VANCOUVER, BC, March 20, 2023 – Nevada King Gold Corp. (TSX-V: NKG; OTCQX: NKGFF) (“Nevada King” or the “Company”) is pleased to announce assay results from two vertical, reverse circulation (“RC”) holes recently completed at its Atlanta Gold Mine Project located 264km northeast of Las Vegas, Nevada, in the prolific Battle Mountain Trend. These holes adjoin the western end of previously reported Section 22-6N (released January 6, 2023) and tie into hole AT22HG-17 which returned 164.6m grading 0.93 g/t Au from 146.3m and bottomed in mineralization.
Cal Herron, Exploration Manager of Nevada King, stated, “We knew from the historical drilling that gold mineralization occurred along the western side of the deposit, but it was never followed up on. A few holes, particularly those drilled by Meadow Bay in 2011-2015, did penetrate the mineralized zone and revealed good potential for encountering higher grades and thicker mineralization, but these better holes were isolated in the Northwest Target Zone and did not appear to be connected to the rest of the Atlanta resource zone. As Nevada King’s drilling in the latter half of 2022 moved westward from the Atlanta Mine Fault Zone (“AMFZ”) and crossed the WAF, we suddenly encountered a very different gold “beast” in the mineralized volcanic section, characterized as follows:
“As an explorationist, finding thick and homogenous zones of good gold grade not only indicates a strong gold system, but it also allows for more reliable and quicker ounce building. Consequently two RC drills are currently extending our sections westward from the WAF and in-filling large gaps in the historical drill patterns in order to tie this gold zone into the shallower mineralization already drilled along the AMFZ. As we learn more about mineralization in the West Atlanta Graben, we will be able to better vector into higher grade feeder structures. Horace Greeley’s famous adage, ‘Go west young man…’, certainly applies to Atlanta, and that is exactly what Nevada King is doing.”
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 Company is well funded with cash of approximately $8.4 million as of March 2023.
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
Please see the Company’s website at www.nevadaking.ca.
For more information, contact Collin Kettell at [email protected] or (845) 535-1486.
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.