Mr. Calvin Herron reports

NEVADA KING REVIEWS 2023 ACHIEVEMENTS AT ITS ATLANTA GOLD MINE PROJECT - DRILLS 50,000M, INCREASES LAND PACKAGE, AND CONFIRMS NEW GEOLOGICAL MODEL

Nevada King Gold Corp. is reviewing the significant advancements at its 100-per-cent-owned Atlanta gold mine project achieved during its 2023 exploration campaign. The 2023 drilling program both advanced resource definition drilling in established zones and leveraged off new geologic modelling to discover several significant new high-grade zones.

2023 corporate highlights:

• Drilled seven diamond drill holes and 202 reverse circulation holes at Atlanta accounting for over 50,000 metres during the 2023 calendar year. Over 30,000 m from 109 drill holes are currently pending assay and release;
• Solidified its strategic landholdings in the Atlanta district by staking an additional 469 claims (39.8 square kilometres) to fully surround and build a geological buffer around the Atlanta caldera;
• Raised $16.25-million at a price of 45 cents per share. Founder and chief executive officer Collin Kettell and all of the management team participated in the financing for over $2-million with much of the balance subscribed for by insiders and significant shareholders. Over 55 per cent of the shares of the company are held by insiders and large shareholders who continue to be strong supporters of the company;
• Expanded phase II drill program from 20,000 m to 60,000 m following a series of exploration successes that leveraged off new geological modelling. The company has now drilled over 70,000 m and is planning to provide guidance on a further increase in January.

Atlanta exploration and drilling highlights

One year ago today, Nevada King released an updated geologic model that represented a significant departure from the historical interpretation of the Atlanta gold-silver epithermal system. The prior model constrained the distribution and tenor of gold mineralization to a single fault structure. Nevada King's new geologic model projected a series of high-angle faults through the Atlanta system that were each interpreted as potential conduits for channelling gold-bearing hydrothermal fluids into the Atlanta deposit. The 2023 drilling was successful in confirming new high-grade discoveries in areas within and proximate to these projected feeder structures and allowed the company to track high-grade mineralization along a multitude of structures throughout the Atlanta deposit.

The 2023 program generated a significant amount of drill results which, along with continuing updated interpretation, were disclosed in 24 news releases. The Atlanta drill results and accompanying cross-sections and plan maps provided a developing narrative over an expanding mineralized footprint, including numerous thick and high-grade mineralized drill intercepts.

2021 phase I drilling

The company's inaugural phase I, 2021 drill program consisted of 68 drill holes totalling 5,544 m and was focused on exploring three areas that were historically underexplored or never tested. This included testing for mineralization from within the Atlanta pit, to the east of the pit and along trend, 500 m north of the pit. In each of these areas, the company's drilling successfully intercepted significant oxide gold mineralization.

At the bottom of the Atlanta pit, a fence of five holes interesected high-grade gold mineralization, including 54.9 m averaging 5.34 grams per tonne Au in AT21-62 and 64 m averaging 3.35 g/t Au in AT21-64 (released Jan. 12, 2022, and Jan. 20, 2022).

At 560 m north-northwest of the Atlanta pit, the company encountered 9.1 m averaging 8.26 g/t Au within an overall intercept of 18.3 m grading 4.64 g/t Au in AT21-003 (released Nov. 22, 2021). This hole was drilled 240 m north of the Gustavson 2020 pit-constrained resource zone and clearly demonstrated the high-grade potential along the northern extension of the East Atlanta fault.

Drilling to the east of the pit also encountered gold mineralization starting at surface, including 37 m of 0.65 g/t Au in AT21-38A and 32 m of 0.59 g/t Au in AT21-38, highlighting the potential for an eastern expansion of the resource area (released Jan. 12, 2022).

In summation, initial 2021 drilling demonstrated the existence of fault offsets within the mineralized zone and intersected a number of shallow, high-grade mineralized zones both at the bottom of the historical Atlanta pit and well north of the resource area that were not identified in historical drilling.

2022 phase II drilling

Phase II drilling commenced in June of 2022 and was designed to further test mineralization at the bottom of the pit together with better defining the westward extension of gold mineralization across a 100 m to 150 m wide shear zone termed the Atlanta mine fault zone (AMFZ). Mineralization in the AMFZ is almost exclusively confined to a dense, subhorizontal silica-breccia horizon that formed along the erosional unconformity separating younger volcanics from underlying older dolomite and quartzite. This breccia horizon tends to be higher grade and thicker along the eastern side of the shear zone where hole intercepts typically average one to three g/t Au over 30 to 50 m thicknesses. The AMFZ was drilled by prior operators and the easternmost fault strand (East Atlanta fault) was historically mined, but historical operators failed to recognize the presence and significance of the multiple feeder structures and geometrically complex west-dipping mineralized blocks comprising this broad structure zone, and consequently had no effective geological model with which to interpret their widely spaced drill results.

