VANCOUVER, BC, Jan. 9, 2024
/CNW/ - Nevada King Gold Corp. (TSXV: NKG) (OTCQX:
NKGFF) ("Nevada King" or
the "Company") is pleased to announce assay results from
seven 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. Today's holes are plotted in plan and
section on Figures 1 and 2 below.
Highlights:
Hole No.
|
From (m)
|
To (m)
|
Interval (m)
|
Au (g/t)
|
Ag (g/t)
|
Zone
|
AT23WS-47
|
219.5
|
332.3
|
112.8
|
0.58
|
3.2
|
WAGZ
|
AT23WS-48
|
207.3
|
346.0
|
138.7
|
0.32
|
5.3
|
WAGZ
|
AT23HG-38
|
214.9
|
329.3
|
114.3
|
1.43
|
16.5
|
WAGZ
|
AT23NS-131C*
|
132.6
|
172.3
|
39.6
|
4.91
|
41.4
|
AMFZ
|
AT23NS-133A*
|
99.1
|
123.5
|
24.4
|
2.33
|
24.6
|
AMFZ
|
AT23NS-133B*
|
99.1
|
120.4
|
21.3
|
2.99
|
22.8
|
AMFZ
|
AT23NS-133D*
|
73.2
|
97.6
|
24.4
|
2.25
|
23.3
|
AMFZ
|
Table 1. Holes released
today. Mineralization occurs along near-horizontal horizons with
true mineralized thickness in
vertical holes estimated to be 85% to 95% of reported drill
intercept length. True mineralized thickness in angle holes
estimated to be 75% to 90% of reported intercept length.
*Denotes angle hole.
|
- AT23NS-131C intercepted high-grade
gold/silver mineralization along the Atlanta Mine Fault Zone
("AMFZ") at the southwest end of the historical pit with
4.91 g/t Au over 39.6m. Nearby
angle holes AT23-NS133A, B, and D, also targeted this gap in
drilling and together with AT23NS-131C demonstrate good lateral
continuity of mineralization, with grades ranging from 2.25 g/t Au
to 4.91 g/t Au and 23.3 g/t Ag to 41.4 g/t Ag, and true thicknesses
ranging from 20m to 34m.
- AT23WS-47, AT23WS-48, and AT23HG-38 were collared evenly across
the 150m-wide West
Atlanta Graben Zone ("WAGZ") to fill in gaps in the
drill pattern as well as to check previous holes that had not fully
penetrated the mineralized zone. AT23HG-38 fully penetrated the
mineralized zone and returned 114.3m grading 1.43 g/t Au, while a
previously released nearby hole AT23HG-5 bottomed in mineralization
and returned 93m grading 1.14 g/t.
This deeper drilling in AT23HG-38 reveals significantly stronger
grade and thickness compared to the earlier drilling.
- A very similar relationship is seen between previously released
AT23WS-36 (93m @ 0.54 g/t Au
from 242m to 335m) and historical hole AR-21 (64m @ 0.39 g/t Au from 241m to 305m), as
shown in Figure 2 below. Here again, deeper drilling intersected
thicker and higher grade material.
- AT23WS-48 was collared on the east side of the West Atlanta
Fault #2 ("WAF2"), which bounds the western side of the
WAGZ, and intercepted 138.7m of 0.32
g/t Au. Two historic holes that were collared nearby intersected
the mineralized bed approximately 15-20m further west and closer to the WAF2,
returning higher grades including 0.82 g/t Au over
76.2m in AR-19 and 1.11 g/t Au over
68m in DHRI-11-6C. These results
further demonstrate that higher-grade mineralization occurs
proximate to high-angle faults such as the WAF2. Additional
drilling is required west of the WAF2, where mineralization
remains open.
Cal Herron, Exploration Manager
of Nevada King, stated, "Most of the
ounces included in the existing 2020 resource (Table 4) of
460,000oz M+I and 142,000oz inferred are located within the AMFZ
where a majority of the historical holes were drilled.
