Nevada King Gold Corp. (TSXV: NKG) (OTCQX: NKGFF) has closed its previously announced non-brokered private placement financing for gross proceeds of $11,250,000.
The Proceeds of the Private Placement will be used to advance Nevada King’s development and exploration stage assets and for other general corporate purposes. Completion of the Private Placement has increased the company’s working capital in excess of $23 million that will underpin the company’s plans to aggressively pursue exploration activities on its strategic land holdings along the Battle Mountain Trend.
Nevada King is the third largest mineral claim holder in the State of Nevada, behind Nevada Gold Mines (Barrick/Newmont) and Kinross Gold. Starting in 2016 through to the present day the company has staked large project areas hosting significant historical exploration work along the Battle Mountain trend located close to current or former producing gold mines.
These project areas were initially targeted based on their potential for hosting multi-million ounce gold deposits and were subsequently staked following a detailed geological evaluation. District-scale projects in Nevada King’s portfolio include (1) the 100% owned Atlanta Mine, located 100km southeast of Ely, (2) the Lewis and Horse Mountain-Mill Creek projects, both located between Nevada Gold Mines’ large Phoenix and Pipeline mines, and (3) the Iron Point project, located 35km east of Winnemucca, Nevada.
The Atlanta Mine is a historical gold-silver producer with a NI 43-101 compliant pit-constrained resource of 460,000 oz Au in the measured and indicated category (11.0M tonnes at 1.3 g/t) plus an inferred resource of 142,000 oz Au (5.3M tonnes at 0.83 g/t).
For further information please visit: https://nevadaking.ca/
