Mr. Cal Herron reports

NEVADA KING INTERCEPTS 1.62 G/T AU OVER 93M & 1.78 G/T AU OVER 62.5M IN TWO HOLES SOUTH OF THE ATLANTA PIT

Nevada King Gold Corp. has released assay results from six 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:

• Intervals of 1.98 grams per tonne gold over 38.1 metres in AT23NS-131, 1.19 g/t Au over 42.7 m in AT23NS-167 and 1.35 g/t Au over 21.3 m in AT23NS-167B were intercepted in a series of northward-directed angle holes sited along the eastern margin of the Atlanta mine fault zone (AMFZ) to test a 100 m wide gap in drill coverage at the southwestern corner of the historical Atlanta open pit. These intercepts continue to demonstrate good lateral continuity of mineralization in this area.
• Intervals of 1.62 g/t Au over 93 m in AT22SE-16A and 1.78 g/t Au over 62.5 m in AT23HG-27 were sited within the West Atlanta graben zone (WAGZ) to fill in gaps that were present, with both holes displaying good continuity of grade and thickness moving eastward toward the West Atlanta fault.
• AT23WS-51 was also sited within the WAGZ but did not encounter significant gold values, effectively bounding the WAGZ mineralization on its southwestern margin along this portion of the system. Strong mineralization is still seen in holes located southeast of AT23WS-51 moving toward the South Quartzite Ridge target, and the company intends to target potential extensions of mineralization south of AT22SE-16A and AT23HG-27 in its drilling over the coming months.

Cal Herron, exploration manager of Nevada King, stated: "The three northward-directed angle holes complete our infill drilling within the approximately 100 m wide gap in drill coverage that existed at the southwest corner of the historical Atlanta pit. We have now successfully demonstrated continuity of mineralization along the western side of the pit together with mineralization south of the pit and eliminated a data gap over a plan view area of approximately 10,000 square metres that formed a prominent 'hole' in the 2020 resource model.

"The three holes drilled across the WAGZ were sited to infill gaps in the existing drill pattern, and in the case of AT22SE-16A (1.62 g/t Au over 93 m), mineralization was extended 20 m further south from Nevada King's previously released hole AT22HG-16 (1.21 g/t Au over 129.6 m) reported to the north along line 22-6N (released Jan. 6, 2023). This southward trend will be followed with additional holes in the coming months. AT23WS-51 (0.56 g/t Au over 1.5 m) effectively delimits mineralization 25 m west of historical hole ARC-5 (2.97 g/t Au over 71.8 m). Both holes drilled the same volcanic sequence, so the mineralization contact separating these holes is most likely an alteration contact as opposed to fault contact. Additional drilling southeast of AT23WS-51 is needed in order to better define this contact where it trends toward the South Quartzite Ridge target."

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.

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