VANCOUVER, BC, July 11,
2023 /CNW/ - Nevada King Gold Corp.
(TSXV: NKG) (OTCQX: NKGFF) ("Nevada
King" or the "Company") is pleased to provide an
update on its 100%-owned Atlanta Gold Mine Project, located in the
prolific Battle Mountain Trend 264km northeast of Las Vegas, Nevada.
Highlights:
- The Company recently staked an additional 947 lode claims
around the existing Atlanta land
package, increasing total claims held to 1,562, covering 131
km2 or 13,100 hectare (Figure 1).
- The land package now covers and creates a buffer around all
high-priority gold prospects in and around the Atlanta district identified historically and
by Nevada King through its
geophysical, geological, and geochemical studies conducted since
2019.
- The Company has commenced a Phase II CSAMT (Controlled
Source Audio-frequency Magneto-tellurics) survey, a low-impact,
non-intrusive, ground geophysical survey method that provides
critical information about geologic structure and lithology,
particularly in debris covered terrain such is as at Atlanta.
- Nevada King initially conducted
a 51 line kilometre Phase I CSAMT survey in 2022 that covered
8.3 km2 centred over the current resource zone. Results
outlined known structural features and faults and identified a
number of new structures and high-priority targets at Atlanta, two of which led to the development
of the East Ridge and South Extension Targets. Based on the
CSAMT survey's high degree of accuracy with respect to locating
mineralized structures, the Company has expanded the survey to 111
line-kilometres in order to cover potential distal target areas
throughout the Atlanta district
(Figure 2).
- The new CSAMT data will be integrated with 56
km2 of detailed ground gravity, 119 km2 of
drone magnetic surveys and geochemical data as well as existing
showings in order to enhance the existing exploration model.
The Company anticipates releasing a detailed review of district
targets at Atlanta in the coming
weeks.
Cal Herron, Exploration Manager
of Nevada King, commented,
"Nevada King's initial interest in
acquiring the Atlanta Project centred on the district-scale
potential connected to hydrothermal activity localized around the
perimeter of the Indian Peak caldera. Our drilling within the West
Atlanta Graben target in late 2022 and early 2023 revealed
potential for a much larger deposit hosted within the Tertiary
volcanic section above the basement Paleozoic carbonates and
quartzite. This West Atlanta Graben mineralization opened our eyes
to the potential in the altered volcanic section west and south of
the current Atlanta resource zone.
Our district scale work has succcesfully identified numerous
structural trends between various mineralized zones scattered
across the district, thus occasioning the recent, major expansion
in our claim holdings. The Company now possesses a substantial
claim buffer zone outside of what we perceive to be the limit of
volcanic-hosted mineralization around the Atlanta deposit."
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/nevada-king-doubles-land-package-to-13-100-ha-at-atlanta-initiates-district-scale-csamt-survey-301873861.html
SOURCE Nevada King Gold Corp.