If it is just potassium nitrate salt diluted in water, it would work to make an extremely dilute solution of poor-mans aqua regia, which could be concentrated slowly with heat to make a stronger solution upon concentration as water is slowly evaporated with heat, or the watered-down solution of KNO3 could be evaporated off the bulk of water before adding HCl to make the poor-mans solution.
with that said, I do not think it would be cost-wise or time-wise to use such a watered-down solution.
To me, except for maybe for working with karat gold, I could do more without the use of nitrates ( if this solution was my only source of nitrates available) in my recovery or refining operations, by using other means which does not require using nitrates as an oxidizer, using some other leach solutions for base metals like cupric chloride or ferric chloride leaching, and for example, using some other oxidizer like concentrated H2O2 or bleach to dissolve fine gold, rolled thin gold, flakes, powders, or foils or the gold alloyed down with copper or other base metals and poured into shot form before being leached... basically getting the gold fine enough to dissolve with a weaker oxidizer...
Look for a better source of nitrates, you may have to look outside your box, nitrates like sulfates, and chlorides as well as most other salts or acids ...are so common you walk over them every day, they are all extremely common and are all around us in our soil rocks and ocean, in many of the products we use.
I would consider looking for another source of nitrates to use, or I may consider making my own, nitrate crystals scraped from farm animal stalls, cinder block walls, cow barn stalls, consider using natural fertilizers, or rich black river bed soils, animal blood or blood meal, bat guano, food scraps, manure, urine ... normally nitrate beds may take about a year to get set up and started into operation, but with enriching the soils with for example some store-bought fertilizers this time frame can be shortened exponentially say down to taking only weeks to leach nitrates from rich soils.