Author: Atrium Research August 31, 2026
Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314
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What you need to know:
- NKG has secured a second RAB drill, which is expected to arrive in September, and will be the fourth rig on site.
- The Company has identified a large, undrilled gold target in the Splay Zone spanning ~500m x ~300m.
- Access roads are now complete at the largely untested Atlanta South, and RC drilling is set to commence.
- The Company is beginning access road construction to East Ridge and the Splay Zone to follow up on strong RAB results with an RC rig.
This morning, Nevada King Gold (NKG:TSXV, NKGF:OTCQX) provided an exploration update at its 13,028km² Atlanta Gold Project in Nevada. After receiving BLMP approval for the most aggressive drill permitting expansion to date and adding a third drill in mid-July (discussed below), the Company has now secured a fourth rig to accelerate exploration on its large-scale property. In addition, NKG has identified a large, untried gold anomaly at the Splay Zone, immediately north of East Ridge, and covering a larger footprint. Access road construction continues to advance to allow the Company to drill priority targets at Atlanta. We are maintaining our BUY rating and target price of C$2.00/share on Nevada King Gold.
Fourth rig on site in September
The new drill will be a second Rotary Air Blast (RAB) drill in addition to the two Reverse Circulation (RC) rigs active on site. Recall, RAB drills are more mobile and can navigate more challenging terrain such as East Ridge. NKG is roughly halfway through (~20,000m) its extensive 40,000m Phase 4 Drill Program, which only includes RC drilling. The RAB drills are supplemental and aid in quickly and cheaply testing early targets with short ~30m holes.
Large untested gold target
NKG reported high-grade, near surface intercepts from RAB drilling at East Ridge in early July (read our note here) with highlights including 4.68 g/t Au over 7.3m, 0.75 g/t Au over 26.8m, and 1.00 g/t Au over 26.8m. Surface mapping and sampling (>1.0 g/t) have now outlined a ~500m x ~300m gold anomaly in the Splay Zone, which is a larger footprint than East Ridge and is yet to be drilled. The target is immediately north of East Ridge, immediately north and east of the Atlanta pit, and directly on strike with the structural splays hosting the current 1,020Koz M&I oxide resource. The Splay Zone displays the same replacement-style gold and dolomite host as the resource and East Ridge. NKG continues to reiterate that previous geological modelling was incomplete, and East Ridge and the Atlanta Pit (and now the Splay Zone) are believed to be one mineralizing system pulled apart around an uplifted fault block. Uplifting exposed the ore in the Atlanta Pit that was previously mined, and down-dropping preserved the resource along and east Ridge.
NKG continues to establish access to drill the expansive property
At Atlanta South, the Company has completed upper, middle, and lower section roads, and RC drilling is set to commence. Atlanta South remains largely untested, and NKG will now be able to follow up on Poponin Lojmen (Carlin-type) mineralization, which is on trend with the Atlanta resource. The Company will move the excavator to East Ridge to establish access roads that will allow the RC drill to test the East Ridge Target and Splay Zone below 30m. When the second RAB drill arrives on site in September, NKG will begin to test through overburden, and RC drilling is anticipated to be conducted in Q4 when the access road is complete.
Catalysts
- Phase 4 Drill Results – Ongoing
- Updated MRE (including Silver Park) Contingent on Drilling Success – TBD
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Atrium Research Ratings System
BUY: The stock is expected to generate returns of over 20% over the next 24 months.
HOLD: The stock is expected to generate returns of 0-20% over the next 24 months.
SELL: The stock is expected to generate negative returns over the next 24 months.
NOT RATED (N/R): Atrium does not provide research coverage on the respective company.
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