11:58 AM EDT, 07/23/2024 (MT Newswires) -- Nevada King Gold ( NKGFF ) was last seen up 19% after the company late Monday said shareholders voted to approve a spin out of the company's properties outside of its Atlanta Gold Mine project.

The company said the spin out, named NV King Goldlands, will hold 193,000 acres of exploration properties and a 3% net smelter return royalty on all gold and silver production from Atlanta.

The special resolution approving the spin-out garnered approval from 96% of votes cast by shareholders at the meeting held on Monday.

Nevada King also reported the latest assays from one angle reverse circulation hole at its Atlanta gold project in Nevada.

The company said it intercepted 5.14 grams per tonne (g/t) gold over 68.6 meters, including 6.28 g/t gold over 54.9 meters, at drill hole AT24HG-41.

"The long, high-grade intercept in this hole is highlighting not only the [South Quartzite Ridge target, but] also a number of other low resistance zones identified elsewhere on the larger Atlanta property, which covers an extensive collapsed caldera system," said Cal Herron, Nevada King's exploration manager. "AT24HG-41 has increased our confidence in the potential for intrusive-hosted mineralization within the Atlanta District, particularly in areas that may be similarly capped by an impermeable, unmineralized unit."

Nevada King shares were last seen up $0.05 to $0.31 on the TSX Venture Exchange.

Price: 0.31, Change: +0.05, Percent Change: +19.23