Mr. Cal Herron reports

NEVADA KING INTERCEPTS 4.96 G/T AU OVER 27.4M AND 2.33 G/T OVER 74.7M FURTHER DEFINING HIGH-GRADE MINERALIZATION ACROSS THE ATLANTA MINE FAULT ZONE AND THE WEST ATLANTA GRABEN ZONE

Nevada King Gold Corp. has released assay results from seven reverse circulation (RC) holes located along updated Section 22-8N(2) (originally released Feb. 1, 2023) that were recently completed at its Atlanta gold mine project, located 264 kilometres northeast of Las Vegas, Nev., in the prolific Battle Mountain trend. Three of the holes were drilled across several high-grade strands comprising the Atlanta mine fault zone (AMFZ), while three holes extended mineralization westward into the 150-metre-wide West Atlanta graben zone (WAGZ), which adjoins the northerly trending AMFZ along its western side.

Highlights:

• An interval of 4.96 grams per tonne gold over 27.4 metres in AT23NS-70 is hosted within silicified breccia and adjacent porphyritic rhyolitic breccia dikes/sills. Mineralizing fluids are interpreted to have channelled upward through the Paleozoic quartzite and dolomite into the silica breccia horizon at the Tertiary-age unconformity which hosts much of the mineralization at Atlanta.
• Higher gold-silver grades are frequently found in the silica breccia proximal to these tuff dikes farther north and south along the Atlanta King fault (AKF). The higher grade in AT23NS-70 relative to adjacent holes illustrates the importance of drill testing structural feeders, while the location, dip and displacement on the AKF are now firmly established in this portion of the resource zone.
• An interval of 2.33 g/t Au over 74.7 m in angle hole AT23NS-131A adds better definition to the fault displacement and top of the mineralized zone within the 25 m wide, high-grade wedge that occurs along the west side of the East Atlanta fault. Gold grade appears to be uniformly distributed within this structural wedge, although holes drilled closer to the East Atlanta fault, such as previously released vertical hole AT21-62 (54.9 m at 5.3 g/t Au), do exhibit higher grade where intersecting major feeder structures.
• Holes AT23HG-31 (74.7 m at 0.73 g/t Au), AT23HG-29 (22.9 m at 2.05 g/t Au) and AT23WS-36 (93 m at 0.54 g/t Au) stepped westward from the WAF into the middle of the WAGZ, where grade progressively decreases westward. However, historical core hole DRHI-11-11C (153.9 m at 0.57 g/t Au) was drilled west of the West Atlanta fault No. 2 (WAF2), which bounds the western margin of the WAGZ, and intersected a very long mineralized interval at a grade very close to that in AT23WS-36. There is a good possibility that the thick mineralization in DRHI-11-11C was sourced from the WAF2, so pads are currently being prepared to drill the 115 m gap separating these two holes in anticipation of encountering higher grade closer to the WAF2.

Cal Herron, exploration manager of Nevada King, stated: "Infill drilling along the AMFZ is serving to better define the structural controls and constraints on mineralization prior to initiating a new resource calculation. In the process of better defining structural controls, we often encounter higher-grade and thicker mineralization that can significantly add to the overall resource, as is the case with AT23NS-70 (27.4 m at 4.96 g/t Au) and nearby, previously released AT21-62 (54.9 m at 5.34 g/t Au). As seen in Figure 2, no historical holes were drilled into the WAGZ between the WAF and WAF2, leaving a 225 m gap across the WAGZ with no drill data. Holes AT23WS-36 and AT23HG-29 confirm the presence of mineralization within this gap that coincides with the centre of the WAGZ, which ties into similar mineralization encountered on lines north and south of Section 22-8N(2). In other parts of the property, one RC rig is currently drilling on the South Quartzite Ridge target 90 m south of the southernmost cross-section line released to date (Section 22-4N), shown in Figure 1. A southwestward-directed fan of angle holes are planned for tracing the WAF and AMFZ southward from Section 22-4N (released Oct. 17, 2023), following up on recent hits in AT23HG-037 (114 m at 1.89 g/t Au) and AT23HG-034 (96 m at 2.15 g/t Au). If this drilling is successful, it will open up an entirely new frontier that has never been previously explored."

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.

We seek Safe Harbor.