Nevada King Gold Corp. [NKG-TSXV; NKGFF-OTCQX] reported assay results from four reverse circulation (RC) holes recently completed at its Atlanta gold mine project located 264 km northeast of Las Vegas, Nevada in the prolific Battle Mountain trend. This drilling was designed to better define the northern extension of the Atlanta Mine Fault Zone (AMFZ).
Highlights include drill hole AT22NS-12 returned 19.8 metres of 1.77 g/t gold. AT22NS-13 returned 24.4 metres of 1.67 g/t gold. AT22NS-RC14 returned 44.2 metres of 0.71 g/t gold. AT22NS-16 returned 15.2 metres of 0.54 g/t gold. AT21-003 returned 18.3 metres of 4.64 g/t gold.
The four holes released today cut across the northern projection of the AMFZ through high-grade discovery hole AT21-003, which was drilled in 2021, 560 metres north of the historic Atlanta Pit, intercepting 9.1 metres of 8.26 g/t gold, within a broader intercept of 18.3m of 4.64 g/t Au. This hole opens up a new target area well outside the current resource called the North Extension Target (NET). Today’s holes, along with AT21-003 and three historic holes drill-define a gold mineralized zone that is over 300 metres wide along the section line and remains open both to the west and east, indicating the presence of a strong gold system in the NET.
Gold in this zone is hosted in silica breccia and is relatively sub-horizontal and down-faulted to the west along the AMFZ. Gold grade and mineralized thickness are greatest within the fault zone, as seen in AT21-003, AT22NS-12 and AT22NS-13, while grade tends to decrease laterally west and east from the AMFZ.
The NET target area measures roughly 600 metres north-south from the pit to Section E-E’. The mineralized zone on Section E-E’ averages 25 metres in thickness with average grades approaching 1.5 g/t gold across a minimum width of 300 metres east-west. If the NET mineralization can be tied to the main resource, it could significantly enlarge the footprint of the overall mineralized gold zone at Atlanta.
Cal Herron, Exploration Manager of Nevada King stated, “This first set of definition holes across the North Extension Target demonstrate good lateral continuity of gold mineralization between the holes and show the target zone to be open both west and east. The strong gold vector extending eastward from Section E-E’ points to a large area of strong surface mineralization that has not yet been drill-tested, placing additional emphasis on the need to access and drill the ERT.
“Receipt of more assays over the coming weeks will greatly clarify the potential for merging the relatively flat-lying and oxidized mineralization in the NET with the existing resource zone around the Atlanta Pit. Closely spaced drilling is needed along the 100m to 150m wide AMFZ in order to document down-faulted displacement of the mineralized horizon and define the higher-grade areas within the fault zone. Drilling so far indicates the NET is large but tapping into zones of higher-grade and thicker mineralization will be important for converting this blanket-like mineralization into a resource. With additional step-out and in-fill drilling north of the Atlanta pit, we expect to find other structures hosting higher grade mineralization within the silica breccia zone just as we encountered south of the Atlanta pit.”
Historical holes used in Section E-E’: Hole KN98-10 returned 13.7 metres of 1.19 g/t gold. DHRI-11RC returned 19.8 metres of 0.47 g/t gold. DHRI-11-08C returned 22.9 metres of 0.62 g/t gold.
Nevada King is the third largest mineral claim holder in Nevada, behind Nevada Gold Mines (Barrick/Newmont) and Kinross Gold. Starting in 2016, the company staked large project areas hosting significant historical exploration work along the Battle Mountain trend located close to current or former producing gold mines.
District-scale projects in Nevada King’s portfolio include the 100%-owned Atlanta Mine, located 100km southeast of Ely, the Lewis and Horse Mountain-Mill Creek projects, both located between Nevada Gold Mines’ large Phoenix and Pipeline mines, and the Iron Point project, located 35km east of Winnemucca, Nevada.
The company is well funded with cash of approximately $14.5 million as of November 2022.
The Atlanta Mine is a historical gold-silver producer with a NI 43-101 compliant pit-constrained resource of 460,000 oz gold in the Measured and Indicated category (11.0M tonnes at 1.3 g/t) plus an Inferred resource of 142,000 oz gold (5.3M tonnes at 0.83 g/t).