Nevada KING Intercepts High-Grade Oxide GOLD at Atlanta Including 2.88 G/T Au over 67.1M, 2.95 G/T Au over 51.8M, and 3.43 G/T Au over 33.5M
NEVADA KING INTERCEPTS HIGH-GRADE
OXIDE GOLD AT ATLANTA INCLUDING 2.88
G/T AU OVER 67.1M, 2.95 G/T AU OVER 51.8M,
AND 3.43 G/T AU OVER 33.5M
VANCOUVER, BC
,
Feb. 1, 2023
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX:
NKGFF) ("
Nevada King
" or the "
Company
") is pleased to announce assay results from nine reverse
circulation ("
RC
") holes and two core holes recently completed at its Atlanta Gold Mine Project
located 264km northeast of
Las Vegas, Nevada
in the prolific Battle Mountain Trend. These holes on
Section 22-8N were drilled across the high-grade feeder zone associated with several strands of a
braided network of structures comprising the Atlanta Mine Fault Zone ("
AMFZ").
The Company is
currently drilling a series of fences across the AMFZ designed to get better definition of the grade
distribution of higher grade zones correlated to the AMFZ (see Figure 1).
Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
Notes
AT22HG-20
207.3
240.9
33.5
3.43
125.7
includes
233.2
239.3
6.1
10.09
284
AT22NS-53
157.0
224.1
67.1
2.88
52.0
includes
205.8
218.0
12.2
11.12
122.1
AT22NS-51
89.9
109.8
19.8
2.92
61.5
includes
93.0
102.1
9.1
4.85
96.2
AT22NS-71
36.6
88.4
51.8
2.95
79.5
includes
54.9
68.6
13.7
5.90
164
AT22NS-61A
6.1
57.9
51.8
2.23
59
Bottomed in Mineralization
includes
22.9
27.4
4.6
5.95
20.1
AT22HG-1T
*
274.1
292.8
18.8
0.466
22.4
Bottomed in Mineralization
AT22HG-2T
*
176.8
191.8
14.9
0.65
<0.5
and
232.9
241.8
8.8
4.64
154.1
and
256.1
264.9
8.8
1.72
40.4
Bottomed in Mineralization
Table 1: Highlight holes released today. Due to the multiple orientations of gold
mineralization interpreted in today's release, the Company has not yet estimated true widths
for individual intercepts.
*
Denotes core hole.
Holes released today tie into 2021 hole AT21-62, which returned
55m
averaging 5.34 g/t Au
starting at
9.1m
depth on the east end of Section22-8N.
These
holes continue to encounter high-grade gold and silver mineralization, hosted in oxide material,
tracking it to the west across the AMFZ where it remains open both to the west and to depth.
Core
holes AT22HG-1T and AT22HG-2T bottomed in Au-Ag mineralization
at depths of
293m
and
265m
, respectively.
Holes AT22NS-20 (
33.5m
of 3.43 g/t Au and 125.7 g/t Ag) and AT22NS-53 (
67.1m
of 2.88
g/t Au and 52 g/t Ag) penetrated the silica breccia zone directly above a fine-grained
dacite porphyry dike
that was also encountered south of this section along the western
boundary of the West Atlanta Fault on Section22-6N (
released
January 6, 2023
). Hole
intercepts above and adjacent to this intrusive unit tend to host higher Au-Ag grades, and the
volcanic section west of the intrusion is mineralized, unlike areas east of the intrusion.
Mineralization in hole AT22NS-71 (
51.8m
@ 2.95 g/t Au and 79.5 g/t Ag) is hosted within
silicified breccia that is sandwiched on top and bottom between mineralized porphyritic
quartz latite tuff dike breccia bodies.
Beneath the mineralized zone, AT22NS-71 cut down
through barren dolomite, then through anomalous tuff dike breccia, and finally through the
Atlanta
King Fault ("
AKF
") and into quartzite. This lithotype sequence strongly suggests the AKF
is serving as a conduit for channeling felsic dikes and dike breccia bodies into the silica breccia
horizon.
Higher Au-Ag
grades are frequently found in the silica breccia proximal to these tuff
dikes further south along the AKF. The Company is utilizing this close spatial relationship
between these dikes and Au-Ag mineralization as an important exploration guide for finding
higher grades as it advances the drills northward along the AMFZ.
