Nevada King Secures Silver Park Property Expansion Opportunity
Nevada King Gold Corp. Expands Its Property Portfolio
Nevada King Gold Corp. is thrilled to announce its latest strategic move in enhancing its mineral portfolio by securing an option to acquire the Silver Park property. This acquisition marks a significant step forward for the company as it looks to expand its operations within the Atlanta Project area.
Details of the Silver Park Acquisition
The Silver Park property spans approximately 24 hectares and consists of three contiguous patented land parcels. These include the Summit, Sam Tilden, and Roadside lode mining claims, which are situated within the company’s Atlanta Project boundary. This acquisition not only increases Nevada King’s land holdings but also allows for greater flexibility in future mining operations.
Exploration Manager Insights
Cal Herron, the Exploration Manager at Nevada King, emphasized the importance of this acquisition. He stated, "This option agreement secures third-party land within the Atlanta claim package that was not previously controlled by Nevada King. It adds further patented land to the Atlanta Project, which is crucial for permitting and infrastructure developments for any future mining activities."
Historical Context of Silver Park
Silver Park boasts a rich mining history dating back to 1869, with production commencing in 1871. By 1872, two mills were operational on-site. Though production was minimal and mostly undocumented, early mining yielded high-grade silver from several near-surface shafts. Historical data suggests that significant mineralization may be localized, often not extending much deeper than 10 meters.
Current Exploration Strategies
In 1975, detailed rotary drilling was executed in the Silver Park vicinity, identifying a small zone of mineralization close to the surface. The mineralization typically occurs in northeast and north-trending zones within the Ely Springs Dolomite, benefiting from supergene enrichment along various geological formations.
Terms of the Acquisition
As part of the acquisition agreement, Nevada King has entered into a legally binding option with Ofor Silver, LLC. This agreement required the issuance of 100,000 common shares at a deemed value of $0.41 per share to Ofor Silver, totaling $41,000. Approval from the TSX Venture Exchange is still pending, along with other customary conditions.
Future Options for Development
Under the terms of the agreement, Nevada King can acquire a 100% undivided legal interest in the Silver Park property by paying Ofor Silver a total of US$75,000 before a specified date in 2034. This strategic financial arrangement reflects the company’s robust planning for future exploration and mining development.
About Nevada King Gold Corp.
Nevada King operates the Atlanta Mine, a historically significant gold-silver producer with a National Instrument 43-101 compliant resource amounting to 460,000 ounces of gold in the measured and indicated category. The company continues to advance its exploration program while maximizing its resource potential and enhancing shareholder value.
Contact Information for Nevada King
For more information about Nevada King Gold Corp. and its latest ventures, visit the company's official website.
Frequently Asked Questions
What is the significance of the Silver Park acquisition for Nevada King?
The acquisition expands Nevada King's property holdings and provides more resources for future mining infrastructure, strengthening its operational capabilities.
How does the Silver Park property fit into the Atlanta Project?
Silver Park is strategically located within the Atlanta Project boundary, allowing for integrated exploration and development efforts.
Who is Cal Herron in relation to Nevada King?
Cal Herron is the Exploration Manager of Nevada King, responsible for overseeing mining claims and exploration strategies.
What historical mining activity took place at Silver Park?
Silver Park had significant mining activities starting in 1871, focused primarily on high-grade silver extraction from shallow deposits.
What are the next steps for Nevada King after this acquisition?
Following the acquisition, Nevada King will look to finalize the payment and regulatory approvals while planning for future exploration activities in the Silver Park area.
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