VANCOUVER, BC, Jan. 17,
2024 /CNW/ - Nevada King Gold Corp. (TSXV:
NKG) (OTCQX: NKGFF) ("Nevada
King" or the "Company") is pleased to announce
results from 25 vertical, reverse circulation ("RC") holes
recently completed in the North Extension Target at its 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.
Today's holes are plotted in plan and section on Figures 2-10,
below.
Highlights:
|
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
|
AT23NS-144
|
100.6
|
125.0
|
24.4
|
1.98
|
0.4
|
|
AT23NS-155
|
146.3
|
193.6
|
47.3
|
2.57
|
4.4
|
|
Includes
|
160.1
|
169.2
|
9.1
|
9.72
|
15.5
|
|
Table 1:
Highlight 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.
|
- Highlight interval of 9.72 g/t Au over 9.1m within 2.57 g/t Au over 47.3m is the best interval recorded to date
within the North Extension Target ("NET"), a shallow, strongly
oxidized gold zone located approximately 600m north of the Atlanta pit that is not included within the
2020 National Instrument 43-101 ("NI 43-101") resource.
- The NET formed along the northern extension of the Atlanta Mine
Fault Zone ("AMFZ") was originally identified by historical
drilling, but intercepted grades and thicknesses were too low to
maintain interest in the target. It was Nevada King's high-grade intercept of 8.26
g/t Au over 9.1m within 4.64 g/t Au
over 18.3m in AT21-3
(November 22, 2021) that opened up
the NET's potential, while later intercepts of 1.67 g/t Au over
24.4m in AT22NS-13 (November 23, 2022) and 1.83 g/t Au over
21.3m in AT22NS-15 (December 20,
2022) further expanded the higher-grade "core"
mineralization localized along the AMFZ.
- Today's drilling more than doubles the footprint of
NET from the previously reported 175m N-S x 300m E-W
(December 20, 2022) to an area
that now spans 330m N-S by
350m E-W (see Figure 1
below).
- The 25 holes released today are plotted on eight separate cross
sections together with 25 previously released Nevada King holes and 18 historical holes
(Figures 3-10). Mineralization occurs along a gently
west-dipping horizon developed at the contact between basal
Ordovician age dolomite and overlying Tertiary age volcanics. This
silicified contact is vertically displaced 60m to 80m across
the northerly-trending AMFZ with the west side down, similar to
what is seen all along the AMFZ.
- The highest grade intervals are found proximal to the AMFZ
along a 50m-wide corridor centred on
the fault zone, as demonstrated by previously released hole
AT23NS-112 grading 4.08 g/t Au over 21.3m. Gold grades tend to gradually decrease
westward and eastward from the AMFZ, although high-grade does occur
outside of this corridor, including previously released hole
AT23NS-109 grading 3.69 g/t Au over 13.7m, located 100m west of the AMFZ.
- The distribution of both grade and thickness for Nevada King's reported holes is shown in Figure
1 where the thicker, higher-grade mineralization is
concentrated along the AMFZ and also along a WNW-trending fracture
zone that intersects the AMFZ, where the highest grades are found.
The gradual decrease in grade and thickness moving eastward from
the AMFZ is evident, but to the west both thickness and grade
remain fairly uniform from hole to hole over a large area, albeit
at greater depth.
- The vector arrows in Figure 1 show the directions in
which mineralization remains open around the NET. The
east-directed vector is heading toward the still-to-be tested East
Ridge Target, while the other vectors indicate potential to the
west and south. A 100m gap currently
exists between the NET and the northern edge of the main resource
zone, so the southerly-directed vectors indicate good potential for
connecting these two mineralized zones together. The Company is
currently drilling this gap and also expanding the drill pattern
westward.
Cal Herron, Exploration Manager
of Nevada King, stated, "In early
2021, our geologic mapping revealed several northerly-trending
high-angle faults that progressively down-dropped the basement
stratigraphy and gold mineralization moving westward across the pit
area. After recognizing this stair-like, downdropped fault pattern
and its relationship to mineralization, we went back through the
historical drill data looking for similar basement offsets that
might provide vectors for extending the known mineralization. A
good possibility for such a structure was seen in the NET between
two historical holes, Goldfields hole AR-7 (24.4m @ 0.73 g/t Au) and Kinross hole KN98-12
(27.5m @ 0.77 g/t Au), where a
50m to 80m displacement down to the west was evident.
