Nevada King tables maiden results from Atlanta gold mine
Nevada King Gold Corp. [NKG-TSXV, VKMTF-OTCQB] on Tuesday released maiden drilling results from its Atlanta gold mine project, which is located on the Battle Mountain Trend northeast of Las Vegas, Nevada.
The program included 63 reverse circulation (RC) holes for a total of 6,400 metres. Highlight assays from the first eight holes include 22.9 metres of grade 2.17 g/t gold in hole AT21-41A from 38.1 metres to 61.0 metres and 35 metres of grade 1.17 g/t gold in hole AT21-41B from 38.1 metres to 73.2 metres.
The company said these intercepts confirm historical mineralization reported in RC holes drilled in the 1980s that were not included in the Gustavson 2020 pit-constrained resource model due to high detection limits on the gold assays and inexact historical collar locations prepared by Gustavson Associates.
The 2020 Gustavson work estimates a pit-constrained measured and indicated resource of 460,000 ounces grading 1.3 g/t gold and an inferred resource of 142,000 ounces of gold, grading 0.83 g/t gold at Atlanta.
On Tuesday, the company said drilling demonstrates an eastward extension of gold mineralization from this resource zone along the southern margin of the existing open pit, with gold mineralization remaining open for further extension to the east.
“We now see gold potential for expanding the resource eastward, as there is good continuity in gold grade in the initial drilling with respect to the overall deposit,’’ said Nevada King Exploration Manager Cal Herron.
“The drill results so far validate the geologic model we constructed earlier this year based on surface mapping and sampling,’’ he said. “We will soon see how far we can extend our model as additional drill results come in over the next month.’’
On November 15, 2021, Nevada King shares closed at 34.5 cents and trade in a 52-week range of 84 cents and 27 cents.
Nevada King is the third largest mineral claim holder in the State of Nevada, behind Nevada Gold Mines (Barrick Gold Corp. [ABX-TSX, GOLD-NYSE] / Newmont Corp., [NGT-TSX, NEM-NYSE]), and Kinross Gold Corp. (K-TSX, KGC-NYSE). Starting in 2016, the company staked large project areas hosting significant historical exploration work along the Battle Mountain trend located close to current and former producing mines.
The company said 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 the 100% owned Atlantic Mine, located 100 kilometres southeast of Ely, the Lewis and Horse Mountain Mill Creek projects, both located between Nevada Gold Mines’ large Pheonix and Pipeline mines, and the Iron Point project located 35 kilometres east of Winnemucca.
Nevada King has said that with $18 million in working capital, the company is well funded for ongoing and planned high priority exploration and drilling programs targeting Carlin-style gold systems.