Nevada KING Provides Update ON Its 30,000M Phase Ii Drill Program at Its 100% Owned Atlanta GOLD MINE Project, Battle Mountain Trend, Nevada
NEVADA KING PROVIDES UPDATE ON ITS 30,000M PHASE II DRILL
PROGRAM AT ITS 100% OWNED ATLANTA GOLD MINE PROJECT,
BATTLE MOUNTAIN TREND, NEVADA
VANCOUVER, BC
,
March 22, 2023
/CNW/ -
Nevada King Gold Corp.
(TSX-V: NKG) (OTCQX: NKGFF) ("
Nevada King
" or the "
Company
") is pleased to
provide an update on its 2023 Phase II,
30,000m
resource expansion and definition drilling at its 5,166 hectare (51.6km
2
), 100% owned Atlanta Gold Mine
Project, located in the prolific Battle Mountain Trend 264km northeast of
Las Vegas, Nevada
.
Highlights:
Since the start of the the Phase II Atlanta drill program on
June 13, 2022
,
Nevada King
has completed 174 reverse circulation ("
RC
") holes totaling
25,250m
and 14 core holes totaling
1,215m
, for a total of
26,465m
drilled.
To date
Nevada King
has reported assays from 97 holes covering
11,964m
with
results from 91 drill holes totalling
14,501m
currently pending.
The Company is currently utilizing two rigs, which are focused on drilling the newly discovered West Atlanta Graben, a large-scale and potentially company-
changing target, striking approximately
500m
north-south on the west side of the West Atlanta Fault. Recent drill results and an updated interpretation of this
target were announced on
March 20, 2023
, with highlight intervals including
1.03 g/t Au over
181.4m
and
0.98 g/t Au over
163.1m
.
The Company plans to procure additional rigs to accelerate its Phase II drilling program as operational conditions improve through spring.
Cal Herron
, Exploration Manager of
Nevada King
, stated, "Phase II program results to date have been successful in outlining two strongly mineralized zones, the
Atlanta Mine Fault Zone
("
AMFZ
") and the newly identified
West Atlanta Graben Target
("
WAGT
")
.
Both zones remain open and will see additional drilling. The
AMFZ is roughly a
150m
wide braided network of veins traced over a
600m
north-south strike length. It is characterized by 30-
50m
thick beds starting at the
bottom of the historic Atlanta Pit that are down dropped to the west. The area is highly fractured and faulted and is fed by multiple fluid pathways responsible
depositing the gold mineralization. The AMFZ is primarily hosted in silica breccia and returns average grades of 2-4 g/t Au, with high-grade intervals that exeed 1
oz/t gold. The West Atlanta Graben Target is located directly west of the AMFZ and principally is a
75m
to
200m
thick mineralized zone averaging between 0.5
g/t and 1.5 g/t Au. The WAGT target runs
500m
north-south and
200m
east-west. Mineralization is hosted in volcanics and is strongly oxidized, and is being tested
for it's amenability to heap leach extraction. Aside from these two zones, several other high priority drill targets remain. Additional drilling will further test the North
Extension and the South Extension Targets. The East Ridge Target remains completely undrilled, while historic drilling west of the West Atlanta Graben also
shows great promise for further gold mineralization.
"Starting with our initial drill program in 2021, it soon became apparent more mineralization exists within and adjacent to the Gustavson 2020 resource zone than
was evident in the historical drilling. The Company's closer spaced, vertical hole strategy revealed a complicated pattern of sub-parallel fault offsets within the
mineralized zone, and the ensuing structural model allowed us to predict where to place step-out holes in order to maximize both grade and thickness. The
historical drilling had already given us a good idea of what the low grade mineralization looked like, but our new structural model has given us the means to
discover higher grade and greater thickness to add to the overall resource along the numerous feeder structures responsible for mineralizing the deposit. There is
a lot more to find here and
Nevada King
will keep aggressively pursuing more ounces."
Figure 1.
Atlanta Gold Mine Project plan map (CNW Group/Nevada King Gold Corp.)
Phase II Drilling Highlights:
On
March 20, 2023
,
Nevada King
announced the discovery of the
new "West Atlanta Graben Target"
with thick oxide gold hits including
1.03 g/t Au over
181.4m
and
0.98 g/t Au over
163.1m
. Gold mineralization in this zone is found in
75m
to
200m
thick intervals ranging from 0.5 g/t Au to 1.5 g/t Au; it is
strongly oxidized and this style of mineralization is more traditionally amenable to heap leach extraction.
On
February 27, 2023
, the Company intercepted thick high-grade oxide gold at
Atlanta
with
4.21 g/t Au over
45.7m
and
2.18 g/t Au over
93.6m
.
On
February 13, 2023
https://nevadaking.ca/news/nevada-king-intercepts-2-31-g-t-au-over-71-7m-in-oxide-mineralization-200m-north-of-the-atlanta-pit/
, the
Company intercepted
2.31 g/t Au over
71.7m
oxide material 200m north of the Atlanta Pit, with the hole bottoming in mineralization.
On
February 1, 2023
,
the Company reported high-grade assays including
2.88 g/t Au over
67.1m
,
2.95 g/t Au over
51.8m
, and
3.43 g/t Au over
33.5m
cutting across the AMFZ and to the west.
On
January
12, 2023, the Company intercepted
9.9 g/t Au over
27.4m
including 17.6 g/t Au over
12.2m
, within a broad interval of oxide gold averaging
3.6
g/t au over
82.3m
.
On
January 6, 2023
, the Company announced results from one of the high-grade feeder zones associated with the Atlanta Mine Fault Zone, west of the
historical Atlanta Pit, including three holes that bottomed in mineralization, intercepting
1.38 g/t Au over
96m
,
0.92 g/t Au over
165.5m
, and
1.92 g/t Au
over
77.7m
, and a high-grade interval of
4.03 g/t Au over
29m
. All holes included significant intervals of silver mineralization; two holes intercepted gold-
mineralized intrsuve rock starting around
180m
depth.
On
December 5, 2022
, the Company announced assays from three core holes and one RC hole, testing the gap between the historical 2020 Gustavson
resource zone and gold mineralization drill-defined by the Company's 2021 program south of the Altanta Pit. Highlight intervals include
2.71 g/t Au over
25.9m
,
2.9 g/t Au over
28.1m
, and
3.2 g/t Au over
32m
.
On
November 23, 2022
, the Company announced an expansion to the oxide gold mineralization found over
500m
north of the Atlanta Pit in the North
Extension Target, well outside the existing resource zone, with intercepts of 1
.77 g/t Au over
19.8m
and
1.67 g/t Au over
24.4m
. These holes were collared
to follow up on
Nevada King's
2021 hole AT21-3, which intercepted
4.64 g/t Au over
18.3m
.
The Company reported initial assay results on
September 13, 2022
and
October 18, 2022
.The results included high-grade oxide-hosted 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,
and 54.9m of 3.41 g/t Au, 50.3m of 2.65 g/t Au, and 51.8m of
2.23 g/t Au
, starting from surface at the bottom of the
Atlanta
pit.
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
$8.4 million
as of
March 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 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.
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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 22-MAR-23