Nevada KING Outlines Three Significant Regional Targets from Its 131 KM(2) Atlanta District Scale Exploration Program
NEVADA KING OUTLINES THREE SIGNIFICANT REGIONAL TARGETS
FROM ITS 131 KM(2) ATLANTA DISTRICT SCALE EXPLORATION
PROGRAM
VANCOUVER, BC
,
July 25, 2023
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX: NKGFF) ("
Nevada King
" or the "
Company
") is pleased to
announce three major regional targets from its 2023 regional exploration program on its 13,100 hectare (131 km
2
) Atlanta Gold Mine Project. The 100% owned
contiguous property is located in the prolific Battle Mountain Trend 264km northeast of
Las Vegas, Nevada
. Most of the exploration and development to date has
targeted resource expansion proximate to the historic
Atlanta
mine pit. Drilling (
40,000m
) has extended known zones of gold mineralization in and around the
Atlanta
pit as well as led to the discovery of significant new zones. These results will be incorporated into an updated
Atlanta
resource estimate. Simultaneously
the Company has also undertaken a number of regional geological, geophysical and geochemical surveys and integrated with data from programs conducted
since 2011 to identify prospective target areas within the surrounding 131 km
2
property. This release provides an overview of results to date from this regional
exploration work.
Regional Exploration Highlights:
Three major exploration targets have been identified on the larger
Atlanta
property – the Western Knolls, South Quartzite Ridge, and Crossroads
Targets (Figure 1).
The Company is currently completing close-spaced soil sampling within these three target areas that will be combined with its other exploration results from
these areas to
generate drill targets that will be pursued later in 2023.
In conjunction with this release, the Company has published a video outlining these three regional target areas incorporating google earth imagery and drone
footage.
To view the video,
click here
.
Target Area Overviews:
Western Knolls
– Located 5.5km west of the
Atlanta
pit on the opposite side of the Indian Peak Caldera, Western Knolls is a large target covering
approximately 9km
2
. The target was first identified in 2011 by former operator Meadow Bay, which conducted significant geophysical, geochemical, and
geological mapping of the area. Meadow Bay permitted 19 widely spaced drill holes, but only ended up drilling two holes at the northern boundary of the
target area. Following the discovery of the West Atlanta Graben ("
WAG
") at
Atlanta
,
Nevada King
now sees potential for a similar style target at Western
Knolls. Similar to gold mineralization at the
Atlanta
mine, mineralization at Western Knolls is largely hosted by variably argillized and silicified, partially welded
quartz latite tuff, with gold/silver mineralization accompanied by a similar arsenic, barium, antimony and molybdenum signature. The two historical holes
returned anomalous gold starting at depths of
100m
to
216m
, similar to that seen in the WAG zone in the
Atlanta
mine area.
South Quartzite Ridge
– The South Quartzite Ridge target covers an area that was partially explored by prior operators who were looking for a Pogonip
Limestone (Op) hosted gold mineralization such as Archimedes (2.1 Moz
1
) in nearby
Eureka, NV.
Outcrops of decalcified/silicified Pogonip were identified in
this area, however, extensive drilling efforts failed to find significant gold mineralization in the Pogonip. Based on the Company's recent results in hole
AT23HG-30 (
July 20, 2023
) which intersected mineralized Pogonip for the first time ever at
Atlanta
,
Nevada King
believes that past drilling did not test the
main target for Pogonip hosted gold mineralization. Nevada Kng's Pogonip target is shallowly located
beneath
30m
to
60m
of barren quartzite within a
untested area approximately
500m
wide by
2000m
long
. Furthermore, this target is on strike with gold-bearing structures found in the
Atlanta
pit and
extending 2km south, as confirmed through recent mapping and the Company's CSAMT survey (Figure 2). Recent drilling at
Atlanta
has also shown that gold
grades are increasing as drilling approaches the South Quartzite Ridge.
Crossroads
– Crossroads is a newly identified target northeast of the
Atlanta
deposit, on the far side of the East Ridge Target. Historically mapped as
surficial alluvium (Qal) and caldera-related volcanic breccias, the Company's recent work have found a preponderance of altered dolomite and limestone
basement rock similar to weathered host rock found at other
Carlin
-type deposits. These boulders and cobbles of strongly silicified carbonate rocks are
anomalous in gold and silver and were historically interpreted to have been transported from the East Ridge Target area.
Nevada King
now believes
this silicified carbonate material to be insitu and a weathered surface expression of an underlying target area. Only five historical holes were drilled throughout
the Crossroads target. Three of these holes were located in the northern part of the target zone and encountered gold mineralization including
11m
grading
0.88 g/t Au starting at
108m
depth.
________________________________
1
Nevada Bureau of Mines and Geology, 2006, Gold and Silver Resources in Nevada
Cal Herron
, Exploration Manager of
Nevada King
, commented, "
Nevada King
originally purchased
Atlanta
because of the district-scale gold potential seen around
the 6 km diameter ring fracture zone associated with the Indian Peak Caldera. Calderas are volcanic environments that frequently host world-class metals
deposits all around the world. The
Atlanta
resource zone sits on the caldera's eastern margin where the Au/Ag mineralization is closely associated with small,
strongly altered felsic intrusions, some of which are themselves mineralized. This igneous association is important because it opens the door for a variety of
different deposit types and is a geological environment that can host large deposits, with examples including
Cripple Creek, Colorado
and
Round Mountain,
Nevada
. As
Nevada King
drills deeper at
Atlanta
, we find more evidence for an igneous rock relationship to Au/Ag mineralization, increasing our optimism for the
Atlanta
project's bigger picture discovery potential."
Figure 1. Atlanta Gold Mine Project map detailing its 13,100 hectare mineral holdings as well as the location of the historical Atlanta pit, and three newly identified
regional target areas. Historical holes are represented by white dots to show density of exploration activity across the project area. (CNW Group/Nevada King
Gold Corp.)
Figure 2. Recent CSAMT sureys show structures and faults responsible for channelling fluids and concentrating gold mineralization around the Atlanta pit
extending 2km south into the South Quartzite Ridge Target. (CNW Group/Nevada King Gold Corp.)
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
$19-million
as of
July 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, 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 25-JUL-23