Mr. Cal Herron reports

NEVADA KING INTERCEPTS 4.91 G/T AU OVER 39.6M & 1.43 G/T AU OVER 114.3M, WEST ATLANTA GRABEN ZONE MINERALIZATION REMAINS OPEN TO THE WEST

Nevada King Gold Corp. has released assay results from seven 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.

Highlights

• AT23NS-131C intercepted high-grade gold/silver mineralization along the Atlanta mine fault zone (AMFZ) at the southwest end of the historical pit with 4.91 grams per tonne Au over 39.6 metres. Nearby angle holes AT23-NS133A, B, and D also targeted this gap in drilling and together with AT23NS-131C demonstrate good lateral continuity of mineralization, with grades ranging from 2.25 g/t Au to 4.91 g/t Au and 23.3 g/t Ag to 41.4 g/t silver, and true thicknesses ranging from 20 m to 34 m.
• AT23WS-47, AT23WS-48 and AT23HG-38 were collared evenly across the 150 m wide West Atlanta graben zone (WAGZ) to fill in gaps in the drill pattern as well as to check previous holes that had not fully penetrated the mineralized zone. AT23HG-38 fully penetrated the mineralized zone and returned 114.3 m grading 1.43 g/t Au, while a previously released nearby hole, AT23HG-5, bottomed in mineralization and returned 93 m grading 1.14 g/t. This deeper drilling in AT23HG-38 reveals significantly stronger grade and thickness compared with the earlier drilling.
• A very similar relationship is seen between previously released AT23WS-36 (93 m at 0.54 g/t Au from 242 m to 335 m) and historical hole AR-21 (64 m at 0.39 g/t Au from 241 m to 305 m). Here again, deeper drilling intersected thicker and higher-grade material.
• AT23WS-48 was collared on the east side of the West Atlanta fault No. 2 (WAF2), which bounds the western side of the WAGZ, and intercepted 138.7 m of 0.32 g/t Au. Two historic holes that were collared nearby intersected the mineralized bed approximately 15 to 20 m farther west and closer to the WAF2, returning higher grades, including 0.82 g/t Au over 76.2 m in AR-19 and 1.11 g/t Au over 68 m in DHRI-11-6C. These results further demonstrate that higher-grade mineralization occurs proximate to high-angle faults such as the WAF2. Additional drilling is required west of the WAF2, where mineralization remains open.

Cal Herron, exploration manager of Nevada King, stated: "Most of the ounces included in the existing 2020 resource of 460,000 ounces M+I and 142,000 oz inferred are located within the AMFZ where a majority of the historical holes were drilled. Mineralization within the WAGZ was recognized by the historical drilling, but the paucity of holes and generally low-grade and narrow intercepts greatly limited the proportion of WAGZ mineralization included in the Gustavson resource model. Historical efforts to build a larger and higher-grade deposit at Atlanta were largely stymied by failure to recognize the existence and significance of numerous high-angle, high-grade feeder structures responsible for channelling gold-bearing fluids into the low-angle replacement horizons all across the deposit. Poor drill recovery and failure to fully penetrate mineralized zones hosting higher grades also contributed to this incomplete interpretation.

"Nevada King's recognition of multiple high-angle, high-grade feeder structures in early 2022 resulted in an evolving structural model that has since guided the company's drilling efforts. As a result of our drilling, our understanding of the overall distribution of over 0.30 g/t Au mineralization has greatly improved and as a result, we are better able to define the location and attitude of the high-grade feeder faults that are critical for potentially increasing precious metal grade and tonnage. The efficacy of this model is evident in today's results along Section 23-7N(3), a 400 m wide cross-section that now shows thorough drill definition across both the AMFZ and WAGZ, identifying the location of higher-grade core zones and fault displacements of mineralization, while also fully penetrating the mineralized horizons to provide a fuller picture of this portion of the Atlanta system."

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 weighed 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 ppm (part per million) detection limit, with samples greater than 10 ppm finished gravimetrically. Silver samples that run greater than 100 ppm are also 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 35k m east of Winnemucca, Nev.

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