Nevada KING Intercepts 6.28 G/T Au over 54.9M Hosted Entirely BY Intrusive Rocks, Extends Mineralization Underneath the South Quartzite Ridge Opening up Extensive New Target Areas at Atlanta
NEVADA KING INTERCEPTS 6.28 G/T AU OVER 54.9M HOSTED ENTIRELY
BY INTRUSIVE ROCKS, EXTENDS MINERALIZATION UNDERNEATH THE
SOUTH QUARTZITE RIDGE OPENING UP EXTENSIVE NEW TARGET
AREAS AT ATLANTA
VANCOUVER, BC
,
July 23, 2024
/CNW/ - Nevada King Gold Corp.
(TSXV: NKG) (OTCQX: NKGFF) ("
Nevada King
" or the "
Company
") is pleased to
announce assay results from one angle reverse circulation ("
RC
") hole recently completed at its Atlanta Gold Mine Project located 264km northeast of
Las Vegas,
Nevada
, in the prolific Battle Mountain Trend. Shown in Figures 1 and 2, today's hole was drilled immediately south of the West Atlanta Graben Zone ("
WAGZ
")
200m
south of the Atlanta Pit and represents the southernmost hole drilled to date into the axial portion of a large, northerly trending anticline designated the
South Quartzite Ridge Target ("
SQRT
").
Highlights:
Today's intercept of
6.28 g/t Au over
54.9m
occurs in strongly altered intrusive rock starting
147.9m
downhole, immediately below a non-mineralized,
massive quartzite unit that caps the top of the South Quartzite Ridge Anticline (Figures 1 and 4). The hole was steeply angled at -85
o
southward along the
anticlinal axis of the SQRT to test a large, low resistivity CSAMT anomaly occurring underneath the highly resistive quartzite cap (Figure 3). This axial zone
aligns with major, high-angle faults controlling felsic intrusions and associated gold mineralization further north within the resource zone and is most likely a
southern extension of the WAGZ.
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AT24HG-41
^
147.8
216.4
68.6
5.14
16.0
Includes
152.4
207.3
54.9
6.28
17.9
Table 1. Hole reported today. Mineralization occurs within an irregularly shaped intrusive body with true mineralized thickness
es
estimated to be
85% to 95% of the reported drill intercept length.
Figure 1. View of South Quartzite Ridge Target looking east. The ridge’s spine corresponds to the axial plane of the South Quartzite Ridge Anticline, which
appears to be the southward continuation of the West Atlanta Fault. Most of the historical holes were vertical and tested the western margin of the SQRT, well
west of the anticline’s axial portion. (CNW Group/Nevada King Gold Corp.)
This hole is significant for several reasons:
1
.
The
high-grade gold mineralization in this hole has remarkably consistent grade over the
55m
interval
(see Figure 6) with the mineralization
interpreted to have been focused in the intrusive host by the pooling of mineralizing fluids under the impermeable quartzite unit. Previous work provided
indication for the potential for blind mineralization under the quartzite unit, particularly because gold mineralization was identified approximately 2.5km apart
underneath its lateral boundaries. With these new results, testing for blind, high-grade mineralization underneath the SQRT will be a focus of future drilling.
2
.
The extension of high-grade oxide mineralization southward beneath the Eureka Quartzite strongly enhances potential for extending the
Atlanta
resource zone
into the areally extensive SQRT, which possesses a 2.5km strike length and ranges up to 1km wide.
The SQRT is contiguous to the
Atlanta
resource
zone and on trend with the major faults
that are interpreted as the primary plumbing for the mineralizing fluids that deposited high-grade gold at
Atlanta
.
These major feeder structures include the
West Atlanta
,
West Atlanta
#1 and #2, and East Atlanta Faults.
3
.
The northerly trending SQRT coincides with the broad South Quartzite Ridge Anticline (Figure 4), which formed a structural trap or cap above the underlying
intrusive rock, thus concentrating gold-bearing fluids and subsequent mineralization along the anticline's axial portion. This is clearly evident from the hole
assays shown in Figure 6, where gold values in the quartzite are almost non-existent compared to the strong Au mineralization immediately below it in the
intrusive rocks. Axial portions of anticlines constitute important traps for gold mineralization within Nevada and elsewhere throughout the world, and the
quartzite forming the South Quartzite Ridge Anticline could potentially be concealing a significant mineralized body that has never been drill-tested nor been
revealed with surface sampling due to its highly impermeable nature.
4
.
