Highlights
- Nevada King has commenced a 6,400m drill program at Iron Point to further test
Carlin -type gold mineralization hosted inLower Plate carbonate rocks beneath the Roberts Mountain Thrust. This program is designed to follow up on initial drilling completed in 2019 by the Company in which a thick sequence ofLower Plate carbonate rocks was encountered in core hole VM-008C. This hole bottomed in mineralization intercepting 5.8m grading 0.17 g/t Au associated with strongly elevated pathfinder elements. - In this program, Nevada King has planned 23 holes (Figure 1) with five of those holes (totaling 4,000m) targeting deep,
Lower Plate gold mineralization. - Four of these deep holes are located along the
Range Front Zone and are currently being pre-collared using a mud-rotary drill rig to depths of approximately 455m with casing installed. The fifth deep hole will be pre-collared in the "Fairway" Zone, 2.8km NNW of VM-008C, using an RC drill rig to a depth of approximately 455m (see Figure 2). - Additionally a scout reconnaissance program of 18 shallow RC drill holes totaling 2,400m began in
November 2021 and is designed to probe unexplored areas near the north end of the Iron Point claim block where geophysical surveys and interpretation by the Company indicate the potential for shallow, uplifted blocks ofLower Plate stratigraphy. Sample results from several of these initial scout holes have been submitted for assay with results pending.
A mud-rotary drill rig is being mobilized to Iron Point to drill three deep pre-collars along the RFZ. Each pre-collar will be drilled to a nominal depth of approximately 455m and casing will be set to allow for follow-on diamond drilling to advance each drill hole to a depth up to approximately 915m. The objective of these drill holes is to step-out from areas of known mineralization, and at the same time, test the hanging wall side of the range front fault. A gravity survey completed in 2020 indicates the presence of a large down-dropped block extending to the east up to 3.5km from the range front fault beneath alluvium. If favorable
Proposed RFZ holes 1 and 2, collared 250m apart in a north-south direction, will serve as 350m step-outs to the ENE and ESE of deep drill hole VM-008C drilled in 2019. VM-008C bottomed in 5.8m grading 0.17g/t Au accompanied by elevated As, Sb, and Hg in silicified
Proposed RFZ drill hole 3, situated 600m to the NNE of drill hole VM-008C, is a 265m step-out of mineralization encountered in 2019 drill hole EG-001C. Grade-thickness contours of nearby historic drill holes indicate an ENE orientation to Au mineralization in the upper plate siliciclastic rocks, a vector that coincides with a pronounced shoulder in the gravity dataset. EG-001C intersected the following zones of low-grade gold mineralization:
- 25.9m grading 0.198 g/t Au from 22.9-48.8m downhole associated with brecciated quartzite, strong sulfide veining, and intrusive dikes
- 10.7m grading 0.303 g/t Au and 50.4 g/t Ag, from 172.2-182.9m downhole hosted in quartzite with intrusive dikes, breccia, and quartz-sulfide veining.
- 18.3m grading 0.309 g/t Au from 358.1-376.4m downhole hosted in granodiorite and endoskarn
EG-002, the fourth planned deep test in the RFZ, is a 265m step-out to the south of VM-008C. This drill hole was pre-collared to 305m during the 2019 program but a core tail was not drilled at that time. A 610m core tail is planned during the 2022 program, bringing the total planned depth of this hole to 915m. This hole is situated within the same structural block as VM-008C and is expected to fully test prospective
Fairway Zone Deep Drill Program
During 2021, Nevada King's geologists compiled extensive datasets including from multiple geophysical surveys conducted in 2020 including gravity, CSAMT, and aeromagnetics, along with historic soil and drill results, resulting in identification of a profound NNW-trending structural corridor, referred to as the "Fairway" Zone. This zone displays alteration and gold mineralization centered along an interpreted intrusive complex and extends a distance of 4.5km, projecting under the post-mineral basalt flows to the north. A single deep drill hole, collared 2.8km NNW of VM-008C, is planned as an initial test of this target area. This test will be started with a cased RC pre-collar drilled to a planned depth of 457m and finished with a diamond drill core tail to a planned total depth of 760m. Prospective
Scout Reconnaissance Drill Program
Post-mineral basalt flows cap a plateau covering a 16 sq. km area in the northeast portion of the Iron Point claim block. Historic drilling along the NNW-trending projection of the
Foremost 1500 and Canterra-312 buggy-mounted reverse-circulation rigs were mobilized to Iron Point in mid-November and early
Project Background
Since the mid-1960s, the Iron Point district and surrounding area have been explored by numerous companies for different commodities, including gold and vanadium, beginning with Newmont in 1966 and continuing to
At Iron Point, Upper Plate Ordovician Vinini Formation overlies interpreted Lower Plate Silurian-Devonian Roberts Mountain Formation, separated by the
Recent drilling that penetrates the upper levels of the Lower Plate rocks encountered an interpreted recumbent Zed-fold parallel to and immediately west of the range front fault. This recumbent Zed-fold is also partially exposed in an erosional window near the north end of the target area near drill hole EG-003A. A similar geologic setting including recumbent Zed-folding along a range front fault is host to extensive gold-mineralization at Newmont's Twin Creeks mine located approximately 25 miles northeast of Iron Point. The primary target for
Figure 1.
Figure 2. Map of
Figure 3. Detailed map of
Figure 4. Cross Section A-A' across RFZ target area from 2019 Nevada King core hole VM-008C to 1988 Chevron RC hole CH-IP88-03, showing location of proposed RFZ hole 2.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by
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Nevada King is the third largest mineral claim holder in the
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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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