VANCOUVER, BC, Nov. 29,
2023 /CNW/ - Nevada King Gold Corp. (TSXV:
NKG) (OTCQX: NKGFF) ("Nevada
King" or the "Company") is pleased to announce
assay results from three 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 three
holes reported today tested gaps within the existing drill pattern
across the 80m-wide northerly
trending Atlanta Mine Fault Zone ("AMFZ") between the East
Atlanta Fault ("EAF") and the West Atlanta Fault
("WAF") and are plotted in plan (Figure 1) and along an
updated Section 22-10N(3) (Figure 2), initially released on
April 20, 2023 and updated on
August 10, 2023.
Highlights:
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
AT23NS-124
|
12.2
|
86.9
|
74.7
|
2.37
|
43.9
|
AT23NS-120
|
33.5
|
71.6
|
38.1
|
1.14
|
43.4
|
AT23NS-129
|
109.8
|
143.3
|
33.5
|
1.14
|
31.4
|
Table 1. All
holes reported today along Section 22-10N(3). 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.
|
- 2.37 g/t Au over 74.7m in
AT23NS-124 starts at a depth of just 12m beneath the pit floor and was sited to
test for a northward extension of higher-grade and thicker
mineralization hosted within a 20m-wide fault block, termed the "East
High-Grade Zone" that runs along the western side of the EAF
and floors the bottom of the Atlanta Pit.
- The East High-Grade Zone had previously been intercepted in
holes drilled south of Section 22-10N(3) and today's intercept
successfully extends this zone 30m
northward, injecting higher-grade and thicker mineralization
into this area of the AMFZ.
- Since historical explorers did not conduct drilling from within
the Atlanta pit, the East
High-Grade Zone was not discovered until Nevada King's 2021 drilling campaign that
intercepted high-grade oxide mineralization starting at surface
from the bottom of the pit, including 5.34 g/t Au over
54.9m and 3.35 g/t Au over
64.1m (released January 12, 2022, and January 20, 2022, respectively).
- As shown in Figure 2, the East High-Grade Zone is atypical in
that it hosts grades and thicknesses that are considerably greater
when compared to most other mineralized fault blocks comprising the
AMFZ.
- AT23NS-120 intercepted 1.14 g/t Au over 38.1m and was positioned 17m north-northwest of AT23NS-124 to define the
western boundary of the East High-Grade Zone. The deeper intercept
depth relative to AT23NS-124 indicates that AT23NS-120 collared
west of the fault bounding the western side of the zone and
subsequently drilled down through the boundary fault and into
mineralization.
- AT23NS-129 stepped a further 39m
west of AT23NS-120 into another drill pattern gap and intercepted
1.14 g/t Au over 33.5m, confirming
the presence of mineralization within a westward thickening wedge
of silica breccia bounded on top and bottom by shallow-dipping
contacts.
Cal Herron, Exploration Manager
of Nevada King, comments, "The three
holes released today along Section 22-10N(3) provide further
support for the current infill drilling program along the AMFZ, the
purpose being to better define the grade and geometry of
mineralization. With the areal extent of mineralization along the
AMFZ now fairly well defined, our current focus is on boosting the
average grade by drilling in closer to the high-angle feeder faults
responsible for both higher grade and thicker mineralization.
Today's 75m thick intercept averaging
2.37 g/t Au in AT23NS-124 is the thickest intercept recorded to
date along the East High-Grade Zone."
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
|
|
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-43A
|
3.0
|
30.5
|
27.4
|
1.02
|
21.2
|
|
AT22NS-46
|
4.6
|
59.5
|
54.9
|
3.41
|
26.0
|
|
90-2
|
135.7
|
173.8
|
38.1
|
0.99
|
90.4
|
|
Table
2. Previously reported and historic holes used in
Section 22-10N(3). AT21 series hole was drilled by Nevada King in
2021, while AT22 series holes were drilled by Nevada King in 2022.
"90" series hole drilled by Bobcat in 1990. 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.
|
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.
Granting of Options
The Company also announces it has granted 300,000 stock options
to a director of the Company with each stock option exercisable at
a price of $0.50 into a common share
of the Company for a period of five years.
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 3. 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.