The ERT was initially identified by Kinross in grid soil and rock sampling conducted in 1998, but for a number of reason all previous explorers considered the target to have little if any mineral potential. Consequently, the zone was not historically drilled. Nevada King confirmed the Kinross surface anomalies with its own soil and rock sampling in early 2021 and found mineralized explosive tuff dikes cutting up through the carbonate sequence as seen in the Atlanta pit. Drilling by the Company in 2021 along the eastern side of the Atlanta pit showed gold mineralization continuing eastward into and underneath the East Ridge, and at that point the ERT area took on a new significance. This target area is large, measuring roughly 120m wide by 700m long, and hosts significant potential if gold mineralization does indeed extend eastward from the pit as suggested by drilling to date. The Company plans to initiate drilling this target area in early 2023.

4 -- South Extension Target ("SET")

The Company's 2021 drilling extended gold mineralization 200m southward from the Atlanta pit along the AMFZ and the mineralization remains open to the south where it is obscurred by a thick cover of landslide and colluvial debris. The first holes drilled in 2022 further widened the target zone and hit much higher grade mineralization (see September 13, 2022, release along Sections A-A' and B-B'). This zone remains open to the south where the Company is currently planning new hole fences that will be drilled in early 2023.

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 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.sedar.com).

 
NI 43-101 Mineral Resources at the Atlanta Mine 
 
ResourceCategory   Tonnes(000's)  Au          Contained  Ag          Contained 
                                  Grade(ppm)  Au         Grade(ppm)  Ag 
                                              Oz                     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.

SOURCE Nevada King Gold Corp.

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/CONTACT:

Collin Kettell at collin@nevadaking.ca or (845) 535-1486

Copyright CNW Group 2022 
 

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December 28, 2022 07:34 ET (12:34 GMT)