VANCOUVER, BC, Jan. 11,
2024 /CNW/ - Nevada King Gold Corp. (TSXV:
NKG) (OTCQX: NKGFF) ("Nevada
King" or the "Company") is pleased to announce
assay results from six 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-38
|
327.7
|
378.0
|
50.3
|
0.97
|
5.2
|
WAGZ
|
AT23NS-107
|
266.8
|
306.4
|
39.6
|
1.15
|
16.4
|
WAGZ
|
AT23NS-166
|
158.5
|
182.9
|
24.4
|
1.93
|
51.3
|
AMFZ
|
AT23NS-044
|
100.6
|
123.5
|
22.9
|
2.39
|
48.0
|
AMFZ
|
AT23NS-128
|
79.3
|
125.0
|
45.7
|
1.12
|
58.8
|
AMFZ
|
AT23NS-122
|
19.8
|
77.7
|
57.9
|
1.43
|
24.0
|
AMFZ
|
Table 1. Holes released today along Section 11N(2).
Mineralization occurs along near-horizontal horizons with true
mineralized thickness in vertical holes estimated to be 85% to 95%
of reported drill intercept length.
- Four of today's holes crossed the Atlanta Mine Fault Zone
("AMFZ") and were collared to fill-in drill pattern gaps and
better define feeder faults. Good lateral continuity in
mineralization is present, with gold and silver grades ranging from
1.12 g/t Au to 2.39 g/t Au and 24.0 g/t to 58.8 g/t Ag, while true
thicknesses range from 22.9m to
57.9m. Mineralization within
individual fault blocks are being better defined with
closely-spaced holes, thus adding definition to the grade
distribution and highlighting the importance of high-angle faults
that generally localize higher grade and thicker
mineralization.
- AT23NS-107 (39.6m @ 1.15 g/t Au)
was a 17m step out to the south from
previously released AT23NS-106 (41.2m
@ 0.84 g/t Au) to test for lateral continuity of grade and
thickness within the same fault block. These intercepts exhibit
close agreement in grade, thickness, and intercept depth, adding
confidence to our understanding of the structural controls on the
mineralization.
- Sited in the western portion of the West Atlanta Graben Zone
("WAGZ"), hole AT23WS-38 (50.3m @ 0.97 g/t Au) stepped out 40m westward from previously released AT23WS-26
(30.5m @ 0.33 g/t Au) and shows a
three-fold increase in grade over a thicker interval, approaching
the West Atlanta Fault #2. Historical core hole DHRI-11-NRC5 is
located approximately 15m east of
AT23WS-38 and intercepted 1.61 g/t Au over 61m, and illustrates the variability in grade
within the mineralized porphyritic dacite intrusive unit where
grade is more structurally controlled compared to other portions of
the resource zone.
Cal Herron, Exploration Manager
of Nevada King, stated, "Today's
results along Section 23-11N(2) are located in the central portion
of the Atlanta resource zone and
continue to be very positiive. We know that the highest grades and
thicknesses within the WAGZ occur in the southern portion of the
resource zone along sections 4N through 9N and to the north along
sections 14N through 17N, which is likely due to the presence of
E-W trending faults cutting across these portions of the
Atlanta system. Such E-W trending
faults may also occur in the central portion of the WAGZ, where
drilling density is lower and where several holes are pending that
will ultimately be plotted on Sections 12N and 13N. As more hole
results come in, we'll get a much better handle on the grade
distribution and in turn be more able to track higher grade
structural corridors through this thick, low grade blanket."
Hole No.
|
From (m)
|
To (m)
|
Interval (m)
|
Au (g/t)
|
Ag (g/t)
|
AT22NS-40
|
15.2
|
79.3
|
64.1
|
1.45
|
32.7
|
AT22NS-42
|
61.0
|
80.8
|
19.8
|
1.82
|
31.0
|
AT22NS-45
|
70.1
|
106.7
|
36.6
|
1.35
|
34.7
|
AT22NS-92
|
181.4
|
231.7
|
50.3
|
1.07
|
64.0
|
AT22NS-95
|
129.6
|
155.5
|
25.9
|
1.63
|
67.3
|
AT23NS-106
|
268.3
|
309.5
|
41.2
|
0.84
|
14.1
|
AT23WS-24
|
324.7
|
376.5
|
51.8
|
1.79
|
21.1
|
AT23WS-26
|
306.4
|
336.9
|
30.5
|
0.33
|
3.2
|
AT21-61
|
3
|
36.6
|
33.6
|
0.60
|
16.7
|
Table 2. Previously reported holes used along updated
Section 22-11N(2). 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.
Hole No.
|
From (m)
|
To (m)
|
Interval (m)
|
Au (g/t)
|
Ag (g/t)
|
DHRI-11-NRC5
|
312.5
|
373.5
|
61.0
|
1.61
|
9.09
|
Table 3. Historical hole used in updated Section
22-11N(2). DHRI series hole was 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.
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.