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Wednesday, Feb 8, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

Nevada King intercepts high-grade gold at Atlanta Gold Mine

The company has been observing consistent improvements in thickness and grades from its drill results at the site

Nevada King announces positive drill results at Atlanta Gold Mine Project
Atlanta Gold Mine Project, Battle Mountain Trend, Nevada. Photo via Nevada King Gold

Nevada King Gold Corp. (TSX-V: NKG) (OTCQX: NKGFF) has revealed assay results from a series of four holes drilled at the Atlanta Gold Mine Project, northeast of Las Vegas.

The new holes were intended to expand drill-defined gold mineralization at Atlanta to the east and west from holes previously drilled in 2021 and at the beginning of 2022, south from the open-pit section of the site.

The company published the results on Thursday and reported consistent improvements in grade and thickness at the project compared to previous, less-favourable results. The four holes yielded the following results:

  • Hole No. AT22HG-13: Total of 3.6 g/t Au over 82.3 metres, including 9.92 g/t Au over 27.4 metres; 17.59 g/t Au over 12.2 metres; and most notably 32.47 g/t Au over 4.6 metres
  • Hole No. AT22NS-69: 1.57 g/t Au over 45.7 metres
  • Hole No. AT22NS-80: 1.37 g/t Au over 48.8 metres
  • Hole No. AT22RC-13: 0.99 g/t Au over 19. 8 metres

Atlanta Project drill hole plan map. Photo via Nevada King Gold

Read more: Orezone Gold reports positive results at Phase III drill program in Burkina Faso

Read more: B2Gold finds positive exploration drilling results at Fekola Complex in Mali

According to the Fraser Institute, Nevada is the top gold mining district in the world.

“This latest group of holes, together with the four holes released last week along Section 22-6N, provide us with a much more complete picture of the Atlanta Mine Fault Zone’s internal structure and of the controls on the gold mineralization,” said Nevada King’s Exploration Manager, Cal Herron.

“Nevada King’s high-grade intercept also validates several historical drill holes that reported intervals exceeding 32 g/t Au, so we now have several other locations within the resource zone in which to initiate a search for high-grade mineralization,” added Herron.

“Our exploration strategy will be the same – step out gradually to define geometry, then follow the interpreted trend.”

Nevada King is one of the largest mineral claim holders in Nevada, surpassed only by Kinross Gold Corporation (TSX: K) (NYSE: KGC) and Nevada Gold Mines — a joint venture between Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) and Newmont Corporation (NYSE: NEM) (TSX: NGT).

The company is currently preparing new drill sites surrounding the best hole (AT22HG-13) where potential high-grade mineralization is currently untested in the west, north and south.

Currently, Nevada King has approximately $10.2 million in cash on hand for its operations.

Nevada King stock rose by 12.9 per cent today to $0.35 on the TSX Venture Exchange.

Read more: NevGold issues $1.5M in shares to GoldMining Inc. for Nutmeg Mountain project

Read more: NevGold’s oxide gold drill program in Nevada finds positive results

NevGold Corp. (TSX-V: NAU) (OTCQX: NAUFF) (FSE: 5E50) is another Vancouver-based gold producer that has had successful exploration endeavours in Nevada. Last November, the company’s Resurrection Ridge drill program yielded positive results in multiple holes with near-surface, high-grade oxide gold. The company says the volume and consistency it discovered there is rare.

NevGold stock dropped by 1.28 per cent today to $0.38 on the TSX Venture Exchange.

 

NevGold is a sponsor of Mugglehead news coverage

 

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