Highlights
- Vertical RC drill hole AT21-062, drilled from within the
Atlanta pit, encountered 54.9m averaging 5.34 g/t Au starting at surface. The mineralized rock is oxide material and includes a high-grade intercept of 10.7m averaging 11.19 g/t Au from 30.5m to 41.2m. The true thickness of the reported intervals are uncertain, however, based on the Company's initial interpretation of the geometry of the gold mineralization (Figure 2) true thickness of the replacement-type mineralization is expected to be in the range of 70% to 85% of the reported 54.9m intercept length. - This high-grade intercept projects southward along the Atlanta Mine Fault zone into an area of low historical drill density measuring about 100m long by 50m wide that encompasses only one historical hole. Pit wall instability, lack of access, and the prospect of encountering shallow stopes limited previous exploration drilling in this area to the testing of deeper projected vein targets.
- As a result there is no shallow drill data from prior drilling within this part of the property and gold mineralization in this area is not included in the current
Atlanta resource estimate (Gustavson 2020 NI 43-101 pit constrained resource estimate), even though it occurs at surface and within the confines of the Gustavson resource constraining pit shell. - Similar potential for resource expansion is seen in holes AT21-038 and AT21-038A also reported today and drilled along the eastern margin of the open pit, where both intercepts confirm a 32m-thick zone of near-horizontal mineralization that connects with mineralization sampled along the pit walls (Figure 2).
- Moving forward into 2022, Nevada King will be tracking the shallow high grade mineralization intercepted in AT21-062 with additional drilling stepping out to the south.
Figure 1. Location of Nevada King's 2021 RC drill holes relative to historical drill holes and the 2020 Gustavson gold resource zone and pit perimeter. Drill section H-H' crosses the centre of the historical open pit and ties the higher grade mineralization seen in the Gustavson resource model on the west to the lower grade mineralization seen along the eastern pit margin.
Figure 2. Cross section H-H' showing gold distribution in the Nevada King RC holes drilled across the centre of the historical
Drill Results Along Section H-H' and in the Vicinity
Assay results from Nevada King's RC drilling along Section H-H' and within the vicinity are reported below in Table 1. The reported intercepts are down-hole lengths and may not represent true thickness of mineralization. However, the intercepts in vertical holes AT21-62 and AT21-38 may be close to true thickness, but additional drilling is needed for ascertaining the actual geometry of the mineralized zone. Based on nearby
Table 1.
Drill Hole ID | From (m) | To (m) | Averaged Length (m) | Average Grade g/t |
AT21-062 | 9.1 | 64.0 | 54.9 | 5.341 |
includes | 30.5 | 41.2 | 10.7 | 11.191 |
AT21-038 | 0.0 | 32.0 | 32 | 0.589 |
AT21-038A^ | 0.0 | 36.6 | 36.6 | 0.653 |
AT21-071 | 0 | 42.7 | 42.7 | <0.300 |
^Denotes angle hole. |
Historical angle RC hole KR97-15 (Figure 2) drilled by
The Company's ongoing exploration and interpretative work is designed to resolve these questions. With this objective, initial work has included drilling a N-S panel of closely spaced shallow vertical holes above and slightly east of the KR97-15 intercept. AT21-062 was closest to the KR97-14 intercept, both with respect to geography and grade. The 10.7m @ 11.19 g/t in AT21-062 matches closely with the 7.6m @ 12.28g/t reported in KR97-1, which tends to validate the grades and thicknesses seen in both holes. It also lends credence to the high-grade intercept reported by Bobcat in 88-14. Aside from extending the mineralization from KR97-15 up to the bottom of the pit, AT21-062 more importantly confirmed the higher grade mineralization seen in KR97-15 and 88-14, which will figure prominently moving forward into the 2022 drilling program. Nevada King now sees good potential for expanding the shallow, oxidized, higher grade mineralization encountered in AT21-062 both laterally and down-dip to depth from the bottom of the existing pit. This higher grade mineralization now holds promise for establishing early cash flow in the event of an open pit operation. A larger proportion of the 2022 drilling program will consist of core holes dedicated to chasing this shallow, higher grade mineralization along strike and to depth.
Nevada King's 2021 drilling program at
Confirmation of near-surface, oxidized high grade gold mineralization in AT21-062 within the open pit adds a new element to Nevada King's
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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.
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