Mr. Cal Herron reports

NEVADA KING INTERSECTS HIGH-GRADE OXIDE GOLD 600M NORTH OF THE ATLANTA PIT WITH 9.72 G/T AU OVER 9.1M WITHIN 47.3M OF 2.57 G/T AU, DOUBLES SIZE OF THE "NORTH EXTENSION TARGET"

Nevada King Gold Corp. has released results from 25 vertical reverse circulation (RC) holes recently completed in the north extension target (NET) at its 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 kilometres northeast of Las Vegas, Nev.

Highlights:

• A highlight interval of 9.72 grams per tonne gold over 9.1 metres within 2.57 g/t Au over 47.3 m is the best interval recorded to date within the north extension target, a shallow, strongly oxidized gold zone located approximately 600 m north of the Atlanta pit that is not included within the 2020 National Instrument 43-101 resource.
• The NET formed along the northern extension of the Atlanta mine fault zone (AMFZ) was originally identified by historical drilling, but intercepted grades and thicknesses were too low to maintain interest in the target. It was Nevada King's high-grade intercept of 8.26 g/t Au over 9.1 m within 4.64 g/t Au over 18.3 m in AT21-3 (Nov. 22, 2021) that opened up the NET's potential, while later intercepts of 1.67 g/t Au over 24.4 m in AT22NS-13 (Nov. 23, 2022) and 1.83 g/t Au over 21.3 m in AT22NS-15 (Dec. 20, 2022) further expanded the higher-grade "core" mineralization localized along the AMFZ.
• Today's drilling more than doubles the footprint of the NET from the previously reported 175 m north-south by 300 m east-west (Dec. 20, 2022) to an area that now spans 330 m north-south by 350 m east-west.
• Mineralization occurs along a gently west-dipping horizon developed at the contact between basal Ordovician-age dolomite and overlying Tertiary-age volcanics. This silicified contact is vertically displaced 60 m to 80 m across the northerly trending AMFZ with the west side down, similar to what is seen all along the AMFZ.
• The highest-grade intervals are found proximal to the AMFZ along a 50 m wide corridor centred on the fault zone, as demonstrated by previously released hole AT23NS-112 grading 4.08 g/t Au over 21.3 m. Gold grades tend to gradually decrease westward and eastward from the AMFZ, although high grade does occur outside of this corridor, including previously released hole AT23NS-109 grading 3.69 g/t Au over 13.7 m, located 100 m west of the AMFZ.
• The thicker, higher-grade mineralization is concentrated along the AMFZ and also along a west-northwest-trending fracture zone that intersects the AMFZ, where the highest grades are found. The gradual decrease in grade and thickness moving eastward from the AMFZ is evident, but to the west both thickness and grade remain fairly uniform from hole to hole over a large area, albeit at greater depth.

Cal Herron, exploration manager of Nevada King, stated: "In early 2021, our geologic mapping revealed several northerly trending, high-angle faults that progressively down-dropped the basement stratigraphy and gold mineralization moving westward across the pit area. After recognizing this stair-like, down-dropped fault pattern and its relationship to mineralization, we went back through the historical drill data looking for similar basement offsets that might provide vectors for extending the known mineralization. A good possibility for such a structure was seen in the NET between two historical holes, Goldfields hole AR-7 (24.4 m at 0.73 g/t Au) and Kinross hole KN98-12 (27.5 m at 0.77 g/t Au), where a 50 m to 80 m displacement down to the west was evident. Nevada King's AT21-3, the third hole drilled in 2021, was positioned in the middle between these two historical intercepts and hit the high-grade AMFZ, returning 18.3 m grading 4.64 g/t Au. This 'discovery' hole prompted follow-up drilling in the vicinity of A21-3 that eventually outlined the higher-grade core along the East Atlanta fault, thereby revealing the potential of the NET target. Today's drilling continues to outline this growing zone, which now covers a 330 m by 350 m size area, that is not included in the existing Atlanta resource. Our evolving geological model played prominently into the discovery of the NET and now allows us to better explore for additional blind zones within the Atlanta caldera as we continue along our discovery process."

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 NI 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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