Nevada KING Provides Update ON Drilling at Its 100% Owned Atlanta GOLD MINE Project, Battle Mountain Trend, Nevada
NEVADA KING PROVIDES UPDATE ON
DRILLING AT ITS 100% OWNED ATLANTA
GOLD MINE PROJECT, BATTLE MOUNTAIN
TREND, NEVADA
VANCOUVER, BC
,
Sept. 22, 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, located in the prolific Battle Mountain Trend 264km northeast of
Las
Vegas, Nevada
.
Highlights:
Nevada King
has completed 68 reverse circulation ("
RC
") holes totaling
5,038m
, seven RC pre-
collar holes totaling
623m
, and nine core holes totaling
646m
(see Figure 1).
Six batches of drill samples 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.
RC drilling is currently underway along the west wall of the historic pit where a fence of holes is
testing the down-dip extension of the mineralized Atlanta Mine Fault Zone ("
AMFZ
") to better
define the dip and geometry of the down-dropped fault blocks across the AMFZ. This fence of
holes is being drilled parallel to and westward from last year's drilling, 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
).
Drill pad construction at the southwest corner of the pit is nearing completion where several
vertical holes are planned. This area, which was previously inaccessible and has never been drill
tested, coincides with portions of the AMFZ that were historically mined underground starting in
the 1880s and continuing until the early 1940s.
Exploration Manager
Cal Herron
, P.Geo., stated: "
Nevada King's
2022 program initially concentrated
on step-out drilling from holes completed in 2021 along the northern and southern extensions of the
AMFZ to further expand the perimeter of the 2020 Gustavson resource zone. At the same time, new
drill roads and pad construction were undertaken along the western and southwestern sides of the
Atlanta
pit to access the down-dip extension of the AMFZ with vertical holes. Vertical holes are more
cost-effective than angle holes and are also more effective in recovering high-grade gold
mineralization hosted in strongly broken ground. Note that almost all of the historical drilling on the
down-dip extension of the AMFZ was done utilizing angle holes due to poor road access, with poor
recovery in these high-grade areas. This is particularly important at the southwestern corner of the
pit in the vicinity of historical underground mine production where higher gold grade is anticipated to
be hosted in broken ground at shallow depth.
"The first of these drill holes designed to test this highly prospective zone of the AMFZ was collared
on
September 20, 2022
, and the other two drills will soon be added along the pit's western wall as
pads and sumps are completed. This coming month will see a mixture of vertical RC and core holes
chasing the down-dip and southern extensions of the high-grade mineralization hit at the bottom of
the pit in 2021. If the Company's interpretation proves correct, these new holes have the potential to
significantly add to gold endowment at
Atlanta
."
Figure 1. Location of Nevada King’s 2022 completed and planned drill holes as well as Nevada
King’s 2021 drill holes relative to historical drill holes and the 2020 Gustavson gold resource zone
and pit perimeter. (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
$19.2 million
as of September 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.
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 22-SEP-22