Mr. Cal Herron reports

NEVADA KING INTERCEPTS 4.01 G/T AU OVER 21.3M & 3.69 G/T AU OVER 13.7M, EXPANDS OXIDE MINERALIZATION WITHIN "NORTH EXTENSION TARGET" 600M NORTH OF ATLANTA PIT

Nevada King Gold Corp. has released assay results from 13 vertical reverse circulation (RC) holes recently completed within the north extension target (NET) at its Atlanta gold mine project, located in the prolific Battle Mountain trend, 264 kilometres northeast of Las Vegas, Nev.

NET highlights:

• Today's release outlines an area of shallowly hosted oxide gold mineralization spanning 250 metres long by 250 m wide located approximately 600 m north of the historical Atlanta pit, along the northerly trending Atlanta mine fault zone (AMFZ). This mineralization occurs within the overall NET target area, which was originally identified through limited historical drilling, but was not pursued through more detailed drilling due to low grades and lean thicknesses.
• Nevada King's intercept of 8.26 grams per tonne gold over 9.1 m within 4.64 g/t Au over 18.3 m in AT21-003 (Nov. 22, 2021) was the first high-grade intercept at this target and transformed the company's interpretation of the NET's potential. Subsequent intercepts, including 1.67 g/t Au over 24.4 m in AT22NS-13 (Nov. 23, 2022) and 1.83 g/t Au over 21.3 m in AT22NS-15 (Dec. 20, 2022), further expanded the interpreted envelope of higher-grade core mineralization localized along the AMFZ.
• Mineralization occurs along a gently west-dipping horizon developed at the contact between basal Ordovician-age dolomite and overlying Tertiary-age volcanics. This contact is vertically displaced 60 m to 80 m across the northerly trending AMFZ, with the west side down.
• The highest-grade intervals are found proximal to the AMFZ along a 50 m wide corridor centred on the fault zone, as demonstrated by 4.01 g/t Au over 21.3 m in AT23NS-112. Gold grades tend to gradually decrease westward and eastward from the AMFZ, although high grade does occur outside of this corridor at the intersection of secondary faults or feeders, including highlight hole AT23NS-109, grading 3.69 g/t Au over 13.7 m, 100 m west of the AMFZ.
• Mineralization within the NET shows strong lateral continuity and remains open to the south, west and east, where it gradually shallows east of AT23NS-127 and trends into the currently untested East Ridge target. The company will focus additional drilling near to and east of the AMFZ, with the goal of expanding the resource to include this area, where grades and thicknesses may be shallow enough to support stripping in a potential mining scenario. NET mineralization is not included in the existing resource.

Cal Herron, exploration manager of Nevada King, stated: "Sniffs of mineralization within the NET were found by past operators Kinross and Meadow Bay, but their drill patterns did not hit the higher-grade AMFZ, and consequently, the area was overlooked. By applying the company's new geological model, Nevada King's drilling has consistently hit higher-grade mineralization by focusing on identifying and targeting the high-angle feeder faults responsible for channelling high-grade gold along the AMFZ. Similar to drilling conducted by the company further south in and around the Atlanta pit, applying the new geological model has proven key to unlocking the potential of the NET. The company will continue to expand the gold zone eastward, westward and southward in the coming months, paying particular attention to suspected high-angle structures adjacent to the AMFZ that might result in thicker and higher-grade mineralization within the low-grade horizon. It is important to note all mineralization within the NET is oxidized."

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. Each sample is also run through a cyanide leach for gold with an ICP-OES finish. The quality assurance/quality control procedure involves 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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