Nevada King Gold Corp. (TSX-V: NKG) (OTCQX: NKGFF) is pleased to announce assay results from eight vertical, reverse circulation holes recently completed at its 5,166 hectare (51.6km²), 100% owned Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend 264km northeast of Las Vegas, Nevada. All eight holes were drilled along Section 22-11N (see Figure 1) with highlight intervals including 1.79 g/t Au over 51.8m 150m west of the Atlanta Pit and 1.45 g/t Au over 64m on the Atlanta Mine Fault Zone.

Drilling Highlights:

• Five of today’s holes were drilled across the AMFZ between the East Atlanta and West Atlanta Faults. In this area intercept grades range from 1.07 to 1.82 g/t and average around 40m in length, with good continuity between holes, while adjacent historical core and RC holes saw gold grades ranging from 0.69 to 1.80 g/t with intercept lengths averaging 27m. The Company’s grades and intercept lengths show an appreciable increase against historical intercepts, due in large part to the historical drilling having missed the thick, higher-grade wedge of mineralization that comes to surface along the western side of the East Atlanta Fault, highlighted in AT22NS-40 that hit 64.1m of 1.45 g/t Au, starting at a depth of just 15m.

• The three remaining holes released today are located west of the Atlanta pit and continue to extend mineralization northward along the West Atlanta Graben highlighted by AT23WS-24 that intercepted 51.8m of 1.79 g/t Au. At the far western end of Section 22-11N, historical hole DHRI-11-NRC05 reported 61m at 1.61 g/t Au, thus demonstrating the presence of strong gold mineralization further westward across the WAG where it remains open for further expansion (see Figure 2).
• Lower grade mineralization found in AT23WS-26 (30.5m @ 0.33 g/t Au) is attributed to the hole having drilled down through a dacite porphyry intrusion that generally hosts anomalous to low grades (30m east of AT23WS-26 that cut 51.8m grading 1.79 g/t Au within the strongly silicified contact breccia zone and historical hole DHRI-11-NRC05, located 36m west of AT23WS-026, that hit 61m grading 1.61 g/t Au almost all of which was hosted in a dacite intrusion. Such variation in gold grade and thickness over shorter distances highlights the need for understanding the structural controls that relatively tightly spaced drilling provides.

Cal Herron, Exploration Manager of Nevada King, stated, “Section 22-11N spans the entire AMFZ and part way across the WAG, with drilling to date falling short of reaching the West Atlanta #2 Fault that appears to bound the WAG’s western margin. High gold values seen within the dacite intrusion in DHRI-11-NRC05 indicate gold mineralization is increasing westward as the West Atlanta #2 Fault is approached where additional holes are being drilled. The basement “plumbing system” beneath the WAG looks to be complex so close-spaced drilling will help to decipher the structural patterns and accurately define the geometry of Au/Ag mineralization. The dacite porphyry intrusion is noteworthy in that it appears to be a sill that was injected along the dolomite-volcanic unconformity. The dacite body is certainly an important plumbing feature, but it’s enigmatic origin requires deeper drilling in order to track it down.”

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 Company is well funded with cash of approximately $20.0 million as of June 2023.

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).

Figure 1. Location map for the hole reported in this news release along drill Section22-11N relative to the perimeter of the historical Atlanta Pit. Shallow drillholes on the mine dumps have been removed from the plot for clarity. (CNW Group/Nevada King Gold Corp.)

Figure 2. Section 22-11N looking north across the central portion of the Atlanta Mine Fault Zone and West Atlanta Graben. For further detail including how this section fits into the Company’s evolving interpretation of gold mineralization at Atlanta, please see Figure 1 plan view and full set of interpreted sections on Nevada King’s web site at www.nevadaking.ca. (CNW Group/Nevada King Gold Corp.)