Nevada King Gold Corp. (TSXV: NKG) (OTC: NKGFF) has announced significant exploration achievements at its 100%-owned Atlanta Gold Mine Project during 2024, highlighting multiple new discoveries and outlining an ambitious drill plan for 2025. The company's drilling efforts have demonstrated substantial resource growth potential in all directions, consistently yielding high-grade oxide gold material over thick intercepts.
Major 2024 Discoveries Expand Resource Potential
The company made three significant new gold discoveries in the second half of 2024, expanding the known mineralization footprint at the 12,000-hectare (120km²) Atlanta Project, located in Nevada's prolific Battle Mountain Trend, 264km northeast of Las Vegas.
Most notably, drilling at the South Quartzite Ridge Target (SQRT) intercepted 6.28g/t Au over 54.9m in intrusive rock found immediately beneath a quartzite cap. This newly identified zone is adjacent to and on trend with the Atlanta resource zone, measuring 2,500m in strike length and spanning 500m in width. The SQRT is underlain by a large geophysical anomaly with a footprint significantly larger than the current resource area.
"The discovery at South Quartzite Ridge represents a potential game-changer for the Atlanta project," said Cal Herron, Exploration Manager at Nevada King. "Finding this high-grade mineralization in intrusive rocks beneath the quartzite cap opens up extensive new target areas that were previously unexplored."
Additional discoveries included the East Ridge Target (ERT), where drilling intercepted 1.32g/t Au over 22.9m, and the Wild West Zone (WWZ), which yielded impressive results of 7.94g/t Au over 18.3m within a broader interval of 4.67g/t over 42.7m. The WWZ discovery represents a 150m step-out from the historical resource area and reveals a high-grade depth extension of the deposit.
Geophysics Proves Effective for Target Generation
A key factor in the company's exploration success has been the effective use of geophysical surveys to identify potential mineralization. All three new discoveries were guided by geophysical anomalies, demonstrating the value of this targeting method for the Atlanta project.
"Geophysics has proven to be an invaluable tool for finding gold at Atlanta," noted Herron. "The clear correlation between geophysical anomalies and subsequent gold discoveries has given us confidence in our targeting approach for the Phase III program."
The company completed its Phase II drill program with a total of 84,284m from 450 holes between 2022-2024. In 2024 alone, Nevada King drilled 75 reverse circulation (RC) holes and one core hole, accounting for over 17,007 meters.
Top 2024 Drill Results
The most significant drill hole assays released in 2024 included:
- AT23NS-174: 6.90 g/t Au over 68.6m
- AT23WS-44C: 3.95 g/t Au over 106.7m
- AT23NS-174A: 4.90 g/t Au over 77.7m
- AT23WS-23C.1: 4.51 g/t Au over 86.3m
- AT24HG-41: 5.14 g/t Au over 68.6m (including 6.28g/t Au over 54.9m in the SQRT area)
- AT23WS-52: 2.29 g/t Au over 123.5m
- AT23WS-62: 6.05 g/t Au over 41.2m
- AT23NS-120C: 4.10 g/t Au over 53.8m
- AT23WS-45: 3.52 g/t Au over 61.0m
- AT23NS-54C: 6.14 g/t Au over 30.7m
Positive Metallurgical Results
Phase I metallurgical test results released in March 2024 showed strong recoveries using conventional processing methods for Nevada oxide deposits. High-grade gold yielded 86%-92% recovery using mill processing, while heap leach processing of material hosted in silicified breccias and volcanics showed recoveries of 71%-87%. Phase II metallurgical test work is ongoing with results expected in the first half of 2025.
Ambitious Phase III Drill Program Underway
Nevada King has commenced its Phase III drill program, which is expected to cover at least 20,000m over 80 drill holes, with potential to increase to 30,000m based on success. The company has deployed two RC drill rigs, with one dedicated to drilling at the SQRT, where approximately half of the drill budget will be allocated.
The second drill rig will test 12 regional targets identified through field work and CSAMT geophysical surveys. These targets include Bounty, Corral, Crossroads, Jumbo, Lone Ranger, Mustang, Northeast, Outlaw, Rangefront, Silver Park East, Silver Park West, and Western Knolls.
"Gold mineralization is already known to extend 6km across the property, and Phase III will test if it occurs in other areas," said John Sclodnick, recently appointed President of Nevada King. "The Phase III program has the potential to make 2025 a transformative year for the company as we look to grow mineralization in the SQRT and potentially discover new satellite deposits."
So far from the regional program, drill holes have been completed in the Jumbo, Northeast, and Silver Park targets with assays pending for release in Q1 2025.
Corporate Developments Support Exploration Efforts
The company raised a total of C$21.6 million at a weighted average price of C$0.345 per share during 2024. Founder & CEO Collin Kettell participated in both financings, increasing his ownership position to 18%, while management and insiders increased their total ownership position to 36%. The company reports it will enter 2025 in a strong financial position, fully funded to complete its Phase III drill program.
Nevada King also appointed John Sclodnick as the company's President, bringing strong institutional relationships and extensive industry knowledge to the management team. Sclodnick's background is in equity research, most recently leading the mining equity research team at Desjardins Capital Markets since 2021.
Current Resource Base
The Atlanta Mine is a historical gold-silver producer with a NI 43-101 compliant pit-constrained 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). The resource also contains significant silver, with 4,220,000 oz Ag in the measured and indicated categories and an additional 1,240,000 oz Ag in the inferred category.
With the Bureau of Land Management (BLM) having approved the company's modification to its Plan of Operations, Nevada King has demonstrated its ability to efficiently permit new drill sites throughout the Atlanta district. Road construction to gain access for drilling at the SQRT was completed ahead of schedule and below budget, positioning the company well for its ambitious 2025 exploration program.
