- Nevada King Gold (NKG) said Friday the company has intercepted new high-grade oxide gold
- The discovery comes from the most recent assay results from the company’s Atlanta Gold Mine Project in Nevada
- Drilling was designed to test a high-grade feeder zone located west of the property’s historical Atlanta Pit
- Gold grade and mineralized thicknesses returned in the newly-completed holes are considerably higher than those found in nearby historical holes
- Nevada King Gold (NKG) is down 4.4 percent, trading at $0.32 at 12:12 pm EST
Nevada King Gold (NKG) said Friday the company has intercepted new high-grade oxide gold.
The discovery comes from the most recent assay results from the company’s Atlanta Gold Mine Project. The property is located 264 kilometres northeast of Las Vegas, Nevada, in the prolific Battle Mountain Trend.
Gold grade and mineralized thicknesses returned in the newly-completed holes are considerably higher than those found in nearby historical holes.
Three of today’s holes bottomed in mineralization, with the highest grades found at depth.
Drilling was designed to test a high-grade feeder zone associated with the Atlanta Mine Fault Zone, an area located west of the historical Atlanta Pit.
The Atlanta Pit historically produced 800,000 ounces of silver annually.
The feeder zone is located within the mineralized footprint of the Gustavson resource zone but had seen limited historical drilling.
“Recent drilling including this new set of deeper holes drilled across the AWF is significantly expanding our target resource envelope. The intrusive “plumbing” intercepted in holes AT22HG-16 and AT22HG-17 west of the AWF could be indicative of a deep crustal rupture coinciding with the ring fracture that bounds the eastern margin of the Indian Peak Caldera. Gold mineralization appears to be centred on a dacitic composition plug, dike or dome that intrudes the volcanic/sedimentary section along the western side of the AWF. We are very pleased with the thicknesses and grades returned in today’s drilling, confirming our view that these had both been significantly underestimated by historic drilling,” said Exploration Manager Cal Herron.
“Importantly as well this mineralization is open to depth with three of the four holes released today bottoming in mineralization, so we currently have no idea how deep the oxide gold mineralization extends at Atlanta. Given the presence of significant intrusive-hosted gold mineralization, deeper holes will undoubtedly shed more light on the Atlanta gold system’s genesis and in the process point us toward new targets to pursue.”
Nevada King Gold (NKG) is down 4.4 percent, trading at $0.32 at 12:12 pm EST.
