VANCOUVER,
BC, Oct. 23, 2023 /CNW/ - Nevada King Gold
Corp. (TSXV: NKG) (OTCQX: NKGFF) ("Nevada King" or the "Company") is
pleased to provide an update on its Phase II, 60,000m drilling program 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:
- To date in the Phase II program 323 holes totaling
57,392m have been completed,
comprising 17 core holes totaling 1,587m and 306 reverse circulation ("RC")
holes totaling 55,804m. Assays from
186 holes totaling 32,369m from the
Phase II program have been reported to date with results pending
for 137 drill holes totaling 25,023m.
- Four drill rigs (three RC and one core) are currently turning
at Atlanta. Core drilling is
focused along high-grade corridors for ongoing metallurgical
testing and confirmation of RC results. RC drilling is following up
on the recent bonanza-grade intercept of 37.16 g/t Au over
29m in AT23WS-44 (October 2, 2023), tracking high-grade structures
in the West Atlanta Graben Zone ("WAGZ") and along the
Atlanta Mine Fault Zone, as well as targeting the expansion of
mineralization southwards in the recently discovered South
Quartzite Ridge Target where the Company recently
intercepted 2.15 g/t Au over 96m in AT23HG-34 and 1.89 g/t Au over
114.3m in a new blind discovery (see October 17, 2023 release).
- The last resource estimate at Atlanta was completed in 2020 and is
summarized in Table 1 below. This resource estimate is based on 71
drill holes completed up to 2020 by prior operators. To date,
Nevada King's Phase I and Phase II
programs have added a total of 386 holes and 63,273m to the Atlanta project database (63 holes totaling
5,881 m in Phase I and 323 holes
totaling 57,392m in Phase II). This
drilling has stepped out on the mineralization incorporated in the
2020 estimate and importantly has made several new discoveries on
which step-out drilling continues northward and southward outside
of the resource model, as well as westward into the WAGZ.
- To date Nevada King has
completed five-fold the amount of drilling that was utilized
in the 2020 resource estimate.
Cal Herron,
Exploration Manager of Nevada King,
stated, "The drilling program has been running smoothly with steady
production from all drills. The buggy-mounted RC drill recently
completed 13 widely spaced reconnaissance RC holes around the
Western Knolls Target, located 5.6km west of the Atlanta pit, and is currently engaged in
definition drilling around the North Extension Target 500m north of the pit. Both the truck and track
mounted RC rigs are drill-defining several high-grade zones along
the West Atlanta Fault and within the WAGZ, including in the
vicinity of high-grade hole AT23WS-44. The core drill recently
completed three PQ-size metallurgical holes through the silica
breccia horizon within the pit and is now working 200m northwest of the pit to sample high-grade
zones within the volcanic section. Core recovery has been high,
particularly compared to historical core recoveries.
"With numerous shallow reconnaissance targets to
test, as well as in-fill and step-out holes planned to add to and
reclassify the existing resources, there are no plans to slow down
the drilling anytime soon. Road construction is steadily advancing
our drill access to the East Ridge and South Quartzite Ridge Target
areas. Regional geologic mapping and sampling is ongoing throughout
the Atlanta District in an effort
to identify new targets inferred from the CSAMT surveys. With each
new hole we learn a little more about the Atlanta Au-Ag system,
knowledge we are constantly applying to identify potential similar
deposits on the margin of the large collapsed caldera feature
covered by the Atlanta
claims."
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").
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
weighed 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 mutli-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.
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 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 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, 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.