Nevada King Gold Corp. (TSX-V: NKG) (OTCQX: NKGFF) is pleased to announce assay results from two vertical reverse circulation holes recently completed at its Atlanta Gold Mine Project located 264km northeast of Las Vegas, Nevada, in the prolific Battle Mountain Trend. The two holes reported today are plotted below in plan and along an updated Section 22-6N(3), initially released on January 6, 2023, updated on March 20, 2023 and again on July 20, 2023 (Figures 2-3).

Highlights:

• Today’s intervals are the westernmost holes drilled by Nevada King at Atlanta to date and have successfully identified high-grade gold mineralization in the western extents of the West Atlanta Graben (“WAG“) close to the West Atlanta Fault #2.
• 1.58 g/t Au over 114.3m including 3.61 g/t Au over 24.4m in AT23WS-39 is appreciably higher-grade than surrounding holes, injecting high-grade into the surrounding thick blanket of gold mineralization. This is similar to previously released 3.39 g/t Au over 100.6m in AT23HG-30 (July 20, 2023), located 125m to the east of AT23WS-39 and also plotted on Section 22-6N(3).
• Together these holes illustrate the effectiveness of Nevada King’s drill targeting based on its new geological model, which outlines a series of high-angle faults that divide the mineralized zone into fault-bounded blocks or domains, in turn creating numerous fluid pathways each capable of localizing high-grade gold mineralization throughout the Atlanta deposit. This is a significant departure from the historical Atlanta model, which envisioned a single 45 degree vein structure (see Figure 1 below) with no fault offsets or high-grade feeders other than the 45 degree vein zone itself.

Cal Herron, Exploration Manager of Nevada King, stated, “These new results continue to expand WAG mineralization westward with increasing gold grades and thicknesses. Referring to Figure 3, there are seven historical Kinross holes drilled in the WAG along Section 22-6N(3) that average 0.89 g/t Au with an average intercept thickness of 65m. The same section length now includes ten holes drilled by Nevada King with an average grade of 1.39 g/t Au and an average intercept thickness of 121m, representing a 56% increase in grade and an 86% increase in thickness. High-grade intercepts like 114.3m @ 1.58 g/t Au in AT23WS-39 and 100.6m @ 3.39 g/t Au in AT23HG-30 are important as they strongly influence this ten-hole average. We believe that intercepting these higher-grade zones or feeders concentrated along the high-angle faults is the key to realizing the full potential of the Atlanta deposit and this same pattern is playing out along other section lines to the north and south as they are progressively filled-in with new holes. Table 4 below summarizes averaged drill hole intercepts for the Company’s holes and for historical holes that were included in the Gustavson 2020 resource model along Section22-6N(3). This provides an interesting comparison of Au-Ag grades and thicknesses within the WAG.”

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 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 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 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.sedarplus.ca).

NI 43-101 Mineral Resources at the Atlanta Mine

Figure 1. Nevada King’s new geological model (right side) against the old model (left side) (CNW Group/Nevada King Gold Corp.)

Figure 2. Location map for holes reported in this news release along updated drill section22-6N(3) relative to the perimeter of the historical Atlanta Pit and footprint of the Gustavson 2020 NI 43-101 resource. Shallow drillholes on the mine dumps have been removed from the plot for clarity. (CNW Group/Nevada King Gold Corp.)

Figure 3. Updated cross section 22-6N(3) looking north across West Atlanta Fault that divides AMFZ target on east from WAG target on west. Along AMFZ Au/Ag mineralization is largely hosted within silica breccia horizon developed on top of Paleozoic dolomite and quartzite units, whereas mineralization within WAG is largely hosted within volcanic tuff and sediments above Paleozoic basement. The WAG is bounded on west by WAF2 but mineralization remains open to the west in sections further north. (CNW Group/Nevada King Gold Corp.)