VANCOUVER, BC, Feb. 12,
2024 /CNW/ - Nevada King Gold Corp.
(TSXV: NKG) (OTCQX: NKGFF) ("Nevada
King" or the "Company") is pleased to announce
results from seven vertical, reverse circulation ("RC")
holes completed in the northern portion of the West Atlanta Graben
Zone ("WAGZ") 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
on plan and section on Figures 1 and 2 below.
Highlights:
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
AT23WS-62
|
291.1
|
332.2
|
41.1
|
6.05
|
25.0
|
Includes
|
294.1
|
301.8
|
7.6
|
19.44
|
21.6
|
AT23WS-45
|
263.7
|
624.7
|
61.0
|
3.52
|
15.7
|
Includes
|
280.5
|
291.2
|
10.7
|
7.55
|
36.3
|
Table 1.
Highlighted holes released on Section 22N-16N(2). Mineralization
occurs along near-horizontal
horizons with true mineralized thickness estimated to be
90% to 100% of reported drill intercept
length.
|
- AT23WS-62 intercepted 6.05 g/t Au over
41.1m including 19.44 g/t Au over
7.6m and was drilled
approximately 300m northwest
of the Atlanta Pit approximately 8m
west of historical RC hole DHRI-12-MRC1 (1.95g/t Au over
77.8m), which did not completely
penetrate the mineralized zone. AT23WS-62 did fully penetrate the
mineralized zone and returned an average grade three times greater
than DHRI-12-MRC1. Referring to Figure 2, AT23WS-62 drilled across
a high-angle structure into an adjacent mineralized block, which
accounts for the shorter intercept length when compared to
DHRI-12-MRC1.
- The very high-grade interval in AT23WS-62 (19.44 g/t Au
over 7.6m) may correlate to another
sub-vertical high-grade feeder structure and its cross-cutting of a
near horizontal receptive stratigraphic unit similar to the
interpreted zone recently reported along Section 22-8N(3) in which
hole AT23NS-174 intercepted 19.2 g/t Au over 10.7m (released February
6, 2024).
- Eastward from AT23WS-62, holes AT23WS-45 (61.0m @ 3.52 g/t Au), AT22WS-2 (71.7m @ 2.31 g/t Au), and AT23WS-60 (97.5m @ 1.04 g/t Au) display a gradual eastward
decrease in grade within this 100m-wide portion of the WAGZ between the
West Atlanta #2 and West Atlanta #1 Faults (see Figure 2), with
mineralized thicknesses remaining relatively uniform. This lateral
continuity in mineralization is also observed along previously
reported lines to the south and appears to be characteristic of
grade distribution within the WAGZ.
- Gold mineralization along Section 22-16N(2) now extends
approximately 340m east-west, and
remains open to the west and to the north from this area toward the
North Extension Target ("NET"). Hole AT23WS-63 at the west
end of the section returned 1.18 g/t Au over 27.4m but was lost in an open void before
drilling deep enough to intersect the projected higher-grade zone
and consequently must be re-drilled. The Company is currently
drilling north of Section 22-16N(2) in order to connect the WAGZ
with the NET.
Cal Herron, Exploration Manager of Nevada King, stated, "The north end of the WAGZ
is becoming strikingly similar to the southern end, where we see
good lateral continuity of mineralization across a 100m to 150m-wide,
fairly flat-lying horizon measuring from 50m to over 100m
thick. As we continue testing for similar mineralization along
lines north and south of Section 22-16N(2), good potential exists
for building tonnage. The presence of the high-grade intercept in
AT23WS-62 (19.44 g/t Au over 7.6m)
raises the possibility of encountering additional zones of elevated
high-grade mineralization within the immediate vicinity that could
also impact the overall grade of the WAGZ.
"Drilling is now underway north of today's holes and is oriented
to potentially connect the northern end of the WAGZ with the
southern end of the NET. If successful, connecting these zones
would significantly enlarge a growing mineralized area at
Atlanta that is located well north
of the existing Gustavson 2020 resource boundary. Concurrently,
on-going exploratory drilling continues to concentrate on further
expansion of the resource zone together with upgrading of Au/Ag
mineralization along major structures and at structural
intersections along the AMFZ and within the WAGZ."
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
AT23WS-42
|
312.5
|
341.5
|
29.0
|
2.03
|
13.9
|
AT23WS-45
|
263.7
|
324.7
|
61.0
|
3.52
|
15.7
|
Includes
|
280.5
|
291.2
|
10.7
|
7.55
|
36.3
|
AT23WS-57*
|
306.3
|
340.0
|
33.7
|
0.14
|
12.37
|
AT23WS-60
|
240.2
|
301.8
|
97.5
|
1.04
|
4.9
|
AT23WS-62
|
291.1
|
332.2
|
41.1
|
6.05
|
25.0
|
Includes
|
294.1
|
301.8
|
7.6
|
19.44
|
21.6
|
AT23WS-63*
|
309.4
|
336.8
|
27.4
|
1.18
|
18.3
|
AT23NS-149
|
175.3
|
192.1
|
16.8
|
0.46
|
10.14
|
Table 2. All holes released today on section 22-16N
(2). Mineralization occurs along near-horizontal horizons with
true
mineralized thickness in vertical holes estimated to be 90% to
100% of reported drill intercept length. *Denotes holes
that
bottomed in mineralization.
|
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
AT22WS-002*
|
227.1
|
298.8
|
71.7
|
2.31
|
5.8
|
Includes
|
265.2
|
298.8
|
33.6
|
4.10
|
10.2
|
AT22WS-003A
|
179.9
|
259.1
|
79.3
|
0.44
|
3.8
|
AT22WS-012*
|
204.2
|
259.1
|
54.9
|
0.21
|
1.2
|
AT22NS-028T+
|
65.5
|
130.3
|
64.8
|
0.50
|
9.2
|
AT22NS-029A
|
1.5
|
32.0
|
30.5
|
0.66
|
14.0
|
AT21-13
|
53.4
|
67.1
|
13.7
|
0.82
|
3.8
|
AT21-14
|
0.0
|
24.4
|
24.4
|
0.35
|
38.4
|
DHRI-11-NRC03
|
263.7
|
320.1
|
56.4
|
3.9
|
20.9
|
Includes
|
265.2
|
280.5
|
15.3
|
8.6
|
13.22
|
DHRI-12-MRC1*
|
271.3
|
349.1
|
77.8
|
1.95
|
6.49
|
GC96-09^
|
0
|
27.4
|
27.4
|
0.41
|
2.35
|
AR-41^
|
0
|
19.8
|
19.8
|
0.16
|
21.7
|
Table 3. Previously released and historical holes
used on section 22-16N(2). AT series holes drilled by Nevada King
in 2021
and 2022. DHRI series holes drilled by Meadow Bay in 2011 and 2012.
GC series by Goldenchief in 1996 and lastly, AR series
by Goldfields in 1991. *Denotes holes that bottomed in
mineralization. ^Denotes angled holes.
+Denotes core holes.
|
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.
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 Company is well funded with cash of approximately
$10.2 million as of January
2023.
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.