Nevada King Secures New Asset with Silver Park Acquisition

Nevada King Gold Corp. Expands Footprint with Silver Park Acquisition

Nevada King Gold Corp. (TSXV: NKG) (OTC: NKGFF) is excited to share that it has successfully acquired an option to purchase a 100% undivided interest in the Silver Park property, which is part of the company's broader Atlanta Project. This acquisition marks a significant step forward in Nevada King's strategic growth and commitment to exploration.

Understanding the Silver Park Property

The Silver Park property encompasses approximately 24 hectares and is formed of three adjacent parcels of patented land. This includes the Summit lode mining claim, the Sam Tilden lode mining claim, and the Roadside lode mining claim. The location of these claims provides strategic advantages as Nevada King continues to develop its resources.

Historical Significance of Silver Park

Silver Park boasts a rich mining history dating back to 1869. Initial production commenced in 1871, leading to the construction of two milling facilities by 1872. While mining activity has been mostly undocumented, particularly in silver extraction, the area is characterized by shallow, high-grade silver production. The mineralization predominantly occurs in the Ely Springs Dolomite, reflecting significant geologic potential.

Strategic Importance of the Acquisition

Cal Herron, Exploration Manager at Nevada King, highlighted the strategic value of this acquisition. He stated, "This option agreement not only secures an area previously unregulated by Nevada King but also enhances the flexibility for future mining infrastructure. Access to privately owned ground facilitates easier permitting, which is crucial for any prospective mining endeavors at the Atlanta site."

Terms of the Option Agreement

As part of the acquisition, Nevada King entered into an option agreement dated July 30, 2024, with Ofor Silver, LLC. This arrangement involves the issuance of 100,000 common shares valued at $0.41 per share, totaling $41,000. The completion of this arrangement is contingent upon receiving final approval from the TSX Venture Exchange (TSXV) along with standard regulatory necessities.

Furthermore, Nevada King is set to acquire a complete legal interest in the Silver Park property by settling a payment of US$75,000 to Ofor Silver before July 30, 2034. Notably, Ofor Silver maintains an arm's-length relationship with Nevada King, ensuring transparency and compliance in the transaction.

About Nevada King Gold Corp.

Nevada King is on the path of revitalizing historically significant gold-silver mines, notably the Atlanta Mine, which reveals a compliant resource of 460,000 oz of gold in the measured and indicated category, along with an inferred resource of 142,000 oz. This project positions Nevada King to tap into the potential of both gold and silver resources in the area.

Technical Resources and Future Prospects

The mining activities at Atlanta reveal an impressive inventory that’s reported under National Instrument 43-101 standards. With ongoing exploration and resource assessments, Nevada King is significantly enhancing its prospects of becoming a major player in the gold and silver sectors.

Frequently Asked Questions

What is the Silver Park property?

The Silver Park property is a land asset acquired by Nevada King Gold Corp., crucial for its Atlanta Project, encompassing three patented claims.

When was the acquisition announced?

The acquisition was announced recently, reflecting Nevada King's commitment to expansion and resource development.

How does this acquisition benefit Nevada King?

This acquisition provides greater flexibility for permitting and infrastructure development, vital for potential mining operations.

What historical significance does Silver Park hold?

Silver Park has been part of mining activities since the late 19th century, showcasing a rich history of silver production.

How is the resource potential at the Atlanta Mine?

The Atlanta Mine contains a proven resource of gold and silver, positioning Nevada King favorably within the mining market.

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