gold Corp.)
Figure 8. Cross section 22-24N looking north along the AMFZ at the vertically displaced mineralized horizon. Au/Ag mineralization is hosted within a silica breccia
layer developed on top of Paleozoic dolomite and underneath the Tertiary volcanic cover. Higher grade and mineralized thickness tend to occur proximal to the
AMFZ. (CNW Group/Nevada King Gold Corp.)
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AT23NS-108
182.9
210.4
27.4
0.31
4.0
AT23NS-109
225.6
239.3
13.7
3.69
1.3
AT23NS-110
*
175.3
201.2
25.9
1.21
3.3
AT23NS-111
175.3
190.5
15.2
0.49
1.2
AT23NS-112
155.5
176.8
21.3
4.08
6.7
AT23NS-113
256.1
297.3
41.2
0.40
5.4
AT23NS-114
190.5
227.1
36.6
0.77
5.8
AT23NS-115
218.0
231.7
13.7
0.82
7.1
AT23NS-127
122.0
146.3
29
0.96
1.5
AT23NS-10A
105.2
144.8
39.6
0.68
2.0
AT23NS-15A
160.1
179.9
19.8
1.31
12.1
AT23NS-19A
170.7
176.8
6.1
0.28
7.1
AT21-002C
^
86.3
104.6
18.3
0.56
1.4
Table 2: Full list of RC drill results reported today from the NET.
*
Denotes hole that bottomed in mineralization.
^
Denotes core hole. True widths are estimated to be 95% of reported intervals.
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AT22NS-9
86.9
128.0
41.2
0.65
<0.5
AT22NS-11
102.1
125.0
22.9
1.36
0.5
AT22NS-12
175.3
195.1
19.8
1.77
<0.5
AT22NS-13
135.7
160.1
24.4
1.67
<0.5
AT22NS-RC14
99.1
143.3
44.2
0.71
<0.5
AT22NS-15
*
155.5
176.8
21.3
1.83
5.5
AT22NS-16
91.5
106.7
15.2
0.54
<0.5
AT22NS-17
85.4
114.3
28.9
0.59
2.7
AT22NS-19
*
166.2
179.9
16.8
0.31
2.5
AT21-001
94.5
131.1
25.9
1.00
<0.5
AT21-002
82.3
105.2
22.9
0.71
<0.5
AT21-003
155.5
173.8
18.3
4.64
11.18
AT21-004
85.4
118.9
33.5
0.735
1.35
AT21-005
99.1
103.7
4.6
0.418
3.37
AT21-006
163.1
175.3
12.2
0.959
9.8
AT21-007
91.5
111.3
19.8
1.010
2.18
KN98-10
198.2
211.9
13.7
1.19
1.02
KN98-11
230.2
247.0
16.8
2.73
0.83
DHRI-11-04RC
103.7
123.5
19.8
0.474
<.1
DHRI-11-05RC
59.5
80.8
21.3
0.23
3.73
DHRI-11-07RC
*
105.2
108.2
3.0
1.15
<0.5
DHRI-11-08RC
120.4
143.3
22.9
0.300
3.8
DHRI-11-08C
^
80.8
103.7
22.9
0.62
<0.5
Table 3: Full list of previously released and historic drill results reported today from the North Extension Target. * Denotes holes that bottomed in mineralization. ^ Denotes core hole.
Line #
Operator
No. of Holes
Average Au eq.
(g/t)
Average Thickness (m)
30N
NKG
4
0.677
29.9
Historical
1
0.278
21.3
29N
NKG
5
1.547
26.8
Historical
2
0.384
12.2
28N
NKG
5
1.894
20.1
Historical
0
-
-
27N
NKG
3
0.577
28.4
Historical
1
0.62
22.9
26N
NKG
4
1.408
18.3
Historical
0
-
-
25N
NKG
1
0.492
28.9
Historical
2
0.406
21.4
Table 4. Comparison of Nevada King and historical drill results along section lines 22-25N through 22-30N, using weighted averages. Gold equivalents calculated using Au/Ag prices of $1,925/oz and $23.52/oz, respectively, (Sep 23, 2023 $US spot prices). Only
holes proximal to the AMFZ and east of the AMFZ were used in this compilation. Mineralization in holes west of the AMFZ is likely too deep and too thin to justify stripping down to it. Taken collectively, NKG's holes average 1.025 g/t Au eq over 25.4m while
the historical holes average 0.430 g/t Au eq over 19.5m.
QA/QC Protocols
All Reverse Circulation (RC) samples from the Atlanta Project are split at the drill site and placed in cloth and plastic bags utilizing a nominal 2kg sample weight.
CRF standards, blanks, and duplicates are inserted into the sample stream on-site on a one-in-twenty sample basis, meaning all three inserts are included in each
20-sample group. Samples are shipped by a local contractor in large sample shipping crates directly to American Assay Lab in
Reno, Nevada
, with full custody
being maintained at all times. At American Assay Lab, samples were weighed then crushed to 75% passing 2mm and pulverized to 85% passing 75 microns in
order to produce a 300g pulverized split. Prepared samples are initially run using a four acid + boric acid digestion process and conventional mutli-element ICP-
OES analysis. Gold assays are initially run using 30-gram samples by lead fire assay with an OES finish to a 0.003 ppm detection limit, with samples greater than
10 ppm finished gravimetrically. Every sample is also run through a cyanide leach for gold with an ICP-OES finish. The QA/QC procedure involves regular
submission of Certified Analytical Standards and property-specific duplicates.
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 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.sedarplus.ca
).
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
Table 5. NI 43-101 Mineral Resources at the Atlanta Mine
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 27-SEP-23