Nevada King Drilling extends gold mineralization 200m south, strike length now exceeds 1km at Atlanta gold mine


  • Highlight analyzes of these ten vertical RC holes include intersections of:
    • 41.2 m grading 1.03 g / t Au in hole AT21-45 from 50.3 m depth and bottom in mineralization
    • 12.2m grading 1.78 g / t Au in hole AT21-046 from 7.6 m depth
    • 15.2 m grading 1.01 g / t Au in hole AT21-069 from 3m depth
  • These intersections confirm historic gold mineralization reported in RC holes drilled in the 1980s that are not included in the 2020 Gustavson Associates pit-limited resource model.* due to the high detection limits on Au analyzes and the uncertainty in the location of the clamps.
  • The Company’s current drill camp has now extended the gold mineralization defined by drilling to approximately 560m north and 200m south of the historic Atlanta open pit, covering a total length of more than 1 km. This target remains open to both the north and the south where further extension drilling is planned (Figure 1).
  • Today’s results are located within the boundaries of the Gustavson 2020 conceptual open pit mine but, more importantly, are not currently included in the pit limited resource model, thus increasing the mineralized tonnage while decreasing the ratio. stripping in a potential mining scenario (Figures 2 and 3).

Cal herron, responsible for the exploration of King of Nevada said: “Drill holes completed by King of Nevada along the cross section AA ‘(Posted November 16, 2021) revealed a potential for extension of the Gustavson 2020 resource beyond the model limits to the south and east. Today’s Post of 10 New Drilled Holes South of Section AA ‘Confirms Further Extension of Gold Mineralization 200m south of the historic pit. As seen in the two sections DD ‘(figure 2) and EE’ (figure 3), the mineralized horizons show good continuity between the sections and along the northerly direction in the section A-A ‘. Holes AT21-051 to AT21-053 drilled south of the EE ‘section indicate that mineralization continues southward within a fault block that has been raised 17m compared to section DD ‘(see Figures 1 and 3). South of this fault, the Atlanta Mine Fault area has been moved west. There is clearly a high likelihood of gold mineralization extending southward into soil that has never been sampled or tested by drilling due to post-mineral cover and old structural models.

Future drilling is planned to test this new target, including corner holes to test large-angle interpreted structures similar to those seen along the southern banks of the Atlanta pit. The historic limited angle drilling in this area yielded good grades and thicknesses. For example, Kinross RC hole KR98-12 (Figure 3) returned two mineralized intervals: 27.4 m @ 0.787g / t Au from 6.1 m hole depth, and 24.4 m @ 0.66g / t Au from 57.9 m hole depth. ”

* Gustavson’s work in 2020 estimated a measured and indicated in-pit resource of 460,000 oz Au grading 1.3 g / t Au and an inferred resource of 142,000 oz Au grading 0.83 g / t Au see “Technical Report on Resources, Atlanta Property “, Gustavson Associés, december 2020, filed on SEDAR).

South Extension Drilling Results

Analysis results of King of Nevada drilling program south of the historic Atlanta pit are reported below. The intercept lengths for the vertical holes are close to the true thickness given the low dip angle of the mineralized zones tested. Intercept lengths are reported as average downhole lengths using an external cut-off grade of 0.30 g / t.

Table 1.

Drill

Hole ID

From (m)

To M)

Mean
Length (m)

Mean

Content g / t

AT21-045 *

50.3

91.5

41.2

1.03

AT21-069

3

18.2

15.2

1.01

AT21-072 **

35.1

42.7

7.6

0.77

AT21-046

7.6

19.8

12.2

1.78

AT21-070

0

54.9

54.9

AT21-047

67.1

74.7

7.6

0.73

AT21-048

29

64

18.3

0.35

AT21-053

62.5

83.8

21.3

0.31

AT21-051

32

51.8

6.1

0.37

AT21-052

13.7

15.2

1.5

0.98

*

Refers to a hole that sinks into the mineralization;

**

Indicates a lost hole in historical work

Gold mineralization in the ten RC holes is identical to that previously reported in the other Nevada King holes. The mineralization is hosted by a strongly silicified, shallow-dip collapse breccia horizon that developed directly under a clayey granite sill along contact with strongly brecciated dolomitic rocks. Fluid band rhyolitic dikes and explosive tuff dykes composed of rhyolitic vesicular porphyry and strongly silicified dolomitic breccia clasts generally occur between the granitic sill and the mineralized zone. In places, we see strata-controlled replacement-type mineralization in decalcified dolomite both adjacent and along the trend of silicified zones.

Qualified person

The scientific and technical information contained in this press release has been reviewed and approved by Calvin R. Herron, P.Geo., Who is a Qualified Person as defined by National Instrument 43-101 (“Regulation 43-101“).

About Nevada King Gold Corp.

King of Nevada is the third largest holder of mining claims in the State of nevada, behind Nevada Gold Mines (Barrick / Newmont) and Kinross Gold. Beginning in 2016, the Company staked large project areas hosting significant historical exploration work along the Battle mountain trend located near current or former gold mines in production. These project areas were initially targeted based on their potential to host multi-million ounce gold deposits and were subsequently staked following a detailed geological assessment. District-wide projects in King of Nevada portfolio includes (1) the 100% owned Atlanta mine, located 100 km southeast of Ely, (2) the Lewis and Horse Mountain-Mill Creek projects, both located between Nevada Gold Mines big Phoenix and Pipeline, and (3) the Iron Point project, located 35 km east of Winnemucca, Nevada.

The Atlanta Mine is a historic producer of gold and silver with a limited NI 43-101 compliant pit resource of 460,000 ounces of gold in the measured and indicated category (11.0 million tonnes at 1.3 g / t) plus an inferred resource of 142,000 oz Au (5.3 million tonnes at 0.83 g / t). See NI 43-101 Technical Resource Report titled “Atlanta Property, Lincoln County, Nevada“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).

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.

Cautions Regarding Forward-Looking Information

This press release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, included herein, without limitation, statements relating to future operations and activities of King of Nevada, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “believes”, “possible”, “possible” and similar expressions or statements that events, conditions or results “shall”, “may”, “could” or “should” occur or be achieved. The forward-looking statements contained in this press release concern, among other things, the Company’s exploration plans and the Company’s ability to potentially expand its 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 beliefs, opinions and projections as of the date the statements are made and are based on a number of assumptions and estimates which, while considered reasonable by King of Nevada, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, known and unknown, could cause actual results, performance or achievements to differ materially from the results, performance or achievements which are or may be expressed or implied by these forward-looking statements and the parties have made assumptions. and estimates based on or related to more than one of these factors. These factors include, but are not limited to, the ability to complete proposed exploration work given the global COVID-19 pandemic, exploration results, continued availability of capital and changes in conditions. general economics, market and business. Readers should not place undue reliance on forward-looking statements and the information contained in this press release relating to such material. King of Nevada assumes no obligation to update forward-looking statements of beliefs, opinions, projections or other factors, if changed, except as required by applicable securities laws.

SOURCE Nevada King Gold Corp.

For more information: contact Collin Kettell at [email protected] or (301) 744-8744


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