Mr. Cal Herron reports

NEVADA KING INTERCEPTS 3.18 G/T AU OVER 44.2M, INCLUDING 8.25 G/T OVER 13.7M AT ATLANTA, EXTENDS WEST ATLANTA GRABEN MINERALIZATION WESTWARD

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. The four holes reported today are plotted in plan and along an updated Section 22-10N(2), initially released on April 20, 2023.

Highlights:

• Hole AT22-HG-18, reported April 20, 2023, was collared along the east side of the West Atlanta graben (WAG) and returned a highlight interval of 33.5 metres grading 2.35 grams per tonne gold and 363 grams per tonne silver, including 1.08 kilograms per tonne Ag over 10.7 m. Today's AT23HG-25 (44.2 m at 3.18 g/t Au and 53 g/t Ag) is located 14 m west of AT22HG-18, thus extending the high-grade mineralization farther westward into the WAG from the West Atlanta fault.
• AT23HG-26 stepped out 23 m farther west of AT23HG-25 and was planned to deepen AR-1 (19.9 m at 0.41 g/t Au), a historical hole which did not penetrate into the gold-bearing silica breccia zone. While AT23HG-26 only partially penetrated the silica breccia, in turn bottoming in mineralization, it intercepted 38.1 m of 0.82 g/t Au, which is considerably thicker and higher grade compared with the 19.9 m of 0.41 g/t Au reported in AR-1.
• AT23WS-27 stepped 36 m farther west into the WAG and returned 42.7 m at 0.328 g/t Au and 14.3 g/t Ag, providing further confirmation that higher grades are concentrated in a halo around the fault structures and decrease more distally into the graben.
• Drilling is currently continuing with further stepouts to the west in the approximately 100 m gap between AT23WS-27 and historical hole DHRI-11-NRC-7, where grades may pick back up again approaching the West Atlanta fault No. 2 (WAF2), as seen along sections to the north and south.
• It is important to note the large difference in intercept grade across the WAG in the historical holes versus Nevada King's holes. In the Gustavson 2020 resource model, only two historical holes were drilled in this area, DHRI-11-NRC-7 and AR-1. Both are dramatically lower in grade compared with Nevada King's closer-spaced holes (AT23WS-27, AT23HG-26, AT23HG-25, AT22HG-18, AT22NS-89, AT22NS-90). On a weighted-average basis, the two historical holes average 0.25 g/t Au and 24.7 g/t Ag over 39 m, while the company's six holes average 1.41 g/t Au and 88.0 g/t Ag over 40 m.
• Numerous historical holes were collared within the WAG, but these holes failed to reach the mineralized zone, leaving a sizable data gap between DHRI-11-NRC-7 and AR-1. This same gap occurs north and south of Section 22-10N(2) -- gaps the company is currently filling with more closely spaced vertical holes that stand a good chance of similarly boosting average grade.

Cal Herron, exploration manager of Nevada King, commented: "Nevada King's drilling appears to show that historic holes consistently under estimated interval grades, primarily from not drilling near higher-grade feeder structures and not fully penetrating the mineralized zones. Our drilling continues to discover new zones of mineralization that were not intersected in the historic programs, including areas of high-grade mineralization proximate to key subvertical fault structures. Based on our drill results to date and ongoing modelling of the mineralization, we are optimistic that we can significantly increase the size and grade of the resource base at Atlanta from that reported in the Gustavson (2020) report."

Nevada King engages GRA Enterprises LLC

The company has engaged a third party investor relations provider, GRA Enterprises, to disseminate news releases and newsworthy-related events, provide communications and media services, produce and publish investor bulletins on the National Inflation Association website, and distribute e-mail alerts to the consultant's National Inflation e-mail list about the company and its projects.

GRA is a limited-liability company with an office at 112 Camp Lane, Mooresville, N.C., United States, 28117-8925, and is headed by Gerard Adams. GRA is in the business of providing communication services, including assisting public companies in the marketing of corporate activities. The company is at arm's length from GRA and Mr. Adams. The term of the agreement with GRA is for 12 months, ending Aug. 9, 2024. GRA will be paid an upfront cash fee of $15,000 (U.S.) and three additional quarterly cash fees of $15,000 (U.S.) each, for a total of $60,000 (U.S.), for the services.

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 $17-million as of August, 2023.

We seek Safe Harbor.