VANCOUVER, BC, Aug. 19,
2024 /CNW/ - Nevada King Gold Corp. (TSXV:
NKG) (OTCQX: NKGFF) ("Nevada
King" or the "Company") is pleased to announce
results from 12 vertical, reverse circulation ("RC") holes,
eight of which were drilled into a new discovery area called the
Wild West Zone ("WWZ") at its 5,166 hectares
(51.6km2), 100% owned Atlanta Gold Mine Project, located
in the prolific Battle Mountain Trend 264km northeast of
Las Vegas, Nevada. The WWZ target
area is interpreted to have a width of 150m to 200m
(east-west, open to the west) over a minimum 500m north-south strike length (open to the
south). This new zone is located in an area previously thought to
be unmineralized on the west side of the West Atlanta Fault #2
("WAF2"), which forms the western boundary of the West
Atlanta Graben Zone ("WAGZ") and the Atlanta resource zone (Figures 1-3).
Wild West Zone Highlights:
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
AT24WS-83
|
387.1
|
429.8
|
42.7
|
4.67
|
25.3
|
Includes
|
408.4
|
426.7
|
18.3
|
7.94
|
18.3
|
AT24WS-80
|
373.4
|
408.4
|
35.1
|
2.66
|
6.3
|
Includes
|
390.2
|
399.3
|
9.1
|
5.06
|
8.4
|
AT24WS-69*
|
323.2
|
396.3
|
73.2
|
1.48
|
5.5
|
Includes
|
352.0
|
356.6
|
4.6
|
4.97
|
4.6
|
And includes
|
304.8
|
306.3
|
1.52
|
11.00
|
4.2
|
AT24NS-193*
|
247.0
|
297.3
|
50.3
|
1.29
|
19.2
|
Includes
|
280.5
|
283.5
|
3.0
|
3.72
|
16.5
|
AT24NS-194*
|
257.6
|
300.3
|
42.7
|
2.08
|
18.5
|
Includes
|
266.8
|
272.9
|
6.1
|
6.32
|
40.8
|
Table 1. Highlight holes released
today. Mineralization occurs along
near-horizontal horizons with true mineralized thickness estimated
to be 90% to 100% of reported drill intercept length.
*Denotes hole that bottomed in mineralization.
- As shown in Figure 1 below, drilling to date at Atlanta has focused on targeting gold
mineralization primarily within the Atlanta Mine Fault Zone
("AMFZ") highlighted in purple and the WAGZ highlighted in
grey. The recent drilling at the WWZ, shown in green, identifies
mineralization well beyond the boundaries of the Atlanta resource zone, returning thick
intersections of high-grade gold mineralization in a new target
area that remains open to the west and south.
- Figures 2 and 3 illustrate the current known dimensions of the
WWZ. Bounded by the recent drilling and two historical holes
(DHRI-11-11C and KR98-13), the WWZ measures up to 200m in the east-west direction and over
500m in the north-south direction and
remains open to the west and south. Highlight intervals exhibit
several high-grade intercepts including AT24WS-83 that returned
4.67 g/t Au over 42.7m,
including 7.94 g/t Au over 18.3m.
- Mineralization within the WWZ is heavily oxidized and is
concentrated along the same near-horizontal unconformity observed
in the neighboring AMFZ and WAGZ. Mineralization is hosted within
the silica breccia horizon along the unconformity and within a
rhyolitic sill and tuffaceous volcanics directly above the silica
breccia. We see the same Au-Ag-As-Ba-Mo metals association within
the WWZ as is seen in the adjacent WAGZ.
- The WWZ discovery was made based off of a large CSAMT anomaly
(Figure 4) and comes on the heels of two additional discoveries
made with targeting done by combining CSAMT results with other
historical data – the East Ridge discovery (July 16, 2024) and the South Quartzite Ridge
discovery (July 23, 2024). Additional
details are provided in the WWZ - CSAMT Geophysical Anomaly section
below.
- The WWZ is centred on discovery hole AT24WS-69 (1.48 g/t Au
over 73.2m including 4.97 g/t Au over
4.6m) that was sited
approximately 80m west of the WAF2.
Strong gold mineralization was encountered south, west, and
northwest of this hole including 60m
south in AT24WS-83 (4.67 g/t Au over 42.7m including 7.94 g/t Au over
18.3m), 48m west in AT24WS-80 (2.66 g/t Au over
35.1m, including 5.06
g/t Au over 9.1m), 39m northward in AT24WS-79 (1.56 g/t over
36.6m including 3.79 g/t over
4.6m and bottoming in
mineralization), and 108m northwest
in holes AT24NS-193 and AT24NS-194, (50.3m of 1.29 g/t Au including 3.72 g/t Au over
3m and 42.7m of 2.08 g/t Au including 6.32 g/t Au
over 6.1m, respectively).
