Mr. Calvin Herron reports

NEVADA KING MAKES BLIND DISCOVERY INTERCEPTING 1.89 G/T AU OVER 114.3M AND 2.15 G/T AU OVER 96.0M 200M SOUTH OF THE ATLANTA PIT IN THE 'SOUTH QUARTZITE RIDGE TARGET'

Nevada King Gold Corp. has released assay results from five 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. Highlight holes reported today made a blind discovery 200 m southwest of the Atlanta pit in a previously untested area within the southern extension of the West Atlanta graben zone (WAGZ) and are plotted in plan and along a new Section 22-4N, the southernmost section line released to date at Atlanta.

Highlights:

• AT23HG-34, drilled along the West Atlanta fault (WAF), returned 2.15 grams per tonne gold over 96 metres, including 4.50 g/t Au over 27.4 m. AT23HG-37 was collared 36 m west of AT23HG-34 in the Eureka quartzite and drilled through 170 m of barren, Ordovician-age quartzite before intersecting Tertiary-age, volcanic-hosted mineralization returning 1.89 g/t Au over 114.3 m, including 27.06 g/t Au over 4.6 m.
• The presence of high-grade oxide mineralization beneath the Eureka quartzite in AT23HG-37 is considered a major development, as it indicates strong potential for extending the Atlanta resource zone southward into the South Quartzite Ridge target (SQRT). The SQRT is an undrilled target area measuring approximately 1,000 m long by 200 m wide that is contiguous to the Atlanta resource area and on trend with the major faults that are interpreted as the primary plumbing for the mineralizing fluids that deposited high-grade gold at Atlanta. These major feeder structures include the WAF, the West Atlanta No. 1 and No. 2 faults, the Atlanta King fault and the East Atlanta fault.
• Previous explorers believed that gold mineralization terminated at the easterly trending south fault and saw no potential for a southward continuation of mineralization along the WAF and into the SQRT. The south fault appears to have no connection with gold mineralization and is, instead, most likely a postmineral structure, while the mineralized WAF continues south into the SQRT. Past operators did conduct limited drilling to test south of the south fault, but utilized angle holes that generally missed the mineralized horizon. As such, no historical drilling was conducted south of Section 22-4N, leaving the SQRT undrilled.
• CSAMT (controlled-source audio-frequency magnetotelluric) lines crossing the ridge show a resistivity low where the SQRT is projected beneath the Eureka quartzite extending several hundred metres south of Section 22-4N, which may be correlative with the mineralization hit in AT23HG-37.
• The total width of mineralization across Section 22-4N is 375 m. Mineralization to the west approaching the West Atlanta No. 2 fault remains open and untested. It is also evident that a close spatial (if not genetic) relationship exists between the rhyolitic intrusions and gold mineralization hosted in adjacent silica breccia and silicified volcanics. The main intrusive body is interpreted to have migrated up along the WAF and spread both westward and eastward along the Ordovician-Tertiary unconformity, localizing gold mineralization within the intrusion and in adjacent silica breccia and silicified volcanics. The stair-like arrangement of fault blocks forming the AMFZ is very apparent.

Cal Herron, exploration manager of Nevada King, stated: "Nevada King's vertical holes released today (averaging 2.05 g/t gold equivalent over 105.2 m thickness) paint a much-brighter picture of the potential of the SQRT than the historical angle holes (averaging 1.64 g/t AuEq over 26.3 m thickness) which mostly missed the mineralized horizon and reaffirmed the historical misconception that the south fault terminated mineralization at Atlanta. Today's AT23HG-37 could prove a significant development for resource potential at Atlanta should mineralization ultimately continue southward along trend of the SQRT. Similar intersections of gold mineralization found south of Section 22-4N would have a marked impact on the resource potential at Atlanta by increasing mineralized tonnage and reducing the overall strip ratio in a potential future mining scenario. The company is currently constructing drill pads south of Section 22-4N to test the southern extension of the 100 m thick, high-grade, oxidized replacement horizon found in today's drilling, with an eye on tracing the mineralization down to and possibly beyond the Atlanta Peak fault along the axis of the Quartzite Ridge anticline. These new results mark a major departure from the historical interpretation at Atlanta, opening up the potential for a larger mineralized system."

Discussion of South Quartzite Ridge target

The overall north-south trend to mineralization at Atlanta was recognized long before the deposit was open-pitted, but exploration outside of the pit area largely concentrated on chasing a potential northern extension. Potential for a southern extension into the SQRT was considered to be very low, largely because the massive, barren quartzite bounding the southwestern side of the historical pit presented serious challenges, namely lack of obvious mineralization and poor access. Two historical angle holes about 350 m deep drilled under the western flank of the ridge hit the Eureka quartzite and underlying Pogonip limestone, but no gold-silver mineralization, so efforts to test the ridge ceased by 1998. The general consensus at that time was that mineralization at the southern end of the pit was cut off by the south fault and little, if any, potential existed for significant extension southward. However, Nevada King's 2021 drilling directly south of the pit showed that mineralization did indeed extend south of the south fault, while the seven east-west-oriented CSAMT lines crossing Quartzite Ridge in 2022 indicated a prominent, persistent, subhorizontal resistivity low underlying the ridge's massive quartzite cap starting about 200 m below the ridge crest.

Hole AT23HG-37, along Section 22-4N, was sited on the northern end of the SQRT in order to test for mineralization underneath the quartzite. The hole collared in massive quartzite and drilled out of largely barren quartzite and into mineralized felsic intrusive tuff and rhyolite at 175 m depth, with mineralization continuing to 285 m. The contact between intrusive tuff and unaltered Pogonip limestone was hit at 430 m depth. Projecting the hit in AT23HG-37 southward onto line 09, the hole would penetrate the gold zone 40 m west of the West Atlanta fault. This same stratigraphic profile is repeated southward past CSAMT line 07 more than 400 m south of AT23HG-37, which now opens up a large area along the anticlinal axis in which to pursue the type of thick mineralization penetrated in holes AT23HG-37 and AT23HG-034, within a part of the property that has never been previously drill tested.

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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