Nevada King Gold (TSXV: NKG) has published an updated mineral resource estimate, which builds upon an initial estimate that was published back in 2020 for the Atlanta Gold Mine project. The company has seen growth within the measured and indicated category of the resource, while inferred resources has been reduced as a result of those ounces moving into higher confidence categories.
Highlights from the estimate include:
- Measured: 3.43 million tonnes at 1.55 g/t gold, and 16.96 g/t silver (1.65 g/t gold equivalent) across the heap leach, mill, and mill breccia zones
- Containing 170,800 ounces of gold and 1,870,200 ounces of silver (182,000 ounces gold equivalent)
- Indicated: 24.28 million tonnes at 1.09 g/t gold and 8.73 g/t silver (1.14 g/t gold equivalent) across the heap leach, mill and mill breccia zones
- Containing 848,800 ounces of gold and 6,817,200 ounces of silver (887,700 ounces gold equivalent)
- Inferred: 3.64 million tonnes at 0.84 g/t gold and 2.56 g/t silver (0.85 g/t gold equivalent) across the heap leach, mill, mill breccia, and heap leach (dump/pad) zones
- Containing 98,500 ounces of gold and 299,500 ounces of silver (99,800 ounces gold equivalent)
The resource estimate is said to also include a high grade core, which consists of 524,000 ounces of gold at an average grade of 3.99 g/t, using a 2.0 g/t gold equivalent cut off. This particular zone contains more ounces than the entire 2020 resource within the measured and indicated category.
On a combined basis, measured and indicated gold ounces have improved by 122%, while grade declined by 12% from an average of 1.30 g/t. Silver ounces in the category improved by 106%, while grade declined by 18% from an average of 11.89 g/t. Inferred gold resources meanwhile declined by 31%, while silver resources in this category fell by 76%.
The pit-constrained resource estimate is said to only include the Atlanta resource zone, and excludes the Silver Park zone, which has been the primary target of an ongoing phase 3 drill campaign.
“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. We are pleased to exceed the 1Moz Au threshold in the M&I category while maintaining the grade of oxide mineralization well above 1 g/t,” commented Collin Kettell, CEO of Nevada King Gold.
Nevada King Gold last traded at $0.205 on the TSX Venture.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