- WWZ mineralization remains open to the west. Hole
AT24WS-81 was collared 111m northwest
of AT24WS-69 and just entered mineralization when it was lost at a
TD depth of 436m. Similar
geochemistry and alteration encountered at the bottom of the hole
confirms that WWZ mineralization remains open to the west, where
deeper drilling is required. Hole AT24WS-82, drilled 200m NNW of AT24WS-69 was weakly mineralized,
indicating a northern cutoff somewhere between AT24WS-82 and
AT24NS-194 for the WWZ.
- WWZ mineralization also remains open to the south.
Today's holes drilled within the WWZ tested an area measuring 250
metres north-south and 200 metres east-west. However, similar
geochemical/geophysical signatures were identified from previous
drilling in holes DHRI-11-11C and KR98-13, 198m and 248m south
of AT24WS-83, respectively. DHRI-11-11C included a high-grade
interval of 6.89 g/t Au over 3.0m,
while KR98-13 encountered mineralization in the last 1.5m of the hole. These holes extend the length
of WWZ to over 500m north-south.
Cal Herron, Exploration Manager
of Nevada King, stated, "The
42.7m @ 4.67 g/t Au intercept in
AT24WS-83 marks a significant new intercept in an underexplored
part of the Atlanta property. This
hole comes on the heels of another significant hit in AT24HG-41
(6.28 g/t Au over 54.9m), beneath a
barren cap of massive quartzite at the northern end of the South
Quartzite Ridge Target (released July 23,
2024). Both holes are located outside of the Atlanta resource zone in areas possessing
sparse or no historical drilling and the drill results increase our
optimism for further such discoveries at Atlanta. With these higher-grade deeper zones
of mineralization developing the Company is now conceptually
pursuing the potential for a combination of open pit and
underground accessible resources at Atlanta. The Wild West Zone is a new discovery
based in large part on drilling a strong geophysical anomaly, and
it provides us with new targets to chase southward, southwestward,
and to depth -- all into untested territory. As a geophysical
success story, it bodes well for our current regional
reconnaissance drilling program designed to test geophysical
targets in previously untested areas. With three new discoveries
under our belt – the East Ridge Target, the South Quartzite Ridge
Target, and now the Wild West Zone, Nevada
King continues to push gold mineralization further
north, east, south, and west of the historically-explored
Atlanta deposit, and given our
drill results to date, the future looks promising for additional
discoveries."
WWZ - CSAMT Geophysical Anomaly
- The WWZ was initially discovered with drill hole AT24WS-69
(1.48 g/t Au over 73.2m starting
at 323.2m including 4.97 g/t Au over
4.6m) that was sited
approximately 80m west of the WAF2
and 65m west of the nearest
historical hole, and was oriented to test a magnetic and CSAMT
anomaly interpreted to be a deeply buried igneous stock (Figure 4).
The hole targeted the margin of this potential stock, looking for
later stage felsic intrusions and associated gold mineralization
that might have been emplaced along the stock's periphery as is
seen in the southern end of the WAGZ.
- Of particular interest is that the bottom 42m averaging 1.51 g/t Au is hosted in altered
dolomite, marking the first-time gold mineralization over a
significant length has been found at Atlanta in this rock type. The massive Ely
Springs Dolomite at Atlanta is
generally considered dense and impermeable and under normal
conditions has been interpreted as an unlikely candidate for gold
mineralization. The distribution of dolomite-hosted mineralization
within the WWZ tends to coincide with the perimeter of the CSAMT
high resistivity zone shown in Figure 4, which suggests the strong
decalcification and subsequent mineralization within the massive
dolomite is tied to whatever formed the CSAMT anomaly, potentially
fluids from a stock at depth. This in turn suggests mineralization
in the WWZ may be tied to a different fluid source than the one
responsible for mineralizing the Atlanta resource zone, which would explain the
very low-grade mineralized zone that tends to separate the WWZ from
the WAGZ/Atlanta resource zone.
This fall-off in grade along the western margin of the WAGZ was one
of the reasons previous explorers assumed gold potential west of
the resource zone was low and therefore did not generally pursue
this area with deeper drilling.
West Atlanta Graben Zone Highlights:
- Four of the holes reported today were drilled within the
northern part of the WAGZ in order to further extend mineralization
northward and fully penetrate the mineralized zone in areas where
previous holes were unable to go deep enough. AT24WS-70 intercepted
1.43 g/t Au over 67.1m starting at
250m including 4.05 g/t Au over
6.1m, which extended mineralization
25m further to the northwest. Drilled
along the western margin of the WAGZ within an area possessing four
holes that did not penetrate the mineralized zone, AT23WS-54
successfully intercepted 1.63 g/t Au over 41.2m starting at 301.8m including 6.96 g/t Au over 4.6m. This hole demonstrates the westward
continuation of higher-grade mineralization up to the WAF2 that
bounds the WAGZ on its western margin.
