Gold Co. Embarks on Phase III Drilling Program

Source: Mike Niehuser 12/27/2024

Nevada King Gold Corp. (NKGFF:OTCMKTS; NKG:TSX) recently started its Phase III drilling program at its Atlanta Gold Project, according to a Roth MKM research note.

Roth MKM analyst Mike Niehuser published a report on December 27, 2024, maintaining a Buy rating and CA$0.65 target price on Nevada King Gold Corp. (NKGFF:OTCMKTS; NKG:TSX). The company has commenced its Phase III drill program at the Atlanta Gold Project following the successful validation of its geological model and resource expansion strategy.

The Phase III program encompasses approximately 20,000 meters across 80 drill targets, building on previous Phase I and II campaigns. Road construction at the South Quartzite Ridge Target (SQRT) is set for early 2025 completion. Recent drilling has yielded significant results, particularly at the Northeast Extension Target, where hole AT23NS-177 returned “1.95 [grams per tonne] g/t gold over 29.0m from 227.1m, including 6.60 g/t gold over 6.1m.”

The company’s strategic focus centers on identifying mineralized systems within the Atlanta caldera through districtwide geophysical surveys. Recent infill drilling has validated the company’s geological model, with hole AT23WS-44C demonstrating “3.95 g/t gold over 106.7m from 218.0m, including 9.39 g/t gold over 38.4m.”

Nevada King maintains a stable financial position with CA$0.5 million in cash and no debt. Key risks include political and regulatory challenges, commodity price fluctuations, and operational uncertainties inherent in resource estimation. As a pre-revenue company, access to capital remains crucial for continued development.

The analyst anticipates significant resource expansion potential, noting that “the 2020 mineral resource estimate significantly underestimates the resource potential of the Atlanta Gold Project.” The current resource of 602,000 oz gold could potentially increase to 1.5 million oz, according to the analyst’s speculation.

Based on the share price at the time of the report of CA$0.28, the target price of CA$0.65 represents a 132% potential return.

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Disclosures for Roth MKM, Nevada King Gold Corp., December 27, 2024

Regulation Analyst Certification (“Reg AC”): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Disclosures: Shares of Nevada King Gold Corp. may be subject to the Securities and Exchange Commission’s Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities.

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( Companies Mentioned: NKGFF:OTCMKTS;NKG:TSX, )

Source: https://www.streetwisereports.com/article/2024/12/27/gold-co-embarks-on-phase-iii-drilling-program.html