01:38:20 EST Sat 02 Mar 2024
Enter Symbol
or Name

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Nevada King Gold Corp
Symbol NKG
Shares Issued 315,086,087
Close 2024-01-31 C$ 0.35
Market Cap C$ 110,280,130
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Nevada King drills 76,249 m at Atlanta

2024-02-01 11:28 ET - News Release

Mr. Cal Herron reports


Nevada King Gold Corp. has provided an update on its phase II resource expansion and definition drilling program at its 5,166-hectare (51.6 square kilometres (km)), 100-per-cent-owned Atlanta gold mine project, located in the prolific Battle Mountain trend 264 km northeast of Las Vegas, Nev.


Since inception of the Phase II Atlanta drill program in June 2022 Nevada King has completed 391 holes totaling 76,249m , which includes 371 reverse-circulation ("RC") holes totaling 72,743m and 20 core holes totaling 3,506m. Prior to initiating the Phase II program the Company completed 68 holes totaling 5,544m in it's maiden Phase I program.

To date, as part of its Phase II program, Nevada King has reported assays from 254 holes covering 46,201m with results from 137 drill holes totaling 30,048m currently pending.

Three RC rigs continue to operate at Atlanta. The core rig that began operating in October 2023 successfully completed six holes (1,258m) needed for ongoing metallurgical testwork plus confirmation of RC drill results.

A major objective of current drilling involves following up on elevated high-grade (>20 g/t Au) intercepts scattered throughout the deposit in order to further define the spatial distribution of this exceptionally high-grade mineralization for potential inclusion as discreet domains within a future resource model.

Drilling is also ongoing in the North Extension Target to follow up on the high-grade oxide results released January 17, 2024 from an area 600m north of the Atlanta pit and well outside of the footprint of the existing resource, as well as at the southern end of the Atlanta resource zone following the blind discovery of thick, high-grade gold mineralization including 1.89 g/t Au over 114.3m and 2.15 g/t Au over 96.0m released on October 17, 2023 .

Cal Herron, Exploration Manager of Nevada King, commented, "It has been a very busy winter so far with very few weather-related work stoppages, in part due to infrastructure improvements made in 2023. The core drill just completed its last metallurgical hole and has moved off-site, while three RC drills are still turning, two of them on a 24-hour schedule. Normally at this point in an exploration program's life, extensive drilling has resulted in a fairly complete and accurate understanding of a system's geology and potential. Atlanta is quite different - almost every new drill hole brings more twists and turns that keep our geologists (and drill crews) contantly changing gears and direction. We started out in 2021 hoping to get some shallow, low-grade hits south of the pit, while we've now graduated to hunting bonanza-grade pods along high-grade feeder structures scattered throughout the entire mineralized footprint. Looking forward in 2024, our drills will keep turning, and we eagerly await what comes next for the project."

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 mutli-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 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 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).

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