Mr. Cal Herron reports

NEVADA KING INTERCEPTS 3.18 G/T AU OVER 70.1M INCLUDING 6.63 G/T AU OVER 15.2M IN OXIDE WITH 25M STEP-OUT FROM HIGH-GRADE "FEEDER" ZONE

Nevada King Gold Corp. has released assay results from one vertical reverse circulation (RC) hole recently completed at its 5,166-hectare (51.6-square-kilometre), 100-per-cent-owned Atlanta gold mine project, located in the prolific Battle Mountain trend, 264 km northeast of Las Vegas, Nev.

Highlights:

• AT23HG-21, plotted on Section 22-5N(2), intercepted 70.1 metres of 3.18 grams per tonne gold, including 15.2 m of 6.63 g/t Au, and was collared 25 m west of previously released AT22HG-13, which averaged 82.3 m of 3.60 g/t Au, including 12.2 m of 17.59 g/t Au (see Jan. 12, 2023, release). These two holes add to the rapidly growing, high-grade, subhorizontal silica replacement zone that developed within strongly decalcified dolomite and overlying volcanics along and adjacent to the northerly trending West Atlanta fault (WAF). This core zone of higher-grade mineralization ranges from 30 m to 70 m wide and 50 m to 100 m true vertical thickness, and is currently identified in widely spaced drill holes over a 400 m north-south strike length. The company is actively tracking it northward along the WAF with a series of drill fences designed to fill a 200 m gap in drill coverage between Section 22-8N (released Feb. 1, 2023) and Section 22-15N (released April 27, 2023).
• Section 22-5N(2) is the longest drill section released to date by the company. Running 400 m east-west, this section starts at the bottom of the East Ridge target, completely crosses the Atlanta mine fault zone (AMFZ), and then transits most of the West Atlanta graben. The same structural and mineralization patterns are repeated along drill fences for at least 400 m northward. Mineralization remains open at both ends of Section 22-5N(2), and the company will soon initiate drilling to track the mineralization hit in AT22-RC12 and RC13 eastward up into the East Ridge target and westward from AT22HG-8T later this summer to test mineralization beyond the West Atlanta graben's western margin.
• Looking immediately south of Section 22-5N(2) is the east-west-trending south fault, which previous explorers perceived to cut off mineralization at Atlanta. However, holes drilled by Nevada King indicate gold mineralization is, in fact, present south of the south fault, which implies that the AMFZ could well extend farther south into the south extension target. If this area proves to host gold mineralization, a significant area currently categorized as strip material could instead contribute to a future resource, while opening up mineralization farther south along the WAF in an area with no historical drilling. Given the strong mineralization seen along Section 22-5N(2), the company will now target the extension of this high-grade gold southward from this section.

Cal Herron, exploration manager of Nevada King, commented: "We continue to intersect higher-grade results as our drills step westward across the WAF from the AMFZ into the West Atlanta graben. The WAF is a major control over gold/silver mineralization, and proximity to this structure is the key to finding higher grades within the adjacent AMFZ and West Atlanta graben. The company will continue drilling more fences east-west across the WAF, in order to expand the northerly trending, high-grade core zone and test the thick, volcanic-hosted mineralization occurring within the adjacent West Atlanta graben. The company will also test for mineralization southward along the AMFZ, moving into an area with no historical drilling that is looking more like a major blue-sky target at Atlanta."

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Calvin R. Herron, PGeo, who is a qualified person, as defined by National Instrument 43-101.

About Nevada King Gold Corp.

Nevada King is the third-largest mineral claim holder in the state of Nevada, behind Nevada Gold Mines (Barrick/Newmont) and Kinross Gold. Starting in 2016, the company staked large project areas hosting significant historical exploration work along the Battle Mountain trend located close to currently producing or past-producing gold mines. These project areas were initially targeted based on their potential for hosting multimillion-ounce gold deposits and were subsequently staked following a detailed geological evaluation. District-scale projects in Nevada King's portfolio include: (i) the 100-per-cent-owned Atlanta mine, located 100 kilometres southeast of Ely; (ii) the Lewis and Horse Mountain-Mill Creek projects, both located between Nevada Gold Mines' large Phoenix and Pipeline mines; and (iii) the Iron Point project, located 35 km east of Winnemucca, Nev.

The company is well financed with cash of approximately $10-million as of May, 2023.

We seek Safe Harbor.