VANCOUVER, BC, Feb. 6, 2024
/CNW/ - Nevada King Gold Corp. (TSXV: NKG) (OTCQX:
NKGFF) ("Nevada King" or
the "Company") is pleased to announce assay results from
five reverse circulation ("RC") holes located along an
updated Section 22-8N(3), initially released February 1, 2023 and updated October 30, 2023, that were recently completed at
its Atlanta Gold Mine Project located 264km northeast of
Las Vegas, Nevada, in the prolific
Battle Mountain Trend.
Highlights:
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Notes
|
AT23NS-174+
|
117.4
|
186.0
|
68.6
|
6.90
|
93.7
|
Angle hole:
-82.5o dip
|
Includes
|
166.2
|
176.8
|
10.7
|
19.20
|
41.7
|
|
AT23NS-174A+
|
118.9
|
196.6
|
77.7
|
4.90
|
75.0
|
Angle hole:
-83odip
|
Includes
|
169.2
|
172.3
|
3.0
|
19.35
|
190
|
|
AT23NS-161
|
106.7
|
157.0
|
50.3
|
1.93
|
32.0
|
Bottomed in
Mineralization
|
AT23NS-162
|
109.8
|
146.3
|
36.6
|
3.44
|
116.0
|
|
AT23NS-163
|
120.4
|
147.9
|
27.4
|
1.25
|
59.3
|
|
Table 1. All
holes released today. True mineralized thicknesses have yet to be
determined for AT23NS-174, AT23NS-174A, and AT23NS-161, whereas
true mineralized thickness in AT23NS-162 and 163 are estimated to
be 90% to 100% of the reported intercept
length. +Denotes angle
hole.
|
- Two of today's holes were angle holes that were sited to follow
up on the very high-grade intercept of 6.55 g/t Au and 100.8 g/t
Ag over 82.3m, including 26.71
g/t Au over 12.2m encountered in
angle hole AT23NS-133F, which represents the third most gold rich
intercept so far recorded at Atlanta (released November 14, 2023). Today's two follow up holes
successfully crossed the same high-grade structure, intercepting
6.9 g/t Au and 93.7 g/t Ag over 68.6m including 19.2 g/t Au over
10.7m in AT23NS-174 and 4.9
g/t Au and 75.0 g/t Ag over 77.7m
including 19.35 g/t Au over 3.0m in AT23NS-174A.
- Collectively, these three steeply dipping angle holes define a
high-angle west-dipping high-grade vein-like structure hosted
within the hanging wall of the West Atlanta Fault (Figure 2). High
grade (>5 g/t Au) mineralization occurs within a hydrothermal
breccia zone 5m to 8m thick that cuts up through a 50m-wide rhyolite to quartz latite composition
dike sandwiched between the West
Atlanta and West Atlanta #1
Faults. Very high-grade mineralization (>20 g/t Au) is
concentrated along the contact between the breccia and intrusive
within a boiling zone that coincides with a sharp upward inflection
in the contact's dip.
- There appears to be about 30m of
vertical extent to this very high-grade zone that is characterized
by a very vuggy, strongly silicified heterolithic breccia infilled
by iron oxides, clay, and barite. Lower grade mineralization
spreads out laterally from the high-grade feeder zone into adjacent
dike and felsic tuff hosts, as indicated by intercepts plotted
around this high-grade zone (see Figure 3). We also see the
high-grade zone flattening westward in Figure 2 where it was
encountered in previously released holes AT23NS-53 (11.12 g/t Au
over 12.2m, released February 1, 2023) and AT22HG-20 (10.09 g/t Au
over 6.1m, released February 1, 2023). This high-grade "tail" that
flattens at depth away from the very high-grade zone is seen in
numerous holes throughout the Atlanta deposit and may be the best guide for
vectoring into additional concentrations of high-grade
mineralization.
- For the first time, Nevada King
now has direct confirmation of a high-angle feeder structure, which
in itself strongly supports the Company's new geological model for
the mineralization at Atlanta. In
terms of size, shape, and depth, the Company will now use this new
understanding of high-angle, high-grade feeders to more confidently
pursue potential high-grade zones hosted elsewhere throughout the
deposit, looking for combinations of high-grade intercepts most
likely to vector into discreet areas where close-spaced drilling
may encounter and define additional high-grade bodies possessing
potential for significantly upgrading these various portions of the
resource zone.
- As shown on Figure 3, two other prospective feeder zones are
outlined in blue to the southeast and east of AT23NS-174. Angle
hole AT23NS-131C (4.91 g/t Au over 39.6m, released January 9,
2024) and vertical hole AT22NS-68 (4.03 g/t Au over
29m including 10.03 g/t Au over
3m, released January 6, 2023) are considerably higher grade
than the surrounding holes, so we now suspect there is another
feeder structure in close proximity to these holes. In similar
manner, vertical hole AT21-63 (3.95 g/t Au over 41.2m includes 9.23 g/t Au over 9.1m, released January 20,
2022) and angle hole AT22NS-61A (2.23 g/t Au over
51.8m includes 5.95 g/t Au over
4.6m near top of intercept, released
October 18, 2022) also exhibit
evidence of proximity to a high-grade feeder along the East Atlanta
Fault.
