Nevada King Gold Corp. (TSX-V: NKG) (OTCQX: NKGFF) is pleased to announce assay results from eight reverse circulation holes from its 60,000 metre Phase II drilling program at its 5,166 hectare (51.6km2) Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend, 264km northeast of Las Vegas, Nevada. Four of the holes targeted the Atlanta Mine Fault Zone while the other four tested the adjacent West Atlanta Graben Zone, see Section 22-9N(2) in Figures 2 and 3 below.
|Hole No.||From (m)||To (m)||Interval (m)||Au (g/t)||Ag (g/t)||Zone||Notes|
|AT23NS-133E*||122.0||202.7||80.8||1.99||118.5||AMFZ||315o bearing, -77o dip|
|AT23NS-133F*||117.4||199.7||82.3||6.55||100.8||AMFZ||300o bearing, -80o dip|
Table 1. All holes released today. Mineralization occurs along near-horizontal horizons with true mineralized thickness in
Cal Herron, Exploration Manager of Nevada King, stated, “Nevada King’s 2021 Phase I drill program revealed potential for significantly expanding the shallow high-grade mineralization around the pit and into the North Extension Target 500m north of the pit. The 2022 drill program saw development of our current geological model propounding high-angle fault control over higher grade mineralization within a relatively sub-horizontal replacement horizon together with realization of the potential posed by the West Atlanta Graben Zone for significantly increasing the size of the deposit. In 2023, our focus shifted to sharpening definition of high-grade feeder structures, while the recent discovery of elevated high-grade gold mineralization, now in two different parts of the deposit, has whetted our appetite for more bonanza-type mineralization.
“As shown in Figure 1 above the overall distribution of higher-grades is controlled by northerly-trending, high-angle faults that served as feeders (or conduits) for mineralizing fluids; however, the distribution of elevated high grade mineralization appears to be more controlled by secondary faults that cut across the primary feeder structures at angles around 30o to 45o. These secondary structures form in reponse to stress building up between the main fault strands, forming tensional “gash dilations” that often focus boiling within the openings, thus resulting in bonanza-grade chutes. Bonanza chutes are common within Au-Ag hydrothermal deposits and were the object of historical mining activity around the world. Finding such bonanza chutes in this day and age is a rarity and these extremely high-grade, but small zones can have an outsized impact on a deposit’s economics. Right now, it looks like we may have several such bonanza chutes shaping up at Atlanta, which will make for a very busy winter of testing.”
Comparison of Nevada King and Historical Holes along Section 22-9N(2):
|Atlanta Mine Fault Zone||West Atlanta Graben|
Table 2. Comparison of Nevada King and historical drill results along section line 22-9N(2), using weighted averages.
|From (m)||To (m)||Interval (m)||Au (g/t)||Ag (g/t)||Notes|
|AT23NS-64||41.2||108.2||67.1||2.98||62.1||Bottomed in mineralization|
|AT22HG-11||228.7||250.0||21.3||1.26||85.1||Bottomed in mineralization|
|AT22MET-1B||7.8||22.3||14.8||3.76||69.0||Bottomed in mineralization|
|AT21-63||7.6||48.8||41.2||3.95||27.3||Bottomed in mineralization|
Table 3. All previously released Nevada King drill holes along Section 22-9N(2) as well as historical drilling. AR series hole
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.
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.
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).
|Measured + Indicated||11,000||1.30||460,000||11.9||4,220,000|
Table 4. NI 43-101 Mineral Resource at the Atlanta Mine
Figure 1. Multiple ‘Jewelry Box’ model at Atlanta, identifying locations of elevated high-grade mineralization encountered at Atlanta, across multiple high-angle faults and feeder structures. (CNW Group/Nevada King Gold Corp.)
Figure 2. Location map for holes reported in this news release along drill section22-09N(2) relative to the perimeter of the historical Atlanta Pit and footprint of the Gustavson 2020 NI 43-101 resource. Shallow drillholes on the mine dumps have been removed from the plot for clarity. (CNW Group/Nevada King Gold Corp.)
Figure 3. Cross section 22-09N(2) looking north across the southern portion of the Atlanta Mine Fault Zone and adjacent West Atlanta Graben. Higher grade mineralization is concentrated within narrow fault blocks formed between the East Atlanta and Nevada King Faults and along both sides of the West Atlanta Fault. (CNW Group/Nevada King Gold Corp.)
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