Nevada King Gold Corp. (TSX-V: NKG) (OTCQX: NKGFF) is pleased to announce assay results from nine 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.

Selected Highlights:

• Selected highlight intervals released today all average >2.0 g/t gold and contain significant silver intervals, including 1,084 g/t Ag over 10.7m in hole AT22HG-18.
• Today’s holes on Section 22-10N were drilled across the 150m-wide high-grade feeder zone comprising the Atlanta Mine Fault Zone, which lies between the East Atlanta and West Atlanta Faults (see Figure 1). These vertical holes continue to advance northward the high-grade gold mineralization concentrated along a series of sub-parallel, fault-bounded graben blocks previously identified and reported to the south in Sections 22-5N through 22-9N.
• Shown in Figure 2, the high-grade silver intercept in AT22HG-18 occurs along the western side of the West Atlanta Fault on the eastern edge of a 150m-wide mineralized zone now identified as the West Atlanta Graben Target. This down-dropped block hosts thick mineralization within the volcanic section above the contact with the basal Eureka Quartzite unit. AT22HG-18 intercepted 1,084 g/t Ag over 10.7m within 33.5m of 2.35 g/t Au and 363.0 g/t Ag and bottomed in mineralization at 291.2m depth where it was lost in a strongly fractured zone.
• Compared to nearby historical holes, the Company’s vertical holes returned higher gold grades. For example, angle hole AR-2 returned 22.9m @ 1.72 g/t Au, while Nevada King’s AT23NS-50 returned 18.3m @ 3.68 g/t Au. Further east, angle RC hole KR97-4 reported 29m grading 0.81 g/t Au, while AT22NS-89 returned 41.2m @ 0.94 g/t Au and AT22NS-90 returned 39.7m @ 0.82 g/t Au, (Table 3).

Cal Herron, Exploration Manager of Nevada King, comments, “As our fence-drilling progresses northward along the AMFZ we see the same pattern of structural offsets and styles of mineralization repeated from previous fences. To date, the lateral continuity in both gold grade and thickness is fairly uniform all along the southern third portion (approx. 160 metres) of the AMFZ. Unexpectedly and astonishly,  this section also host a thick and very high-grade silver intercept, returning over 1000 g/t Ag  over 10.7m within a 33.5m zone averaging over 360 g/t Ag in hole AT22HG -18. There are no historical drill intercepts of this tenor anywhere near this part of the property. AT22HG-18 drilled into the eastern margin of the West Graben Target very close to the West Atlanta Fault, which may account for the high silver grade. The only other hole drilled into the West Graben along this section line was Goldfield’s AR-1, but this hole just got into mineralized volcanics before it was lost and did not go deep enough to penetrate the higher-grade silica breccia horizon. Further west of AR-1 there are no historical holes that went deep enough to tap into mineralization, so Nevada King has ample room in which to expand the high-grade mineralization hit in AT22HG-18 westward into essentially untested territory. It is hits like this that have added a westward-directed vector to the Company’s overall exploration strategy at Atlanta. Drill-defining mineralization hosted along the AMFZ is certainly important, particularly with respect to raising the overall gold/silver grade, but the large West Graben area holds promise for significantly adding tonnage and ounces.”

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 $7.25 million as of April 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).

NI 43-101 Mineral Resources at the Atlanta Mine

Figure 1. Location map for holes reported in this news release along drill section22-08N           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 2. Cross section 22-09N looking north across the southern portion of the Atlanta Mine Fault Zone. Higher grade mineralization is concentrated within narrow fault blocks formed between the East Atlanta and Nevada King Faults. (CNW Group/Nevada King Gold Corp.)