VANCOUVER, BC, Aug. 10,
2023 /CNW/ - Nevada King Gold Corp. (TSXV:
NKG) (OTCQX: NKGFF) ("Nevada
King" or the "Company") is pleased to announce
assay results from four vertical reverse circulation ("RC")
holes recently completed at its Atlanta Gold Mine Project located
264km northeast of Las Vegas,
Nevada, in the prolific Battle Mountain Trend. The four
holes reported today are plotted in plan and along an updated
Section 22-10N(2), initially released on April 20, 2023.
Highlights:
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Notes
|
AT23HG-25
|
271.3
|
315.5
|
44.2
|
3.180
|
53.2
|
|
Includes
|
292.7
|
306.4
|
13.7
|
8.253
|
13
|
|
AT23HG-26
|
279.0
|
317.1
|
38.1
|
0.817
|
27
|
Bottomed in
Mineralization
|
AT23NS-96
|
105.2
|
135.7
|
30.5
|
0.944
|
51.0
|
|
AT23WS-27
|
306.4
|
349.1
|
42.7
|
0.328
|
14.3
|
Bottomed in
Mineralization
|
Table 1: Highlight
holes released today along Section 22-10N(2). Mineralization occurs
along sub-horizontal horizons
generally dipping gently westward; true mineralized thickness in
vertical holes is estimated to be between 85% and 95%
of reported vertical drill intercept length.
|
- Hole AT22-HG-18 reported April 20,
2023 was collared along the east side of the West Atlanta
Graben ("WAG") and returned highlight intervals of
33.5m grading 2.35 g/t Au and 363
g/t Ag including 1.08 kg/t Ag over 10.7m. Today's AT23HG-25 (44.2m @ 3.18 g/t Au and 53 g/t Ag) is located
14m west of AT22HG-18, thus extending
the high-grade mineralization further westward into the WAG from
the West Atlanta Fault (see Figure 2).
- AT23HG-26 stepped out a further 23m west of AT23HG-25 and was planned to deepen
AR-1 (19.9m @ 0.41 g/t), a
historical hole which did not penetrate into the gold-bearing
silica breccia zone. While AT23HG-26 only partially penetrated the
silica breccia, in turn bottoming in mineralization, it intercepted
38.1m of 0.82 g/t Au, which is
considerably thicker and higher grade compared to the 19.9m of 0.41 g/t reported in AR-1.
- AT23WS-27 stepped a further 36m
west into the WAG and returned 42.7m
@ 0.328 g/t Au and 14.3 g/t Ag, providing further confirmation
that higher grades are concentrated in a halo around the fault
structures and decrease more distally into the graben.
- Drilling is currently ongoing with further step outs to the
west in the approximately 100m gap
between AT23WS-27 and historical hole DHRI-11-NRC-7, where grades
may pick back up again approaching the West Atlanta Fault #2
(WAF2), as seen along sections to the north and south.
- It is important to note the large difference in intercept
grade across the WAG in the historical holes versus Nevada King's holes. In the Gustavson
2020 resource model, only two historical holes were drilled in this
area, DHRI-11-NRC-7 and AR-1. Both are dramatically lower in grade
compared to Nevada King's closer
spaced holes (AT23WS-27, AT23HG-26, AT23HG-25, AT22HG-18,
AT22NS-89, AT22NS-90). On a weighted average basis, the two
historical holes average 0.25 g/t Au and 24.7 g/t Ag over
39m, while the Company's six holes
average 1.41 g/t Au and 88.0 g/t Ag over 40m.
- Numerous historical holes were collared within the WAG, but as
seen in Figure 2 with Kinross angle holes KR98-2 and KR98-11,
these holes failed to reach the mineralized zone, leaving a
sizeable data gap between DHRI-11-NRC-7 and AR-1. This same gap
occurs north and south of Section 22-10N(2) – gaps the Company is
currently filling with more closely spaced vertical holes that
stand a good chance of similarly boosting average grade.
