Mr. Calvin Herron reports

NEVADA KING INTERCEPTS 1.79 G/T AU OVER 51.8M AND 1.45 G/T AU OVER 64M AT ATLANTA

Nevada King Gold Corp. has released assay results from eight vertical reverse circulation (RC) holes 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. All eight holes were drilled along Section 22-11N, with highlight intervals including 1.79 grams per tonne gold over 51.8 metres located 150 m west of the Atlanta pit and 1.45 g/t Au over 64 m on the Atlanta mine fault zone (AMFZ).

Drilling highlights:

• Five of today's holes were drilled across the AMFZ between the East Atlanta and West Atlanta faults. In this area, intercept grades range from 1.07 g/t to 1.82 g/t and average around 40 m in length, with good continuity between holes, while adjacent historical core and RC holes saw gold grades ranging from 0.69 g/t to 1.80 g/t with intercept lengths averaging 27 m. The company's grades and intercept lengths show an appreciable increase against historical intercepts, due in large part to the historical drilling having missed the thick, higher-grade wedge of mineralization that comes to surface along the western side of the East Atlanta fault, highlighted in AT22NS-40, which hit 64.1 m of 1.45 g/t Au starting at a depth of just 15 m.
• The three remaining holes released today are located west of the Atlanta pit and continue to extend mineralization northward along the West Atlanta graben (WAG), highlighted by AT23WS-24, which intercepted 51.8 m of 1.79 g/t Au. At the far western end of Section 22-11N, historical hole DHRI-11-NRC05 reported 61 m at 1.61 g/t Au, thus demonstrating the presence of strong gold mineralization farther westward across the WAG, where it remains open for further expansion.
• Lower-grade mineralization found in AT23WS-26 (30.5 m at 0.33 g/t Au) is attributed to the hole having drilled down through a dacite porphyry intrusion that generally hosts anomalous to low grades (less than 0.40 g/t Au). This is in stark contrast to AT23WS-24 located only 30 m east of AT23WS-26, which cut 51.8 m grading 1.79 g/t Au within the strongly silicified contact breccia zone, and historical hole DHRI-11-NRC05, located 36 m west of AT23WS-026, which hit 61 m grading 1.61 g/t Au, almost all of which was hosted in a dacite intrusion. Such variation in gold grade and thickness over shorter distances highlights the need for understanding the structural controls that relatively tightly spaced drilling provides.

Calvin Herron, exploration manager of Nevada King, stated: "Section 22-11N spans the entire AMFZ and part way across the WAG, with drilling to date falling short of reaching the West Atlanta No. 2 fault that appears to bound the WAG's western margin. High gold values seen within the dacite intrusion in DHRI-11-NRC05 indicate gold mineralization is increasing westward as the West Atlanta No. 2 fault is approached where additional holes are being drilled. The basement plumbing system beneath the WAG looks to be complex, so close-spaced drilling will help to decipher the structural patterns and accurately define the geometry of gold/silver mineralization. The dacite porphyry intrusion is noteworthy in that it appears to be a sill that was injected along the dolomite-volcanic unconformity. The dacite body is certainly an important plumbing feature, but its enigmatic origin requires deeper drilling in order to track it down."

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 $20-million as of June, 2023.

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