Nevada KING Provides Update ON Its Phase III Regional Drill Program at Atlanta
NEVADA KING PROVIDES UPDATE ON ITS PHASE III
REGIONAL DRILL PROGRAM AT ATLANTA
VANCOUVER, BC
,
Jan. 8, 2025
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTC: NKGFF) ("
Nevada King
" or the "
Company
") is
pleased to provide an update on its Phase III regional drill program that is now underway at its 12,000 hectare (120km
2
), 100%-owned
Atlanta Gold Mine Project along the prolific Battle Mountain Trend 264km northeast of
Las Vegas, Nevada
.
Highlights:
Since the Phase III drill program commenced on
November 19, 2024
,
Nevada King
has completed 26 reverse circulation ("
RC
") holes
totaling
6,600m
of a total planned
20,000m
of drilling. Following a two-week holiday break, two drills are back up and turning at
Atlanta
.
The primary objective of the Phase III drill program is to expand mineralization south from the
Atlanta
resource zone into the South
Quartzite Ridge Target ("
SQRT
") and find new satellite deposits throughout the district. The Company is focusing on testing
prospective target areas where geophysical anomalies coincide with major structural features throughout the
Atlanta
district.
The SQRT extends 2.5km south from the resource zone along strike and measures
500m
wide. This large target area could host
mineralization and possibly in multiple areas coincident with locations where feeder structures may have introduced mineralizing fluids
that could have been trapped beneath the impervious quartzite cap that overlays the full target area. Drilling is designed to 1)
determine whether such zones exist and 2) define the extent of any such zones.
In
December 2024
,
Nevada King
submitted a minor modification ("
Permit Modification 3
") to its existing Plan of Operations to the
U.S. Bureau of Land Management (BLM), which will allow for 47 additional drill sites and 1.9km of new drill road construction
throughout the
Atlanta
district (Figure 1). These proposed drill pads will allow for further access to test along the ridge of the SQRT,
as well as at the Outlaw, Mustang, Silver Park, and Rangefront targets.
Included in this modification are 13 proposed drill pads located approximately three kilometres north of the resource zone within an
area previously untested by drilling and almost completely obscured by alluvium. Surface samples collected by the Company from
two small outcrops of silicified sandy dolomite returned gold values ranging up to 0.82 g/t accompanied by arsenic and antimony.
These strong surface samples occur along the northern extension of what looks like the West Atlanta Fault, which constitutes the
primary fault responsible for depositing gold mineralization at
Atlanta
. A coincident CSAMT low resistivity anomaly suggests the
presence of intrusive activity at depth.
Cal Herron
, Exploration Manager of
Nevada King
stated, "The first set of regional reconnaissance holes drilled during this Phase III
Program tested wide-spaced anomalies east of the Atlanta Resource Zone within the Jumbo, Bounty, and Crossroads Targets, with
assays pending. The current drilling is concentrated along the eastern and southern ring fracture systems of the Atlanta Caldera as
defined by gravity and drone magnetic data. These major structural zones include the SQRT and northern extension of the West Atlanta
Fault (Northeast and Lone Ranger Targets) together with the Silver Park region (Corral Target and Silver Park East and West Targets).
Within these ring fracture zones, CSAMT data indicate several graben-type or cauldron-type depressions in the Paleozoic basement
sequence that may have formed structural traps for confining hydrothermal fluids within a small area, similar to what we see in the
Atlanta
resource zone. The Company's program is currently testing a wide variety of prospective structural environments, looking for evidence of
a strong hydrothermal system capable of generating a satellite deposit. We already know from our Phase II drilling program what such a
deposit looks like in terms of geochemistry, alteration, structures, and host rock lithologies, so it's now a matter of drill-testing highly
prospective areas to hone in on additional mineralized zones."
Figure 1. Red markers indicate proposed drill pad locations, while red lines show proposed road cuts included within the Plan of
Operations Modification III submitted for BLM approval. (CNW Group/Nevada King Gold Corp.)
Stock Option Grant
In accordance with the stock option plan of the Company and subject to regulatory approval, the Company has granted an aggregate of
6,800,000 fully-vested stock options (the "
Options
") to certain directors and officers of the Company with each Option exercisable into a
common share of the Company at a price of
$0.35
until
January 6, 2030
.
QA/QC Protocols
All 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 to 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 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 forward-looking statements if beliefs, opinions,
projections, or other factors, should change, except as required by applicable securities laws.
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For further information:
For more information, contact Collin Kettell at [email protected] or (845) 535-1486.
CO: Nevada King Gold Corp.
CNW 06:30e 08-JAN-25