VANCOUVER, BC, May 4, 2023
/CNW/ - Nevada King Gold Corp. (TSXV: NKG) (OTCQX:
NKGFF) ("Nevada King" or
the "Company") is pleased to announce an increase to
60,000m for its 2023 Phase II
resource expansion and definition drilling program at its 5,166
hectare (51.6km2), 100%-owned Atlanta Gold Mine Project,
located in the prolific Battle Mountain Trend 264km northeast of
Las Vegas, Nevada.
Highlights:
- The increase to 60,000m doubles
the size of Nevada King's Phase II
expansion and definition drill program at Atlanta. On closing of the recently announced
$15-million financing the Company
will have approximately $20-million
of working capital which is sufficient to fully fund this expanded
Phase II Atlanta program.
- Nevada King plans to procure
additional rigs to accelerate its drilling program as operational
conditions improve through spring and expects to ramp up to a
minimum of four rigs by summer.
- Since the inception of the the Phase II Atlanta drill program
in June 2022 Nevada King has completed 185
reverse-circulation ("RC") holes totaling 29,122m and 14 core holes totaling 1,215m, for a grand total of 30,337m drilled. To date Nevada King has reported assays from 124 holes
covering 17,647m with results
from 75 drill holes totalling 12,690m
currently pending.
- The decision to double the size of the drill program resulted
from intersecting significant new and thick zones of mineralization
and the highest gold and silver grades to date at Atlanta including 28.5 g/t Au over
7.6m and 1,084 g/t Ag over
10.7m.
Cal Herron, Exploration Manager
of Nevada King, commented, "Results
to date from our Phase II drill program have significantly exceeded
our expectations which were high at the outset. The series of
high-grade oxide drill intervals that have been reported from the
Phase II work to date indicate Atlanta is a robust gold system (see Table 1
below). We have successfully outlined two strongly mineralized
zones, the Atlanta Mine Fault Zone ("AMFZ")
and the newly identified West Atlanta Graben
Target ("WAGT"). Both zones remain open
at depth and along strike and will see additional drilling.
"Further drilling is also required in several other target areas
(Figure 1). Some of this drilling will be designed to establish the
connection of the North Extension Target mineralization to the main
resource zone. Drilling is set to commence shortly at the East
Ridge and South Extension Targets, where mineralization encountered
during initial drilling in 2021 and 2022 show great promise in
expanding the mineralized resource east and south in areas where
little to no past drilling was completed. West of the WAGT is the
West Atlanta Graben Ext. Target where past drilling indicates
extensive gold mineralization as demonstrated by Meadow Bay core
hole DHRI-11-11C that intercepted 0.57 g/t Au over 152m. Nevada King
has yet to drill this area which remains wide open to the west.
Bigger picture we are also keenly interested in what potentially
lies below the Atlanta
mineralizating system. Our holes along Section 6N intercepted
gold-mineralized intrusive rock starting around 180m depth, which strongly suggests the
Atlanta gold system is
intrusive-dominated and tied to a larger intrusive body at
depth."
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
$5.4-million as of May 2023. Upon closing of the recently announced
$15-million of financing the Company
will have approximately $20-million
of working capital.
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 given the global COVID-19
pandemic, 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.