Nevada KING Provides Update ON Deep Drilling at Iron Point GOLD Project, Battle Mountain Trend, Nevada
NEVADA KING PROVIDES UPDATE ON DEEP
DRILLING AT IRON POINT GOLD PROJECT,
BATTLE MOUNTAIN TREND, NEVADA
VANCOUVER, BC
,
Feb. 17, 2022
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX:
NKGFF) ("
Nevada King
" or the "
Company
") is pleased to provide an update on the deep drill
program at the Company's 100% owned Iron Point Gold Project ("
Project
") in
Humboldt County,
Nevada
. Located at the juncture between the prolific Getchell and
Battle Mountain
gold trends, Iron
Point is one of the last remaining district-scale
Carlin
-type gold exploration targets in
Nevada
.
Highlights
In
January 2022
,
Nevada King
commenced a five-hole,
4,000m
deep drill program at Iron Point
to further test
Carlin
-type gold mineralization hosted in Lower Plate carbonate rocks beneath
the Roberts Mountain Thrust. This program is designed to follow up on initial drilling completed
in 2019 by the Company in which a thick sequence of Lower Plate carbonate rocks was
encountered in core hole VM-008C. This hole bottomed in mineralization intercepting
5.8m
grading 0.17 g/t Au associated with strongly elevated pathfinder elements.
All five holes will commence from pre-collared and cased reverse circulation ("
RC
") holes drilled
to approximately
350m
depth. One of these pre-collars was drilled and cased by the Company
in 2019 (hole EG 002). Two additional pre-collars have recently been completed and cased,
with the third now underway (Figure 2).
Upon completion of the pre-collars, the Company will contract a core rig to deepen each of
these five holes to targeted depths ranging from 760 to
915m
. The Company is in the process
of finalizing drill contracts for this deep core drilling.
Figure 1.
Left: Mud-rotary rig drilling IP22-003 pre-collar along the RFZ. The Lone Tree Mine
Complex (~8Moz Au) is visible in the background. Right: RC rig drilling the IP22-001 precollar in the
Fairway Zone. (CNW Group/Nevada King Gold Corp.)
Cal Herron
, Exploration Manager for
Nevada King
, stated: "We eagerly anticipate the results of this
drilling. Our 2019 intercept at the bottom of VM-008C within a Lower Plate, thin-bedded silty
carbonate host was a major technical success and immediately focused the Company's attention on
Iron Point's deep gold potential. Hitting this
Carlin
-type gold mineralization within this type of Lower
Plate host rock, anywhere within the
Carlin
,
Battle Mountain
, and Getchell gold trends demands
follow-up investigation. This combination of mineralization style and host rock type is notorious for
producing elephant gold deposits throughout northern Nevada. By stepping off of this technical
success with deeper drilling, we hope to identify the "fire" that produced the enormous amount of
gold-arsenic-mercury "smoke" found within Upper Plate rocks throughout the Iron Point District.
While significant exploration has been done at Iron Point in the past, this is the first time that an
aggressive, deep-drilling program focused on Lower Plate-hosted
Carlin
-type mineralization has
been undertaken."
Figure 2. Detailed map of Iron Point Gold Project showing location of recent and planned exploration
activities. (CNW Group/Nevada King Gold Corp.)
Project Background
The Iron Point Gold Project is located 35km east of
Winnemucca, Nevada
, at the intersection of the
Battle Mountain
and Getchell gold belts, and on trend from several world-class gold mines including
Twin Creeks and Turquoise Ridge with a combined gold endowment of 52 Moz Au (NBMG Nevada
Mineral Explorer Website,
Jan 2022
) and Marigold with a reported gold endowment of 12 Moz Au
(NBMG Nevada Mineral Explorer Website,
Jan 2022
).
In the Iron Point area, Upper Plate Ordovician Vinini Formation overlies interpreted Lower Plate silty
carbonates, separated by the shallowly west-dipping Roberts Mountain thrust fault. Younger north-
south striking range front faults bounding the Iron Point Mining District's eastern margin cut the
Upper and Lower Plate sequences, forming a down-dropped graben east of the range front that was
subsequently covered by thick alluvium.
Since the mid-1960s, the Iron Point district and surrounding area have been explored by numerous
companies for different commodities, including gold and vanadium, beginning with Newmont in 1966
and continuing to
Miranda Gold
in 2008. Exploration efforts focused almost exclusively on shallow
Upper Plate hosted gold targets (<
300m
depths) and the deep potential for a
Carlin
-type gold
deposit in Lower Plate rocks beneath the Roberts Mountain thrust remains virtually untested.
Some of the strongest
Carlin
-type gold pathfinder element geochemistry anomalism known in
Nevada
occurs at Iron Point along a north-trending zone 5 km long that is also anomalous in gold.
Historical drilling encountered multiple intervals of significantly anomalous gold mineralization in Upper
Plate stratigraphy. A small number of historical holes testing shallow Lower Plate stratigraphy
exposed in the northern part of the property within an erosional window beneath the Roberts
Mountain thrust also returned significantly anomalous gold and pathfinder values, including an interval
of
Carlin
-type gold mineralization. The company's 2019 drilling which tested these Lower Plate rocks
encountered an interpreted recumbent Zed-fold that is partially exposed along the range front fault.
