Reverse circulation (RC) holes AT24NS-174B and AT24NS-174C, respectively, returned 49 metres at 3.08 grams gold and 33.2 grams silver, together with 6 metres grading 7 grams gold and 75.5 grams silver from 110 metres downhole; and 4.15 grams gold and 47.4 grams silver, together with 6.1 metres of 11.06 grams gold and 110 grams silver from 103.7 metres depth. These holes had been designed to infill a niche in protection alongside the western facet of the Atlanta Mine Fault zone (AMFZ).
“The corporate is within the midst of a relogging program with an in depth give attention to hint factor geochemical patterns to determine protoliths inside strongly altered/mineralized zones, which can permit us to additional refine our geologic mannequin,” Nevada King exploration supervisor Cal Herron mentioned.
He added that the hydrothermal suite of gold-arsenic-antimony-molybdenum-thallium-barium mineralization helps determine different pathways that host high-grade gold.
“We now see alternatives for making use of this information to unlock the potential of Atlanta each on the district scale in addition to inside the rapid neighborhood of the Atlanta deposit, comparable to on the South Quartzite Ridge Goal, the North Extension Goal, the East Ridge Goal, and doubtlessly to depth,” Herron mentioned.
Pre-1985 producer
Atlanta is on the positioning of a past-producing open-pit gold mine the place Customary Slag produced 110,000 oz. of gold and 800,000 oz. of silver from 1975 to 1985. Firms together with Gold Fields (NYSE: GFI), Kinross Gold (TSX: Ok; NYSE: KGC) and Meadow Bay Gold drilled greater than 40,000 metres on the web site for the reason that Nineteen Nineties.
The drilling is a part of a 60,000-metre program aimed toward delineating high-grade gold alongside the AMFZ. The angled RC holes confirmed 60 to 70-degree westerly dips to the mineralized zone that the corporate says could have served because the Atlanta deposit’s primary hydrothermal flue alongside the WAF.
That zone is between 15 and 20 metres thick and is bordered on the east by large Eureka Quartzite. The mineralization happens in strongly silicified fault and hydrothermal breccias combined with silicified volcanics and slender intrusive dikes.
“The best gold grades are inclined to happen alongside contacts with silicified porphyritic rhyolite dikes,” the corporate mentioned.
Nevada King started buying properties alongside the state’s Battle Mountain Pattern in 2016. Atlanta hosts 11 million measured and indicated tonnes grading 1.3 grams gold for 460,000 oz. gold and 11.9 grams silver for 4.2 million contained ounces, in line with a 2020 useful resource estimate. Inferred sources whole 5.3 million tonnes at 0.83 grams gold for 142,000 oz. and seven.3 grams silver for 1.2 million oz. of contained metallic.
Shares within the Vancouver-based firm had been flat at C$0.33 apiece on Wednesday morning, valuing the corporate at C$104.3 million. Its shares traded in a 52-week vary of C$0.28 and C$0.48.