VANCOUVER, BC, Dec. 14,
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 resource expansion and definition 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:
- Since inception of the Phase II Atlanta drill program in
June 2022 Nevada King has completed 372 holes totaling
69,683m, which include 354
reverse-circulation ("RC") holes totaling 67,760m and 18 core holes totaling 1,923m. Prior to initiating the Phase II
program the Company completed 68 holes totaling 5,544m in its maiden Phase I program.
- To date, as part of its Phase II program, Nevada King has reported assays from 204 holes
covering 35,915m with results
from 168 drill holes totaling 33,768m
currently pending.
- Four rigs continue to operate at Atlanta. Drilling for 2023 will wrap up on
December 17th for the
Christmas break and all four rigs are scheduled to recommence
drilling the first week of January.
- Phase II drilling has led to the discovery of new zones of
high-grade gold and silver mineralization both within and outside
of the currently defined resource area including 11.64 g/t Au
over 108.3m in AT23WS-44 and
6.55 g/t Au over 82.3m in
AT23NS-133F (released October 2,
2023, and November 14, 2023,
respectively).
- A major focus of ongoing drilling is to follow up on elevated
high-grade (>20 g/t Au) intercepts scattered throughout
the deposit with the goal of further defining the spatial
distribution of this exceptionally high-grade oxide mineralization
for potential inclusion as discreet domains in upcoming resource
modeling (see Figure 1).
- Drilling is also ongoing at the southern end of the
Atlanta resource zone following
the blind discovery of thick, high-grade gold mineralization
including 1.89 g/t Au over 114.3m and
2.15 g/t Au over 96.0m released on
October 17, 2023. Mineralization
remains open southward along a major structural zone that has seen
no historical drilling.
Cal Herron, Exploration Manager
of Nevada King, commented, "Results
to date from our Phase II drill program have significantly exceeded
our expectations. We have consistently intercepted high-grade
mineralization over significant thicknesses both within and around
the resource modelled by Gustavson in 2020, as illustrated by the
previously released highlight intercepts summarized in Table 1
below. Our understanding of the controls on mineralization have
improved significantly since 2020, with deeper and more closely
spaced holes having now defined the geometry and location of
high-angle faults that served as conduits or feeders for
Au/Ag-bearing hydrothermal fluids cutting up through sub-horizontal
replacement horizons within the Paleozoic and Tertiary age
stratigraphy. As a result, Nevada
King has now been able to tie together higher grade zones
along the northerly-trending Atlanta Mine Fault Zone
("AMFZ") and adjacent West Atlanta Graben Zone
("WAGZ").
"In the process of drill-defining these higher grade feeder
structures, several high-grade zones exceeding 21 g/t Au equivalent
were encountered in multiple locations in the drilling (see Table
2). As shown in Figure 1, these elevated high-grade intercepts are
scattered throughout the target resource area but tend to occur
along or immediately adjacent to high-grade feeder faults. These
holes tend to cluster along NW trends that may indicate very
localized hydrothermal boiling within dilational zones that opened
up at acute angles to the predominant northerly trending
feeder-faults. Ongoing drilling will focus on close-spaced
step-outs around these elevated high-grade intercepts with the
objective of growing them into larger bodies that could be included
as discreet high-grade zones in the upcoming resource model. In the
process of doing so and based on our current interpretation we
anticipate a strong likelihood of encountering additional
high-grade "jewelry boxes" along and between the major fault
strands."
Hole
No
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au Eq.
(g/t)
|
AT23WS-044
|
274.4
|
303.4
|
29.0
|
37.71
|
AT23NS-133F+
|
187.5
|
195.1
|
7.6
|
33.72
|
AT22HG-13
|
167.7
|
172.3
|
4.6
|
33.25
|
AT23HG-37
|
224.1
|
227.1
|
3.0
|
34.13
|
AT23HG-18
|
262.2
|
265.2
|
3.0
|
33.33
|
AT23WS-22
|
292.7
|
300.3
|
7.6
|
28.81
|
88-09
|
161.6
|
173.8
|
12.2
|
33.87
|
AC-01
|
149.5
|
153.7
|
4.1
|
32.09
|
88-14
|
158.5
|
161.6
|
3.0
|
36.15
|
KR97-01+
|
196.6
|
201.2
|
4.6
|
22.15
|
Table 2. List of Nevada King and historical
drill holes reporting minimum 3m thick intercepts exceeding 21 g/t
Au equivalent based on a November 6, 2023, USD spot price of
$1,981.50 (gold) and $23.10 (silver). AT series holes drilled by
Nevada King, 88 series holes drilled by Bob Cat in 1988, AC series
hole drilled by Goldfields in 1989, and KR series hole drilled by
Kinross in 1997. Mineralization occurs along near-horizontal
horizons with true mineralized thickness in vertical holes
estimated to be 85% to 100% of reported vertical drill intercept
length. *Denotes angle hole.
|
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 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.
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 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 2. 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.