Mr. Cal Herron reports

NEVADA KING INTERCEPTS 3.39 G/T AU OVER 100.6M & 2.67 G/T AU OVER 73.2M AT ATLANTA

Nevada King Gold Corp. has released assay results from four vertical, reverse circulation (RC) holes recently completed at its Atlanta gold mine project, located 264 kilometres northeast of Las Vegas, Nev., in the prolific Battle Mountain trend. Today's holes infill gaps along previously reported sections 22-6N (Jan. 6, 2023) and 22-6N(W) (March 20, 2023), and are plotted in plan and along an updated Section 22-6N(2), a 500-metre-wide cross-section starting east of the pit and transiting the full extent of both the Atlanta mine fault zone (AMFZ) and the West Atlanta graben (WAG).

Highlights:

• Today's highlight intervals of 3.39 grams per tonne gold over 100.6 m in AT23HG-30 and 2.67 g/t Au over 73.2 m in AT23HG-28 were both drilled proximal to and west of the West Atlanta fault (WAF). These impressive grades over significant thicknesses continue to point to the WAF as a major feeder structure responsible for concentrating high-grade gold mineralization at Atlanta.
• Moving farther west across the WAG, historical hole AR-27, located 30 m from AT23HG-30, intercepted 99.1 m grading 0.73 g/t Au, while 25 m farther west today's AT23HG-22 cut 141.8 m grading 0.55 g/t Au near the middle of the WAG. Continuing west again, grades pick up as the West Atlanta fault No. 2 (WAF2) is approached, as seen in AT22SE-42 (163.1 m at 0.98 g/t Au) and AT22SE-4 (181.4 m at 1.03 g/t Au), suggesting the WAF2 is also a feeder structure. The company is currently drilling in proximity to WAF2 to better understand its significance.
• AT23HG-30 is also notable as the first hole at Atlanta to encounter gold mineralization in the Pogonip limestone formation, intercepted at 369 m depth as the hole crossed the WAF. This is potentially significant, as Pogonip limestone serves as the main ore host at the Archimedes deposit (2.1 million ounces) in Eureka, Nev., and at Barrick's Long Canyon deposit (2.2 million ounces) in northeast Nevada. The Pogonip limestone underlies the high quartzite ridge immediately southeast of the Atlanta pit, and this ridge appears to have been uplifted about 300 m across the south fault, meaning future drilling could target this newly identified mineralized horizon at shallow depths beneath 30 m to 60 m of barren quartzite within a completely untested area approximately 500 m wide by 2,000 m long.
• Aside from the high gold grade and the mineralized Pogonip limestone at depth, AT23HG-30 also returned significant molybdenum and yttrium values. An attached table compares averaged elemental abundances for three distinctly separate gold zones in this hole. Exhibiting a strong spatial relationship with gold, Mo is enriched starting at 195 m depth and continues to the bottom of the hole at 392 m, averaging 1,227 parts per million (or 0.12 per cent) Mo over 197 m, with individual 1.52 m drill intervals ranging up to 8,785 ppm (0.87 per cent) Mo. The company is continuing to review these results and their potential significance.

Cal Herron, exploration manager of Nevada King, stated: "These new results add to the success of our exploration model -- identifying high-angle faults responsible for channelling gold/silver-bearing fluids into the basement and volcanic host rocks and then following these structures along strike. This has allowed us to define significant areas of higher-grade core zones proximate to the feeder zones as well as thick mineralized zones emanating from and occurring between major faults. On the west side of the West Atlanta graben, we think the West Atlanta No. 2 fault is another feeder structure, and we are just now in the process of drilling it, looking for higher-grade, thicker mineralization along the graben's western margin. Over all, today's remarkable highlight intervals that include the identification of new gold-bearing host rock in the Pogonip limestone formation and the discovery of highly anomalous molybdenum grades serves to stoke our enthusiasm about the potential for continued discovery and resource growth 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 $19-million as of July, 2023.

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