VANCOUVER, BC, May 23, 2023
/CNW/ - Nevada King Gold Corp. (TSXV: NKG) (OTCQX:
NKGFF) ("Nevada King" or
the "Company") is pleased to announce assay results from one
vertical, reverse circulation ("RC") hole recently completed
at its at its 5,166 hectare (51.6km2), 100% owned
Atlanta Gold Mine Project, located in the prolific Battle Mountain
Trend 264km northeast of Las Vegas,
Nevada.
Highlights:
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
AT23HG-21
|
149.4
|
219.5
|
70.1
|
3.18
|
20.8
|
Includes
|
198.2
|
213.4
|
15.2
|
6.63
|
68.6
|
Table 1: Interval
released today. True width estimated at 90-95%.
|
- AT23HG-21 plotted on section 22-5N(2) intercepted
70.1m of 3.18 g/t Au, including
15.2m of 6.63 g/t Au, and was
collared 25m west of previously
released AT22HG-13 which averaged 82.3m of 3.60 g/t Au, including 12.2m of 17.59 g/t Au, (see January 12, 2023, release). These two holes add
to the rapidly growing, high-grade, sub-horizontal silica
replacement zone that developed within strongly decalcified
dolomite and overlying volcanics along and adjacent to the
northerly trending West Atlanta Fault ("WAF"). This "core"
zone of higher grade mineralization ranges from 30m to 70m wide and
50m to 100m true vertical thickness and is currently
identified in widely-spaced drill holes over a 400m north-south strike length. The Company is
actively tracking it northward along the WAF with a series of drill
fences designed to fill a 200m gap in
drill coverage between Section 22-8N (released February 1, 2023) and Section 22-15N (released
April 27, 2023, see Figure 1).
- Section 22-5N(2) is the longest drill section released to
date by the Company. Running 400m
east-west, this section starts at the bottom of the East Ridge
Target, completely crosses the Atlanta Mine Fault Zone
("AMFZ") and then transits most of the West Atlanta Graben.
The same structural and mineralization patterns are repeated along
drill fences for at least 400m
northward. Mineralization remains open at both ends of Section
22-5N(2) and the Company will soon initiate drilling to track
the mineralization hit in AT22-RC12 and RC13 eastward up into the
East Ridge Target and westward from AT22HG-8T later this summer to
test mineralization beyond the West Atlanta Graben's western
margin.
- Looking immediately south of Section 22-5N(2) is the east-west
trending South Fault, which previous explorers perceived to cut off
mineralization at Atlanta.
However, holes drilled by Nevada
King indicate gold mineralization is in fact present south
of the South Fault, which implies that the AMFZ could well extend
further south into the South Extension Target. If this area proves
to host gold mineralization, a significant area currently
categorized as strip material could instead contribute to a future
resource, while opening up mineralization further south along the
WAF in an area with no historical drilling. Given the strong
mineralization seen along Section 22-5N(2) the Company will now
target the extension of this high-grade gold southward from this
section.
Cal Herron, Exploration Manager
of Nevada King, commented, "We
continue to interserct higher-grade results as our drills step
westward across the WAF from the AMFZ into the West Atlanta Graben.
The WAF is a major control over gold/silver mineralization and
proximity to this structure is the key to finding higher-grades
within the adjacent AMFZ and West Atlanta Graben. The Company will
continue drilling more fences east-west across the WAF in order to
expand the northerly-trending high-grade core zone and test the
thick, volcanic-hosted mineralization occurring within the adjacent
West Atlanta Graben. The Company will also test for mineralization
southward along the AMFZ, moving into an area with no historical
drilling that is looking more like a major blue sky target at
Atlanta."
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
AT22HG-8T^
|
135.7
|
185.4
|
49.7
|
3.50
|
3.3
|
Includes
|
170.4
|
183.8
|
13.4
|
7.65
|
6.6
|
And
|
239.0
|
278.7
|
39.6
|
1.54
|
2.6
|
Aggregate
|
135.7
|
278.7
|
89.3
|
2.74
|
3.0
|
AT22SE-42
|
122.0
|
201.2
|
79.3
|
1.50
|
1.4
|
And
|
234.8
|
318.6
|
83.8
|
0.48
|
3.6
|
Aggregate
|
122.0
|
318.6
|
163.1
|
0.98
|
2.5
|
AT22HG-9
|
201.2
|
205.8
|
4.6
|
2.1
|
6.3
|
AT22HG-16*
|
163.1
|
170.7
|
7.6
|
2.98
|
7.5
|
And*
|
196.6
|
292.7
|
96.0
|
1.38
|
3.1
|
Includes*
|
289.6
|
292.7
|
3.0
|
9.16
|
39.2
|
AT22HG-13
|
109.8
|
192.1
|
82.3
|
3.60
|
11.0
|
Includes
|
147.8
|
175.3
|
27.4
|
9.92
|
30.9
|
Includes
|
161.6
|
173.8
|
12.2
|
17.59
|
33.0
|
Includes
|
167.6
|
173.8
|
4.6
|
32.47
|
50.0
|
AT22NS-82
|
102.1
|
128.0
|
25.9
|
2.90
|
8.1
|
Includes
|
120.4
|
126.5
|
6.1
|
8.16
|
17.1
|
AT22NS-69
|
89.9
|
135.7
|
45.7
|
1.57
|
8.5
|
AT22NS-80
|
80.8
|
129.6
|
48.8
|
1.37
|
6.6
|
AT21-41B*
|
38.1
|
73.2
|
35.0
|
1.17
|
11.3
|
AT21-43A*
|
19.8
|
33.5
|
13.7
|
1.9
|
18.6
|
AT22RC-12
|
0
|
57.9
|
57.9
|
1.38
|
14.0
|
AT22RC-13
|
0
|
19.8
|
19.8
|
0.99
|
7.4
|
AR-18
|
221.0
|
257.6
|
36.6
|
0.53
|
1.9
|
ARC-5 (U)
|
131.1
|
202.7
|
71.6
|
2.97
|
11.1
|
includes
|
173.2
|
199.7
|
26.5
|
6.35
|
12.6
|
ARC-5
(L)*
|
259.1
|
282.0
|
22.9
|
2.23
|
1.9
|
ARC-2
|
155.5
|
184.5
|
29.0
|
3.93
|
27.5
|
ARC-1
|
176.5
|
289.9
|
113.4
|
2.11
|
10.8
|
KR98-1
|
186.0
|
239.3
|
53.4
|
3.05
|
1.1
|
KR98-3
|
266.8
|
288.1
|
21.3
|
0.83
|
0.9
|
|
Table2. Other
holes used in Section22-5N(2). The AT21/22 series holes were
drilled by Nevada King. ARC series of holes were drilled by
Goldfields in 1990. KR series of holes drilled by Kinross in
1998. *Denotes hole that bottomed in
mineralization.
|
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
$10 million as of May 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
(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
|
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 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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SOURCE Nevada King Gold Corp.