NEVADA KING RECEIVES BLM APPROVAL FOR 482 ADDITIONAL DRILL SITES, ADDS THIRD DRILL RIG TO ACCELERATE FULLY FUNDED 40,000M DRILL PROGRAM
Rhea-AI Summary
Nevada King Gold (TSXV: NKG, OTCQX: NKGFF) received Bureau of Land Management approval for its fifth and largest Plan of Operations modification at the 100%-owned Atlanta Gold Mine Project in Nevada, adding 482 new drill sites (78 RC and 404 RAB).
The company is mobilizing a third drill rig, a second RC rig that will operate alongside the existing RC and RAB rigs on continuous two 12-hour shifts. According to Nevada King, it holds approximately C$18.1 million in cash and equivalents, fully funding the 40,000m Phase 4 RC drill program, of which about 12,000m have been drilled. PoO Mod 5 adds 21.1 acres of disturbance, bringing the project total to 73.4 acres, with new sites concentrated in the Atlanta South, Silver Park, and Western Rim target areas.
Positive
- 482 additional drill sites approved under PoO Mod 5 (78 RC, 404 RAB)
- Third drill rig (second RC rig) mobilized to increase drilling capacity
- C$18.1 million in cash and equivalents fully funds 40,000m Phase 4 RC program
- Approximately 12,000m of 40,000m Phase 4 RC drilling already completed
- Permitted disturbance expanded by 21.1 acres to a total of 73.4 acres
Negative
- None.
News Market Reaction – NKGFF
On the day this news was published, NKGFF declined 1.00%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Highlights:
- PoO Mod 5 Approval: The modification approves 78 additional reverse circulation ("RC") drill sites and 404 rotary air blast ("RAB") drill sites, enabling the Company to aggressively follow up on key mineralized targets and test extensions across the property. This approval builds on the Notice of Intent permit to drill the Western Rim target, which was announced on April 28, 2026.
- Third Rig Mobilized: To accelerate the pace of discovery, the Company has secured a third drill rig, an additional RC rig now being mobilized to site, joining the RC and RAB rigs already operating at
Atlanta . Both RC rigs will run continuously on two 12-hour shifts, significantly increasing the pace of exploration drilling.
- Fully Funded: With approximately
C in cash and equivalents,$18.1 million Nevada King remains fully funded to complete its 40,000 metre Phase 4 RC drill program, of which approximately 12,000 metres have been drilled to date.
John Sclodnick, CEO of
The 482 drill sites approved today are primarily clustered in the Atlanta South, Silver Park, and Western Rim target areas (see Figure 1) and the Company has benefitted from the combination of both RAB and RC drilling. RAB drilling provides the Company with a rapid, low-cost, and efficient method of drilling through overburden and testing bedrock to identify mineralization and tracer elements. RC drilling, meanwhile, will test targets identified through prior drilling and exploration work with the goal of intercepting economic mineralization. The total new area of disturbance under the PoO Mod 5 is 21.1 acres increasing the project total to 73.4 acres.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by
About Nevada King Gold Corp.
Nevada King is focused on advancing and growing its
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 "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information in this news release includes, but is not limited to, statements regarding the Company's planned exploration activities at the Atlanta Gold Mine Project; the scope, timing and completion of the 40,000 metre Phase 4 drill program; the mobilization and operation of an additional RC drill rig and the anticipated acceleration of drilling; the Company's ability to fund its planned exploration program from existing financial resources; the use of newly permitted drill sites; and the potential for exploration activities to identify or extend mineralization or result in new discoveries.
Forward-looking information is based on management's reasonable assumptions, estimates and expectations as of the date of this news release, including assumptions regarding the availability of personnel, equipment, contractors and supplies; the ability to conduct exploration activities as planned and without material interruption; the continued validity of required permits and approvals; the sufficiency of the Company's financial resources; exploration costs remaining generally consistent with current estimates; and the accuracy of geological interpretations and exploration targets.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied, including risks inherent in mineral exploration; uncertainty regarding geological interpretations, exploration results and the economic significance of mineralization; operational delays or interruptions; equipment, contractor and personnel availability; permitting, regulatory and environmental risks; adverse weather and site conditions; cost increases; financing risks; fluctuations in commodity prices; and changes in economic, market and regulatory conditions.
Although the Company believes the assumptions underlying the forward-looking information are reasonable, there can be no assurance that they will prove correct. Readers should not place undue reliance on forward-looking information. The forward-looking information in this news release is made as of the date hereof, and the Company undertakes no obligation to update or revise it except as required by applicable securities laws.
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SOURCE Nevada King Gold Corp.