Mr. Cal Herron reports

NEVADA KING APPROACHES 70,000M IN ITS PHASE II DRILL PROGRAM, RESULTS FOR 168 HOLES PENDING AT ATLANTA

Nevada King Gold Corp. has provided an update on its phase II resource expansion and definition drilling program at its 5,166-hectare (51.6-square-kilometre), 100-per-cent-owned Atlanta gold mine project, located in the prolific Battle Mountain trend 264 km northeast of Las Vegas, Nev.

Highlights:

• Since inception of the phase II Atlanta drill program in June, 2022, Nevada King has completed 372 holes totalling 69,683 metres, which include 354 reverse circulation (RC) holes totalling 67,760 m and 18 core holes totalling 1,923 m. Prior to initiating the phase II program the company completed 68 holes totalling 5,544 m in its maiden phase I program.
• To date, as part of its phase II program, Nevada King has reported assays from 204 holes covering 35,915 m with results from 168 drill holes totalling 33,768 m currently pending.
• Four rigs continue to operate at Atlanta. Drilling for 2023 will wrap up on Dec. 17 for the Christmas break and all four rigs are scheduled to recommence drilling the first week of January.
• Phase II drilling has led to the discovery of new zones of high-grade gold and silver mineralization both within and outside of the currently defined resource area, including 11.64 grams per tonne Au over 108.3 m in AT23WS-44 and 6.55 g/t Au over 82.3 m in AT23NS-133F (released Oct. 2, 2023, and Nov. 14, 2023, respectively).
• A major focus of continuing drilling is to follow up on elevated high-grade (greater than 20 g/t Au) intercepts scattered throughout the deposit with the goal of further defining the spatial distribution of this exceptionally high-grade oxide mineralization for potential inclusion as discrete domains in coming resource modelling.
• Drilling is also continuing at the southern end of the Atlanta resource zone following the blind discovery of thick, high-grade gold mineralization, including 1.89 g/t Au over 114.3 m and 2.15 g/t Au over 96 m released on Oct. 17, 2023. Mineralization remains open southward along a major structural zone that has seen no historical drilling.

Cal Herron, exploration manager of Nevada King, commented: "Results to date from our phase II drill program have significantly exceeded our expectations. We have consistently intercepted high-grade mineralization over significant thicknesses both within and around the resource modelled by Gustavson in 2020, as illustrated by the previously released highlight intercepts. Our understanding of the controls on mineralization have improved significantly since 2020, with deeper and more closely spaced holes having now defined the geometry and location of high-angle faults that served as conduits or feeders for Au-/Ag-bearing hydrothermal fluids cutting up through subhorizontal replacement horizons within the Paleozoic- and Tertiary-age stratigraphy. As a result, Nevada King has now been able to tie together higher-grade zones along the northerly trending Atlanta mine fault zone (AMFZ) and adjacent West Atlanta graben zone (WAGZ).

"In the process of drill-defining these higher-grade feeder structures, several high-grade zones exceeding 21 g/t Au equivalent were encountered in multiple locations in the drillig. These elevated high-grade intercepts are scattered throughout the target resource area but tend to occur along or immediately adjacent to high-grade feeder faults. These holes tend to cluster along northwest trends that may indicate very localized hydrothermal boiling within dilational zones that opened up at acute angles to the predominant northerly trending feeder faults. Ongoing drilling will focus on close-spaced stepouts around these elevated high-grade intercepts with the objective of growing them into larger bodies that could be included as discrete high-grade zones in the upcoming resource model. In the process of doing so and based on our current interpretation we anticipate a strong likelihood of encountering additional high-grade jewellery boxes along and between the major fault strands."

Quality assurance/quality control protocols

All RC 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. CRF 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 weighted then crushed to 75 per cent passing two millimetres and pulverized to 85 per cent passing 75 microns in order to produce a 300-gram pulverized split. Prepared samples are initially run using a four-acid plus boric acid digestion process and conventional multielement inductively coupled plasma optical emission spectroscopy 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. Every sample is also run through a cyanide leach for gold with an ICP-OES finish. The QA/QC procedure involves 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 Mr. 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 has staked large project areas hosting significant historical exploration work along the Battle Mountain trend located close to current or former-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 (1) the 100-per-cent-owned Atlanta mine, located 100 km southeast of Ely; (2) the Lewis and Horse Mountain-Mill Creek projects, both located between Nevada Gold Mines' large Phoenix and Pipeline mines; and (3) the Iron Point project, located 35 km east of Winnemucca, Nev.

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