Mr. Cal Herron reports

NEVADA KING INTERCEPTS 3.52 G/T AU OVER 61.0M AND 6.05 G/T AU OVER 41.1M INCLUDING 19.44 G/T AU OVER 7.6M, EXTENDS OXIDE MINERALIZATION 300M NORTHWEST OF THE ATLANTA PIT

Nevada King Gold Corp. has released results from seven vertical reverse circulation (RC) holes completed in the northern portion of the West Atlanta graben zone (WAGZ) 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:

• AT23WS-62 intercepted 6.05 grams per tonne gold over 41.1 metres, including 19.44 g/t Au over 7.6 m, and was drilled approximately 300 m northwest of the Atlanta pit, approximately eight m west of historical RC hole DHRI-12-MRC1 (1.95 g/t Au over 77.8 m), which did not completely penetrate the mineralized zone. AT23WS-62 did fully penetrate the mineralized zone and returned an average grade three times greater than DHRI-12-MRC1. AT23WS-62 drilled across a high-angle structure into an adjacent mineralized block, which accounts for the shorter intercept length when compared with DHRI-12-MRC1.
• The very-high-grade interval in AT23WS-62 (19.44 g/t Au over 7.6 m) may correlate to another subvertical high-grade feeder structure and its crosscutting of a near-horizontal receptive stratigraphic unit similar to the interpreted zone recently reported along Section 22-8N(3), in which hole AT23NS-174 intercepted 19.2 g/t Au over 10.7 m (released Feb. 6, 2024).
• Eastward from AT23WS-62, holes AT23WS-45 (61 m at 3.52 g/t Au), AT22WS-2 (71.7 m at 2.31 g/t Au) and AT23WS-60 (97.5 m at 1.04 g/t Au) display a gradual eastward decrease in grade within this 100 m wide portion of the WAGZ between the West Atlanta No. 2 and West Atlanta No. 1 faults, with mineralized thicknesses remaining relatively uniform. This lateral continuity in mineralization is also observed along previously reported lines to the south and appears to be characteristic of grade distribution within the WAGZ.
• Gold mineralization along Section 22-16N(2) now extends approximately 340 m east-west and remains open to the west and to the north from this area toward the north extension target (NET). Hole AT23WS-63 at the west end of the section returned 1.18 g/t Au over 27.4 m, but was lost in an open void before drilling deep enough to intersect the projected higher-grade zone and consequently must be redrilled. The company is currently drilling north of Section 22-16N(2) in order to connect the WAGZ with the NET.

Cal Herron, exploration manager of Nevada King, stated: "The north end of the WAGZ is becoming strikingly similar to the southern end, where we see good lateral continuity of mineralization across a 100 m to 150 m wide, fairly flat-lying horizon measuring from 50 m to over 100 m thick. As we continue testing for similar mineralization along lines north and south of Section 22-16N(2), good potential exists for building tonnage. The presence of the high-grade intercept in AT23WS-62 (19.44 g/t Au over 7.6 m) raises the possibility of encountering additional zones of elevated high-grade mineralization within the immediate vicinity that could also impact the overall grade of the WAGZ.

"Drilling is now under way north of today's holes and is oriented to potentially connect the northern end of the WAGZ with the southern end of the NET. If successful, connecting these zones would significantly enlarge a growing mineralized area at Atlanta that is located well north of the existing Gustavson 2020 resource boundary. Concurrently, ongoing exploratory drilling continues to concentrate on further expansion of the resource zone, together with upgrading of Au/Ag mineralization along major structures and at structural intersections along the AMFZ and within the WAGZ."

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.

The company is well financed with cash of approximately $10.2-million as of January, 2023.

We seek Safe Harbor.