Nevada KING Intersects High-Grade Oxide GOLD 600M North of the Atlanta Pit with 9.72 G/T Au over 9.1M Within 47.3M of 2.57 G/T Au, Doubles Size of the "North Extension Target"
NEVADA KING INTERSECTS HIGH-GRADE OXIDE GOLD 600M NORTH OF
THE ATLANTA PIT WITH 9.72 G/T AU OVER 9.1M WITHIN 47.3M OF 2.57 G/T
AU, DOUBLES SIZE OF THE "NORTH EXTENSION TARGET"
VANCOUVER, BC
,
Jan. 17, 2024
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX: NKGFF) ("
Nevada King
" or the "
Company
") is pleased to
announce results from 25 vertical, reverse circulation ("
RC
") holes recently completed in the North Extension Target at its at its 5,166 hectare (51.6km
2
), 100%
owned Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend 264km northeast of
Las Vegas, Nevada
. Today's holes are plotted in plan and
section on Figures 2-10, below.
Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AT23NS-144
100.6
125.0
24.4
1.98
0.4
AT23NS-155
146.3
193.6
47.3
2.57
4.4
Includes
160.1
169.2
9.1
9.72
15.5
Table 1: Highlight 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.
Highlight interval of
9.72 g/t Au over
9.1m
within 2.57 g/t Au over
47.3m
is the best interval recorded to date within the North Extension Target
("NET")
, a shallow, strongly oxidized gold zone located approximately
600m
north of the
Atlanta
pit that is not included within the 2020 National Instrument
43-101 ("
NI 43-101
") resource.
The NET formed along the northern extension of the Atlanta Mine Fault Zone ("
AMFZ
") was originally identified by historical drilling, but intercepted grades
and thicknesses were too low to maintain interest in the target. It was
Nevada King's
high-grade intercept of
8.26 g/t Au over
9.1m
within 4.64 g/t Au over
18.3m
in AT21-3 (
November 22, 2021
) that opened up the NET's potential, while later intercepts of 1.67 g/t Au over
24.4m
in AT22NS-13 (
November 23, 2022
) and 1.83 g/t Au over 21.3m in AT22NS-15
(
December 20, 2022
)
further expanded the higher-grade "core" mineralization localized along
the AMFZ.
Today's drilling more than doubles the footprint of NET
from the previously reported
175m
N-S x
300m
E-W (
December 20, 2022
) to an
area that now
spans
330m
N-S by
350m
E-W
(see Figure 1 below).
The 25 holes released today are plotted on eight separate cross sections together with 25 previously released
Nevada King
holes and 18 historical holes
(Figures 3-10). Mineralization occurs along a gently west-dipping horizon developed at the contact between basal Ordovician age dolomite and overlying
Tertiary age volcanics. This silicified contact is vertically displaced
60m
to
80m
across the northerly-trending AMFZ with the west side down, similar to what
is seen all along the AMFZ.
The highest grade intervals are found proximal to the AMFZ along a
50m
-wide corridor centred on the fault zone, as demonstrated by previously released
hole AT23NS-112 grading
4.08 g/t Au
over
21.3m
. Gold grades tend to gradually decrease westward and eastward from the AMFZ, although high-grade
does occur outside of this corridor, including previously released hole AT23NS-109 grading
3.69 g/t Au over
13.7m
, located
100m
west of the AMFZ.
The distribution of both grade and thickness for
Nevada King's
reported holes is shown in Figure 1 where the thicker, higher-grade mineralization is
concentrated along the AMFZ and also along a WNW-trending fracture zone that intersects the AMFZ, where the highest grades are found. The gradual
decrease in grade and thickness moving eastward from the AMFZ is evident, but to the west both thickness and grade remain fairly uniform from hole to hole
over a large area, albeit at greater depth.
The vector arrows in Figure 1 show the directions in which mineralization remains open around the NET. The east-directed vector is heading toward the still-
to-be tested East Ridge Target, while the other vectors indicate potential to the west and south. A
100m
gap currently exists between the NET and the
northern edge of the main resource zone, so the southerly-directed vectors indicate good potential for connecting these two mineralized zones together. The
Company is currently drilling this gap and also expanding the drill pattern westward.
Cal Herron
, Exploration Manager of
Nevada King
, stated, "In early 2021, our geologic mapping revealed several northerly-trending high-angle faults that
progressively down-dropped the basement stratigraphy and gold mineralization moving westward across the pit area. After recognizing this stair-like,
downdropped fault pattern and its relationship to mineralization, we went back through the historical drill data looking for similar basement offsets that might
provide vectors for extending the known mineralization. A good possibility for such a structure was seen in the NET between two historical holes, Goldfields hole
AR-7 (
24.4m
@ 0.73 g/t Au) and Kinross hole KN98-12 (
27.5m
@ 0.77 g/t Au), where a
50m
to
80m
displacement down to the west was evident.
