Nevada KING Moves Forward ON Its Phase 3 Regional Drill Program, Receives Approval from Bureau of Land Management FOR Modification to Its Plan of Operation at Atlanta
NEVADA KING MOVES FORWARD ON ITS PHASE 3 REGIONAL DRILL
PROGRAM, RECEIVES APPROVAL FROM BUREAU OF LAND
MANAGEMENT FOR MODIFICATION TO ITS PLAN OF OPERATION AT
ATLANTA
VANCOUVER, BC
,
Oct. 16, 2024
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTC: NKGFF) ("
Nevada King
" or the "
Company
") is pleased to announce it
has received a Finding of No Significant Impact, or "FONSI", from the U.S. Bureau of Land Management (BLM) for a minor modification to its existing 45km
2
Plan
of Operations, a critical step towards commencing its Phase III regional drill program at the 100%-owned Atlanta Gold Mine Project along the prolific Battle
Mountain Trend 264km northeast of
Las Vegas, Nevada
.
Highlights:
With the FONSI in place,
Nevada King
is currently posting an increase to the
Atlanta
reclamation bond and, upon acceptance, expects to receive a final
Approval Letter for the modification to its Plan of Operation.
The Company is planning a 59-hole, Phase III regional drilling program (Figure 1) testing 12 regional targets throughout the district (released
September 17, 2024
, and
October 3, 2024
). This is in addition to ongoing drilling at the Wild West Target (
4.67 g/t Au over
42.7m
, including
7.94 g/t Au
over
18.3m
, (
August 19, 2024
release
), located adjacent to the
Atlanta
resource zone.
New road construction will begin along portions of the South Quartzite Ridge Target ("
SQRT
") upon receipt of the final Approval Letter from the BLM.
Construction, which will include three road extensions on the east face of the SQRT, is expected to take 8-12 weeks to complete.
Ten pads along the new roads are designed to test a northern portion of the 2.5km long SQRT, following up on the Company's recent discovery of
6.28 g/t
Au over
54.9m
at the northern end, (released
July 23, 2024
). Sixteen additional drill sites are planned along the west side and along the southern extent of
the SQRT that will be accessed by existing roads. The SQRT is located along trend of the
Atlanta
resource zone and coincides with a major anticline that is
thought to have played a major part in the mineralizing events at
Atlanta
. This drill campaign represents the first time this target has been drilled, aside from
two shallow historical holes at the southern end that averaged just
56m
in depth.
Cal Herron
, Exploration Manager of
Nevada King
, stated: "We initially acquired
Atlanta
for its district-scale potential as evidenced by widespread gold
mineralization spanning 6km across the district. Its caldera setting was certainly important, as calderas are known to host very large deposits, as witnessed by
Kinross'
world-class Round Mountain Mine. After three years of extensive drilling and field work combined with an array of detailed geophysical data, we now
possess a fundamental understanding of how the
Atlanta
gold system formed and how the various geological environments hosting mineralization within and
around the resource zone can be identified using geochemical and geophysical methods. Armed with this knowledge, we are excited to step further out into the
surrounding district with our Phase III program and start chasing target types that were unknown to previous explorers and in areas that have yet to be drilled."
Figure 1. Red dots indicate Nevada King approved drill pad locations, while red lines show new road cuts that have been approval to be built. (CNW
Group/Nevada King Gold Corp.)
QA/QC Protocols
All Reverse Circulation (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 weighted 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. 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 National Instrument 43-101 ("
NI 43-101
").
About Nevada King Gold Corp.
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 1. 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:
For further information, contact Collin Kettell at [email protected] or (845) 535-1486.
CO: Nevada King Gold Corp.
CNW 07:30e 16-OCT-24