Cal Herron, Exploration Manager of
Nevada King
, stated, "Section 22-8N is important for revealing
two distinct zones of higher grade Au-Ag mineralization along the AMFZ – one coinciding with narrow
fault blocks developed along the West Atlanta Fault, and the other occurring within narrow fault-
bounded blocks formed in between the
Atlanta
King and East Atlanta Faults. This is most evident in
the
13m
-wide fault block drilled by historical holes 88-9, 88-14, AC-1 and KR97-6. The clustering of
high-grade hits reported in these four holes (see Table 3) is highly unusual at
Atlanta
, but this is in
part due to the unusually high hole density along this section. With this fault block so well defined,
Nevada King
is now in good position to track the high-grade structure along strike to the north and
south. Similarly, the
30m
wide fault block zone between the
Atlanta
King and East Atlanta Faults is
becoming better defined and we are now able to track it along strike as well. This level of definition
was not provided by historical drilling, and these new results will aid in accurate modeling of these
high-grade zones.
"It is also important to note the close spatial relationship between the
Atlanta
King Fault, intrusive tuff
dikes, and higher grade Au-Ag mineralization. We have already seen this relationship in other holes
south of Section 22-8N, and has become an important indicator for tracking gold mineralization
southward from the pit into the South Extension Target and beyond (Figure 1). The
Atlanta
King
Fault is exposed along strike for about one kilometre south of the pit, however the downdropped
block east of the fault that would potentially host mineralization is largely covered by quartzite scree
and landslide debris, so the primary target of interest is not exposed. This area has never been
drilled and exploration of this target will commence in May of this year after ground conditions
improve."
Figure 1.
Location map for holes reported in this news release along drill section 22-8N
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 22-8N looking north across the southern portion of the Atlanta Mine Fault
Zone. Shallow intrusive activity and closely associated gold mineralization are localized within the
volcanic and sedimentary sequence along the western side of the West Altanta Fault.
Higher grade
mineralization is concentrated within narrow fault blocks formed between the East Atlanta and
Nevada King Faults and along the West Atlanta Fault. (CNW Group/Nevada King Gold Corp.)
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
Notes
AT22HG-1T
*
274.1
292.8
18.8
0.466
22.4
Bottomed in Mineralization
AT22HG-2T
*
176.8
191.8
14.9
0.65
<0.5
and
232.9
241.8
8.8
4.636
154.1
and
256.1
264.9
8.8
1.721
40.4
Bottomed in Mineralization
AT22HG-20
207.3
240.9
33.5
3.434
125.7
includes
233.2
239.3
6.1
10.093
284
AT22NS-53
157.0
224.1
67.1
2.879
52.0
includes
205.8
218.0
12.2
11.124
122.1
AT22NS-51
89.9
109.8
19.8
2.919
61.5
includes
93.0
102.1
9.1
4.845
96.2
AT22NS-56A
93.0
106.7
13.7
1.876
38.5
AT22NS-71
36.6
88.4
51.8
2.945
79.5
includes
54.9
68.6
13.7
5.900
164
AT22NS-60
0.0
30.5
30.5
<0.200
<0.5
AT22NS-61
0.0
18.3
18.3
<0.100
<0.5
AT22NS-61A
6.1
57.9
51.8
2.227
59
Bottomed in Mineralization
includes
22.9
27.4
4.6
5.95
20.1
AT22NS-72
0.0
76.2
76.2
<0.050
<0.5
Table 2: All holes released today. Due to the multiple orientations of gold mineralization
interpreted in today's release, the Company has not yet estimated true widths for individual
intercepts.
*
Denotes core hole.
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AT21-62
9.1
68.6
59.5
5.3
27.3
KR97-7
211.9
245.4
33.5
2.6
59.6
KR97-6
179.9
214.9
35.1
4.3
61.8
KR97-5
164.6
211.9
47.3
1.9
43.3
KR97-15
152.4
190.5
38.1
6.7
52.8
DHRI-11-9C
196.6
231.7
35.1
2.9
53.1
88-14
125.0
170.7
45.7
6.3
80.3
88-9
128.0
181.4
53.4
11.1
82.4
AC-1
118.6
159.1
40.5
5.8
44.8
Table 3
: Previously reported and historic holes used in Section 22-8N. AT21 series hole was
drilled by
Nevada King
in 2021. The KR97 series holes were drilled by Kinross in 1997, the AC
series hole was drilled by Goldfields in 1990, and the 88 series holes were drilled by Bobcat
in 1988. Due to the multiple orientations of gold mineralization interpreted in today's release,
the Company has not yet estimated true widths for individual intercepts.
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
$9.3 million
as of February 2023.
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
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
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 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 at [email protected] or (845) 535-1486.
CO: Nevada King Gold Corp.
CNW 08:08e 01-FEB-23