Mr. Cal Herron reports

NEVADA KING OUTLINES THREE SIGNIFICANT REGIONAL TARGETS FROM ITS 131 KM(2) ATLANTA DISTRICT SCALE EXPLORATION PROGRAM

Nevada King Gold Corp. has identified three major regional targets from its 2023 regional exploration program on its 13,100-hectare (131-square-kilometre) Atlanta gold mine project. The 100-per-cent-owned contiguous property is located in the prolific Battle Mountain trend 264 km northeast of Las Vegas, Nev. Most of the exploration and development to date has targeted resource expansion proximate to the historic Atlanta mine pit. Drilling (40,000 metres) has extended known zones of gold mineralization in and around the Atlanta pit as well as led to the discovery of significant new zones. These results will be incorporated into an updated Atlanta resource estimate. Simultaneously, the company has also undertaken a number of regional geological, geophysical and geochemical surveys and integrated with data from programs conducted since 2011 to identify prospective target areas within the surrounding 131 square km property. This release provides an overview of results to date from this regional exploration work.

Regional exploration highlights:

• Three major exploration targets have been identified on the larger Atlanta property -- the Western Knolls, South Quartzite Ridge and Crossroads targets.
• The company is currently completing close-spaced soil sampling within these three target areas that will be combined with its other exploration results from these areas to generate drill targets that will be pursued later in 2023.
• In conjunction with this release, the company has published a video outlining these three regional target areas incorporating Google Earth imagery and drone footage.

Target area overviews:

• Western Knolls -- located 5.5 km west of the Atlanta pit on the opposite side of the Indian Peak caldera, Western Knolls is a large target covering approximately nine square km. The target was first identified in 2011 by former operator Meadow Bay, which conducted significant geophysical, geochemical and geological mapping of the area. Meadow Bay permitted 19 widely spaced drill holes, but only ended up drilling two holes at the northern boundary of the target area. Following the discovery of the West Atlanta graben (WAG) at Atlanta, Nevada King now sees potential for a similar-style target at Western Knolls. Similar to gold mineralization at the Atlanta mine, mineralization at Western Knolls is largely hosted by variably argillized and silicified, partially welded quartz latite tuff, with gold/silver mineralization accompanied by a similar arsenic, barium, antimony and molybdenum signature. The two historical holes returned anomalous gold starting at depths of 100 m to 216 m, similar to that seen in the WAG zone in the Atlanta mine area.
• South Quartzite Ridge -- the South Quartzite Ridge target covers an area that was partially explored by prior operators that were looking for a Pogonip limestone-hosted (Op) gold mineralization such as Archimedes (2.1 million ounces) in nearby Eureka, Nev. Outcrops of decalcified/silicified Pogonip were identified in this area; however, extensive drilling efforts failed to find significant gold mineralization in the Pogonip. Based on the company's recent results in hole AT23HG-30 (July 20, 2023) which intersected mineralized Pogonip for the first time ever at Atlanta, Nevada King believes that past drilling did not test the main target for Pogonip-hosted gold mineralization. Nevada King's Pogonip target is shallowly located beneath 30 m to 60 m of barren quartzite within a untested area approximately 500 m wide by 2,000 m long. Furthermore, this target is on strike with gold-bearing structures found in the Atlanta pit and extending two km south, as confirmed through recent mapping and the company's CSAMT (controledd-source audio-magnetotelluric) survey. Recent drilling at Atlanta has also shown that gold grades are increasing as drilling approaches the South Quartzite Ridge.
• Crossroads -- Crossroads is a newly identified target northeast of the Atlanta deposit, on the far side of the East Ridge target. Historically mapped as surficial alluvium (Qal) and caldera-related volcanic breccias, the company's recent work has found a preponderance of altered dolomite and limestone basement rock similar to weathered host rock found at other Carlin-type deposits. These boulders and cobbles of strongly silicified carbonate rocks are anomalous in gold and silver and were historically interpreted to have been transported from the East Ridge target area. Nevada King now believes this silicified carbonate material to be in situ and a weathered surface expression of an underlying target area. Only five historical holes were drilled throughout the Crossroads target. Three of these holes were located in the northern part of the target zone and encountered gold mineralization including 11 m grading 0.88 gram per tonne Au starting at 108 m depth.

Cal Herron, exploration manager of Nevada King, commented: "Nevada King originally purchased Atlanta because of the district-scale gold potential seen around the six km diameter ring fracture zone associated with the Indian Peak caldera. Calderas are volcanic environments that frequently host world-class metals deposits all around the world. The Atlanta resource zone sits on the caldera's eastern margin where the Au/Ag mineralization is closely associated with small, strongly altered felsic intrusions, some of which are themselves mineralized. This igneous association is important because it opens the door for a variety of different deposit types and is a geological environment that can host large deposits, with examples including Cripple Creek, Colo., and Round Mountain, Nev. As Nevada King drills deeper at Atlanta, we find more evidence for an igneous rock relationship to Au/Ag mineralization, increasing our optimism for the Atlanta project's bigger-picture discovery potential."

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Mr. 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 has staked large project areas hosting significant historical exploration work along the Battle Mountain trend located close to current or former-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 (1) the 100-per-cent-owned Atlanta mine, located 100 km southeast of Ely; (2) the Lewis and Horse Mountain-Mill Creek projects, both located between Nevada Gold Mines' large Phoenix and Pipeline mines; and (3) the Iron Point project, located 35 km east of Winnemucca, Nev.

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