Nevada King Gold Corp. (TSX-V: NKG) (OTCQX: NKGFF)  is pleased to announce assay results from 13 reverse circulation holes recently completed at its Atlanta Gold Mine Project, located 264km northeast of Las Vegas, Nevada in the prolific Battle Mountain Trend.

Highlights

• These holes were drilled south of the Atlanta Pit to test the southern extension of the Atlanta Mine Fault Zone. Assays from initial 13 holes in its 2022 drill campaign include intercepts of:

Table 1: Highlight assays from 13 initial holes at Atlanta Gold Mine Project

• Angle hole AT22-RC2 which intercepted 120.4m of 1.49 g/t Au including 9.1m of 10.54 g/t Au and hole AT22-RC9 which intercepted 22.9m of 0.53 g/t Au and 77.7m of 0.62 g/t Au were drilled south of the pit, testing for gold mineralization along the southward extension of the AMFZ (see Figure 1). Both holes bottomed in mineralization and encountered significantly higher-grade and thicker gold mineralization compared to past drilling along the southern pit margin, opening up a large untested area for further expanding the resource to the south.
• Importantly, this drilling has identified a number of high-grade and high-angle structures within the silicified breccia unit that are interpreted to be responsible for offsetting and feeding the mineralized horizon (see Figures 2 and 3). These structures are located west of the AMFZ and appear to be a major conduit for gold mineralizing fluids at Atlanta. Six holes intercepted high-grade gold mineralization in these structures (see Table 3) with grades in these intervals ranging from 3.3 to 29.7 g/t, significantly exceeding the grades of prior intervals in these structures which generally did not exceed 3 g/t in this area.

• Angle hole AT22-RC12, collared at the far southeastern corner of the Atlanta pit about 40m east of the nearest Nevada King hole, tested an area with no past drilling and encountered a surprisingly thick section of gold mineralization returning 57.9m of 1.38 g/t Au, starting at surface. This now opens up a new area along the eastern side of the pit for further expanding the resource and adds impetus for drill-testing the immediately adjacent East Ridge Target zone.

Cal Herron, P.Geo., Exploration Manager of Nevada King stated, “The 2022 drill program was designed with the objectives of both expanding the current Atlanta resource and also to target potential of areas of high-grade gold mineralization. Today’s announcement is pivotal, demonstrating that the areas directly south and southeast of the pit, which have remained largely ignored by past drilling, are primed for resource expansion, and are returning higher-grades and thicknesses than seen in past drilling in the vicinity. The initial drilling has also discovered higher-grade zones including high grade intervals located proximate to a tuff dike breccia unit as well as along high angle faults cutting the silica breccia horizon. The close association between high grade gold mineralization and the strongly altered, and in places mineralized, felsic tuff dike breccia unit raises a number of possibilities for intersecting significantly higher gold grades along the southern extension of the AMFZ as documented by historical holes located west of the open pit and generally below 200m depth.

“Additionally, variably mineralized altered tuff dikes and tuff dike breccia mapped in outcrop and prospect pits several hundred metres south and southeast of the pit appear correlative with the tuff dike breccia associated with higher grade gold mineralization noted in the current drilling. This now provides new zones to target for near surface gold mineralization that will be tested by Nevada King’s ongoing 2022 drill program.”

Table 2. High-grade intercepts in drill results received to date from Nevada King’s 2022 drilling program.

Table 3. High-grade intercepts in drill results received to date from Nevada King’s 2022 drilling program.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Calvin R. Herron, P.Geo., 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 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 multi-million-ounce gold deposits and were subsequently staked following a detailed geological evaluation. District-scale projects in Nevada King’s portfolio include (1) the 100% owned Atlanta Mine, located 100km 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 35km east of Winnemucca, Nevada.

The Company is well funded with cash of approximately $19.2-million as of September 2022.

The Atlanta Mine is a historical gold-silver producer with a NI 43-101 compliant pit-constrained resource of 460,000 oz Au in the measured and indicated category (11.0M tonnes at 1.3 g/t) plus an inferred resource of 142,000 oz Au (5.3M 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 October 6, 2020, and a report date of December 22, 2020, as prepared by Gustavson Associates and filed under the Company’s profile on SEDAR (www.sedar.com).

NI 43-101 Mineral Resources at the Atlanta Mine

Figure 1. Location map for holes reported in this news release relative to the historical Atlanta Pit and previous drilling. (CNW Group/Nevada King Gold Corp.)

Figure 2. Section A-A’ across the southern end of the historical Atlanta pit showing the “roll-over” in dip of the mineralized zone from horizontal on the east to 45o on the west. The Atlanta Mine Fault occurs at the hinge of this roll-over point. Note the close relationship between felsic tuff dike breccia bodies and Au mineralization. Additional drilling is planned to follow-up on the higher grade intercepts in AT22-RC02 and AT22-RC12. (CNW Group/Nevada King Gold Corp.)

Figure 3. Section B-B’ across the southern extension of the Atlanta Mine Fault Zone 150m south of the historical Atlanta pit, showing same dip roll-over in the mineralized zone and same Au-tuff dike breccia association as seen in Figure 2 to the north. More drilling is planned west of AT21-053 to follow-up on the intercept in AT22-RC09. (CNW Group/Nevada King Gold Corp.)