VANCOUVER, BC,
Highlights:
- On
November 15, 2022 , the Company announced a 25% expansion to its Atlanta Mine Phase II drill program to 20,000m, as a result of positive assay results and ongoing geological interpretation. - Drilling productivity has continued to exceed expectations with the Company having now completed 168 holes totalling 21,822m. Based on recent assay results and continued expansion of target envelopes in multiple areas, the Company has decided to expand the Phase II program by an additional 33% to 30,000m.
- Drilling will now continue through the winter months with two reverse circulation ("RC") rigs operating. As the weather improves in early 2023, the Company is planning to add rigs to continue its coring program for both resource confirmation work and its metallurgical test program.
- To date, the Company has reported assays from 72 holes covering 6,843m, with results from 96 drill holes totalling 14,979m currently pending.
- Fully penetrating the silica breccia zone's lower contact. The highest gold grades frequently occur 10-15m above the basal contact of the mineralized silica breccia zone with underlying Ordovician-age dolomite and quartzite. Many past holes failed to fully penetrate this lower portion of the silica breccia horizon and doing so is critical for fully realizing gold and silver grades and tonnage.
- Finding the bottom of gold mineralization. Recent drilling down through thick intervals of strongly altered volcanics west of the Atlanta West Fault reveals the potential for significantly increasing tonnage along the
Atlanta Mine Fault Zone . Our interpretation indicates that this could be another game-changer for the Company atAtlanta .
"Much of Nevada King's current program, therefore, involves drilling around existing holes that did not fully penetrate the mineralized zone, while also tracking mineralization westward into the volcanics. With the opportunity to significantly increase both grade and tonnage within the current resource zone, Nevada King has opted to place special emphasis here by drilling more holes and drilling deeper."
Phase II Drilling Highlights:
- On
January 12, 2023 , the Company intercepted 9.9 g/t Au over 27.4m including 17.6 g/t Au over 12.2m, within a broad interval of oxide gold averaging 3.6 g/t au over 82.3m. - On
January 6, 2023 , the Company announced results from one of the high-grade feeder zones associated with theAtlanta Mine Fault Zone , west of the historicalAtlanta Pit , including three holes that bottomed in mineralization, intercepting 1.38 g/t Au over 96m, 0.92 g/t Au over 165.5m, and 1.92 g/t Au over 77.7m, and a high-grade interval of 4.03 g/t Au over 29m. All holes included significant intervals of silver mineralization; two holes intercepted gold-mineralized intrsuve rock starting around 180m depth. - On
December 5, 2022 , the Company announced assays from three core holes and one RC hole, testing the gap between the historical 2020 Gustavson resource zone and gold mineralization drill-defined by the Company's 2021 program south of theAltanta Pit . Highlight intervals include 2.71 g/t Au over 25.9m, 2.9 g/t Au over 28.1m, and 3.2 g/t Au over 32m. - On
November 23, 2022 , the Company announced an expansion to the oxide gold mineralization found over 500m north of theAtlanta Pit in the North Extension Target, well outside the existing resource zone, with intercepts of 1.77 g/t Au over 19.8m and 1.67 g/t Au over 24.4m. These holes were collared to follow up on Nevada King's 2021 hole AT21-3, which intercepted 4.64 g/t Au over 18.3m. - The Company reported initial assay results on
September 13, 2022 andOctober 18, 2022 .The results included high-grade oxide-hosted intervals of 120.4m of 1.49 g/t Au and 57.9m of 1.38 g/t Au, located south and southeast of theAtlanta pit, and 54.9m of 3.41 g/t Au, 50.3m of 2.65 g/t Au, and 51.8m of 2.23 g/t Au, starting from surface at the bottom of theAtlanta pit.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by
Nevada King is the third largest mineral claim holder in the
The Company is well funded with cash of approximately
NI 43-101 Mineral Resources at the
Resource Category | Tonnes (000's) | (ppm) | Contained Au | (ppm) | Contained Ag |
Measured | 4,130 | 1.51 | 200,000 | 14.0 | 1,860,000 |
Indicated | 6,910 | 1.17 | 260,000 | 10.6 | 2,360,000 |
Measured + Indicated | 11,000 | 1.30 | 460,000 | 11.9 | 4,220,000 |
Inferred | 5,310 | 0.83 | 142,000 | 7.3 | 1,240,000 |
Please see the Company's website at www.nevadaking.ca.
Neither the
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.
SOURCE
© Canada Newswire, source