Nevada KING Intercepts More Thick High-Grade Oxide GOLD at Atlanta with 4.21 G/T Au over 45.7M and 2.18 G/T Au over 93.6M
NEVADA KING INTERCEPTS MORE THICK HIGH-GRADE OXIDE GOLD AT
ATLANTA WITH 4.21 G/T AU OVER 45.7M AND 2.18 G/T AU OVER 93.6M
VANCOUVER, BC
,
Feb. 27, 2023
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX: NKGFF) ("
Nevada King
" or the "
Company
") is pleased to
announce assay results from six reverse circulation ("
RC
") holes and one core hole recently completed at its Atlanta Gold Mine Project located 264km northeast
of
Las Vegas, Nevada
, in the prolific Battle Mountain Trend. These holes plotted along Section 22-7N 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
").
Highlights:
Hole No
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
Notes
AT22HG-3T
*^
170.4
285.4
93.6
2.18
17.1
Bottomed in Mineralization
Includes
170.4
231.4
61.0
1.31
0.16
And
252.7
285.4
32.6
3.83
48.7
Bottomed in Mineralization
Includes
261.0
266.0
5.0
10.94
33.2
AT22NS-54
170.7
216.5
45.7
4.21
79.6
Includes
173.8
199.7
25.9
5.40
113.8
AT22NS-73
22.9
103.7
80.8
2.31
47.4
Table 1: Highlight holes released today. Mineralization occurs along sub-horizontal horizons generally dipping gently westward; true mineralized thickness in vertical holes is between 85% and 95% of reported drill intercept length.
*
Denotes core hole.
^
Reported as an aggregate assay interval within the longer drill interval.
Holes released today tie into two parallel drill sections previously released: Section22-6N (
released
January 6, 2023
)
27.5m
to the south and
Section 22-8N (
released
February 1, 2023
)
27.5m
to the north.
Good continuity in geology and Au-Ag mineralization is seen between all three sections,
with higher grade mineralization occurring between the
East Atlanta
and
Atlanta
King Faults and on both sides of the West Atlanta Fault (Figure 2).
Section 22-7N demonstrates an east-west width of contiguous mineralization that exceeds
300m
.
This includes the
100m
-wide higher-grade AMFZ, as
well as over
200m
of lower grade mineralization extending westward from the West Atlanta Fault, where mineralization remains open to depth and to the
west.
Shallow oxide mineralization present in AT22NS-73 (
80.8m
of 2.31 g/t Au and 47.4 g/t Ag starting at
22.9m
) is typical of the thicker, higher-grade
mineralization encountered along the
30m
-wide, wedge-shaped block occurring between the
East Atlanta
and
Atlanta
King Faults.
Nevada King
is
currently drilling along strike of this fault block to better define this near surface, high-grade Au-Ag zone.
Mineralization in hole AT22NS-54 (
45.7m
of 4.21 g/t Au and 79.6 g/t Ag starting at
171m
) is typical of thicker, higher-grade mineralization seen in
down-dropped blocks along the West Atlanta Fault.
Immediately west of AT22NS-54 are two historical holes that tested an adjacent fault block, returning
45m
at 5.24 g/t Au and 40.7 g/t Ag in AR-21 and
48.8m
at 3.95 g/t Au and 46.9 g/t Ag in 88-13 (see Table 3). Taken together, both fault blocks are about
50m
wide and strike parallel to the West Atlanta Fault. The Company is currently drill-defining this important structural corridor along strike with the objective
of expanding tonnage and grade within a relatively shallow part of the resource zone.
The broad expanse of deep, lower grade mineralization hosted within variably silicified volcanics and underlying silicified breccia occurring west
of the West Atlanta Fault starts at depths of
150m
to
250m
and typically extends to depths of
300m
to
400m
, although many of
Nevada King's
holes and historical holes bottomed in mineralization, so the lower depth constraint is uncertain.
Core hole AT22HG-3T and RC hole AT22HG-4,
drilled west of the West Atlanta Fault, intercepted
93.6m
averaging 2.18 g/t Au and 17.1 g/t Ag and
41.2m
grading 1.92 g/t Au and 22.7 g/t Ag, respectively
(see Table 2).
Cal Herron
, Exploration Manager of
Nevada King
. stated, "The four southern-most drill sections (Sections 22-
5N
,
6N
, 7N, and
8N
) across the AMFZ show strong
correlation of geology and mineralization between the sections, allowing further refinement to our geologic model for the gold and silver mineralization at
Atlanta
,
(see Geologic Model Discussion section below). A primary focus of the 2023 drilling program is defining and following structures responsible for localizing higher-
grades. As we've already seen, this requires closely spaced holes in order to tie together the fault blocks and wedges hosting high grades along the AMFZ.
