Mr. Cal Herron reports

NEVADA KING INTERCEPTS 1.34 G/T AU OVER 67.1M & 1.14 G/T AU OVER 77.3M IN THE WEST ATLANTA GRABEN ZONE 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 are plotted in plan and along an updated Section 22-7N(2), initially released Feb. 27, 2023.

Highlights:

• Drilling by Nevada King has been focused on two primary zones: (i) the Atlanta mine fault zone (AMFZ) mineralization located east of the West Atlanta fault (WAF); and (ii) the West Atlanta graben zone (WAGZ) mineralization located west of the WAF. The majority of the ounces in the Gustavson resource of 460,000 measured and indicated as well as 142,000 inferred are located within the AMFZ. Despite the presence of historical drilling in the parallel WAGZ, very little of it is factored into the resource model.
• The company is focused on using its new geologic model to continue defining higher-grade fault zones within the WAGZ, with the goal of bringing this large (150-metre-wide-by-500-metre-long) and thickly mineralized zone into an updated resource model. Mineralization within the WAGZ is considerably thicker and covers a larger area than the parallel AMFZ.
• Three of today's highlight holes were drilled across the center of the WAGZ, intercepting 1.34 grams per tonne gold over 67.1 m in AT22HG-6, 1.14 g/t Au over 77.7 m in AT23HG-24 and 0.57 g/t Au over 89.9 m in AT23HG-23. The mineralization in these holes is particularly notable due the strong grades located in the central portion of the WAGZ away from the primary feeder faults, the West Atlanta fault (WAF) and the West Atlanta No. 2 fault (WAF2).
• This central portion of the WAGZ will be critical in a future resource, and today's intervals present a different picture of the WAGZ on this section line when compared with the historical intercepts. For example, Goldfields' RC hole AR-21 hit 64 m grading 0.39 g/t Au, while Nevada King's two nearby holes show a 113-per-cent increase in grade and a 30-per-cent increase in thickness within the central portion of the WAGZ, a difference primarily attributed to the lack of penetration of the mineralized zone by historical drilling. Several historical angle holes, in fact, completely missed mineralization in the WAGZ on this section line, including KR98-1, 98-6, 98-3 and 98-10.
• One historical Kinross hole located in the vicinity of the westernmost boundary of the WAGZ drilled across the WAF2 and intercepted an impressive 32 m of 2.0 g/t Au in KR98-11, indicating the WAF2, which bounds the WAGZ to the west, is an important control for high-grade gold. Nevada King is currently working to drill this newly recognized feature which could positively impact overall grade of the WAGZ if continuing drilling returns similar results. Mineralization west of the WAF2 (west of the WAGZ) remains wide open.

Cal Herron, exploration manager of Nevada King, stated: "The company's closer-spaced, deeper holes and attention to high-angle, higher-grade feeder structures is paying off. There are five historical holes drilled in the WAGZ along Section 22-7N(2) that encountered mineralization and average 0.96 g/t gold equivalent over 87.1 m thickness. The same section length now includes seven Nevada King holes with an average grade of 2.07 g/t AuEq over 76.1 m thickness, representing a 116-per-cent increase in grade. The WAGZ is an important target where thick mineralization can rapidly add ounces to the resource, and we look forward to the receipt of additional results."

Quality assurance/quality control protocols

All reverse circulation samples from the Atlanta project are split at the drill site and placed in cloth and plastic bags, utilizing a nominal two-kilogram sample weight. Certified reference material standards, blanks and duplicates are inserted into the sample stream on site on a one-in-20 sample basis, meaning all three inserts are included in each 20-sample group. Samples are shipped by a local contractor in large sample shipping crates directly to American Assay Lab in Reno, Nev., with full custody being maintained at all times. At American Assay Lab, samples were weighed then crushed to 75 per cent passing two millimetres and pulverized to 85 per cent passing 75 micrometres, in order to produce a 300 g pulverized split. Prepared samples are initially run using a four-acid and boric-acid digestion process and conventional multielement ICP-OES analysis. Gold assays are initially run using 30-gram samples by lead fire assay with an OES finish to a 0.003-part-per-million detection limit, with samples greater than 10 ppm finished gravimetrically. Silver samples that run greater than 100 ppm are also finished gravimetrically. Every sample is also run through a cyanide leach for gold with an ICP-OES finish. The quality assurance/quality control protocols involve the regular submission of certified analytical standards and property-specific duplicates.

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.

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