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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nevada King Gold Corp | TSXV:NKG | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.28 | 0.285 | 0.295 | 0.29 | 0.28 | 0.29 | 72,500 | 17:33:20 |
VANCOUVER, BC, July 16, 2024 /CNW/ - Nevada King Gold Corp. (TSXV: NKG) (OTCQX: NKGFF) ("Nevada King" or the "Company") is pleased to announce results for 15 reverse circulation ("RC") reconnaissance holes drilled in and around the East Ridge Target ("ERT") at its 5,166 hectare (51.7km2), 100%-owned Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend 264km northeast of Las Vegas, Nevada. Drilling at the ERT commenced in June with five holes located to test coincident geophysical and geochemical anomalies. A fence of 10 holes were also drilled between the ERT and the Atlanta Resource Zone. The ERT covers a low resistivity zone that measures 100m-wide, strikes 1,000m north-south and is located 300m east of the historical Atlanta Pit and resource zone.
Highlights:
Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) |
AT24ET-11 | 0 | 22.9 | 22.9 | 1.32 | 3.5 |
AT24ET-12^ | 0 | 22.9 | 22.9 | 0.33 | >1.0 |
AT24ET-13^ | 12.2 | 33.5 | 21.3 | 0.53 | 2.35 |
AT24ET-14 | 6.1 | 12.2 | 6.1 | 0.36 | 1.3 |
AT24ET-15^ | 42.7 | 79.3 | 36.6 | 0.16 | 1.7 |
Table 1. Highlight holes released today. True mineralized thickness estimated to be 97% of reported intercept length for vertical holes and 68% for angle holes. ^Denotes -45o dip angle hole. |
Cal Herron, Exploration Manager of Nevada King, commented, "Today's discovery of the ERZ marks a major milestone for our exploration efforts at Atlanta. Aside from representing the first satellite gold zone discovered in the district, it was primarily identified based on a geophysical anomaly. We have long hypothesized that Atlanta has district-scale potential to host multiple gold zones. However, these potential zones are hard to find when relying on geology alone, as they are obscured by extensive alluvium and basement rock cover throughout the district. Today's discovery gives us the confidence that we can utilize geophysics as an important tool to hone in on additional mineralized zones. This opens up numerous areas within the Atlanta District where very similar anomalies are seen in the CSAMT data but on a much larger scale. A good example is the large low resistivity zone (red color) shown in Figure 3 immediately east of the ERZ that projects upward into the carbonate sequence from a much larger low resistivity body beneath it. The dikes and mineralization within the ERT appear to originate from this large, deeper resistivity low. The horn-shaped low resistivity zone (red color) at the far right of Figure 4 is potentially the upper portion of a large igneous mass intruding upward into the carbonate sequence and could represent a mineralized zone similar to the ERZ, albeit on a larger scale.
"By comparing the past and present drill hole locations to the inferred intrusive pattern found in our CSAMT data (Figure 5), it is clear that very little of this prospective ground has been drill-tested. As our 2024 reconnaissance exploration program progresses, we now have numerous targets to chase in all directions from the current resource zone, and considering the strong intrusive tie to Au/Ag mineralization, the Company is well positioned to make more new discoveries."
Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) |
AT23ET-1 | 0 | 4.6 | 4.6 | 0.29 | 1.1 |
AT23ET-2 | 0 | 59.5 | 59.5 | <0.04 | <0.5 |
AT23ET-3 | 0 | 6.1 | 6.1 | 0.14 | 0.675 |
AT23ET-4 | 1.5 | 3.0 | 1.5 | 0.10 | <0.5 |
AT23ET-5 | 0 | 61.0 | 61.0 | <0.04 | <0.5 |
AT23ET-6 | 13.7 | 15.2 | 1.5 | 0.13 | <0.5 |
AT23ET-7 | 27.4 | 29.0 | 1.5 | 0.10 | <0.5 |
AT23ET-8 | 0 | 77.7 | 77.7 | <0.04 | <0.5 |
AT23ET-9 | 0 | 111.3 | 111.3 | <0.04 | <0.5 |
AT23ET-10^ | 10.7 | 35.1 | 24.4 | 0.05 | <0.5 |
AT24ET-11 | 0 | 22.9 | 22.9 | 1.32 | 3.5 |
AT24ET-12^ | 0 | 22.9 | 22.9 | 0.33 | >1.0 |
AT24ET-13^ | 12.2 | 33.5 | 21.3 | 0.53 | 2.35 |
AT24ET-14 | 6.1 | 12.2 | 6.1 | 0.36 | 1.3 |
AT24ET-15^ | 42.7 | 79.3 | 36.6 | 0.16 | 1.7 |
Table 2. All holes released today. True mineralized thickness estimated to be 95-100% of reported intercept length for vertical holes and 65-70% for angle holes. ^Denotes -45o angle hole. |
Technical Discussion
Evidence for a Porphyry-Related Gold Deposit at Atlanta
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 multi-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 ("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 | Ag Grade (ppm) | Contained Ag |
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 3. 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.
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