Nevada King's AT21-3, the third hole
drilled in 2021, was positioned in the middle between these two
historical intercepts and hit the high-grade AMFZ, returning
18.3m grading 4.64 g/t Au. This
"discovery" hole prompted follow- up drilling in the vicinity of
A21-3 that eventually outlined the higher-grade core along the East
Atlanta Fault, thereby revealing the potential of the NET target.
Today's drilling continues to outline this growing zone, which now
covers a 330m x 350m size area, that is not included in the
existing Atlanta resource. Our
evolving geological model played prominently into the discovery of
the NET and now allows us to better explore for additional blind
zones within the Atlanta caldera
as we continue along our discovery process."
|
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
|
AT23NS-134*
|
94.5
|
128.0
|
33.5
|
0.19
|
<0.5
|
|
AT23NS-135
|
99.1
|
125.0
|
25.9
|
0.20
|
<0.5
|
|
AT23NS-136
|
79.3
|
99.1
|
19.8
|
0.46
|
0.5
|
|
AT23NS-137
|
44.2
|
53.4
|
9.1
|
0.21
|
4.0
|
|
And
|
82.3
|
89.9
|
7.6
|
0.24
|
<0.5
|
|
AT23NS-138
|
96.0
|
106.7
|
13.7
|
0.36
|
1.8
|
|
AT23NS-139
|
27.4
|
33.5
|
6.1
|
0.22
|
3.7
|
|
AT23NS-140
|
79.3
|
105.2
|
25.9
|
0.35
|
1.8
|
|
AT23NS-141
|
73.2
|
74.7
|
1.5
|
0.31
|
3.4
|
|
AT23NS-142
|
122.0
|
155.5
|
33.5
|
0.40
|
0.7
|
|
AT23NS-143
|
97.6
|
146.3
|
48.8
|
0.73
|
<0.5
|
|
AT23NS-144
|
100.6
|
125.0
|
24.4
|
1.98
|
<0.5
|
|
AT23NS-145*
|
109.8
|
131.1
|
21.3
|
0.42
|
1.9
|
|
AT23NS-147
|
144.8
|
161.6
|
16.8
|
0.74
|
3.5
|
|
AT23NS-148
|
93.0
|
147.9
|
54.9
|
0.65
|
<0.5
|
|
AT23NS-150*
|
230.2
|
253.0
|
22.9
|
1.02
|
7.1
|
|
AT23NS-151
|
231.7
|
257.6
|
25.9
|
0.97
|
23.1
|
|
AT23NS-152
|
140.2
|
158.5
|
18.3
|
0.74
|
18.4
|
|
AT23NS-153
|
195.1
|
227.1
|
32.0
|
0.73
|
5.3
|
|
AT23NS-154
|
184.5
|
213.4
|
29.0
|
1.34
|
7.2
|
|
AT23NS-155
|
146.3
|
193.6
|
47.3
|
2.57
|
4.4
|
|
Includes
|
160.1
|
169.2
|
9.1
|
9.72
|
15.5
|
|
AT23NS-156
|
103.7
|
135.7
|
32.0
|
0.48
|
1.0
|
|
AT23NS-157
|
251.5
|
283.5
|
32.0
|
0.77
|
16.4
|
|
AT23NS-158*
|
216.5
|
245.4
|
29.0
|
0.91
|
1.9
|
|
AT23NS-159
|
166.2
|
186.0
|
19.8
|
1.15
|
14.0
|
|
AT23NS-160*
|
91.5
|
129.6
|
38.1
|
0.40
|
2.7
|
|
Table 2. 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. *Denotes
hole that bottomed in mineralization.
