Nevada King Gold Corp. (TSX-V: NKG) (OTCQX: NKGFF) announced it will double its 2023 drill program at its Atlanta Gold Mine in Nevada to 60,000 metres after it found some high-grade gold and silver zones.
Some of the findings include 28.5 grams of gold per tonne over 7.6 metres and 1,084 grams of silver over 10.7 metres.
The Vancouver-based company said on Thursday the expanded program will be funded by a recent $15 million financing. Nevada King plans to add more drill rigs in the coming months to speed up work.
Since June, the company has drilled 185 reverse circulation holes and 14 core holes at Atlanta, totalling over 30,000 metres. Assay results are still pending for 75 drill holes.
Map via Nevada King.
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“Results to date have significantly exceeded our expectations,” said Cal Herron, NevGold’s exploration manager. He said the drilling has outlined two new mineralized zones that remain open. More drilling is also needed to explore other target areas on the 5,166-hectare site.
Some holes will aim to connect a north extension target to the main resource zone. Drilling is also set to start on the east ridge and south extension targets, where previous drilling has shown promising results.
The company is also interested in exploring deeper below the current Atlanta system. Holes have hit gold mineralization starting around 180 metres deep, suggesting the gold system is linked to a larger intrusive body at depth.
Nevada King is the state’s third largest mineral claim holder with land positions behind Nevada Gold Mines (Barrick Gold (NYSE: GOLD) and Newmont Corporation (NYSE: NEM) (TSX: NGT) joint venture) and Kinross Gold Corp.
Since 2016, Nevada King has acquired district-scale gold projects along the Battle Mountain trend, parts of which host current or past producing mines. The company targeted areas believed to contain multi-million-ounce gold deposits based on geology.
Nevada King’s flagship is the 100-per-cent-owned Atlanta mine project, located 100 kilometres southeast of Ely. It also holds the Lewis project and Horse Mountain-Mill Creek projects between Nevada Gold Mines’ Phoenix and Pipeline mines, and the Iron Point project 35 kilometres east of Winnemucca.
With a large prospective land package and a focus on Nevada’s rich gold mining areas, Nevada King is looking to make major discoveries. Its Atlanta project is the current focus of exploration.
Nevada King Gold shares stayed flat on Thursday at $0.49 trade on the TSX Venture Exchange.