The oxide gold in AT24HG-41 is hosted within an intrusive suite consisting of variably silicified and argillized rhyolitic dikes and adjacent rhyolite-dominated
explosive tuff dike breccia bodies. The sustained, consistent high gold grades seen in these intrusive units are very unusual at
Atlanta
, and when compared to
the intrusive-hosted mineralization seen in holes further north along the WAGZ,
the much higher grades encountered in AT24HG-41 demonstrate an
abrupt southward strengthening of gold mineralization
. Today's hole demonstrates that felsic intrusive rocks at
Atlanta
are capable of hosting a type of
high-grade mineralization that can potentially produce a significant gold system more akin to
Kinross Gold's
large gold mine at
Round Mountain, Nevada
(located 240km west of
Atlanta
and with 16 million ounces of gold produced through 2022 -
Source: USBM Nevada Mineral Explorer Website, 2023
). This
potential certainly applies to the SQRT, and beyond that, the many low resistivity zones (a few of which are shown in Figure 4) revealed by the CSAMT data
also constitute valid exploration targets hosting similar high-grade potential across the
Atlanta
District.
5
.
AT24HG-41 intersected mineralization approximately
20m
from
previously released AT23HG-34
, which also encountered a large cap of Eureka Quartzite
before contacting strongly mineralized intrusive, including 4.50 g/t Au over
27.4m
within 2.15 g/t Au over
96m
. AT24HG-41 is set apart from its neighboring
holes as it is the closest to test the continuation of mineralization southward beneath the South Quartzite Ridge Anticline, as well as intersecting
the most
consistent, high-grade intrusive-hosted mineralization at
Atlanta
to date.
The SQRT remains a high potential, undrilled target area with the exception of eight historic drill holes (Figure 1) put down by Bobcat Exploration in the late
1970s. The Bobcat holes averaged
73m
in depth and so did not test the core location of this newly developing zone under the quartzite where Au
mineralization starts at around
150m
depth. Six of the Bobcat holes drilled along the western margin of the SQRT and distant from the anticlinal axis
contained no significant gold values. The other two Bobcat holes were drilled at the southern end of the SQRT and closer to the anticlinal axis, with both holes
reporting gold values in the 0.30 g/t Au range. This anticlinal axis appears to be the main control over gold mineralization along the SQRT, and as seen in
Figure 4, the Company's reconnaissance program is designed to hit the axial portion with a combination of vertical and shallow angle holes.
Cal Herron
, Exploration Manager of
Nevada King
, stated, "I cannot over-emphasize the significance of AT24HG-41 – in my opinion, it is the most important hole
Nevada King
has drilled to date at
Atlanta
. Higher-grade intervals have been hit including
previously released AT23WS-44
(11.64 g/t Au over
108.2m
), but this and
other holes conform to our previous interpretation of high-grade gold mineralization focusing in intensely silicified intersections of faults. In contrast, the
54.9m
@
6.28 g/t Au in AT24HG-41 occurs within variably silicified-argillized aphyric rhyolite and fine-grained porphyritic rhyolite tuff dike breccias possessing very sparse
quartz veinlets. These rocks are pervasively altered and the gold appears to be disseminated within the groundmass and/or concentrated in loose oxides or
fractures. There is no evidence of significant quartz veining or strong faulting seen in the cuttings. We believe that gold mineralization was coeval (having the same
age) with the felsic intrusions and became trapped beneath the massive quartzite cap along the South Quartzite Ridge anticlinal axis. These felsic gold hosts are
easily tracked southward from AT24HG-41 by the consecutive sequence of low resistivity anomalies shown along CSAMT lines 2, 5, and 10 (Figure 5) underneath
the strongly resistive quartzite cap. Gold enrichment is most likely to occur within the axial plane region of the anticline, which would move our actual drill targets in
closer to the centre of the anticline, meaning we need to drill along the crest of the Quartzite Ridge or from positions near the crest.
"Gold enrichment in AT24HG-41 rapidly drops below
213m
depth at the contact with underlying fine grained porphyritic rhyodacite and dacite that compose a
large altered dike (or small, elongate stock) bounding the SQRT's western margin. These dacitic intrusions are exposed at the surface all along the western side
of the SQRT, while the rhyolitic rocks associated with gold mineralization crop out along the axis of the South Quartzite Ridge Anticline. Surface rock sampling
shows the dacitic rocks to be largely barren of Au, whereas the aphyric rhyolite dikes extending north and south from historical tunnels just west of the anticlinal
axis are associated with mineralization. Between the CSAMT data, outcrop exposures, and surface samples we have good reason to drill-test the full length of the
SQRT.