Mineralization within the WAGZ was recognized by the historical
drilling, but the paucity of holes and generally low grade and
narrow intercepts greatly limited the proportion of WAGZ
mineralization included in the Gustavson resource model. Historical
efforts to build a larger and higher grade deposit at Atlanta were largely stymied by failure to
recognize the existence and significance of numerous high-angle,
high-grade feeder structures responsible for channeling
gold-bearing fluids into the low-angle replacement horizons all
across the deposit. Poor drill recovery and failure to fully
penetrate mineralized zones hosting higher grades also contributed
to this incomplete intrepetation.
"Nevada King's recognition of
multiple high-angle, high-grade feeder structures in early 2022
resulted in an evolving structural model that has since guided the
Company's drilling efforts. As a result of our drilling, our
understanding of the overall distribution of +0.30 g/t Au
mineralization has greatly improved and as a result, we are better
able to define the location and attitude of the high-grade
feeder-faults that are critical for potentially increasing precious
metal grade and tonnage. The efficacy of this model is evident in
today's results along Section 23-7N(3), a 400m-wide cross section that now shows thorough
drill definition across both the AMFZ and WAGZ, identifying the
location of higher grade core zones and fault displacements of
mineralization, while also fully penetrating the mineralized
horizons to provide a fuller picture of this portion of the
Atlanta system."
Hole No.
|
From (m)
|
To (m)
|
Interval (m)
|
Au (g/t)
|
Ag (g/t)
|
AT23WS-36
|
242.4
|
335.4
|
93.0
|
0.536
|
7.6
|
AT22HG-6
|
189.0
|
256.1
|
67.1
|
1.34
|
6.4
|
AT23HG-23
|
227.1
|
317.1
|
89.9
|
0.57
|
11.5
|
AT23NS-125*
|
74.7
|
109.8
|
35.1
|
1.26
|
31.9
|
AT22HG-5
|
186.0
|
279.0
|
93.0
|
1.14
|
2.1
|
AT22HG-3T
|
170.4
|
285.4
|
93.6
|
2.18
|
17.1
|
AT22HG-4
|
175.3
|
240.9
|
41.2
|
1.92
|
22.7
|
AT22NS-68
|
134.1
|
163.1
|
29.0
|
4.03
|
21.2
|
AT22NS-54
|
170.7
|
216.5
|
45.7
|
4.21
|
79.6
|
AT22NS-56A
|
93.0
|
106.7
|
13.7
|
1.88
|
38.5
|
AT22NS-76
|
70.1
|
100.6
|
30.5
|
2.39
|
41.5
|
AT22NS-73
|
22.9
|
103.7
|
80.8
|
2.31
|
47.4
|
AT21-68C+
|
99.1
|
120.3
|
21.2
|
3.28
|
34.4
|
Table 2.
Previously reported holes used along updated Section 22-7N(3). AT22
series holes were drilled by Nevada King in
2022 and the AT21 series holes were drilled in 2021. True thickness
of gold mineralization interpreted in today's release is
90% to 100% of the reported intercept length in vertical holes.
True mineralized thickness in angle holes estimated to be
75% to 90% of reported intercept length. +Denotes core
hole. *Denotes angle hole.
|
Hole No.
|
From (m)
|
To (m)
|
Interval (m)
|
Au (g/t)
|
Ag (g/t)
|
AR-21
|
240.8
|
304.8
|
64
|
0.39
|
4.21
|
AR-19
|
228.6
|
304.8
|
76.2
|
0.82
|
3.52
|
DHRI-11-6C+
|
227.1
|
295.1
|
68
|
1.11
|
15.72
|
DHRI-11-1C+*
|
74.7
|
97.5
|
22.8
|
1.9
|
19.72
|
Table
3. Historical holes used in updated Section 22-7N(3).
AR series holes were drilled by Goldfields in 1991. DHRI
series holes were drilled by Meadow Bay in 2011. True thickness of
gold mineralization interpreted in today's release is
90% to 100% of the reported intercept length in vertical holes.
True mineralized thickness in angle holes estimated to be
75% to 90% of reported intercept length. +Denotes core
hole. *Denotes angle hole.
|
QAQC 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 multi-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. Silver
samples that run greater than 100ppm are also 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 4. 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.