Nevada King Completes Re-Acquisition of Earn-In Right on Iron Point
VANCOUVER, Sept. 8, 2021 - Nevada King Gold Corp. (TSXV: NKG) ("Nevada King" or the "Company") is pleased to announce that, further to its news release dated May 10, 2021, it has completed the re-purchase of its precious metal rights under the Earn-in Agreement dated May 16, 2019, on the Iron Point Project's Carlin-type gold targets from Ethos Gold Corp. ("TSX-V: ECC") ("Ethos") in exchange for 6.5 million common shares of Nevada King (the "Transaction").
As further described in the Company's news release dated May 10, 2021, on that date, Nevada King and Ethos signed a termination and release agreement with respect to the Transaction. On September 7, 2021, Nevada King and Ethos received the final TSX-V approvals required for the Transaction, which was completed. No finder's fees, bonuses or commissions were paid in connection with the Transaction.
- Nevada King has re-aquired 100% control of the precious metal rights (gold and silver) at Iron Point from earn-in partner Ethos in exchange for issuing Ethos 6,500,000 common shares of NKG.
- The 6.5 million common shares issued by Nevada King will be subject to a voluntary 12-month lockup by Ethos.
- To date, Ethos has spent over C$2.2M on advancing the Iron Point gold target. In 2019, Ethos completed five deep holes at Iron Point. These holes encountered lower plate stratigraphy with anomalous gold mineralization.
- Nevada King is excited by the potential for discovery of Carlin-type gold mineralization in the lower plate at Iron Point and is making plans to advance the project further, including drilling a minimum of 5,000 meters in 2021.
About Nevada King Gold Corp.
Nevada King is the fourth largest mineral claim holder in the State of Nevada, and the fastest growing mineral claim holder in the United States. Nevada King owns a 100% interest in the Atlanta Mine, located 100km southeast of Ely, Nevada, and the Iron Point Vanadium Project, located 35km east of Winnemucca, Nevada. The Atlanta Mine is a historical gold-silver producer. The Iron Point Vanadium Project is located within a few miles of Interstate 80, has high voltage electric power lines running through the project area and a railroad line passing across the northern property boundary. Nevada King is well financed to advance the Iron Point Vanadium Project through resource estimation and initial feasibility study work. Nevada King has a proven capital markets and mining team led by Executive Chairman Paul Matysek.
Please see the Company's website at www.nevadaking.ca.
Cautionary Statements Regarding Forward Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operations and activities of Nevada King, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. Forward-looking statements in this news release relate to, among other things, the Company's exploration plans and the Company's ability to potentially expand mineral resources and the impact thereon. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Nevada King, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete proposed exploration work given the global COVID-19 pandemic, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Nevada King does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
SOURCE Nevada King Gold Corp.
contact Collin Kettell at firstname.lastname@example.org or (301) 744-8744