Nevada KING Intercepts 4.91 G/T Au over 39.6M & 1.43 G/T Au over 114.3M, WEST Atlanta Graben Zone Mineralization Remains Open to the WEST
NEVADA KING INTERCEPTS 4.91 G/T AU OVER 39.6M & 1.43 G/T AU OVER
114.3M, WEST ATLANTA GRABEN ZONE MINERALIZATION REMAINS
OPEN TO THE WEST
VANCOUVER, BC
,
Jan. 9, 2024
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX: NKGFF) ("
Nevada King
" or the "
Company
") is pleased to announce
assay results from seven 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. Today's holes are plotted in plan and section on Figures 1 and 2 below.
Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
Zone
AT23WS-47
219.5
332.3
112.8
0.58
3.2
WAGZ
AT23WS-48
207.3
346.0
138.7
0.32
5.3
WAGZ
AT23HG-38
214.9
329.3
114.3
1.43
16.5
WAGZ
AT23NS-131C
*
132.6
172.3
39.6
4.91
41.4
AMFZ
AT23NS-133A
*
99.1
123.5
24.4
2.33
24.6
AMFZ
AT23NS-133B
*
99.1
120.4
21.3
2.99
22.8
AMFZ
AT23NS-133D
*
73.2
97.6
24.4
2.25
23.3
AMFZ
Table 1. Holes released today. Mineralization occurs along near-horizontal horizons with true mineralized thickness in
vertical holes estimated to be 85% to 95% of reported drill intercept length. True mineralized thickness in angle holes
estimated to be 75% to 90% of reported intercept length.
*
Denotes angle hole.
AT23NS-131C intercepted high-grade gold/silver mineralization along the Atlanta Mine Fault Zone ("
AMFZ
") at the southwest end of the historical pit with
4.91
g/t Au over
39.6m
. Nearby angle holes AT23-NS133A, B, and D, also targeted this gap in drilling and together with AT23NS-131C demonstrate good lateral
continuity of mineralization, with grades ranging from 2.25 g/t Au to 4.91 g/t Au and 23.3 g/t Ag to 41.4 g/t Ag, and true thicknesses ranging from
20m
to
34m
.
AT23WS-47, AT23WS-48, and AT23HG-38 were collared evenly across the
150m
-wide West Atlanta Graben Zone ("
WAGZ
") to fill in gaps in the drill pattern
as well as to check previous holes that had not fully penetrated the mineralized zone. AT23HG-38 fully penetrated the mineralized zone and returned
114.3m
grading 1.43 g/t Au
, while a previously released nearby hole AT23HG-5 bottomed in mineralization and returned
93m
grading 1.14 g/t. This deeper drilling in
AT23HG-38 reveals significantly stronger grade and thickness compared to the earlier drilling.
A very similar relationship is seen between previously released AT23WS-36 (
93m
@ 0.54 g/t Au from
242m
to
335m
) and historical hole AR-21 (
64m
@ 0.39
g/t Au from
241m
to
305m
), as shown in Figure 2 below. Here again, deeper drilling intersected thicker and higher grade material.
AT23WS-48 was collared on the east side of the West Atlanta Fault #2 ("
WAF2
"), which bounds the western side of the WAGZ, and intercepted
138.7m
of
0.32 g/t Au. Two historic holes that were collared nearby intersected the mineralized bed approximately 15-
20m
further west and closer to the WAF2,
returning higher grades including 0.82 g/t Au over
76.2m
in AR-19 and 1.11 g/t Au over
68m
in DHRI-11-6C. These results further demonstrate that higher-
grade mineralization occurs proximate to high-angle faults such as the WAF2. Additional drilling is required west of the WAF2, where mineralization remains
open.
Cal Herron
, Exploration Manager of
Nevada King
, stated, "Most of the ounces included in the existing 2020 resource (Table 4) of 460,000oz M+I and 142,000oz
inferred are located within the AMFZ where a majority of the historical holes were drilled. Mineralization within the WAGZ was recognized by the historical drilling,
but the paucity of holes and generally low grade and narrow intercepts greatly limited the proportion of WAGZ mineralization included in the Gustavson resource
model. Historical efforts to build a larger and higher grade deposit at
Atlanta
were largely stymied by failure to recognize the existence and significance of
numerous high-angle, high-grade feeder structures responsible for channeling gold-bearing fluids into the low-angle replacement horizons all across the deposit.
