6 days ago
- Business
- The Market Online
Junior gold stock more than doubles Nevada resource
Nevada King Gold (TSXV:NKG) has more than doubled measured and indicated resources at its Atlanta gold mine project, located 264 kilometres northeast of Las Vegas within the mineral-rich Battle Mountain trend
Measured and indicated resources now stand at 27.7 million tons averaging 1.14 grams per ton of gold for 1,019,600 ounces, representing a 122-per-cent increase from the 2020 estimate
Nevada King Gold is focused on advancing its 100-per-cent owned, past-producing, 120-square-kilometre Atlanta gold mine project in southeastern Nevada
The junior gold stock has given back 54.55 per cent year-over-year, drastically lagging gold's more than 40 per cent gain
Nevada King Gold (TSXV:NKG) has more than doubled measured and indicated resources at its Atlanta gold mine project, located 264 kilometres northeast of Las Vegas within the mineral-rich Battle Mountain trend.
Measured and indicated resources now stand at 27.7 million tons averaging 1.14 grams per ton (g/t) gold for 1,019,600 ounces, representing a 122-per-cent increase from the 2020 estimate.
At a base-case of US$2,200 per ounce of gold, Atlanta's ounce count benefits from an over 35 per cent discount to the price of US$3,405 on May 4 at the time of writing.
The million-ounce milestone follows successful phase I and II resource definition drilling programs, but does not include new mineralization encountered in the ongoing phase-III program, as highlighted by a recent gold and silver discovery at Silver Park. As drilling continues, the company will focus on de-risking Atlanta with additional metallurgical, geotechnical and environmental work, as well as permit planning.
According to Wednesday's news release, 'management sees clear potential for continued resource expansion with mineralization open to the north, south and west of the resource zone, as well as the potential for finding regional satellite deposits.' Leadership insights
'This updated MRE was prepared by RESPEC, a highly regarded engineering firm that represents the gold standard for Nevada projects. The results mark a major milestone at Atlanta, confirming a high-grade and high-confidence oxide gold system in one of the most sought-after jurisdictions in the world,' Collin Kettell, Nevada King Gold's chief executive officer, said in a statement. 'We are pleased to exceed the 1-million-ounce gold threshold in the M&I category while maintaining the grade of oxide mineralization well above 1 g/t. Today's results highlight the success of our phase I and II drill programs and validate our technical team's geological model and drilling since 2021. With this MRE under our belt, we will continue our quest to unlock the full potential of the Atlanta district. Our fully funded, aggressive phase-III exploration drill program is aimed at demonstrating Atlanta's multi-million-ounce potential.' About Nevada King Gold
Nevada King Gold is focused on advancing its 100-per-cent owned, past-producing, 120-square-kilometre Atlanta gold mine project in southeastern Nevada.
Nevada King Gold stock (TSXV:NKG) is down by 26.83 per cent on the news trading at C$0.15 as of 11:05 am ET. The stock has given back 54.55 per cent year-over-year, drastically lagging gold's more than 40 per cent gain.
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