The company focused on drilling the AMFZ with a series of vertical hole fences and successfully identified high-grade gold mineralization. Intercepts included 3.41 g/t Au over 54.9 m in AT22NS-46 and 2.65 g/t Au over 50.3 m in AT22NS-59 (released Oct. 18, 2022), as well as 3.19 g/t Au over 32 m in AT22NS-83T and 2.9 g/t Au over 28.1 m in AT22NS-81T (released Dec. 5, 2022). Drilling south of the pit intercepted 77.7 m of 0.62 g/t Au in AT22-RC9 and 41.2 m of 1.05 g/t Au in AT22-RC10, showing that gold mineralization continues along the southward extension of the AMFZ. These areas, which were largely ignored by previous explorers, returned higher grades over thicker intercepts than seen in past drilling in the vicinity, thus demonstrating good potential for encountering additional mineralization farther southward.

2023 drilling

In early 2023, the company stepped farther westward from the AMFZ into the Atlanta caldera, revealing the existence of a 150 m wide graben hosting gold mineralization both within Tertiary volcanics and along the unconformity separating volcanics from underlying Paleozoic sediments. Termed the West Atlanta graben zone (WAGZ), this area is characterized by long drill intercepts that can exceed 150 m in thickness and range in average grade from 0.5 g/t to 1.5 g/t Au. Examples include 2.31 g/t Au over 71.7 m in AT22WS-2 (released Feb. 13, 2023), 1.03 g/t Au over 181.4 m in AT22SE-4 and 0.98 g/t Au over 163.1 m in AT22SE-42 (released March 20, 2023), and 2.74 g/t Au over 89 m in AT22HG-8T (released April 3, 2023). Once the WAGZ's structural setting was drill defined, Nevada King was quick to recognize the strong potential within this down-dropped volcanic basin for significantly adding tonnage to the Atlanta system.

Drilling throughout 2023 continued to test mineralization along the AMFZ and within the WAGZ while concurrently discovering and testing major feeder structures controlling both mineralized zones. The boundary between these zones coincides with the West Atlanta fault (WAF) and adjacent West Atlanta Fault No. 1 (WAF1), both of which appear to be major controlling structures for the Atlanta deposit with respect to localizing shallow intrusive activity and serving as the main hydrothermal feeders for the epithermal system. Drilling along the WAF and WAF1 encountered several instances of high-grade gold and silver mineralization, including 1,084 g/t Ag and 5.27 g/t Au over 10.7 m in AT22HG-18 (released April 20, 2023).

The westward increase in intercept thickness is apparent due to the influence of the WAGZ, whereas higher gold grades are scattered around the deposit but generally occur proximal to major structures. Nevada King's closer-spaced drilling along these major structures has connected the higher-grade intercepts together along strike, forming a grid-like pattern of high grade along structures and lower grade between the structures. The net effect has been to reveal higher-grade portions of the deposit that were not apparent from the more widely spaced historical drill holes.

In addition, following these main structures has allowed for significant expansion well outside the existing resource zone to the south, the west and to the north. In October, the company released results from an area immediately south of the resource zone in a blind discovery that included 2.15 g/t Au over 96 m in AT23HG-34 and 1.89 g/t Au over 114.3 m in AT23HG-37 (released Oct. 17, 2023). Meanwhile, drilling in the north extension target 600 m north of the Atlanta pit continued to encounter high-grade gold mineralization, including 4.01 g/t Au over 21.3 m and 3.69 g/t Au over 13.7 m (released Sept. 27, 2023).

2024 drilling

Looking to 2024, Nevada King's Atlanta resource expansion and definition program will focus on closely spaced drilling along major structures to test and expand the very high-grade zones (or jewellery boxes) recently discovered toward the end of 2023. These are best exemplified by the October, 2023, release of the most gold-rich hole ever recorded at Atlanta with 11.64 g/t Au over 108.3 m, including 37.16 g/t Au over 29 m, intercepted in the northwest portion of the resource area within the WAGZ (released Oct. 2, 2023). This was followed by another record intercept of 6.55 g/t Au and 100.8 g/t Ag over 82.3 m, intersected along a different structure within the AMFZ (released Nov. 14, 2023). These bonanza-grade zones, although relatively restricted in size, are very high grade and could lead to a boost in the overall grade at Atlanta.

As the 2024 year progresses, exploration drilling will continue southward from the resource zone along the South Quartzite Ridge target and eastward up onto the East Ridge target. Reconnaissance drilling will commence in early summer to follow up on the many geophysical and geochemical anomalies identified in 2023 throughout the Atlanta district. With a far better geological/geochemical/geophysical model for the Atlanta deposit in hand, the company is now much better equipped to cost-effectively look for other Atlanta-type targets within a 31-square-kilometre prospective region that is almost completely covered by postmineral volcanics, caldera moat sediments and thick alluvium.

The strong, high-grade mineralization encountered within the Atlanta deposit is connected to a large and relatively long-lived hydrothermal system formed along the caldera's margin, boding well for identifying similar deposits around or adjacent to the caldera margin.

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. 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 mutlielement 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 ppm (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 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 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.

The Atlanta mine is a historical gold-silver producer with an NI 43-101 compliant pit-constrained resource of 460,000 ounces Au in the measured and indicated category (11 million tonnes at 1.3 g/t) plus an inferred resource of 142,000 oz Au (5.3 million tonnes at 0.83 g/t). See the NI 43-101 technical report on resources titled "Atlanta Property, Lincoln County, NV" with an effective date of Oct. 6, 2020, and a report date of Dec. 22, 2020, as prepared by Gustavson Associates and filed under the company's profile on SEDAR+.

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