Nevada King's
AT21-3, the third hole drilled in 2021, was positioned in the middle between these two historical intercepts and hit the high-grade AMFZ, returning
18.3m
grading
4.64 g/t Au. This "discovery" hole prompted follow- up drilling in the vicinity of A21-3 that eventually outlined the higher-grade core along the East Atlanta Fault,
thereby revealing the potential of the NET target. Today's drilling continues to outline this growing zone, which now covers a
330m
x
350m
size area, that is not
included in the existing
Atlanta
resource. Our evolving geological model played prominently into the discovery of the NET and now allows us to better explore for
additional blind zones within the
Atlanta
caldera as we continue along our discovery process."
Figure 1. Map of the North Extension Target that includes historical and Nevada King holes plotted to show both grades and thicknesses. The NET remains open
to the east, west, and south as indicated by the arrows. (CNW Group/Nevada King Gold Corp.)
Figure 2. Location map for holes reported in this news release along eight drill sections shown below in Figures 3-10. Shallow drill holes on the mine dumps have
been removed from the plot for clarity. (CNW Group/Nevada King Gold Corp.)
Figure 3. Cross section 22-21N looking north across the AMFZ. Mineralization occurs along a gently west-dipping horizon developed at the contact between basal
Ordovician age dolomite and overlying Tertiary age volcanics. (CNW Group/Nevada King Gold Corp.)
Figure 4. Cross section 22-24N(2) looking north across the AMFZ. Mineralization occurs along a gently west-dipping horizon developed at the contact between
basal Ordovician age dolomite and overlying Tertiary age volcanics. (CNW Group/Nevada King Gold Corp.)
Figure 5. Cross section 22-25N(2) looking north across the AMFZ. Mineralization occurs along a gently west-dipping horizon developed at the contact between
basal Ordovician age dolomite and overlying Tertiary age volcanics. (CNW Group/Nevada King Gold Corp.)
Figure 6. Cross section 22-27N(2) looking north across the AMFZ. Mineralization occurs along a gently west-dipping horizon developed at the contact between
basal Ordovician age dolomite and overlying Tertiary age volcanics. (CNW Group/Nevada King Gold Corp.)
Figure 7. Cross section 22-28N(2) looking north across the AMFZ. Mineralization occurs along a gently west-dipping horizon developed at the contact between
basal Ordovician age dolomite and overlying Tertiary age volcanics. (CNW Group/Nevada King Gold Corp.)
Figure 8. Cross section 22-29N(2) looking north across the AMFZ. Mineralization occurs along a gently west-dipping horizon developed at the contact between
basal Ordovician age dolomite and overlying Tertiary age volcanics. (CNW Group/Nevada King Gold Corp.)
Figure 9. Cross section 22-30N(2) looking north across the AMFZ. Mineralization occurs along a gently west-dipping horizon developed at the contact between
basal Ordovician age dolomite and overlying Tertiary age volcanics. (CNW Group/Nevada King Gold Corp.)
Figure 10. Cross section 22-31N looking north across the AMFZ. Mineralization occurs along a gently west-dipping horizon developed at the contact between
basal Ordovician age dolomite and overlying Tertiary age volcanics. (CNW Group/Nevada King Gold Corp.)
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AT23NS-134
*
94.5
128.0
33.5
0.19
<0.5
AT23NS-135
99.1
125.0
25.9
0.20
<0.5
AT23NS-136
79.3
99.1
19.8
0.46
0.5
AT23NS-137
44.2
53.4
9.1
0.21
4.0
And
82.3
89.9
7.6
0.24
<0.5
AT23NS-138
96.0
106.7
13.7
0.36
1.8
AT23NS-139
27.4
33.5
6.1
0.22
3.7
AT23NS-140
79.3
105.2
25.9
0.35
1.8
AT23NS-141
73.2
74.7
1.5
0.31
3.4
AT23NS-142
122.0
155.5
33.5
0.40
0.7
AT23NS-143
97.6
146.3
48.8
0.73
<0.5
AT23NS-144
100.6
125.0
24.4
1.98
<0.5
AT23NS-145
*
109.8
131.1
21.3
0.42
1.9
AT23NS-147
144.8
161.6
16.8
0.74
3.5
AT23NS-148
93.0
147.9
54.9
0.65
<0.5
AT23NS-150
*
230.2
253.0
22.9
1.02
7.1
AT23NS-151
231.7
257.6
25.9
0.97
23.1
AT23NS-152
140.2
158.5
18.3
0.74
18.4
AT23NS-153
195.1
227.1
32.0
0.73
5.3
AT23NS-154
184.5
213.4
29.0
1.34
7.2
AT23NS-155
146.3
193.6
47.3
2.57
4.4
Includes
160.1
169.2
9.1
9.72
15.5
AT23NS-156
103.7
135.7
32.0
0.48
1.0
AT23NS-157
251.5
283.5
32.0
0.77
16.4
AT23NS-158
*
216.5
245.4
29.0
0.91
1.9
AT23NS-159
166.2
186.0
19.8
1.15
14.0
AT23NS-160
*
91.5
129.6
38.1
0.40
2.7
Table 2. 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.