Cal Herron, Exploration Manager
of Nevada King, commented,
"Nevada King's drilling appears to
show that historic holes consistently under estimated interval
grades, primarily from not drilling near higher grade feeder
structures and not fully penetrating the mineralized zones. Our
drilling continues to discover new zones of mineralization that
were not intersected in the historic programs including areas of
high-grade mineralizaiton proximate to key sub-vertical fault
structures. Based on our drill results to date and ongoing
modelling of the mineralization we are optimistic that we can
significantly increase the size and grade of the resource base at
Atlanta from that reported in the
Gustavson (2020) report."
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Notes
|
AT22HG-18
|
257.6
|
291.2
|
33.5
|
2.35
|
363.0
|
Bottomed in
mineralization
|
includes
|
259.1
|
269.8
|
10.7
|
5.27
|
1084.1
|
|
AT22NS-89
|
172.3
|
213.4
|
41.2
|
0.94
|
67.8
|
Bottomed in
mineralization
|
AT22NS-90
|
182.9
|
222.6
|
39.7
|
0.82
|
52.3
|
|
AT23NS-48
|
91.5
|
112.8
|
21.3
|
1.27
|
35.1
|
|
AT22NS-50
|
89.9
|
108.2
|
18.3
|
3.68
|
27.1
|
|
includes
|
93.0
|
99.1
|
6.1
|
7.09
|
33.1
|
|
AT22NS-47
|
64.0
|
89.9
|
25.9
|
2.04
|
27.8
|
|
AT22NS-49
|
62.5
|
88.4
|
25.9
|
3.73
|
46.1
|
|
Including
|
67.1
|
74.7
|
7.6
|
6.33
|
28.8
|
|
AT22NS-43
|
0.0
|
27.4
|
27.4
|
1.97
|
25.1
|
Bottomed in
mineralization
|
Table 2: All holes
reported today along Section22-10N(2). Mineralization occurs
along sub-horizontal horizons generally
dipping gently westward; true mineralized thickness in vertical
holes is estimated to be between 85% and 95% of
reported vertical drill intercept length.
|
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Notes
|
AT21-65
|
3.0
|
51.8
|
48.8
|
2.32
|
32.9
|
|
AR-1
|
283.5
|
303.4
|
19.9
|
0.41
|
16.2
|
Bottomed in
mineralization
|
AR-2^
|
182.9
|
205.8
|
22.9
|
1.72
|
47.0
|
|
90-2
|
135.7
|
173.8
|
38.1
|
0.99
|
90.4
|
|
DHRI-11-NRC-7
|
295.7
|
371.9
|
58
|
0.19
|
27.6
|
Aggregate
grades
|
Table 3:
Previously reported and historic holes used in Section 22-10N(2).
AT21 series hole was drilled by Nevada King in
2021. AR series holes were drilled by Goldfields in 1990. "90"
series hole drilled by Bobcat in 1990, while DHRI series
hole was drilled by Meadow Bay in 2011. Mineralization occurs along
sub-horizontal horizons generally dipping gently
westward; true mineralized thickness in vertical holes is estimated
to be between 85% and 95% of reported vertical drill
intercept length. ^Denotes angle hole.
|
Nevada King Engages GRA
Enterprises LLC
The Company is pleased to announce that it has engaged a
third-party investor relations provider, GRA Enterprises LLC
("GRA") to disseminate news releases and newsworthy related
events, provide communications and media services, produce and
publish investor bulletins on the National Inflation Association
website, and distribute e-mail alerts to the Consultant's National
Inflation e-mail list about the Company and its projects.
GRA is a limited liability company with an office at 112 Camp
Lane, Mooresville, NC, USA
28117-8925, and is headed by Gerard
Adams. GRA is in the business of providing communication
services including assisting public companies in the marketing of
corporate activities. The Company is at arm's length from GRA
and Gerard Adams. The term of the
agreement with GRA (the "Agreement") is for 12 months ending
August 9, 2024. GRA will be paid an
upfront cash fee of US$15,000 and
three additional quarterly cash fees of US$15,000 each for a total of US$60,000 for the services.
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
$17 million as of August
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
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.