Multiple Intervals Of High-Grade Gold/Silver Mineralization Intersected At Atlanta Gold Mine

VANCOUVER - Nevada King Gold Corp. reported on eight reverse circulation (RC) holes from its 60,000 metre Phase II  drilling program at its 5,166 hectare (51.6km2) Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend, 264km northeast of Las Vegas, Nevada. Four of the holes targeted the Atlanta Mine Fault Zone (AMFZ) while the other four tested the adjacent West Atlanta Graben Zone (WAGZ).

Mineralization occurs along near-horizontal horizons with true mineralized thickness in vertical holes estimated to be 85% to 100% of reported vertical drill intercept length. *Denotes 45 o angle hole with true mineralized thicknesses in angle holes estimated to be 65% to 70% of reported drill intercept length.  6.55 g/t Au and 100.8 g/t Ag over 82.3m, including 26.71 g/t Au over 12.2m in angle hole AT23NS-133F is the third most gold rich drill hole ever recorded at Atlanta and comes on the heels of the most gold rich drill hole ever recorded at the project – AT23WS-44 and returned 11.64 g/t Au over 108.2m, including 37.16 g/t Au over 29.0m.

Previous drilling of AT23NS-133F provided little indication of such high-grade, although two historical holes drilled by Bobcat in 1988 and one hole drilled by Goldfields in 1990 did contain elevated high-grade intervals in the same general area. Results for vertical Bobcat holes 88-9 (12.2m @ 32.55 g/t Au – the second most gold rich drill hole at Atlanta) and 88-14 (3m @ 34.66 g/t Au) were not included in Gustavson's 2020 resource model because of uncertain collar locations, while vertical Goldfields core hole AC-1 (4.1m @ 30.24 g/t Au) was used in the 2020 resource model, but its exact collar location was also uncertain. The high-grade hit in AT23NS-133F corroborates both the locations and high grades in these nearby historical holes and establishes a northwest-trending, elevated high-grade zone at least 30m long that is interpreted to be a tensional, secondary fracture in the footwall of the West Atlanta Fault that probably connects across the major northerly trending feeder faults. This intercept supports the multi-jewelry box model recently described  and provides us with another structural target that we can apply to other portions of the deposit in our pursuit of elevated high grades.

Cal Herron, Exploration Manager, said, "Nevada King's 2021 Phase I drill program revealed potential for significantly expanding the shallow high-grade mineralization around the pit and into the North Extension Target 500m north of the pit. The 2022 drill program saw development of our current geological model propounding high-angle fault control over higher grade mineralization within a relatively sub-horizontal replacement horizon together with realization of the potential posed by the West Atlanta Graben Zone for significantly increasing the size of the deposit. In 2023, our focus shifted to sharpening definition of high-grade feeder structures, while the recent discovery of elevated high-grade gold mineralization, now in two different parts of the deposit, has whetted our appetite for more bonanza-type mineralization.

“The overall distribution of higher-grades is controlled by northerly-trending, high-angle faults that served as feeders (or conduits) for mineralizing fluids; however, the distribution of elevated high grade mineralization appears to be more controlled by secondary faults that cut across the primary feeder structures at angles around 30o to 45o. These secondary structures form in reponse to stress building up between the main fault strands, forming tensional "gash dilations" that often focus boiling within the openings, thus resulting in bonanza-grade chutes. Bonanza chutes are common within Au-Ag hydrothermal deposits and were the object of historical mining activity around the world. Finding such bonanza chutes in this day and age is a rarity and these extremely high-grade, but small zones can have an outsized impact on a deposit's economics. Right now, it looks like we may have several such bonanza chutes shaping up at Atlanta, which will make for  a very busy winter of testing."