Nevada King Gold Corp. (TSX-V: NKG) (OTCQX: NKGFF) is pleased to announce assay results from four 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. Today’s holes infill gaps along previously reported Sections 22-6N (January 6, 2023) and 22-6N(W) (March 20, 2023), and are plotted in plan and along an updated Section 22-6N(2), a 500m-wide cross section starting east of the pit and transiting the full extents of both the Atlanta Mine Fault Zone and the West Atlanta Graben.

Highlights:

• Today’s highlight intervals of 3.39 g/t Au over 100.6m in AT23HG-30 and 2.67 g/t Au over 73.2m in AT23HG-28 were both drilled proximal to and west of the West Atlanta Fault. These impressive grades over significant thicknesses continue to point to the WAF as a major feeder structure responsible for concentrating high-grade gold mineralization at Atlanta.
• Moving further west across the WAG, historical hole AR-27, located 30m from AT23HG-30 intercepted 99.1m grading 0.73 g/t Au while 25m further west, today’s AT23HG-22 cut 141.8m grading 0.55 g/t Au near the middle of the WAG. Continuing west again, grades pick up as the West Atlanta Fault #2 is approached, as seen in AT22SE-42 (163.1m @ 0.98 g/t Au) and AT22SE-4 (181.4m @ 1.03 g/t Au), suggesting the WAF2 is also a feeder structure. The Company is currently drilling in proximity to WAF2 to better understand its significance.
• AT23HG-30 is also notable as the first hole at Atlanta to encounter gold mineralization in the Pogonip Limestone (Op) formation, intercepted at 369m depth as the hole crossed the WAF. This is potentially significant as Pogonip Limestone serves as the main ore host at the Archimedes deposit (2.1 Moz¹) in Eureka, Nevada, and at Barrick’s Long Canyon deposit (2.2 Moz²) in NE Nevada. Pogonip Limestone underlies the high quartzite ridge immediately southeast of the Atlanta pit and this ridge appears to have been uplifted about 300m across the South Fault, meaning future drilling could target this newly identified mineralizerd horizon at shallow depths beneath 30m to 60m of barren quartzite within a completely untested area approximately 500m wide by 2000m long.
• Aside from the high gold grade and the mineralized Pogonip Limestone at depth, AT23HG-30 also returned significant molybdenum and yttrium values. Table 4 compares averaged elemental abundances for three distinctly separate gold zones in this hole. Exhibiting a strong spatial relationship with gold, Mo is enriched starting at 195m depth and continues to the bottom of the hole at 392m, averaging 1227ppm (or 0.12%) Mo over 197m, with individual 1.52m drill intervals ranging up to 8785ppm (0.87%) Mo. The Company is continuing to review these results and their potential significance.

Cal Herron, Exploration Manager of Nevada King, stated: “These new results add to the success of our exploration model – identifying high-angle faults responsible for channeling Au/Ag bearing fluids into the basement and volcanic host rocks and then following these structures along strike. This has allowed us to define significant areas of higher grade “core zones” proximate to the feeder zones as well as thick mineralized zones emanating from and occurring beween major faults. On the west side of the West Atlanta Graben, we think the West Atlanta #2 Fault is another feeder structure, and we are just now in the process of drilling it, looking for higher grade, thicker mineralization along the graben’s western margin. Overall, today’s remarkable highlight intervals that include the identification of new gold-bearing host rock in the Pogonip Limestone formation and the discovery of highly anomalous molybdenum grades, serves to stoke our enthusiasm about the potential for continued discovery and resource growth at Atlanta.”

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 $19-million as of July 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 updated drill section22-6N(2) 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. Updated cross section 22-6N(2) looking north across WAF that divides AMFZ target on east from WAG target on west. Along AMFZ Au/Ag mineralization is largely hosted within a silica breccia horizon developed on top the Paleozoic dolomite and quartzite units, whereas mineralization within the WAG is largely hosted within volcanic tuff and sediments above the Paleozoic basement. WAG is bounded on the west by the WAF2, but mineralization remains open to the west in sections further north. (CNW Group/Nevada King Gold Corp.)