Poor drill recovery and failure to fully penetrate mineralized zones hosting higher grades also contributed to this incomplete intrepetation.
"
Nevada King's
recognition of multiple high-angle, high-grade feeder structures in early 2022 resulted in an evolving structural model that has since guided the
Company's drilling efforts. As a result of our drilling, our understanding of the overall distribution of +0.30 g/t Au mineralization has greatly improved and as a
result, we are better able to define the location and attitude of the high-grade feeder-faults that are critical for potentially increasing precious metal grade and
tonnage. The efficacy of this model is evident in today's results along Section 23-7N(3), a
400m
-wide cross section that now shows thorough drill definition across
both the AMFZ and WAGZ, identifying the location of higher grade core zones and fault displacements of mineralization, while also fully penetrating the
mineralized horizons to provide a fuller picture of this portion of the
Atlanta
system."
Figure 1. Location map for holes reported in this news release along updated drill Section 23-7N(3) 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. Updated cross section 22-7N(3) looking north across West Atlanta Fault that divides the AMFZ target on east from the WAGZ target on west. Along the
AMFZ Au/Ag mineralization is largely hosted within a silica breccia horizon developed on top the Paleozoic dolomite and quartzite units, whereas mineralization
within the WAGZ is largely hosted within volcanic tuff and sediments above the Paleozoic basement. The WAGZ is bounded on west by the WAF2, but
mineralization remains open to west. (CNW Group/Nevada King Gold Corp.)
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AT23WS-36
242.4
335.4
93.0
0.536
7.6
AT22HG-6
189.0
256.1
67.1
1.34
6.4
AT23HG-23
227.1
317.1
89.9
0.57
11.5
AT23NS-125
*
74.7
109.8
35.1
1.26
31.9
AT22HG-5
186.0
279.0
93.0
1.14
2.1
AT22HG-3T
170.4
285.4
93.6
2.18
17.1
AT22HG-4
175.3
240.9
41.2
1.92
22.7
AT22NS-68
134.1
163.1
29.0
4.03
21.2
AT22NS-54
170.7
216.5
45.7
4.21
79.6
AT22NS-56A
93.0
106.7
13.7
1.88
38.5
AT22NS-76
70.1
100.6
30.5
2.39
41.5
AT22NS-73
22.9
103.7
80.8
2.31
47.4
AT21-68C
+
99.1
120.3
21.2
3.28
34.4
Table 2
. Previously reported holes used along updated Section 22-7N(3). AT22 series holes were drilled by Nevada King in
2022 and the AT21 series holes were drilled in 2021. True thickness of gold mineralization interpreted in today's release is
90% to 100% of the reported intercept length in vertical holes. True mineralized thickness in angle holes estimated to be
75% to 90% of reported intercept length.
+
Denotes core hole.
*
Denotes angle hole.
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AR-21
240.8
304.8
64
0.39
4.21
AR-19
228.6
304.8
76.2
0.82
3.52
DHRI-11-6C
+
227.1
295.1
68
1.11
15.72
DHRI-11-1C
+*
74.7
97.5
22.8
1.9
19.72
Table 3.
Historical holes used in updated Section 22-7N(3). AR series holes were drilled by Goldfields in 1991. DHRI
series holes were drilled by Meadow Bay in 2011. True thickness of g
old mineralization interpreted in today's release is
90% to 100% of the reported intercept length in vertical holes. True mineralized thickness in angle holes estimated to be
75% to 90% of reported intercept length.
+
Denotes core hole.
*
Denotes angle hole.
QAQC Protocols
All 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 multi-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. Silver samples that run greater than 100ppm are also 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 4. 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:
contact Collin Kettell at [email protected] or (845) 535-1486.
CO: Nevada King Gold Corp.
CNW 07:30e 09-JAN-24