Nevada King Gold Corp. (TSXV: NKG) (OTCQX: NKGFF) is pleased to announce assay results from two vertical, reverse circulation holes recently completed at its Atlanta Gold Mine Project located 264km northeast of Las Vegas, Nevada, in the prolific Battle Mountain Trend. These holes adjoin the western end of previously reported Section 22-6N (released January 6, 2023) and tie into hole AT22HG-17 which returned 164.6m grading 0.93 g/t Au from 146.3m and bottomed in mineralization.
|Hole No.||From (m)||To (m)||Interval (m)||Au (g/t)||Ag (g/t)|
|Table 1: Holes released today. Mineralization occurs along near-horizontal horizons
with true mineralized thickness in vertical holes at 95% to 100% of reported drill
Cal Herron, Exploration Manager of Nevada King, stated, “We knew from the historical drilling that gold mineralization occurred along the western side of the deposit, but it was never followed up on. A few holes, particularly those drilled by Meadow Bay in 2011-2015, did penetrate the mineralized zone and revealed good potential for encountering higher grades and thicker mineralization, but these better holes were isolated in the Northwest Target Zone and did not appear to be connected to the rest of the Atlanta resource zone. As Nevada King’s drilling in the latter half of 2022 moved westward from the Atlanta Mine Fault Zone and crossed the WAF, we suddenly encountered a very different gold “beast” in the mineralized volcanic section, characterized as follows:
“As an explorationist, finding thick and homogenous zones of good gold grade not only indicates a strong gold system, but it also allows for more reliable and quicker ounce building. Consequently two RC drills are currently extending our sections westward from the WAF and in-filling large gaps in the historical drill patterns in order to tie this gold zone into the shallower mineralization already drilled along the AMFZ. As we learn more about mineralization in the West Atlanta Graben, we will be able to better vector into higher grade feeder structures. Horace Greeley’s famous adage, ‘Go west young man…’, certainly applies to Atlanta, and that is exactly what Nevada King is doing.”
|Hole No.||From (m)||To (m)||Interval (m)||Au (g/t)||Ag (g/t)||Notes|
|AT22HG-17||146.3||311.0||164.6||0.93||3.0||Bottomed in mineralization|
|KR98-7*||204.3||257.6||53.4||1.36||3.85||Bottomed in mineralization|
|KR98-11*||244||343||99||0.81||3.02||Bottomed in mineralization|
|KR98-13*||–||–||–||–||Bottomed in mineralization|
|Table 2: Previously reported and historic holes used in Section 22-6N (W). AT22 series hole was drilled by Nevada
King in 2022 and the KR98 series holes were drilled by Kinross in 1998. True thickness of gold mineralization
interpreted in today’s release is 95% to 100% of the reported intercept length in vertical holes. *Denotes angle holes.
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 Company is well funded with cash of approximately $8.4 million as of March 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
|Measured + Indicated||11,000||1.30||460,000||11.9||4,220,000|
Figure 1. Location map for holes reported in this news release along drill Section 22-6N (W) 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 2. Cross section 22-6N (W) looking north across the deeper, near-horizontal gold mineralization that occurs along the western side of the West Altanta Fault. Mineralization is hosted within volcanic tuff and sediments together with strong silicification occurring along the contact between the volcanic section and basal Eureka Quartzite. Mineralization remains open to the west in sections further north. (CNW Group/Nevada King Gold Corp.)
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