VANCOUVER, BC, July 25,
2023 /CNW/ - Nevada King Gold Corp. (TSXV:
NKG) (OTCQX: NKGFF) ("Nevada
King" or the "Company") is pleased to announce
three major regional targets from its 2023 regional exploration
program on its 13,100 hectare (131 km2) Atlanta Gold
Mine Project. The 100% owned contiguous property is located in the
prolific Battle Mountain Trend 264km northeast of Las Vegas, Nevada. Most of the exploration and
development to date has targeted resource expansion proximate to
the historic Atlanta mine pit.
Drilling (40,000m) has extended known
zones of gold mineralization in and around the Atlanta pit as well as led to the discovery of
significant new zones. These results will be incorporated into an
updated Atlanta resource estimate.
Simultaneously the Company has also undertaken a number of regional
geological, geophysical and geochemical surveys and integrated with
data from programs conducted since 2011 to identify prospective
target areas within the surrounding 131 km2 property.
This release provides an overview of results to date from this
regional exploration work.
Regional Exploration
Highlights:
- Three major exploration targets have been identified on the
larger Atlanta property – the
Western Knolls, South Quartzite Ridge, and Crossroads Targets
(Figure 1).
- The Company is currently completing close-spaced soil sampling
within these three target areas that will be combined with its
other exploration results from these areas to generate
drill targets that will be pursued later in 2023.
- In conjunction with this release, the Company has published a
video outlining these three regional target areas incorporating
google earth imagery and drone footage. To view the video,
click here.
Target Area Overviews:
- Western Knolls – Located 5.5km west of the Atlanta pit on the opposite side of the Indian
Peak Caldera, Western Knolls is a large target covering
approximately 9km2. The target was first identified in
2011 by former operator Meadow Bay, which conducted significant
geophysical, geochemical, and geological mapping of the area.
Meadow Bay permitted 19 widely spaced drill holes, but only ended
up drilling two holes at the northern boundary of the target area.
Following the discovery of the West Atlanta Graben ("WAG")
at Atlanta, Nevada King now sees potential for a similar
style target at Western Knolls. Similar to gold mineralization at
the Atlanta mine, mineralization
at Western Knolls is largely hosted by variably argillized and
silicified, partially welded quartz latite tuff, with gold/silver
mineralization accompanied by a similar arsenic, barium, antimony
and molybdenum signature. The two historical holes returned
anomalous gold starting at depths of 100m to 216m,
similar to that seen in the WAG zone in the Atlanta mine area.
- South Quartzite Ridge – The South Quartzite Ridge
target covers an area that was partially explored by prior
operators who were looking for a Pogonip Limestone (Op) hosted gold
mineralization such as Archimedes (2.1 Moz1) in nearby
Eureka, NV. Outcrops of
decalcified/silicified Pogonip were identified in this area,
however, extensive drilling efforts failed to find significant gold
mineralization in the Pogonip. Based on the Company's recent
results in hole AT23HG-30 (July 20,
2023) which intersected mineralized Pogonip for the first
time ever at Atlanta, Nevada King believes that past drilling did not
test the main target for Pogonip hosted gold mineralization. Nevada
Kng's Pogonip target is shallowly located beneath 30m to 60m of
barren quartzite within a untested area approximately 500m wide by 2000m
long. Furthermore, this target is on strike with gold-bearing
structures found in the Atlanta
pit and extending 2km south, as confirmed through recent mapping
and the Company's CSAMT survey (Figure 2). Recent drilling at
Atlanta has also shown that gold
grades are increasing as drilling approaches the South Quartzite
Ridge.
- Crossroads – Crossroads is a newly identified
target northeast of the Atlanta
deposit, on the far side of the East Ridge Target. Historically
mapped as surficial alluvium (Qal) and caldera-related volcanic
breccias, the Company's recent work have found a preponderance of
altered dolomite and limestone basement rock similar to weathered
host rock found at other Carlin-type deposits. These boulders and
cobbles of strongly silicified carbonate rocks are anomalous in
gold and silver and were historically interpreted to have been
transported from the East Ridge Target area. Nevada King now believes this silicified
carbonate material to be insitu and a weathered surface expression
of an underlying target area. Only five historical holes were
drilled throughout the Crossroads target. Three of these holes were
located in the northern part of the target zone and encountered
gold mineralization including 11m
grading 0.88 g/t Au starting at 108m
depth.
________________________________
|
1 Nevada
Bureau of Mines and Geology, 2006, Gold and Silver Resources in
Nevada
|
|
Cal Herron, Exploration Manager
of Nevada King, commented,
"Nevada King originally purchased
Atlanta because of the
district-scale gold potential seen around the 6 km diameter ring
fracture zone associated with the Indian Peak Caldera. Calderas are
volcanic environments that frequently host world-class metals
deposits all around the world. The Atlanta resource zone sits on the caldera's
eastern margin where the Au/Ag mineralization is closely associated
with small, strongly altered felsic intrusions, some of which are
themselves mineralized. This igneous association is important
because it opens the door for a variety of different deposit types
and is a geological environment that can host large deposits, with
examples including Cripple Creek,
Colorado and Round Mountain,
Nevada. As Nevada King drills
deeper at Atlanta, we find more
evidence for an igneous rock relationship to Au/Ag mineralization,
increasing our optimism for the Atlanta project's bigger picture discovery
potential."
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
$19-million as of July 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, 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.