Nevada KING Mobilizes a Fourth Drill Rig to Its 100% Owned Atlanta GOLD MINE Project, Battle Mountain Trend, Nevada
NEVADA KING MOBILIZES A FOURTH DRILL
RIG TO ITS 100% OWNED ATLANTA GOLD
MINE PROJECT, BATTLE MOUNTAIN TREND,
NEVADA
VANCOUVER, B.C
,
Oct. 3, 2022
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX:
NKGFF) ("
Nevada King
" or the "
Company
") is pleased to announce an update on its 2022 Phase II
resource expansion and definition drilling at its 5,166 hectare (19.94 square mile), 100% owned
Atlanta Gold Mine Project ("
Atlanta
"), located in the prolific Battle Mountain Trend 264km northeast
of
Las Vegas, Nevada
.
Highlights:
A fourth drill rig has been mobilized to
Atlanta
to further accelerate the Phase II drilling program.
This truck-mounted Schramm 685 reverse circulation ("RC") drill has been contracted from
Envirotech Drilling LLC out of
Winnemucca, Nevada
, and is capable of drilling to
460m
depth.
The rig will be used for both pre-collar and deep RC holes.
The addition of a fourth rig will allow the Company to fast-track drilling along six parallel
benches cut along the west side of the historical
Atlanta
open pit. The drill pattern tests the
down-dip extension of the mineralized Atlanta Mine Fault Zone ("
AMFZ
") immediately west of
the N-S fence of holes drilled in 2021 at the bottom of the pit which returned high-grade
intercepts including
41.2m
averaging 3.94 g/t Au,
64m
averaging 3.35 g/t Au,
and
54.9m
averaging 5.34 g/t Au
, starting at or near surface (see
January 20, 2022
, news release
).
These six parallel rows of new holes will better define the average grade and geometry of high-
grade gold mineralization down-dip along the AMFZ and better assess displacements of down-
dropped fault blocks across the AMFZ.
To date the Company has completed 74 RC holes totaling
5,934m
, 11 RC pre-collar holes
totaling
1,349m
, and 10 core holes totaling
831m
.
Seven batches of drill samples, representing
8,323m
of combined core and RC have been
delivered to American Assay Labs in
Reno, Nevada
. The Company
reported initial assay results on
September 13, 2022
, including high-grade intervals of
120.4m
of 1.49 g/t Au
and
57.9m
of 1.38 g/t Au
, located south and southeast of the
Atlanta
pit.
Further assay results are expected shortly.
Exploration Manager
Cal Herron
, P.Geo., stated: "Our drills are now stepping into the western
target zone where scattered historical RC and core holes indicate the presence of higher-grade
mineralization along the down-dip extension of the AFMZ. Drilling is being conducted methodically
with a focus on maximizing chip and core recovery. As winter is approaching, adding a fourth rig will
ensure sufficient hole density for a more comprehensive understanding of gold grade and geometry
across this high grade target. By increasing the number of deep pre-collar holes, we will have an
opportunity to keep our core drill turning well into the winter in order to supply additional metallurgical
core samples and provide QAQC checks on deep RC drill results. With the program running
smoothly and drill productivity increasing with the addition of another rig, the Atlanta Project is well
positioned to meet its 2022 goal of further expanding the mineralized envelope and tying together the
numerous bands of high-grade mineralization intersected in historical holes."
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
$17 million
as of October 2022.
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
(000's)
Ag Grade
(ppm)
Contained Ag Oz
(000's)
Measured
4,130
1.51
200
14.0
1,860
Indicated
6,910
1.17
260
10.6
2,360
Measured + Indicated
11,000
1.30
460
11.9
4,220
Inferred
5,310
0.83
142
7.3
1,240
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, 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.
Figure 1. Drilling along the western margin of Atlanta Pit. (CNW Group/Nevada King Gold Corp.)
SOURCE
Nevada King Gold Corp.
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For further information:
contact Collin Kettell at [email protected] or (301) 744-8744.
CO: Nevada King Gold Corp.
CNW 07:30e 03-OCT-22