VANCOUVER, BC, Feb. 1, 2024
/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:
- Since inception of the Phase II Atlanta drill program in
June 2022 Nevada King has completed 391 holes totaling
76,249m, which includes 371
reverse-circulation ("RC") holes totaling 72,743m and 20 core holes totaling 3,506m. Prior to initiating the Phase II
program the Company completed 68 holes totaling 5,544m in it's maiden Phase I program.
- To date, as part of its Phase II program, Nevada King has reported assays from 254 holes
covering 46,201m with results
from 137 drill holes totaling 30,048m
currently pending.
- Three RC rigs continue to operate at Atlanta. The core rig that began operating in
October 2023 successfully completed
six holes (1,258m) needed for ongoing
metallurgical testwork plus confirmation of RC drill results.
- A major objective of current drilling involves following up on
elevated high-grade (>20 g/t Au) intercepts scattered
throughout the deposit in order to further define the spatial
distribution of this exceptionally high-grade mineralization for
potential inclusion as discreet domains within a future resource
model.
- Drilling is also ongoing in the North Extension Target to
follow up on the high-grade oxide results released January 17, 2024 from an area 600m north of the Atlanta pit and well outside of the footprint
of the existing resource, as well as at the southern end of the
Atlanta resource zone following
the blind discovery of thick, high-grade gold mineralization
including 1.89 g/t Au over 114.3m and
2.15 g/t Au over 96.0m released on
October 17, 2023.
Cal Herron, Exploration Manager
of Nevada King, commented, "It has
been a very busy winter so far with very few weather-related work
stoppages, in part due to infrastructure improvements made in 2023.
The core drill just completed its last metallurgical hole and has
moved off-site, while three RC drills are still turning, two of
them on a 24-hour schedule. Normally at this point in an
exploration program's life, extensive drilling has resulted in a
fairly complete and accurate understanding of a system's geology
and potential. Atlanta is quite
different – almost every new drill hole brings more twists and
turns that keep our geologists (and drill crews) contantly changing
gears and direction. We started out in 2021 hoping to get some
shallow, low-grade hits south of the pit, while we've now graduated
to hunting bonanza-grade pods along high-grade feeder structures
scattered throughout the entire mineralized footprint.
Looking forward in 2024, our drills will keep turning, and we
eagerly await what comes next for the project."
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 1. 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.