VANCOUVER, BC, June 26,
2023 /CNW/ - Nevada King Gold Corp. (TSXV:
NKG) (OTCQX: NKGFF) ("Nevada
King" or the "Company") is pleased to provide an
update on its Phase II resource expansion and definition drilling
program 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.
Highlights:
- Two additional reverse circulation ("RC") rigs have been
mobilized to Atlanta and
are now in operation, bringing the overall rig count at site to
three.
- Since inception of the the Phase I Atlanta drill program in
June 2021 followed by the Phase II
program starting in June 2022
Nevada King has completed 272
reverse-circulation ("RC") holes totaling 39,253m and 17 core holes totaling 1,398m, for a total of 40,651m drilled. To date Nevada King has reported assays from 208 holes
covering 27,278m with results
pending from 81 drill holes totalling 13,373m.
- The Company is currently utilizing one rig to define deeper
mineralization within the West Atlanta Graben, while a second rig
is targeting shallower mineralization along the Atlanta Mine Fault
Zone ("AMFZ"), both in the pit and connecting into the North
Extension Target. A third rig is active on the East Ridge Target,
testing a highly prospective, never before drilled, large area
(1,200m x 150m) directly adjacent to the resource zone (see
Figure 1).
Cal Herron, Exploration Manager
of Nevada King, commented, "The
increase from one drill rig to three will significantly increase
the rate of adding to and upgrading our existing resource. Two of
the drills are tracked machines that can negotiate more difficult
areas to access, which will better enable us to advance our
exploratory drilling outward in all directions from the existing
resource area. Aside from the East Ridge Target, other immediate
priorities include:
- In-fill and step-out drilling within the 150m wide by 500m
long West Atlanta Graben, where current, mineralized vertical
drill intercepts range from 40m to
180m with Au grades ranging from 0.5
to 2.0 g/t. The target is open to the north and south, and
scattered historical holes indicate additional potential to the
west.
- Expanding the North Extension Target westward and eastward and
extending it to the main resource zone 200m southward.
- Expanding the AMFZ southward to the South Extension
Target.
- In-fill drilling along the AMFZ to expand several zones of
high-grade mineralization and to define fault contacts. This
structural definition drilling is particularly important for
constructing a new, more accurate resource model.
"Our drill results early this year focused our attention on the
West Atlanta Graben target and revealed potential for significantly
expanding Atlanta's resource. Now,
with two additional RC drill rigs in operation, we have the ability
to more rapidly infill around recent intercepts and step-out to
test for further potential resource expansion. Starting with the
2021 Phase I program, our drilling at Atlanta has yielded multiple new discovery
areas resulting in a continual increase in tonnage potential. As
well, our drilling indicates higher Au/Ag grades compared to
previous exploration efforts. The Company was fortunate in that
previous explorers had left large gaps in the overall drill hole
distribution pattern either through adherence to an overly
simplistic geologic model or simply due to bad luck. This allowed
us to concentrate our resources and attention on areas that had
historically shown some promise but for a variety of reasons were
not followed-up on."
Figure 1. Atlanta Gold Mine Project target
area map.
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
$20 million as of June 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.sedar.com).
NI 43-101 Mineral
Resources at the Atlanta Mine
|
Resource
Category
|
Tonnes
(000's)
|
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
|
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 given the global COVID-19
pandemic, 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.