VANCOUVER, BC, Jan. 30,
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
|
AT22SE-16A
|
176.8
|
320.1
|
93.0
|
1.62
|
6.7
|
WAGZ
|
AT23HG-27
|
193.6
|
256.1
|
62.5
|
1.78
|
3.7
|
WAGZ
|
AT23WS-51
|
158.5
|
160.1
|
1.5
|
0.56
|
0.0
|
WAGZ
|
AT23NS-131*
|
103.7
|
141.8
|
38.1
|
1.98
|
6.3
|
AMFZ
|
AT23NS-167*
|
56.4
|
99.1
|
42.7
|
1.19
|
36.4
|
AMFZ
|
AT23NS-167B*
|
50.3
|
71.6
|
21.3
|
1.35
|
40.6
|
AMFZ
|
Table 1. Holes
released today along Section 23-5N(3). 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.
|
- 1.98 g/t Au over 38.1m in AT23NS-131, 1.19 g/t Au over
42.7m in AT23NS-167, and
1.35 g/t Au over 21.3m in
AT23NS-167B were intercepted in a series of northward-directed
angle holes sited along the eastern margin of the Atlanta Mine
Fault Zone ("AMFZ") to test a 100m-wide gap in drill coverage at the
southwestern corner of the historical Atlanta open pit. These intercepts continue to
demonstrate good lateral continuity of mineralization in this
area.
- 1.62 g/t Au over 93.0m in AT22SE-16A and 1.78 g/t Au over
62.5m in AT23HG-27 were sited
within the West Atlanta Graben Zone ("WAGZ") to fill in gaps
that were present, with both holes displaying good continuity of
grade and thickness moving eastward toward the West Atlanta
Fault.
- AT23WS-51 was also sited within the WAGZ but did not
encounter significant gold values, effectively bounding the WAGZ
mineralization on its southwestern margin along this portion of the
system. Strong mineralization is still seen in holes located
southeast of AT23WS-51 moving toward the South Quartzite Ridge
Target, and the Company intends to target potential extensions
of mineralization south of AT22SE-16A and AT23HG-27 in its
drilling over the coming months.
Cal Herron, Exploration Manager
of Nevada King, stated, "The three
northward directed angle holes complete our infill drilling within
the approximately 100m-wide gap in
drill coverage that existed at the southwest corner of the
historical Atlanta pit. We have
now successfully demonstrated continuity of mineralization along
the western side of the pit together with mineralization south of
the pit and eliminated a data gap over a plan view area of
approximately 10,000m2
that formed a prominent "hole" in the 2020 resource model.
"The three holes drilled across the WAGZ were sited to infill
gaps in the existing drill pattern, and in the case of AT22SE-16A
(1.62 g/t Au over 93.0m), mineralization was extended
20m further south from Nevada King's previously released hole AT22HG-16
(1.21 g/t Au over 129.6m) reported to
the north along line 22-6N (released January
6, 2023). This southward trend will be followed with
additional holes in the coming months. AT23WS-51 (0.56 g/t Au over
1.5m) effectively delimits
mineralization 25m west of historical
hole ARC-5 (2.97 g/t Au over 71.8m).
Both holes drilled the same volcanic sequence, so the
mineralization contact separating these holes is most likely an
alteration contact as opposed to fault contact. Additional drilling
southeast of AT23WS-51 is needed in order to better define this
contact where it trends toward the South Quartzite Ridge
Target."
Hole No.
|
From (m)
|
To (m)
|
Interval (m)
|
Au (g/t)
|
Ag (g/t)
|
AT23HG-21
|
149.4
|
219.5
|
70.1
|
3.18
|
20.8
|
AT22HG-13
|
109.8
|
192.1
|
82.3
|
3.60
|
11.0
|
AT22NS-69
|
89.9
|
135.7
|
45.7
|
1.57
|
8.5
|
AT22NS-80
|
80.8
|
129.6
|
48.8
|
1.37
|
6.6
|
AT22NS-82
|
102.1
|
128.0
|
25.9
|
2.71
|
6.1
|
AT22HG-8T
|
135.7
|
278.7
|
89.3
|
2.74
|
3.0
|
AT22SE-42
|
122.0
|
318.6
|
163.1
|
0.98
|
2.5
|
AT21-41B*
|
38.1
|
73.2
|
35
|
1.17
|
9.5
|
AT21-42A*
|
18.3
|
50.3
|
32
|
0.80
|
5.9
|
AT21-43A*
|
19.8
|
33.5
|
13.7
|
1.9
|
18.6
|
AT22RC-11
|
0.0
|
33.5
|
33.5
|
1.28
|
0.5
|
AT22RC-12*
|
0
|
57.9
|
57.9
|
1.38
|
14.0
|
ARC-5
|
131.1
|
202.7
|
71.6
|
2.97
|
11.1
|
ARC-1
|
176.5
|
289.9
|
113.4
|
2.11
|
10.8
|
AR-18
|
221
|
257.6
|
36.6
|
0.53
|
1.9
|
Table 2. Previously
reported and historical holes used along updated Section 22-5N(3).
AT22 series holes were drilled by Nevada King in 2022 and the
AT21 series holes were drilled in 2021. ARC and AR series holes
drilled by Goldfields in 1990. 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 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 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.