- AT24WS-77 was sited 30m north of
AT24WS-54 but did not fully penetrate the mineralized zone. It did
manage to recover within the upper high-grade zone, hitting 0.91
g/t Au over 57.9m starting at
307.9m including 3.17 g/t Au over
3.0m. AT24WS-65 was drilled
immediately east of the WAF2, 130m
SSE of AT24WS-083 hitting 1.09 g/t Au over 27.4m starting at 355m. This hole is consistent in grade and
thickness compared to other holes drilled in this portion of the
WAGZ.
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
AT23WS-54
|
301.8
|
343.0
|
41.2
|
1.63
|
17.7
|
Includes
|
307.9
|
312.5
|
4.6
|
6.96
|
60.3
|
AT24WS-70
|
250.0
|
317.1
|
67.1
|
1.43
|
17.9
|
Includes
|
254.6
|
260.7
|
6.1
|
4.05
|
17.6
|
AT24WS-77*
|
307.9
|
365.9
|
57.9
|
0.91
|
9.9
|
Includes
|
347.6
|
350.6
|
3.0
|
3.17
|
10.6
|
AT24WS-79*
|
317.0
|
353.6
|
36.6
|
1.56
|
3.3
|
Includes
|
320.1
|
324.7
|
4.6
|
3.79
|
6.3
|
AT24WS-81
|
NSM
|
NSM
|
NSM
|
NSM
|
NSM
|
AT24WS-82
|
289.6
|
294.1
|
4.6
|
0.60
|
14.1
|
AT24WS-083
|
387.1
|
429.8
|
42.7
|
4.67
|
25.3
|
Includes
|
408.4
|
426.7
|
18.3
|
7.94
|
18.3
|
AT24WS-80
|
373.4
|
408.4
|
35.1
|
2.66
|
6.3
|
Includes
|
390.2
|
399.4
|
9.1
|
5.06
|
8.4
|
AT24WS-69*
|
323.2
|
396.3
|
73.2
|
1.48
|
5.5
|
Includes
|
352.0
|
356.6
|
4.6
|
4.97
|
4.6
|
Includes
|
304.8
|
306.3
|
1.52
|
11.00
|
4.2
|
AT24WS-65
|
355.2
|
382.6
|
27.4
|
1.09
|
16.3
|
AT24NS-193*
|
247.0
|
297.3
|
50.3
|
1.29
|
19.2
|
Includes
|
277.4
|
283.5
|
6.1
|
3.09
|
15.3
|
AT24NS-194*
|
257.6
|
300.3
|
42.7
|
2.08
|
18.5
|
Includes
|
266.8
|
272.9
|
6.1
|
6.32
|
40.8
|
Table 2. All holes released today.
Mineralization occurs along near-horizontal horizons with
true mineralized thickness estimated to be 90% to
100% of reported drill intercept length. AT23 series
holes drilled by Nevada King in
2023, AT24 series holes drilled in 2024. *Denotes hole
bottoming in mineralization.
Hole
No.
|
NSM
|
DHRI-11-20C
|
Not deep
enough
|
DHRI-11-15C
|
Not deep
enough
|
DHRI-11-NRC01
|
Not deep
enough
|
DHRI-11-18C
|
Not deep
enough
|
KR98-13^
|
Not deep
enough
|
AR-26^
|
Not deep
enough
|
AR-25
|
Not deep
enough
|
AR-24
|
Not deep
enough
|
AR-23
|
Not deep
enough
|
AR-22
|
Not deep
enough
|
Table 3. List of historic holes within the WWZ that
did not go to depth of mineralization. DHRI series holes drilled by
Meadow Bay in 2011, KR series drilled by Kinross in 1998, and AR series drilled by
Goldfields in 1991. ^Denotes angled
hole.
Hole
No.
|
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
DHRI-11-19C
|
|
431.3
|
443.5
|
12.2
|
0.23
|
1.58
|
DHRI-11-11C
|
|
297.2
|
439.0
|
141.8
|
0.569
|
17.4
|
Includes
|
|
423.8
|
426.8
|
3.0
|
6.89
|
30.0
|
Table 4. List of historic holes within the WWZ that
intersected the mineralized horizon. DHRI series holes drilled by
Meadow Bay in 2011.
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 holds a 100% interest
in the Atlanta Mine, 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
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
|
Table 5. 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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