NEVADA KING RECEIVES APPROVAL FROM BUREAU OF LAND MANAGEMENT FOR 47 ADDITIONAL DRILL PADS AND NEW ROAD CONSTRUCTION AS PART OF ITS PHASE III DRILL PROGRAM AT ATLANTA

Rhea-AI Summary

Nevada King Gold (OTCQB: NKGFF) has received BLM approval for a modification to its existing 45km² Plan of Operations at the Atlanta Gold Mine Project in Nevada. The approval allows for 47 additional drill sites and 1.9km of new drill road construction. Since October 16, 2024, the company has completed 11,870m (49 holes) of a planned 20,000m reverse circulation drilling program.

Road construction began on January 29, with 650m of new roads completed along the South Quartzite Ridge Target (SQRT) as of February 3. The new infrastructure will enable drill-testing of 600m of strike length within SQRT's central portion, where CSAMT data indicates potential gold mineralization at 150m depth. Two drill rigs are currently operating at the site, focusing on expanding mineralization along the SQRT and identifying new satellite deposits within the Atlanta District.

Positive

• Received BLM approval for 47 new drill sites and 1.9km of road construction
• Completed 11,870m (49 holes) of planned 20,000m drilling program
• 650m of new roads already constructed at South Quartzite Ridge Target
• Operating with two active drill rigs

Negative

• None.

News Market Reaction – NKGFF

+3.92%

+3.92% Session move

In the trading session that priced this news, NKGFF gained 3.92%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

VANCOUVER, BC, Feb. 6, 2025 /PRNewswire/ - Nevada King Gold Corp. (TSXV: NKG) (OTCQB: NKGFF) ("Nevada King" or the "Company") is pleased to announce it has received a Finding of No Significant Impact, or "FONSI", from the Bureau of Land Management (BLM) as well as approval from the State of Nevada for a minor modification to its existing 45km² Plan of Operations at the 100%-owned Atlanta Gold Mine Project along the prolific Battle Mountain Trend 264km northeast of Las Vegas, Nevada. This is the second modification successfully permitted by the Company and follows receipt of the first plan modification that was issued by the BLM in October 2024.

Highlights:

• Today's announced approval of the Company's existing Plan of Operations from the BLM allows for 47 additional drill sites and 1.9km of new drill road construction throughout the Atlanta District (Figure 1).

• The road construction contractor arrived at the project on January 29 and 650m of new roads along the South Quartzite Ridge Target ("SQRT") have been completed as of February 3 (Figure 2). When completed, these new roads and pads will allow for drill-testing 600m of strike length within the SQRT's central portion, where CSAMT data suggest gold mineralization is potentially present 150m deep within a low resistivity horizon overlain by a highly resistive, barren quartzite cap.

• Since inception of the Phase III drill program on October 16, 2024, Nevada King has completed 11,870m (covering 49 holes) of a total planned 20,000m of reverse circulation ("RC") drilling, with assays pending receipt and release. Two drill rigs are currently conducting operations at the site.
  
  
• Current drilling largely involves following up on technical insights gained from the Phase II drilling in an effort to expand mineralization along the SQRT southward from the resource zone and at the same time find new satellite deposits elsewhere within the Atlanta District. The Company is relying on CSAMT anomalies, surface sample anomalies, and several weakly mineralized historical drill holes to identify and test prospective target areas, most of which occur along a semi-circular ring fault zone bounding the eastern, southern, and western margins of the 7 km-wide Atlanta Caldera.

Cal Herron, Exploration Manager of Nevada King, stated: "We are very pleased to see such quick action by the BLM and State of Nevada in finalizing their approvals for this important modification. This new modification adds more holes and new road access in the southern half of the SQRT, while more holes and cross-country travel routes have been added to the Silver Park region. This now allows us to offset existing holes at closer spacings plus follow structural trends seen in the CSAMT data."

QA/QC Protocols

All RC samples from the Atlanta Project are split at the drill site and placed in cloth and plastic bags utilizing a nominal 2kg sample weight. CRF standards, blanks, and duplicates are inserted into the sample stream on-site on a one-in-twenty sample basis, meaning all three inserts are included in each 20-sample group. Samples are shipped by a local contractor in large sample shipping crates directly to American Assay Lab in Reno, Nevada, with full custody being maintained at all times. At American Assay Lab, samples were weighted then crushed to 75% passing 2mm and pulverized to 85% passing 75 microns in order to produce a 300g pulverized split. Prepared samples are initially run using a four acid + boric acid digestion process and conventional multi-element ICP-OES analysis. Gold assays are initially run using 30-gram samples by lead fire assay with an OES finish to a 0.003 ppm detection limit, with samples greater than 10 ppm finished gravimetrically. Every sample is also run through a cyanide leach for gold with an ICP-OES finish. The QA/QC procedure involves regular submission of Certified Analytical Standards and property-specific duplicates.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Calvin R. Herron, P.Geo., who is a Qualified Person as defined by National Instrument 43-101 ("NI 43-101").

About Nevada King Gold Corp.

Nevada King is focused on advancing and growing its 100% owned, past producing, 120km² Atlanta Gold Mine project located along the Battle Mountain trend in southeast Nevada. The project hosts an NI 43-101 compliant pit-constrained oxide resource of 460,000 oz Au in the measured and indicated category (11.0M tonnes at 1.3 g/t) plus an inferred resource of 142,000 oz Au (5.3M tonnes at 0.83 g/t) based on historical drilling, and does not include any of the 100,000m+ of drilling completed by Nevada King. See the NI 43-101 Technical Report on Resources titled "Atlanta Property, Lincoln County, NV" with an effective date of October 6, 2020, and a report date of December 22, 2020, as prepared by Gustavson Associates and filed under the Company's profile on SEDAR+ (www.sedarplus.ca). 

Resource Category	Tonnes (000s)	Au Grade (ppm)	Contained Au Oz	Ag Grade (ppm)	Contained Ag Oz
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

Table 1. NI 43-101 Mineral Resources at the Atlanta Mine

Please see the Company's website at www.nevadaking.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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 to 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, 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/nevada-king-receives-approval-from-bureau-of-land-management-for-47-additional-drill-pads-and-new-road-construction-as-part-of-its-phase-iii-drill-program-at-atlanta-302369896.html

SOURCE Nevada King Gold Corp.

FAQ

How many meters has NKGFF completed in its Phase III drilling program at Atlanta?

Nevada King has completed 11,870 meters across 49 holes of its planned 20,000-meter Phase III drilling program since October 16, 2024.

What new approvals did NKGFF receive from the BLM for the Atlanta project?

NKGFF received approval for 47 additional drill sites and 1.9km of new drill road construction throughout the Atlanta District.

How much new road construction has NKGFF completed at the South Quartzite Ridge Target?

As of February 3, NKGFF has completed 650 meters of new roads along the South Quartzite Ridge Target.

How many drill rigs is NKGFF currently operating at the Atlanta Gold Mine Project?

NKGFF is currently operating two drill rigs at the Atlanta Gold Mine Project.

What is the total planned drilling distance for NKGFF's Phase III program at Atlanta?

The total planned drilling distance for the Phase III program is 20,000 meters of reverse circulation drilling.