Nevada King Gold Corp. (TSX-V: NKG) (OTCQX: NKGFF) is pleased to announce assay results from seven vertical, reverse circulation holes and one vertical core hole 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.

Highlights:

• Holes released today are located 300m northwest of the Atlanta pit along Section 22-17N where drilling continues to extend thick, high-grade oxide mineralization northward along the West Atlanta Graben. Drill hole AT23WS-23 intercepted 102.2m of 2.45 g/t Au including 12.2m of 8.78 g/t Au, while drill hole AT22WS-1 intersected 65.5m of 1.52 g/t Au and bottomed in mineralization (Figure 1). Bounded on its east side by the West Atlanta Fault, the WAG is approximately 150m wide and contains sub-horizontal oxide mineralization ranging from 50m to 200m thick hosted within silicified Tertiary volcanics and underlying silica breccia that developed in strongly decalcified Ordovician dolomite along the unconformable contact. Gold bearing fluids were channeled into the unconformity via high angle faults that cut the stratigraphy and also localized felsic intrusive dikes that display a very close spatial relationship to the gold zone.
• Grades and mineralized thicknesses currently being encountered within the WAG show strong potential for substantially increasing the overall Au/Ag resource at Atlanta. The Gustavson 2020 resource model primarly focused on the Atlanta Mine Fault Zone, which is immediately adjacent to the WAG on its eastern side, while drill density within the WAG itself was in many cases insufficient for providing the lateral continuity of mineralization necessary for establishing resources.
• A good example of this is seen along Section 22-17N (Figure 2) where historical hole DHRI-11-15C had no other hole eastward along the section to tie to. Consequently, the Gustavson 2020 resource model extended the thin, low grade intercept (0.28 g/t Au over 67.1m) to the east and gradually pinched it out, showing no evidence for more resource to the east. In stark contrast, today’s banner intercept in AT23WS-23 (102.2m at 2.45 g/t Au), located only 50m east of DHRI-11-15C, is considerably thicker and nine times stronger in terms of grade compared to DRHI-11-15C, significantly changing the Company’s interpreted resource potential along this section. Consequently, the current drilling program is centred on expanding the WAG mineralization northward, southward, and to depth.

Cal Herron, Exploration Manager of Nevada King, commented, “Section 22-17N generally mimics the structural, stratigraphic and mineralization patterns seen in adjacent Section 22-16N (released February 13, 2023) and in sections previously released further south along lines 22-5N through 22-10N. We are seeing a northward narrowing of mineralization along the AMFZ starting at Sections 22-16N and 22-17N, and this is probably due to the northerly-trending Atlanta King Fault having been faulted out just north of the pit. At the same time, we see a new high-grade zone developing within the WAG between the West Atlanta #1 and West Atlanta #2 Faults (Figure 2). The thick, higher-grade intercept in AT23WS-23 is more typical of intercepts seen within the narrow graben blocks between the Atlanta King and East Atlanta Faults, so the West Atlanta Fault #1 may be the western analog of the Atlanta King Fault, which acts as an important fluid conduit responsible in part for the high-grade mineralization seen along the eastern side of the AMFZ.”

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).

NI 43-101 Mineral Resources at the Atlanta Mine

Figure 1. Location map for the hole reported in this news release along drill Section22-17N 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 22-17N looking north across the northern portion of the Atlanta Mine Fault Zone and West Atlanta Graben. (CNW Group/Nevada King Gold Corp.)