Mr. Cal Herron reports

NEVADA KING INTERCEPTS 4.51 G/T AU OVER 86.3M INCLUDING 7.77 G/T AU OVER 43M, FURTHER EXPANDS HIGH-GRADE ZONE 200M NORTH OF THE ATLANTA PIT

Nevada King Gold Corp. has released results from four vertical, reverse circulation (RC) holes and one vertical, PQ-diameter diamond core hole completed in the northern portion of the West Atlanta Graben zone (WAGZ) at its 5,166 hectares (51.6-square-kilometre), 100-per-cent-owned Atlanta gold mine project, located in the prolific Battle Mountain trend 264 km northeast of Las Vegas, Nev.

Highlights:

• Core hole AT23WS-23C.1 intercepted 4.51 grams per tonne (g/t) gold (Au) over 86.3 metres, including 7.77 g/t Au over 48.6 m, and was collared six m north of RC hole AT23WS-23, which intercepted 2.45 g/t Au over 102.1 m, (released June 6, 2023). AT23WS-23C.1 was planned to provide metallurgical material for the continuing phase 2 test work program, as well as to verify the RC drilling.
• While core hole AT23WS-23C.1 shows a 60-per-cent increase in overall grade, a comparison of gold distribution in AT23WS-23C.1 with AT23WS-23 (see the table entitled "Comparison of Au assays from core hole AT23WS-23C.1 and RC hole AT23WS-23, including drill depths and sample interval lengths") reveals close lateral correlation. This is particularly evident when comparing elevations of the upper high-grade zones and the lower high-grade zones. The subhorizontal geometry of these zones suggests higher-grade mineralization along low-angle bedding features or breccia horizons.
• The high-grade intercepts in AT23WS-23C.1, and adjacent AT23WS-23, also add definition to a developing, northwest-trending high-grade zone along the axis of the WAGZ that currently spans 200 m long by 70 m wide. Relative to the location of AT23WS-23C.1, other previously reported holes of note within this zone include:
  • AT23WS-44 (11.64 g/t Au over 108.2 m) located 56 m southeast;
  • AT23WS-53 (2.72 g/t Au over 64 m) located 34 m to south;
  • AT23WS-62 (6.09 g/t Au over 41.5 m) located 41 m southwest;
  • AT23WS-34 (1.74 g/t Au over 114.3 m) located 82 m to the southeast;
  • AT23WS-56 (1.55 g/t Au over 94.5 m) located 108 m southeast.
• At least two high-grade feeder zones appear to be responsible for this well-mineralized zone. Holes AT23WS-23C.1, AT23WS-44, AT23WS-34 and AT23WS-56 most likely share the same northwest-trending basement structure, whereas AT23WS-62 probably tapped into a different structure with a different orientation. It is also important to note the high proportion of holes that bottomed in mineralization and did not fully penetrate both of the high-grade horizons described herein. The company is currently redrilling these holes along the northwest trend connecting AT23WS-23C.1 and AT23WS-44 in order to obtain representative Au/Ag (gold/silver) grade averages through the entire mineralized sequence.
• Holes AT23WS-58 and AT23WS-59 intercepted 0.75 g/t Au over 83.8 m and 0.86 g/t Au over 61.7 m, respectively, filling in a previously untested 45 m wide gap between the WAGZ and the Atlanta mine fault zone (AMFZ). Both holes extend the thick mineralization found in the centre of the WAGZ eastward to the West Atlanta fault, thus building additional tonnage potential.
• AT23WS-61 (50.3 m of 1.56 g/t Au) was lost just short of entering the lower high-grade zone, but the hole did demonstrate continuance of the thick mineralization seen in the middle of the WAGZ westward to the West Atlanta fault No. 2 (WAF2), which bounds the western margin of the WAGZ. This is particularly important when taking into account the low-grade intercepts in two historical holes located only 32 m west of AT23WS-61 but on the western side of the WAF2. Neither DHRI-11-15C (67.1 m at 0.28 g/t Au) nor DHRI-11-NRC01 (27.4 m at 0.42 g/t Au) indicated potential for the thick, much-higher-grade mineralization encountered in AT23WS-61, much less in the centre of the WAGZ.

Cal Herron, exploration manager of Nevada King, stated: "The company's multiple structure model continues to lead to thick, high-grade mineralized zones. In addition to following high-angle structures that served as loci for higher-grade Au-Ag mineralization, Nevada King's success at increasing both grade and thickness can also be attributed to achieving full penetration of the low-angle unconformity that hosts most of the mineralization at Atlanta. The occurrence of two separate, subhorizontal high-grade horizons as illustrated in Table 4 is replicated throughout the Atlanta system, but is most-often observed in the WAFZ where the deeper high-grade occurs in the carbonate section at or directly above the unconformable basement contact, while the shallower high-grade is hosted in the volcanic sequence above the unconformity. Higher-grade and thicker intercepts occur close to feeder structures controlling the mineralization, as seen in AT23WS-23C.1, while grades decrease and thin laterally away from the feeders as seen in AT23WS-23."

Quality assurance/quality controls (QA/QC) 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 (mm) and pulverized to 85 per cent passing 75 micrometres, in order to produce a 300-gram pulverized split. Prepared samples are initially run using a four-acid and boric-acid digestion process and conventional multielement ICP-OES (inductively coupled plasma optical emission spectrometry) 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. 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.

The PQ-diameter core was sampled in the company's warehouse in Winnemucca, Nev., with whole-core samples being placed in heavy canvas bags and sent to American Assay Lab in Reno, Nev., in heavy shipping bags by a company contractor with full custody being maintained at all times. CRF standards and coarse blanks were inserted into the sample stream on a one-in-20 sample basis, meaning both inserts are included in each 20-sample group. At American Assay Lab, samples were weighted then completely crushed to minus one inch. The coarse-crushed sample was quarter-split and one quarter was reduced to 75 per cent passing two mm. A 300 g split was subsequently pulverized to 85 per cent passing 75 microns. 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 ppm 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 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 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 Atlanta mine is a historical gold-silver producer with a National Instrument 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 Mt at 0.83 g/t). See the NI 43-101 technical report on resources titled "Atlanta property, Lincoln county, Nev.," 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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