VANCOUVER, BC, April 28, 2022 – Nevada King Gold Corp. (TSX-V: NKG; OTCQX: NKGFF) (“Nevada King” or the “Company”) is pleased to announce results from a 1,150 metre, reverse circulation (“RC”) drilling program at its 5,500 hectare, 100% owned Lewis Gold Project (“Lewis”), located approximately 21km south of Battle Mountain, Nevada. Lewis is surrounded by major producing gold mines in every direction including Phoenix (23km NW), McCoy Cove (28km SW), Pipeline (26km SE), and Cortez (36km SE), see Figure 1.
Cal Herron, Exploration Manager of Nevada King, stated, “The Lewis Project was originally acquired due to its strategic location along the Battle Mountain gold trend within the heart of Nevada’s gold country. The property is surrounded by a number of major producing gold deposits. With its prime location and the presence of widespread, well-mineralized historical drill holes on it, the Company sees Lewis as a rare opportunity to leverage off this substantial historical work and believes it offers an outstanding risk/reward proposition for potential discovery. The historical data package for Lewis includes assay data for over 250 drill holes, as well as surface sample results and summary reports. Utilizing this large amount of data the Company has interpreted a strongly mineralized gold system at Lewis that is open in multiple directions.
In spite of inclement weather starting in November of last year and challenging drilling conditions, the program successfully confirmed historical results in the Celestine O’Neal target with LS21-001, 002, 003, and 015, while step-out hole LS21-008 demonstrated continuity of mineralization southward from the historical Celestine O’Neal resource zone (Figure 2). Table 1 summarizes results from its 2021 program including significant intervals of gold mineralization. The Company is very encouraged by the long intervals of consistent gold mineralization encountered in the recent drilling that incorporate areas of high-grade gold. This drilling confirms the Company’s interpretation based on extensive historical work that the Lewis property encompasses a strong gold mineralizing system. Results of the recent work has refined targets in several priority areas that will be tested in 2022 with an expanded phase of drilling.”
Summary of 2021 Drilling
The 2021 drilling at the Celestine O’Neal target reveals the presence of a strong epithermal gold system, as evidenced by Nevada King’s drill results and historical drill records together with the observed strong micro-veining and well-banded quartz-carbonate-sulfide veins. The geochemistry and style of sulfide mineralization looks similar to the gold mineralization reported at Nevada Gold Mines’ Robertson deposit (1-2 million oz Au), which is currently in the exploration stage about 7km north of their large Pipeline mine and 22km southeast of the Lewis Project.
The fact that this mineralization is buried beneath a geochemically “dead” limestone unit changes the game at Lewis. Historical drilling generally concentrated on areas with strong, surficial rock and soil anomalies, while areas lacking gold anomalies were avoided. This blanket of landslide or detachment debris effectively hides the underlying gold mineralization and opens up a large area for Nevada King to explore that was ignored by previous operators.
Based on the drilling at Celestine O’Neal, the geology as seen in outcrop and RC cuttings is summarized below, starting with the youngest rocks.
The Company anticipates announcing a Phase II drill program for Lewis in the weeks ahead. The objectives for the upcoming exploration season will be to, first, focus on drill-testing the Record target zone. If the mineralization at Record can be linked to the mineralization seen in LS21-008, the tonnage potential at Lewis will be substantially increased. Second, the Company will adequately drill through the overburden to reach bedrock at Celestine O’Neal in order to define the geometry of the mineralized zone and firmly establish the associated mineralization vectors. A southward projection of the mineralization at Celestine O’Neal is present and the Company will work to determine how wide the zone is and how far to the south and southwest it extends. Third, with a limited number of holes drilled in 2021 through the mineralized zone, the bottom of the gold zone appears to be low angle (see Figure 3), therefore, the 2022 drilling program will track the mineralization laterally to the west, east, and south of Celestine O’Neal and Record. Again, this is moving into covered terrain that has not been previously drilled. Fourth, in order to better guarantee reaching target depth, Nevada King’s drill operator will be prepared this season with a casing system that can successfully penetrate the rubblized limestone overburden to allow for accurate sampling of the underlying mineralized horizon. The mineralized rock drills well but the problem is reaching it.
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 through to the present day 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 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).
Tabulation of 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 (301) 744-8744.
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.