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Wednesday, May 31, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Nevada King finds high-grade oxide gold at its Atlanta mine

The project is located in the Battle Mountain trend 264 kilometres northeast of Las Vegas, Nevada

Nevada King finds high-grade oxide gold at its Atlanta mine
Battle Mountain. Photo via OHV Nevada.

Nevada King Gold Corp. (TSX-V: NKG) (OTCQX: NKGFF) released its latest assay results and saw high-grade numbers in six vertical reverse circulation holes completed at its Atlanta Gold Mine project in Nevada.

Among the highlights, results included 2.98 g/t au over 67.1 meters, 2.54 g/t au over 65.5 meters and 2.16 g/t au over 47.3 meters. The project is located in the Battle Mountain trend 264 kilometres northeast of Las Vegas.

The new holes were drilled on Section 22-9N, targeting a high-grade feeder zone within the Atlanta Mine Fault Zone (AMFZ). This zone is made up of several strands of structures that form a braided network, and it sits between the East Atlanta and West Atlanta faults.

The newly drilled vertical holes have intercepted areas of high-grade gold mineralization that were not found in the previous drilling. These areas were selected based on Nevada King’s updated model of gold mineralization in this section, which differs significantly from previous interpretations.

Nevada King finds high-grade oxide gold at its Atlanta mine in Nevada

Mineralization occurs along sub-horizontal horizons generally dipping gently westward; true mineralized thickness in vertical holes is estimated to be between 85-95 per cent of the reported drill intercept length. Table via Nevada King Gold.

Read more: Nevada King Gold drills 2.74 g/t gold over 89 metres at Atlanta Gold Mine in Nevada

Read more: Nevada King identifies new target with thick oxide gold hits in West Atlanta

The blocks between the Atlanta King and East Atlanta faults contain the highest gold grades, supported by the results from drill holes AT23NS-58 and AT23NS-64 and adjacent holes AT21-63 and AT22NS-59.

Similarly, higher gold grades are found in a 30-meter block on the eastern side of the West Atlanta Fault, evident in AT22NS-87 and 88. Although some historical angle holes intersected this zone, few of them fully sampled the entire mineralized thickness.

Notably, there are significant differences in gold grades and thicknesses in current drill holes NS-87 and NS-88 (47.3 meters at 2.16 g/t and 45.7 meters at 1.28 g/t) compared to Kinross angle holes KR97-3 and KR97-4 (24.4 meters at 0.97 g/t and 27.4 meters at 0.85 g/t).

Nevada King finds high-grade oxide gold at its Atlanta mine in Nevada

Location map for holes reported in this news release along drill section22-08N relative to the perimeter of the historical Atlanta Pit and footprint of the Gustavson 2020 NI 43-101 resource. Shallow drillholes on the mine dumps have been removed from the plot for clarity. Map via Nevada Gold.

Read more: NevGold finds high-grade gold underneath the surface at Nutmeg Mountain

Read more: NevGold assays high-grade silver at Ptarmigan, expands copper trend

“As our drill fences progress northward along the AMFZ we are seeing strong continuity in grade, thickness, and style of mineralization from section to section,” Nevada King Exploration Manager Cal Herron said.

“We also start to see why many of the historical holes failed to pick up on the higher-grade mineralization localized in the numerous fault blocks and how this mineralization was largely missed by past explorers.”

Herron explained that the company drilled into shallow high-grade mineralization immediately west of the East Atlanta Fault during their 2021 exploration program. Past explorers failed to discover this mineralization, and the high-grade fault block on the east side of the West Atlanta Fault was not fully explored in the past.

However, the company’s new interpretation and geologic model are enabling it to locate and map these high-grade zones more accurately as they move northward along the AMFZ. This is helping them identify the primary fault components and mineralized blocks more systematically.

Nevada King stock went up by 2.56 per cent on Thursday to $0.40 on the Canadian Ventures Exchange.


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