"The long, high-grade intercept in this hole is highlighting not only the SQRT, but also a number of other low resistance zones identified elsewhere on the larger
Atlanta
property, which covers an extensive collapsed caldera system. AT24HG-41 has increased our confidence in the potential for intrusive-hosted mineralization
within the
Atlanta
District, particularly in areas that may be similarly capped by an impermeable, unmineralized unit. These new target areas significantly exceed
the footprint of the
Atlanta
resource zone (see Figure 4), and with this new drill confirmation, the CSAMT survey data opens up large areas to drill test for similar
high-grade mineralization."
Figure 2. Location map for hole reported in this news release along drill Section 22-4N(2) 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 3. Cross section 22-4N(2) looking north across the West Atlanta Fault that divides the AMFZ target on the east from the WAGZ target on the west. Hole
AT24HG-041 drilled down through a dense quartzite cap and into mineralized felsic intrusions emplaced along the West Atlanta Fault. CSAMT data indicates a
southward extension to this intrusive zone. (CNW Group/Nevada King Gold Corp.)
Figure 4. Generalized CSAMT map of SQRT showing resistivity high over the Quartzite Ridge and flanking resistivity lows related to felsic tuff, rhyolite, and dacite
intrusions that are spatially related to gold mineralization. High resistivity Eureka Quartzite capping the ridge is underlain by low resistivity intrusives and/or
decalcified Pogonip Fm. limestone, both of which could potentially host mineralization. The target’s axial portion is untested by previous drilling. (CNW
Group/Nevada King Gold Corp.)
Figure 5. CSAMT Lines 2, 5, and 10 looking north across the SQRT show high resistivity quartzite and dolomite (blue) capping low resistivity intrusions and
possibly decalcified Pogonip Limestone (yellow to red). This low resistivity zone hosts mineralized felsic intrusions in hole AT24HG-041 and can be tracked
southward by CSAMT data for 1.5km along the SQRT’s axis. (CNW Group/Nevada King Gold Corp.)
Figure 6. Full assays released today of the mineralized interval in AT24HG-41 show the consistency of high-grade gold throughout the entire mineralized zone.
Consistent distribution of high-grade seen in this hole is a great indication of a strong gold system. The quartzite cap above the mineralization likely aided in
concentrating gold deposition in the underlying intrusive rocks, thus pointing to a strong possibility of encountering similar mineralization further southward along the
SQRT. (CNW Group/Nevada King Gold Corp.)
Figure 7. Northern end of SQRT showing location of AT24HG-41 in relation to the South Quartzite Ridge Anticline’s axis together with major high-angle faults
controlling distribution of intrusions and associated gold mineralization within the Atlanta Resource Zone. These major faults are observed to swing southeastward
following the SQRT’s trend and potentially further extend mineralization underneath the barren, impermeable quartzite cap. (CNW Group/Nevada King Gold Corp.)
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AT23ET-6
13.7
15.2
1.5
0.13
<0.5
AT23HG-34
+
135.7
231.7
96.0
2.15
5.1
Includes
202.7
231.7
27.4
4.50
13.3
AT23HG-35
134.1
155.5
21.3
3.42
9.3
Includes
147.9
154.0
6.1
10.39
22.0
AT23HG-36
143.3
175.3
32.0
1.10
2.7
AT22NS-81T
*
101.8
129.9
28.0
2.90
8.1
Includes
123.2
128.5
5.3
10.73
21.4
AT22NS-83T
*
96.6
128.7
32.0
3.19
14.6
Includes
110.4
127.1
16.8
5.35
24.1
AT22RC-1
48.8
88.4
39.6
0.55
4.5
AT22RC-13
0.0
19.8
19.8
0.99
7.4
AT22RC-16
+
6.1
18.3
12.2
2.12
10.5
AT22RC-17
33.5
59.5
25.9
1.71
20.7
AT22RC-18
9.1
25.9
16.8
1.12
10.3
AT22RC-19
9.1
22.9
13.7
0.93
11.3
AT21-41A
38.1
61.0
22.9
2.17
33.7
AT21-42
9.1
36.6
27.4
0.79
3.3
AT21-43
10.7
29.0
18.3
0.95
10.0
AT21-43A
10.7
29.0
18.3
1.90
18.6
AT21-44
4.6
24.4
19.8
0.48
4.1
Table
2. Previously reported holes used in previous releases along trace of Section 22-4N(2). AT23 series holes were drilled by
Nevada King
in 2023,
AT22 series holes were drilled in 2022, and AT21 series holes were drilled in 2021. True thickness of gold mineralization interpreted in today's
release is 85% to 95%
of the reported intercept length in vertical holes.
