VANCOUVER, BC, Jan. 23,
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
|
AT23NS-131B*
|
105.2
|
154.0
|
48.8
|
1.80
|
13.5
|
AMFZ
|
AT23NS-133*
|
102.1
|
125.0
|
22.9
|
2.38
|
24.1
|
AMFZ
|
AT23NS-133C*
|
86.9
|
118.9
|
32.0
|
2.51
|
34.8
|
AMFZ
|
AT23NS-168*
|
80.8
|
157.0
|
76.2
|
1.41
|
38.8
|
AMFZ
|
AT23NS-167A*
|
61.0
|
114.3
|
53.4
|
1.86
|
34.1
|
AMFZ
|
AT23WS-50
|
234.8
|
303.4
|
68.6
|
0.34
|
0.6
|
WAGZ
|
|
Table 1. Holes released today along Section 6N(4).
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.
|
- These six holes concentrated on in-filling a sizeable
information gap at the southwest corner of the historical pit along
the Atlanta Mine Fault Zone ("AMFZ"). Both southward and
northward directed angle holes successfully tied mineralization to
adjacent Sections 22-5N and 22-7N by bridging across a large pit
collapse zone that has prevented vertical drilling within this part
of the resource area since cessation of mining in 1985. This gap is
quite apparent in Figure 1 where the angle hole traces are shown in
red bridging across it from collar locations on lines 22-4N and
22-8N.
- Intercepts across this previously untested, approximately
100m-wide zone range in grade from
4.91 g/t Au and 41.4 g/t Ag to 1.41 g/t Au and 13.5 g/t Ag,
with estimated true thicknesses ranging from 21m to 52m.
Highlight intervals in this segment include 4.91 g/t Au and 41.4
g/t Ag over 39.6m in
AT23NS-131C (previously released January 9,
2024), 1.41 g/t Au and 38.8 g/t Ag over 76.2m in AT23NS-168 and 1.86 g/t Au
and 34.1 g/t Ag over 53.4m in AT23NS-167A.
- On the west side of the West Atlanta Graben Zone
("WAGZ"), AT23WS-50 returned 68.6m grading 0.343 g/t Au, indicating a drop in
grade west of the West Atlanta Fault #2 ("WAF2"), currently
considered to be the western margin of the WAGZ. For
reference, previously released AT23WS-39 is located 30m to the east on the opposite side of the WAF2
and intersected 91.5m of 0.96 g/t
Au.
Cal Herron, P.Geo., Exploration
Manager of Nevada King, stated,
"Unstable ground conditions at the southwestern corner of the
historical Atlanta pit have been a
thorn in the side for every operator at Atlanta, Nevada
King included. The collapsed pit wall precluded any drill
evaluation of shallow mineralization within a 100m by 100m area
that is surrounded on three sides by holes containing high-grade
gold hits, thus indicating similar potential directly underneath
the collapsed zone. We have finally angle-drilled shallow holes
underneath the collapse zone from locations along sections 22-4N
and 22-8N, thereby in-filling the data gap that previously existed
on lines 22-5N, 22-6N, and 22-7N. Intercept results demonstrate
good lateral continuity of moderate gold grade within this portion
of the AMFZ and firmly tie the Gustavson 2020 resource model's
southwestern margin to the mineralization previously drilled by
Nevada King in 2021-2022 along the
eastern and southern sides of the Atlanta pit – mineralization that extends
approximately 150m south-southeast of
the existing resource zone and remains open for further
expansion."
|
|
|
|
|
|
Hole No.
|
From (m)
|
To (m)
|
Interval (m)
|
Au (g/t)
|
Ag (g/t)
|
AT22HG-16
|
163.1
|
292.7
|
129.6
|
1.21
|
2.7
|
AT22HG-17
|
146.3
|
311.0
|
165.5
|
0.92
|
3.0
|
AT22HG-19
|
155.5
|
233.2
|
77.7
|
1.92
|
28.1
|
AT22NS-68+
|
134.1
|
163.1
|
29.0
|
4.03
|
21.2
|
AT23WS-35
|
201.2
|
315.5
|
114.3
|
1.58
|
3.7
|
AT23WS-39
|
224.1
|
315.5
|
91.5
|
0.96
|
3.9
|
AT23HG-30
|
169.2
|
269.8
|
100.6
|
3.39
|
9.6
|
AT23HG-28
|
150.9
|
224.1
|
73.2
|
2.67
|
13.6
|
AT23HG-22
|
181.4
|
323.2
|
141.8
|
0.55
|
4.0
|
AT22SE-4
|
146.3
|
327.7
|
181.4
|
1.03
|
3.8
|
AT22SE-42
|
122.0
|
318.6
|
163.1
|
0.98
|
2.5
|
AT23HG-24
|
247.0
|
324.7
|
77.7
|
1.14
|
4.0
|
AT22RC-11
|
0
|
33.5
|
33.5
|
1.28
|
0.5
|
AT23NS-131C*
|
132.6
|
172.3
|
39.6
|
4.91
|
41.4
|
|
Table
2. Previously reported holes used along updated
Section 22-6N(4). 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. True
mineralized thickness in angle holes estimated to be 75% to 90% of
reported intercept length. +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
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-1-41-gt-au-over-76-2m-1-86-gt-au-over-53-4m-1-80-gt-au-over-48-8m--2-51-gt-au-over-32-0m-extends-mineralization-westward-across-the-west-atlanta-graben-zone-302041598.html
SOURCE Nevada King Gold Corp.