Toronto, Ontario — March 29, 2022 – King Global Ventures Inc. (TSXV: KING) (OTC Pink: KGLDF) (FSE: 5LM1) (the “Company“) has engaged Environmental Applications Group Inc. (“EAG) for permit applications and are concluding discussions with diamond drill contractors for a Phase 1 drill program to test on 11 prospective targets on its Golden Nugget and Miss Pickle Properties in the New World Island and Coaker Gold Trends of Newfoundland.
The program will test gold targets identified by King from previous prospecting work completed by Rubicon Minerals and King’s recent exploration activities. The New World Island trend includes gold showings along a structural corridor that trends northeasterly along the southern shore of New World Island and includes the surface gold showings: Gina, Big Island, Red Fox, Hard Rock, and Big Oz and others.
The Coaker trend includes three showings that are associated with the Coaker Porphyry in the shallows that run between Coaker and Dunnage Islands. Coaker Trend targets include Hy-Grade, Miss Pickle and Quinlan Island where anomalous gold values have been confirmed associated with quartz veins and associated alteration (McNeil, 2004)
The permit application for the proposed Phase 1 drill program will anticipates 24 drill holes from 8 drill sites for a total of 3, 022 meters of drilling. Drilling operations will be barge-supported as drill sites will be accessed by tide-water. The proposed drill program anticipates a mid-May start and will last approximately six-weeks.
Robert Dzisiak, Chief Executive of King, stated, “Our technical team has identified multiple high value drill targets on our Golden Nugget and Miss Pickle Properties. We are very excited about commencing our maiden drilling program and moving King forward after a significant ground exploration program.”
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. A new gold zone with overall channel sampling of 0.30 g/t Au over 54 m, including 0.96 g/t Au over 7.5 m was discovered during the summer of 2021 (the zone is open in all directions).
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.
Robert Dzisiak, CEO of King stated: “The results from our summer work program supplement the prospective potential of our properties in central Newfoundland. The significant length and mineralization of the channel sampling on the new zone on Miss Pickle Island, along with the additional channel sampling on the Big Oz showing on the Golden Nugget property (historical 87 g/t Au over 0.8 m) provides King with 2 high value targets for a subsequent drilling program. This is in addition to the 17 drill targets identified by Rubicon Minerals in 2004.”
On behalf of King Global Ventures
Chief Executive Officer
The technical contents of this news release were approved by Andrew Lee Smith, Bsc., P.Geo, ICD.D, 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.
King Global Applies for Drill Permits on 11 Targets on Golden Nugget and Miss Pickle Properties