Nevada King's
new geologic model now gives us a "blue print" for targeting higher-grade Au-Ag mineralization to add to the
Atlanta
resource model. To this end,
one rig is currently engaged in definition drilling along the AMFZ and a second drill will soon be added. At the same time, defining the thick mineralization seen
west of the West Atlanta Fault provides significant blue sky potential at
Atlanta
, where mineralization remains open to depth and to the west. As such, the
Company has dedicated one drill for this area in order to vectorize the mineralization and expedite our evaluation process."
Figure 1.
Location map for holes reported in this news release along drill section22-7N
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 22-7N 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 Atlanta 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-5
186.0
279.0
93.0
1.14
2.1
Bottomed in Mineralization
AT22HG-3T
*
170.4
231.4
61.0
1.31
0.158
and
252.7
285.4
32.6
3.83
48.7
Bottomed in Mineralization
Includes
261.0
266.0
5.0
10.94
33.2
AT22HG-4
175.3
192.1
16.8
0.58
0.5
and
216.5
240.9
24.4
2.84
38.0
AT22NS-54
170.7
216.5
45.7
4.21
79.6
Includes
173.8
199.7
25.9
5.40
113.8
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
Table 2: All holes released today.
*
Denotes core hole.
Hole No
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
Notes
AT21-68C
99.1
120.3
21.2
3.28
34.4
DHRI-11-1C
*
74.7
97.5
22.8
1.9
19.72
DHRI-11-4C
*
178.3
301.8
123.5
1.1
9.0
DHRI-11-6C
*
227.1
295.1
68
1.11
15.72
Bottomed in Mineralization
KR97-8
172.2
195.1
22.9
0.72
0.72
KR97-11
173.8
205.8
32
2.00
9.75
AC-1
118.6
163.6
45
5.24
40.7
AR-19
228.6
304.8
76.2
0.82
3.52
Bottomed in Mineralization
AR-21
240.8
304.8
64
0.39
4.21
Bottomed in Mineralization
GC96-7
152.4
108.2
44.2
0.87
23.18
88-13
121.9
170.7
48.8
3.95
46.9
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.
*Denotes core hole.
Geologic Model Discussion
The northerly trending,
100m
to
150m
wide AMFZ is the dominant structural control over higher-grade mineralization at
Atlanta
. It focused shallow intrusive activity
and the associated hydrothermal system responsible for Au-Ag mineralization. The AMFZ is actually a narrow, up-thrown horst block of Eureka Quartzite and
overlying Ely Springs Dolomite that is bounded on the east by the
Atlanta
King and East Atlanta Faults, and on the west by the West Atlanta Fault and its
subsidiary fractures. Gold mineralization preferentially occurs within the Ely Springs Dolomite, whereas the underlying Eureka Quartzite is generally barren. Much
of the dolomite in the horst block was stripped off by erosion when the block was uplifted, so the mineralization on top of the quartzite is thin and lower grade. In
contrast, thicker and higher grade mineralization was focused in thick sections of down-dropped dolomite within the adjacent graben blocks on both sides of the
horst. Normal faults separating these major blocks served as conduits for magma and mineralizing fluids that invaded adjacent dolomite, thereby creating
extensive decalcification, collapse brecciation, and subsequent Au-Ag mineralization. Narrow, confined fault wedges adjacent to the major normal faults are
altered more strongly and host the highest grades, as seen in drill holes AT22NS-73 and AT22NS-54.
Mineralization west of the West Atlanta Fault occurs within a gently west-dipping sequence of caldera-related volcanics on top of silica breccia and Ely Springs
Dolomite. The silica breccia and dolomite are underlain by Eureka Quartzite that is usually barren of mineralization. As seen in Figure 2, faults displacing the
basement sequence focus mineralization and strong oxidation. Mineralization within the silica breccia horizon tends to be higher grade and oxidized whereas
mineralization in the overlying volcanic sequence is generally low grade (0.2-0.5 g/t Au). Oxidation in the mineralized volcanics appears to be a function of
proximity to faults. Historical drill hole density in this area is low, and many of the holes did not penetrate the volcanic cover or go through the silica breccia
horizon.
We, therefore, have a large, sparsely-tested area to explore all along the western side of the West Atlanta Fault where we are finding a
100m
thick,
near-horizontal zone of gold mineralization that remains open to the west and to depth.
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 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.
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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 27-FEB-23