A similar geologic setting including recumbent Zed-folding along a similar range front fault
approximately 40km northeast of Iron Point is host to extensive gold-mineralization at Newmont's
Twin Creeks mine and partly based on this model the Company is targeting
Carlin
-type gold
mineralization focused in Zed-folded Lower Plate stratigraphy within this northern part of the
property. However, within the property's southern portion only
Nevada King's
deep core hole VM-
008C has to date encountered
Carlin
-type mineralization in rocks conclusively identified as Lower
Plate.
Range Front Zone ("RFZ") Deep Drill Program
Three of the five pre-collars are located close to a deep structural break striking north-south (the
"
Range Front Zone
" or "
RFZ
") along the eastern margin of Iron Point mining district. As shown in
Figure 2, the mineralized interval in Lower Plate stratigraphy encountered near the bottom of core
hole VM-008C occurs on west side (upthrown side) of the RFZ, while the three pre-collar holes are
located on the east side within the down-thrown block. A ground-based gravity survey completed in
2020 provided higher resolution definition of the RFZ and indicated the down-thrown eastern block
extends up to 3.5km eastward from the RFZ. If favorable Lower Plate carbonates are discovered in
this down-dropped block, the target area along and east of the RFZ will be greatly expanded. The
three holes in this area are designed to step-out eastward from intervals of Lower Plate hosted gold
and pathfinder mineralization intercepted in hole VM-008C and test the down-dropped fault block on
the hanging wall (east) side of the RFZ.
The first RFZ pre-collar, IP22-003, has been completed and cased to a depth of
365m
. The second
RFZ pre-collar, IP22-004, is currently being drilled. IP22-003 and IP22-004, collared
250m
apart in
a north-south direction, serve as
350m
step-outs to the ENE and ESE of deep drill hole VM-008C
drilled in 2019.
As noted, VM-008C bottomed in
5.8m
grading 0.17g/t Au accompanied by elevated As, Sb, and Hg
in silicified Lower Plate thin-bedded "dirty" limestone with an appearance similar to the Roberts
Mountain Formation. This area is considered to have good potential for higher grade gold
mineralization at depth. IP22-004 is located approximately
90m
northwest of historic hole CH-IP88-
03 drilled by Chevron in 1988 that intersected
7.62m
grading 1.59 g/t Au beginning
353.57m
downhole, including
1.54m
grading 3.68 g/t Au at
355m
. CH-IP88-03 drilled through
305m
(1,000ft)
of alluvium before entering bedrock, however the rock unit hosting gold is unknown at this time.
Proposed RFZ pre-collar IP22-005, situated
600m
to the NNE of drill hole VM-008C, is a
265m
step-out of mineralization encountered in 2019 drill hole EG-001C. Grade-thickness contours of
nearby historic drill holes indicate an ENE orientation to Au mineralization in the upper plate
siliciclastic rocks, a vector that coincides with a pronounced shoulder in the gravity dataset. EG-
001C intersected the following zones of low-grade gold mineralization:
25.9m
grading 0.198 g/t Au from 22.9-
48.8m
downhole associated with brecciated quartzite,
strong sulfide veining, and intrusive dikes
10.7m
grading 0.303 g/t Au and 50.4 g/t Ag, from 172.2-
182.9m
downhole hosted in quartzite
with intrusive dikes, breccia, and quartz-sulfide veining
18.3m
grading 0.309 g/t Au from 358.1-
376.4m
downhole hosted in granodiorite and endoskarn
EG-002, the fourth planned deep test along the RFZ, is a
265m
step-out to the south of VM-008C.
This drill hole was pre-collared to
305m
during the 2019 program but a core tail was not drilled at
that time. A
610m
core tail is planned during the 2022 program, bringing the total planned depth of
this hole to
915m
. This hole is situated within the same structural block as VM-008C and is expected
to fully test prospective Lower Plate stratigraphy in this area west of the RFZ.
Fairway Zone Deep Drill Program
During 2021,
Nevada King's
geologists compiled extensive datasets including multiple geophysical
surveys conducted in 2020 including gravity, CSAMT, and aeromagnetics, along with historic soil and
drill results, resulting in identification of a profound NNW-trending structural corridor, referred to as
the "Fairway Zone" (Figure 2). This zone displays alteration and gold mineralization centered along
an interpreted intrusive complex and extends a distance of 4.5km, projecting under the post-mineral
basalt flows to the north. Prospective Lower Plate stratigraphy is expected to be encountered in this
area.
Drill hole IP22-001, collared 2.8km NNW of VM-008C, is the initial test of this target area. The pre-
collar has been drilled and cased to a depth of
245m
, and will be finished with a diamond drill core
tail to a planned total depth of
760m
. Zones of quartz veining, decalcification, and silicification were
encountered in the pre-collar indicating the presence of a hydrothermal system. Drill samples were
submitted for analysis to American Assay Labs in
Reno, Nevada
, in late
January 2022
.
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 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 an 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
).
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.
SOURCE
Nevada King Gold Corp.
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For further information:
Collin Kettell at [email protected] or (301) 744-8744.
CO: Nevada King Gold Corp.
CNW 07:30e 17-FEB-22