- The three vertical holes released today tested and successfully
filled in gaps in the current drill pattern along the footwall side
of the WAF (Figure 1) and intercepted 1.93 g/t Au over
50.3m, 3.44 g/t Au over 36.6m, and 1.25 g/t Au over 27.4.
Cal Herron, Exploration Manager
of Nevada King, stated, "We chose to
further pursue the high-grade intercept in AT23NS-133F largely
because we could fan-drill the probable strike line with a series
of shallow, steep angle holes from a single drill platform. So far,
we've proven that the high-grade mineralization can be tracked
along strike, which will enable a resource modeler to tie the
high-grade intercepts together into a cohesive body. Just as
important, we also now see what a high-grade feeder zone at
Atlanta looks like and how it
relates geologically to the surrounding rocks and structures. The
whole point of drill-defining these high-grade structures is to
further up-grade the resource, both in scale and confidence. The
AT23NS-133F high-grade zone may be too narrow to appreciably
upgrade the surrounding area, unless additional definition drilling
can connect the higher grade mineralization (>5 g/t Au) eastward
to the West Atlanta Fault, as seen in Figure 3 above. However, the
larger areas northwest and southwest of the pit along lines 22-3N
through 22-7N and 22-14N through 22-18N host considerably more
potential for increasing overall grade. In both areas there is good
evidence for multiple feeder zones, such as hole AT23WS-44 (11.64
g/t Au over 108.2m including 37.16
g/t Au over 29m). Going forward,
Nevada King is now re-evaluating its
drill intercepts within both areas and choosing discreet targets to
selectively test."
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Notes
|
AT23NS-133F+
|
117.4
|
199.7
|
82.3
|
6.55
|
100.8
|
|
includes
|
184.5
|
196.6
|
12.2
|
26.71
|
89.3
|
|
AT23NS-133G+
|
97.6
|
126.5
|
29.0
|
1.46
|
23.9
|
|
AT22NS-53
|
157.0
|
224.1
|
67.1
|
2.88
|
52.0
|
|
Includes
|
205.8
|
218.0
|
12.2
|
11.12
|
122.1
|
|
AT22NS-54
|
170.7
|
216.5
|
45.7
|
4.21
|
79.6
|
|
Includes
|
173.8
|
199.7
|
25.9
|
5.40
|
113.8
|
|
AT22NS-61A+
|
6.1
|
57.9
|
51.8
|
2.23
|
59.0
|
Bottomed in
mineralization
|
Includes
|
22.9
|
27.4
|
4.6
|
5.95
|
20.1
|
|
AT22NS-68
|
134.1
|
163.1
|
29.0
|
4.03
|
21.2
|
|
Includes
|
157.0
|
160.1
|
3.0
|
10.03
|
18.5
|
|
AT21-63
|
7.6
|
48.8
|
41.2
|
3.94
|
27.3
|
|
includes
|
38.1
|
47.3
|
9.1
|
9.23
|
24.3
|
Bottomed in
mineralization
|
AT23NS-131C+
|
132.6
|
172.3
|
39.6
|
4.91
|
41.4
|
|
includes
|
157.0
|
160.1
|
3.0
|
10.03
|
18.5
|
|
AT22HG-20
|
207.3
|
240.9
|
33.5
|
3.43
|
125.7
|
|
Includes
|
233.2
|
239.3
|
6.1
|
10.09
|
284
|
|
AT23HG-31
|
176.8
|
294.2
|
74.7
|
0.73
|
22.7
|
|
AT22NS-51
|
89.9
|
109.8
|
19.8
|
2.92
|
61.5
|
|
Includes
|
93.0
|
102.1
|
9.1
|
4.85
|
96
|
|
AT23NS-70
|
80.8
|
108.2
|
27.4
|
4.96
|
49.3
|
|
AT22NS-71
|
36.6
|
88.4
|
51.8
|
2.95
|
79.5
|
|
includes
|
54.9
|
68.6
|
13.7
|
5.90
|
164
|
|
Table 2. All
holes previously reported by Nevada King shown on Figure 2 and
referenced within the text of this release.
Mineralization generally occurs along near-horizontal
horizons with true mineralized thicknesses in vertical holes
estimated to be 85% to 100% of reported drill intercept length,
while true mineralized thickness in the angle holes is currently
unclear. +Denotes angle
hole.
|
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 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/nevada-king-intercepts-19-2-gt-au-over-10-7m-within-6-9-gt-au-over-68-6m--19-3-gt-au-over-3-0m-within-4-9-gt-over-77-7m-at-atlanta-expands-near-surface-high-grade-jewelry-box-zone-302054049.html
SOURCE Nevada King Gold Corp.