|
|
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
|
AT23NS-108
|
182.9
|
210.4
|
27.4
|
0.31
|
4.0
|
|
AT23NS-109
|
225.6
|
239.3
|
13.8
|
3.69
|
1.3
|
|
AT23NS-110*
|
175.3
|
201.2
|
25.9
|
1.21
|
3.5
|
|
AT23NS-111
|
175.3
|
190.5
|
15.2
|
0.49
|
1.2
|
|
AT23NS-112
|
155.5
|
176.8
|
21.3
|
4.03
|
6.7
|
|
AT23NS-113
|
256.1
|
297.3
|
41.2
|
0.40
|
5.4
|
|
AT23NS-114
|
190.5
|
227.1
|
36.6
|
0.77
|
5.8
|
|
AT23NS-115
|
218.0
|
231.7
|
13.7
|
0.82
|
7.1
|
|
AT23NS-127
|
117.4
|
146.3
|
28.9
|
0.96
|
1.5
|
|
AT23NS-10A
|
105.2
|
144.8
|
39.6
|
0.68
|
2.0
|
|
AT21-002C+
|
86.3
|
104.6
|
18.3
|
0.56
|
2.1
|
|
AT22NS-009
|
86.9
|
128.0
|
41.2
|
0.65
|
<0.5
|
|
AT22NS-011*
|
102.1
|
125.0
|
22.9
|
1.36
|
0.5
|
|
AT22NS-013
|
135.7
|
160.1
|
24.4
|
1.67
|
<0.5
|
|
AT22NS-012
|
175.3
|
195.1
|
19.8
|
1.77
|
<0.5
|
|
AT22NS-014
|
99.1
|
143.3
|
44.2
|
0.71
|
<0.5
|
|
AT22NS-016
|
91.5
|
106.7
|
15.2
|
0.54
|
<0.5
|
|
AT22NS-017
|
85.4
|
114.3
|
28.9
|
0.46
|
2.7
|
|
AT22NS-018
|
178.4
|
193.6
|
15.2
|
0.70
|
4.5
|
|
AT22NS-019
|
166.2
|
179.9
|
16.8
|
0.31
|
2.5
|
|
AT21-001*
|
94.5
|
131.1
|
25.9
|
1.00
|
<0.5
|
|
AT21-002
|
82.3
|
105.2
|
22.9
|
0.71
|
<0.5
|
|
AT21-003
|
155.5
|
173.8
|
18.3
|
4.64
|
11.2
|
|
AT21-004
|
85.4
|
118.9
|
33.5
|
0.74
|
1.4
|
|
AT21-005
|
99.1
|
103.7
|
4.6
|
0.42
|
3.4
|
|
DHRI-11-04RC
|
103.7
|
123.5
|
19.8
|
0.47
|
<0.5
|
|
DHRI-11-05RC
|
61.0
|
82.3
|
21.3
|
0.24
|
3.0
|
|
DHRI-11-06RC
|
76.2
|
77.7
|
1.5
|
0.10
|
7
|
|
DHRI-11-07RC*
|
74.7
|
108.2
|
33.5
|
0.18
|
0.7
|
|
DHRI-11-08RC
|
120.4
|
143.3
|
22.9
|
0.30
|
3.84
|
|
DHRI-11-08C^
|
175.3
|
182.9
|
7.6
|
0.09
|
<0.5
|
|
DHRI-11-12C^
|
297.3
|
304.9
|
7.6
|
0.27
|
11.4
|
|
DHRI-11-13C
|
169.2
|
213.4
|
44.2
|
0.27
|
1.7
|
|
DHRI-11-14C^
|
129.6
|
158.5
|
28.9
|
0.05
|
1.1
|
|
KN98-02+
|
42.7
|
57.9
|
15.2
|
0.14
|
9.5
|
|
KN98-10+
|
198.2
|
211.9
|
13.7
|
1.19
|
1.0
|
|
KN98-11+
|
230.2
|
253.0
|
22.9
|
2.07
|
0.7
|
|
KN98-12
|
196.6
|
224.1
|
27.5
|
0.77
|
1.9
|
|
KN98-13+
|
231.7
|
274.4
|
42.7
|
0.67
|
0.3
|
|
KN98-14+
|
237.8
|
265.2
|
27.4
|
0.48
|
3.0
|
|
AR-06+
|
146.3
|
157.0
|
10.7
|
0.14
|
29.8
|
|
AR-07+
|
112.8
|
137.2
|
24.4
|
0.73
|
0.6
|
|
90-04
|
208.8
|
256.1
|
47.3
|
0.11
|
2.9
|
|
Table 3. Previously released drill holes and historic
drill holes used in today's cross sections. AT series holes were
drilled by
Nevada King. DHRI series holes were drilled by Meadow Bay in 2011,
preceeded by KN98 series drill holes from Kinross in
1998, AR series by Goldfields in 1991 and 90 series by Bobcat in
1990. *Denotes hole that bottomed in mineralization.
^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 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.