Nevada King Gold Corp. (TSX-V: NKG) (OTCQX: NKGFF) is pleased to announce drill results from its 2022 Phase II drilling program at its 74.9 km2 Iron Point Project, located 35 km east of Winnemucca, Nevada, on the prolific Battle Mountain Trend (Figure 1).
|Drill Hole||From (m)||To (m)||Interval (m)||Au (g/t)|
Cal Herron, Exploration Manager of Nevada King, commented: “Every explorer looking for gold in northeastern Nevada over the past 50 years has been striving for the same goal – i.e. to find Carlin-type gold in receptive, Lower Plate stratigraphy. There are numerous deposits and mines across this region that host gold in upper plate and Tertiary-age lithotypes, but the real prize has always been to hit gold in Lower Plate sequences where the elephants are most likely to be found. As enumerated above, previous explorers at Iron Point identified most of the geological components that go into making a Carlin-type deposit, but the most important charactistic of all – the existence of Lower Plate rocks hosting gold mineralization – remained elusive. In this respect, Nevada King’s discovery hole VM-008C in 2019 represented a giant leap forward toward finding a Carlin-type deposit at Iron Point. The Company’s subsequent drilling program in 2022 corroborated this Lower Plate mineralization with hits in IP22-004 and 005 and also expanded the footprint of Carlin-type mineralization to the north, south, and east of VM-008C, covering an area measuring 1000m N-S by 500m wide and open in all directions. The gold intercepts in these three widely-spaced holes now place the Company in the enviable position of exploring for a potential elephant within an identified geological environment conducive for producing elephants, as opposed to questioning whether or not we are in the right environment to start with, which is the more common position most explorers in NE Nevada find themselves.
“With our advanced knowledge gained from the work completed to date, next possible steps at Iron Point could involve:
“The Company is currently examining several development strategies to best move the Iron Point Project forward.”
Phase II 2022 Drilling Program Summary:
Both areas host drill holes with gold mineralization and as such constitute high value exploration targets.
|Drill Hole||Method||Incl.||TD (m)||Intercept (m)||Interval (m)||Au (g/t)||Notes|
|IP22-1||RC / Core||-90||913.0||No assays >0.14 g Au/t|
|IP22-2||RC||-90||67.1||No assays >0.14 g Au/t||Precollar lost|
|IP22-3||MR||-90||365.9||No assays >0.14 g Au/t||Precollar cased|
|IP22-4||MR / Core||-90||917.1||505.1-511.5||6.4||0.16|
|IP22-5||MR / Core||-90||932.9||342.6-349.9||7.3||0.33|
|Table 1. Gold intercepts reported today, calculated using a 0.14 g Au/t cutoff. Weighted averaging has been used to calculate all reported intervals. True widths are estimated at 70-90% of drilled thicknesses. Drill methods include reverse circulation (RC), mud rotary (MR) and HQ diamond core.|
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance
All sampling was conducted under the supervision of the Company’s project geologist and the chain of custody from the project to the sample preparation facility was continuously monitored. A blank or certified reference material was inserted approximately every twentieth sample.
The reverse circulation, mud rotary and core samples were delivered to either ALS Minerals or American Assay Laboratories certified laboratories in Sparks, NV, where they were crushed and pulverized. Resulting sample pulps were digested and analyzed for gold using fire assay with an atomic absorption spectroscopy (AAS) finish (ALS Minerals Au-AA23), or fire assay fusion with an ICP-OES finish (American Assay FA-PB30-ICP) on a 30 gram split. All other elements were determined by ICP analysis (ALS Minerals ME-ICP61 or American Assay ICP-2AO24) in either Sparks, NV, or Vancouver, BC. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to insure accurate and verifiable results.
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 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 $7.25 million as of April 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. The Iron Point Gold Project located at the intersection of the prolific Getchell and Battle Mountain gold trends. (CNW Group/Nevada King Gold Corp.)
Figure 2. Drill hole locations (CNW Group/Nevada King Gold Corp.)
Figure 3. Iron Point Project – pre-2021 drilling: Leapfrog arsenic model of NW-SE drill holes and preliminary geology long section. View is to the northeast. (CNW Group/Nevada King Gold Corp.)
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