Nevada King Intercepts 9.1m Grading 8.26 g/t Au in New High-Grade Discovery 560 Meters North of the Atlanta Gold Mine Open Pit
Nevada King Intercepts 9.1m Grading 8.26 g/t
Au in New High-Grade Discovery 560 Meters
North of the Atlanta Gold Mine Open Pit
VANCOUVER, BC
,
Nov. 22, 2021
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQB:
VKMTF)
("
Nevada King
" or the "
Company
") is pleased to announce that one of its reverse
circulation (RC) exploration holes hit high-grade gold mineralization north of the
Atlanta
gold resource
zone along the northern extension of the Atlanta Mine Fault. This hole is part of the second set of
assays received out of a 63-hole program at its Atlanta Gold Mine Project (Figure 1). The project is
located 264km northeast of
Las Vegas, Nevada
, in the prolific Battle Mountain Trend.
Highlights
Vertical RC hole AT21-003 drilled
560m
north-northwest of the historical
Atlanta
open pit
encountered
9.1m
averaging 8.26 g/t Au from
160.1m
to
169.2m
depth
within an overall
intercept of
18.3m
grading 4.64 g/t Au from
155.5m
-
173.8m
in depth.
This intercept is located
240m
north of the Gustavson 2020 pit-constrained resource zone (see
Figure 1) and clearly demonstrates high-grade potential along the northern extension of the
Atlanta Mine Fault zone. Based on this interval and current geological interpretation in this area
the Company is optimistic about the potential to expand the
Atlanta
resource base to the north
including through the potential addition of higher grade material.
Additional intercepts from these seven northerly holes include (Table 1):
Hole AT21-001 encountered
25.9m
averaging 1.00 g/t Au and bottomed in mineralization
Hole AT21-004 encountered
33.5m
averaging 0.74 g/t Au
Hole AT21-007 encountered
19.8m
averaging 1.01 g/t Au
The 2020 Gustavson work estimates a pit-contrained measured and indicated resource of
460,000 oz Au grading 1.3 g/t Au and an inferred resource of 142,000 oz Au grading 0.83 g/t
Au at
Atlanta
. (See "NI-43-101 Technical Report on Resources" prepared by Gustavson
Associates filed in the Company's SEDAR filings.)
Cal Herron
, Exploration Manager of
Nevada King
, stated, "The high grade intercept in AT21-003
signals potential for finding more high-grade mineralization outside of the current Gustavson resource
model at shallow enough depth to allow for open pit extraction. Accounting for the new
Nevada King
holes and historical holes, we clearly see a northly trending linear zone about
150m
wide taking
shape (Figure 2), with potential for expanding this zone both northward and southward. With
additional step-out drilling there is a good chance of adding this northern exploration zone to the
existing Gustavson resource model."
Northern Exploration Area Drill Results
As seen in Figure 1, previous explorers drilled a number of vertical and angle holes north of the
Atlanta
open pit in an attempt to define the northward extension of the Atlanta Mine Fault. In general,
holes drilled on the west side encountered narrow but relatively high grade mineralization along the
monzonite-silicified dolomite contact at depths below
200m
, while holes drilled on the eastern side hit
much shallower, lower grade mineralization in silicified dolomite, beneath post-mineral tuff and
tuffaceous sediments. There appeared to be a structural break between these two sets of drill
holes, so
Nevada King
laid out a northerly trending pattern of seven, vertical RC holes (AT21-001
through AT21-007) running along what appeard to be the axis of this break. Upon completion of all
seven holes, structure contouring of the monzonite-silicified dolomite contact did indeed reveal a
large vertical displacement between holes AT21-003 and AT21-004.
Nevada King
considers this
offset to be along the Atlanta Mine Fault, as similar displacement is seen across the structure along
the west side of the open pit. Gold grade also increases proximal to the Atlanta Mine Fault, as we
see in AT21-001, AT21-003, and AT21-004. Figure 2 illustrates the displacement in relation to gold
mineralization along the monzonite-silicified dolomite contact.
Figure 1. Location of Nevada King’s 2021 RC drill holes relative to historical drill holes and the 2020
Gustavson gold resource zone and pit perimeter. Current historical open pit shown by black hatched
line. The 2021 drilling program was designed to extend the Gustavson resource to the east, south,
and north. (CNW Group/Nevada King Gold Corp.)
