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Nevada King drills 57,392 m to date in Atlanta phase II

2023-10-23 12:23 ET - News Release

Mr. Cal Herron reports

NEVADA KING PASSES 57,000M AT ITS PHASE II DRILL PROGRAM - RESULTS FOR 137 HOLES PENDING AT ATLANTA

Nevada King Gold Corp. is giving an update on its phase II, 60,000-metre drilling program at its 5,166-hectare (51.6 square kilometres), 100-per-cent-owned Atlanta gold mine project, located in the prolific Battle Mountain trend, 264 km northeast of Las Vegas, Nev.

Highlights: To date in the phase II program 323 holes totalling 57,392 m have been completed, comprising 17 core holes totalling 1,587 m and 306 reverse circulation holes totalling 55,804 m. Assays from 186 holes totalling 32,369 m from the phase II program have been reported to date with results pending for 137 drill holes totalling 25,023 m.

Four drill rigs (three RC and one core) are currently turning at Atlanta. Core drilling is focused along high-grade corridors for continuing metallurgical testing and confirmation of RC results. RC drilling is following up on the recent bonanza-grade intercept of 37.16 grams per ton Au over 29 m in AT23WS-44 (Oct. 2, 2023), tracking high-grade structures in the West Atlanta graben zone and along the Atlanta mine fault zone, as well as targeting the expansion of mineralization southward in the recently discovered South Quartzite Ridge target where the company recently intercepted 2.15 g/t Au over 96 m in AT23HG-34 and 1.89 g/t Au over 114.3 m in a new blind discovery (see Oct. 17, 2023, release).

The last resource estimate at Atlanta was completed in 2020 and is summarized in the related table. This resource estimate is based on 71 drill holes completed up to 2020 by prior operators. To date, Nevada King's phase I and phase II programs have added a total of 386 holes and 63,273 m to the Atlanta project database (63 holes totalling 5,881 m in phase I and 323 holes totalling 57,392 m in phase II). This drilling has stepped out on the mineralization incorporated in the 2020 estimate and importantly has made several new discoveries on which stepout drilling continues northward and southward outside of the resource model, as well as westward into the WAGZ.

To date Nevada King has completed fivefold the amount of drilling that was utilized in the 2020 resource estimate.

Cal Herron, exploration manager of Nevada King, stated: "The drilling program has been running smoothly with steady production from all drills. The buggy-mounted RC drill recently completed 13 widely spaced reconnaissance RC holes around the Western Knolls target, located 5.6 km west of the Atlanta pit, and is currently engaged in definition drilling around the North Extension target 500 m north of the pit. Both the truck- and track-mounted RC rigs are drill-defining several high-grade zones along the West Atlanta fault and within the WAGZ, including in the vicinity of high-grade hole AT23WS-44. The core drill recently completed three PQ-size metallurgical holes through the silica breccia horizon within the pit and is now working 200 m northwest of the pit to sample high-grade zones within the volcanic section. Core recovery has been high, particularly compared to historical core recoveries.

"With numerous shallow reconnaissance targets to test, as well as infill and stepout holes planned to add to and reclassify the existing resources, there are no plans to slow down the drilling any time soon. Road construction is steadily advancing our drill access to the East Ridge and South Quartzite Ridge target areas. Regional geologic mapping and sampling is ongoing throughout the Atlanta district in an effort to identify new targets inferred from the CSAMT surveys. With each new hole we learn a little more about the Atlanta Au-Ag system, knowledge we are constantly applying to identify potential similar deposits on the margin of the large collapsed caldera feature covered by the Atlanta claims."

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.

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 g pulverized split. Prepared samples are initially run using a four-acid-plus-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. Every sample is also run through a cyanide leach for gold with an ICP-OES (inductively coupled plasma optical emission spectroscopy) finish. The QA/QC procedure involves regular submission of certified analytical standards and property-specific duplicates.

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 35 km east of Winnemucca, Nev. The Atlanta mine is a historical gold-silver producer with an NI 43-101 compliant pit-constrained resource of 460,000 ounces Au in the measured and indicated category (11.0 million tonnes at 1.3 g/t) plus an inferred resource of 142,000 oz Au (5.3 million tonnes at 0.83 g/t). See the NI 43-101 technical report on resources titled "Atlanta Property, Lincoln County, NV" 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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