+
Denotes holes that bottomed in mineralization.
*
Denotes core hole.
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
KR98-2
^
201.7
231.8
30.2
0.96
6.82
KR98-3
^
202.9
219.1
16.2
0.83
0.9
KR98-4
^
0.0
99.1
99.1
<0.02
<0.8
KR98-5
^
0.0
138.7
138.7
<0.035
<1.0
KR97-14
^
177.9
210.5
32.6
2.56
2.1
AR-20
114.3
115.9
1.5
0.27
0.1
AR-28
^
130.4
146.7
16.3
0.87
6.2
AR-29
0.0
152.4
152.4
<0.003
<0.1
ARC-6
0.0
230.2
230.2
<0.003
<1.0
AC-5
*
0.0
99.7
99.7
<0.003
<1.0
DHRI-11-10RC
108.2
129.6
21.3
1.75
10.6
DHRI-11-11RC
^
88.3
111.4
23.1
1.07
5.1
DHRI-11-10C
*
74.7
114.3
39.6
1.75
23.1
Table 3
. Historical holes used in Section 22-4N. KR97 and KR98 series holes were drilled by Kinross in 1997 and 1998. AR, ARC, and AC series holes
were drilled by Goldfields in 1991. DHRI-11 series holes were drilled by Meadow Bay in 2011. True thickness of gold mineralization interpreted in
today's release is 85% to 95% of the reported intercept length in vertical holes.
^
Denotes angle hole.
*
Denotes core hole.
Discussion of South Quartzite Ridge Target:
The overall north-south trend to mineralization at
Atlanta
was recognized long before the deposit was open-pitted, but exploration outside of the pit area largely
concentrated on chasing a potential northern extension. Potential for a southern extension into the SQRT was considered to be very low, largely because the
massive, barren quartzite bounding the southwestern side of the historical pit presented serious challenges, namely lack of obvious mineralization and poor
access. Two historical angle holes about
350m
deep drilled under the western flank of the ridge hit Eureka Quartzite and underlying Pogonip Limestone but did not
encounter Au-Ag mineralization, so efforts to test the ridge ceased by 1998. The general consensus at that time was that mineralization at the southern end of the
pit was cut off by the South Fault and little if any potential existed for significant extension southward. However,
Nevada King's
2021 drilling directly south of the pit
showed that mineralization did indeed extend south of the South Fault, while the seven E-W oriented CSAMT lines crossing the Quartzite Ridge in 2022 indicated
a prominent and persistent, sub-horizontal resistivity low underlying the ridge's massive, highly resistive quartzite cap starting about
200m
below the ridge crest
(Figure 5).
Hole AT23HG-37 along Section 22-4N was sited on the northern end of the SQRT in order to test for mineralization underneath the quartzite. The hole collared in
massive quartzite and drilled out of largely barren quartzite and into mineralized felsic intrusive tuff and rhyolite at
175m
depth, with mineralization continuing to
285m
. The contact between intrusive tuff and unaltered Pogonip Limestone was hit at
430m
depth. This stratigraphic sequence is seen reflected in the resistivity
section shown in Figure 5 along CSAMT Line 10. Projecting the hit in AT23HG-37 southward onto Line 10, the hole would penetrate the gold zone
40m
west of
the West Atlanta Fault. This same stratigraphic profile is repeated southward past CSAMT Line 7 more than
400m
south of AT23HG-37, which now opens up a
large area along the anticlinal axis in which to pursue the type of thick mineralization penetrated in holes AT23HG-37 and AT23HG-34, and now in hole AT24HG-
41, within a part of the property that has never been previously drill-tested.
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.
The PQ-diameter core was sampled in the Company's warehouse in
Winnemucca, Nevada
, with whole core samples being placed in heavy canvas bags and sent
to American Assay Lab in
Reno, Nevada
, in heavy shipping bags by a Company contractor with full custody being maintained at all times. CRF standards and
coarse blanks were inserted into the sample stream on a one-in-twenty sample basis, meaning both inserts are included in each 20-sample group. At American
Assay Lab, samples were weighted then completely crushed to -1 inch. The coarse-crushed sample was quarter-split and one quarter was reduced to 75%
passing 2mm. A 300g split was subsequently pulverized to 85% passing 75 microns. 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. 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
(000's)
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:
For more information, contact Collin Kettell at [email protected] or (845) 535-1486.
CO: Nevada King Gold Corp.
CNW 07:30e 23-JUL-24