Figure 2. Cross section “B-B’” showing gold distribution in the Nevada King RC holes drilled across
the northern extension of the Atlanta Mine Fault . Northern margin of 2020 Gustavson gold resource
model is located 240m south of section. Gold mineralization occurs beneath a quartz monzonite
intrusive sill within a strongly silicified collapse breccia horizon developed along the intrusive contact
with dolomitic rocks. Mineralized horizon is down-dropped on west side of the Atlanta Mine Fault.
(CNW Group/Nevada King Gold Corp.)
Assay results from
Nevada King's
RC drilling within the northern target zone are reported below.
Intercept lengths for the vertical holes are close to true thickness given the low dip angle of
mineralized zones being tested. Averaged intercepts utilize a 0.30 g/t external cut-off grade.
Table 1.
Drill
Hole ID
From (m)
To (m)
Aggregate
Length (m)
Average
Grade g/t
AT21-001*
94.5
131.1
25.9
1.001
AT21-002
82.3
102.1
22.9
0.707
AT21-003
155.5
173.8
18.3
4.640
AT21-004
85.4
118.9
33.5
0.735
AT21-005
99.1
103.7
4.6
0.418
AT21-006
163.1
175.3
12.2
0.959
AT21-007
91.5
111.3
19.8
1.010
*
Denotes hole bottomed in mineralization.
As seen in
Nevada King's
holes drilled across the southern end of the
Atlanta
open pit, gold
mineralization in this northern zone is hosted within a gently west-dipping, strongly silicified collapse
breccia horizon that developed directly underneath a clay-altered granitic sill along the contact with
strongly brecciated and silicified dolomitic rocks. De-calcified dolomite hosts low grade gold values
in places, as seen in historical hole DHRI-11-04RC (Figure 2). The mineralized horizon is down-
dropped to the west along a northerly-trending normal fault considered to be correlative with the
Atlanta Mine Fault.
Gold intercepts in the historical RC and core holes along Section B-B' are averaged below, using a
0.300g/t Au external cut-off.
KN98-10 drilled by Kinross in 1998 hit
13.8m
grading 1.19g/t at
198.1m
-
211.9m
.
KN98-11 drilled by Kinross in 1998 hit
17.0m
grading 2.73 at
230m
-
247m
, including
9.2m
grading 4.35g/t at
231.7m
-
240.9m
.
Core hole DHRI-11-08C drilled by Meadow Bay in 2011 hit
16.8m
grading 0.73 g/t at
80.8m
-
97,6m
.
DHRI-11-04RC drilled by Meadow Bay in 2011 hit
19.8m
grading 0.474 at
103.7m
-
123,5m
.
Gold grades and mineralized thicknesses seen in
Nevada King's
RC holes along Section B-B'
compare favorably with historical RC and core hole intercepts reported by Kinross and Meadow
Bay. In particular, the core hole DHRI-11-08C (
16.8m
@ 0.738) agrees well with
Nevada King's
nearby RC intercept in AT21-004 (
33.5m
@ 0.735). The intercept grades are almost identical, which
suggests the RC drill recovery was on par with the core drilling.
Another important feature to note on B-B' is the depth of post-mineral tuff and semi-consolidated
tuffaceous sediments overlying the monzonite and mineralized breccia zone. Several of the east-
directed historical angle holes drilled north and south of AT21-003 close to the trace of the Atlanta
Mine Fault did not hit the fault zone, but rather stayed in the post-mineral overburden and eventually
encountered low grade mineralization within the breccia horizon east of the fault. Now recognizing
this relationship,
Nevada King
has a good chance of hitting higher grade mineralization with future
drilling both north and south of AT21-003 along the Atlanta Mine Fault. The planned drilling program
will tests the potential for merging this northern exploration area into the existing resource zone,
thereby substantially increasing the overall resource. Looking again at Figure 1, this potential for
southward advancement of the mineralized zone appears evident, particularly given the paucity of
historical holes along the fault trace.
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 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 an 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
).
Cautionary Statements Regarding Forward Looking Information
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.
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 22-NOV-21