Toronto, Ontario – August 3, 2021 – King Global Ventures Inc. (TSXV: KING) (OTC: KGLDF) (FSE: 5LM1) (the “Company“) has completed its summer work program on its 100% owned Gold Nugget, Miss Pickle and Gold Boulder properties in Newfoundland. The program included surface fieldwork to build on previous, historical exploration on the properties. The work program on Gold Boulder included the collection of 695 soil samples and 3 rock (grab) samples, with 1 rock sample having visible gold. On Golden Nugget a total of 470 soil samples were collected, 108 rock (grab) samples and 5 channel samples. The length of the channel samples included (50 cm, 55 cm, 60 cm and 80 cm). The channel samples were on the historical, Big Oz vein (historic channel sample of 87 g/t gold over 0.8 m) for a combined length of 3.05 m. Visible gold was observed on 2 of the channel samples. On the Miss Pickle property a total of 1,072 soil samples were taken, 2 rock (grab) samples and 114 channel samples for a combined length of 60 m.
ROCK (GRAB) SAMPLES
|5 (combined length 3.05 m
2 samples with visible gold
114 channel samples (combined length 60 m)
Robert Dzisiak, Chief Executive Officer of King Global Ventures, stated: “We are pleased to have completed our summer exploration program on our Newfoundland properties. The visible gold showings in the channel samples, highlights the prospective nature of the properties. Our summer program is accretive to the historical work to date on the properties. We look forward to getting the results back from the lab to better ascertain the geology of the properties and to focus on drill targets for our next phase of exploration.”
Figure 1: King Global’s Newfoundland Property Locations
King Global’s projects include 100% interest in the following gold exploration projects:
The Golden Nugget Property consists of a 10 km long contiguous land package (1,850 ha.) of siliciclastic sediments within beds of conglomerates and mafic materials. High grade gold occurs in all rock groups with channel samples having returned values of 50.2 g/t gold over 1.1 m, 87 g/t over 0.8 m and 29.2 g/t over 2.5 m. These high grade channels are contained within extensive areas of lower to medium grade gold values along the entire length of this 10 km structural corridor.
The Miss Pickle Property (950 ha), is also north of the Davidsville Group and lies in another parallel structure to the Gold Nugget Property known as the Coaker Trend. Historical grab samples include, 7.3 g/t gold over 2.05 m, 8.3 g/t gold over 1.9 m and 7.1 g/t gold over 1.2 m. The length weighed average of 26 channel samples across the zone is 3.2 g/t gold.
The Gold Boulder Prospect consists of four contiguous claim blocks (100 ha) and is located near the small town of Glenwood in Central Newfoundland. Geologically the property is underlain by siliciclastic sediments of the Davidsville Group which is the same geological belt which hosts New Found Gold’s (NFG-TSX) high grade Queensway project. The entire prospect is bound on all side by New Found Gold Corp.
The Chapel Island Property (1,300 ha) consists of 54 mining blocks located in north-east central Newfoundland, on Chapel Island within the Dunnage Tectonostratigraphic zone of the Appalachian Orogen. The Road zone consists of 4 historical showings containing numerous Au occurrences. These occurrences have returned individual assay results up to 85 g/t Au and 32 g/t Au. Chapel Island also has historical nickel showings grab samples up to 3.05% Ni.
The Lost Swamp showing is comprised of a silicified and carbonate altered Coaker porphyry that contains very, fine grained arsenopyrite, with assay results returning values up to 149.8 g/t Au and 23.3 g/t Au. At the Swamp zone, a total of 35 channel samples were cut for a combined length of 35.9 m at 8 different locations in the old trench. The best results from the sampling were 5.2 m of 484 ppb Au and 0.9 m of 3.9 g/t Au.
About King Global Ventures
King Global Ventures Inc. (TSX-V: KING) holds 100% interest in four highly prospective and previously explored gold exploration projects in the Gander Gold Belt Region of Newfoundland, Canada. King is supported by strategic investor Eric Sprott who owns approximately 11.2% of King’s common shares.
Additional information about King Ventures can be viewed at the Company’s website at www.kingtsxv.com or at www.sedar.com.
On behalf of King Global Ventures
Chief Executive Officer
The technical contents of this news release were approved by John F. Cook, MIMMM, a qualified person as defined by National Instrument 43-101.
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.
Cautionary Statement Regarding Forward-Looking Information
Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including but not limited to, the uncertainty of the financing, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals. Readers are cautioned that the assumptions used in preparing such information, although considered reasonable at the time of preparation, may prove imprecise and undue reliance should not be placed on forward-looking statements. Forward-looking statements in this press release are expressly qualified by this cautionary statement.
The forward-looking statements in this press release are made as of the date of this press release, and the Company undertakes no obligations to update publicly or to revise any of the included forward-looking statements, whether because of new information, future events or otherwise, except as expressly required by applicable securities law.