*
Denotes hole that bottomed in mineralization.
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
AT23NS-108
182.9
210.4
27.4
0.31
4.0
AT23NS-109
225.6
239.3
13.8
3.69
1.3
AT23NS-110
*
175.3
201.2
25.9
1.21
3.5
AT23NS-111
175.3
190.5
15.2
0.49
1.2
AT23NS-112
155.5
176.8
21.3
4.03
6.7
AT23NS-113
256.1
297.3
41.2
0.40
5.4
AT23NS-114
190.5
227.1
36.6
0.77
5.8
AT23NS-115
218.0
231.7
13.7
0.82
7.1
AT23NS-127
117.4
146.3
28.9
0.96
1.5
AT23NS-10A
105.2
144.8
39.6
0.68
2.0
AT21-002C+
86.3
104.6
18.3
0.56
2.1
AT22NS-009
86.9
128.0
41.2
0.65
<0.5
AT22NS-011
*
102.1
125.0
22.9
1.36
0.5
AT22NS-013
135.7
160.1
24.4
1.67
<0.5
AT22NS-012
175.3
195.1
19.8
1.77
<0.5
AT22NS-014
99.1
143.3
44.2
0.71
<0.5
AT22NS-016
91.5
106.7
15.2
0.54
<0.5
AT22NS-017
85.4
114.3
28.9
0.46
2.7
AT22NS-018
178.4
193.6
15.2
0.70
4.5
AT22NS-019
166.2
179.9
16.8
0.31
2.5
AT21-001
*
94.5
131.1
25.9
1.00
<0.5
AT21-002
82.3
105.2
22.9
0.71
<0.5
AT21-003
155.5
173.8
18.3
4.64
11.2
AT21-004
85.4
118.9
33.5
0.74
1.4
AT21-005
99.1
103.7
4.6
0.42
3.4
DHRI-11-04RC
103.7
123.5
19.8
0.47
<0.5
DHRI-11-05RC
61.0
82.3
21.3
0.24
3.0
DHRI-11-06RC
76.2
77.7
1.5
0.10
7
DHRI-11-07RC
*
74.7
108.2
33.5
0.18
0.7
DHRI-11-08RC
120.4
143.3
22.9
0.30
3.84
DHRI-11-08C
^
175.3
182.9
7.6
0.09
<0.5
DHRI-11-12C
^
297.3
304.9
7.6
0.27
11.4
DHRI-11-13C
169.2
213.4
44.2
0.27
1.7
DHRI-11-14C
^
129.6
158.5
28.9
0.05
1.1
KN98-02
+
42.7
57.9
15.2
0.14
9.5
KN98-10
+
198.2
211.9
13.7
1.19
1.0
KN98-11
+
230.2
253.0
22.9
2.07
0.7
KN98-12
196.6
224.1
27.5
0.77
1.9
KN98-13
+
231.7
274.4
42.7
0.67
0.3
KN98-14
+
237.8
265.2
27.4
0.48
3.0
AR-06
+
146.3
157.0
10.7
0.14
29.8
AR-07
+
112.8
137.2
24.4
0.73
0.6
90-04
208.8
256.1
47.3
0.11
2.9
Table 3. Previously released drill holes and historic drill holes used in today's cross sections. AT series holes were drilled by
Nevada King. DHRI series holes were drilled by Meadow Bay in 2011, preceeded by KN98 series drill holes from Kinross in
1998, AR series by Goldfields in 1991 and 90 series by Bobcat in 1990.
*
Denotes hole that bottomed in mineralization.
^
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 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:
Collin Kettell at [email protected] or (845) 535-1486.
CO: Nevada King Gold Corp.
CNW 07:30e 17-JAN-24