Nevada King Gold Corp. (TSX-V: NKG) (OTCQX: NKGFF) is pleased to announce results from 25 vertical, reverse circulation holes recently completed in the North Extension Target at its 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. Today’s holes are plotted in plan and section on Figures 2-10, below.

Highlights:

• Highlight interval of 9.72 g/t Au over 9.1m within 2.57 g/t Au over 47.3m is the best interval recorded to date within the North Extension Target, a shallow, strongly oxidized gold zone located approximately 600m north of the Atlanta pit that is not included within the 2020 National Instrument 43-101 resource.
• The NET formed along the northern extension of the Atlanta Mine Fault Zone was originally identified by historical drilling, but intercepted grades and thicknesses were too low to maintain interest in the target. It was Nevada King’s high-grade intercept of 8.26 g/t Au over 9.1m within 4.64 g/t Au over 18.3m in AT21-3 (November 22, 2021) that opened up the NET’s potential, while later intercepts of 1.67 g/t Au over 24.4m in AT22NS-13 (November 23, 2022) and 1.83 g/t Au over 21.3m in AT22NS-15 (December 20, 2022) further expanded the higher-grade “core” mineralization localized along the AMFZ.
• Today’s drilling more than doubles the footprint of NET from the previously reported 175m N-S x 300m E-W (December 20, 2022) to an area that now spans 330m N-S by 350m E-W (see Figure 1 below).
• The 25 holes released today are plotted on eight separate cross sections together with 25 previously released Nevada King holes and 18 historical holes (Figures 3-10). Mineralization occurs along a gently west-dipping horizon developed at the contact between basal Ordovician age dolomite and overlying Tertiary age volcanics. This silicified contact is vertically displaced 60m to 80m across the northerly-trending AMFZ with the west side down, similar to what is seen all along the AMFZ.
• The highest grade intervals are found proximal to the AMFZ along a 50m-wide corridor centred on the fault zone, as demonstrated by previously released hole AT23NS-112 grading 4.08 g/t Au over 21.3m. Gold grades tend to gradually decrease westward and eastward from the AMFZ, although high-grade does occur outside of this corridor, including previously released hole AT23NS-109 grading 3.69 g/t Au over 13.7m, located 100m west of the AMFZ.
• The distribution of both grade and thickness for Nevada King’s reported holes is shown in Figure 1 where the thicker, higher-grade mineralization is concentrated along the AMFZ and also along a WNW-trending fracture zone that intersects the AMFZ, where the highest grades are found. The gradual decrease in grade and thickness moving eastward from the AMFZ is evident, but to the west both thickness and grade remain fairly uniform from hole to hole over a large area, albeit at greater depth.
• The vector arrows in Figure 1 show the directions in which mineralization remains open around the NET. The east-directed vector is heading toward the still-to-be tested East Ridge Target, while the other vectors indicate potential to the west and south. A 100m gap currently exists between the NET and the northern edge of the main resource zone, so the southerly-directed vectors indicate good potential for connecting these two mineralized zones together. The Company is currently drilling this gap and also expanding the drill pattern westward.

Cal Herron, Exploration Manager of Nevada King, stated, “In early 2021, our geologic mapping revealed several northerly-trending high-angle faults that progressively down-dropped the basement stratigraphy and gold mineralization moving westward across the pit area. After recognizing this stair-like, downdropped fault pattern and its relationship to mineralization, we went back through the historical drill data looking for similar basement offsets that might provide vectors for extending the known mineralization. A good possibility for such a structure was seen in the NET between two historical holes, Goldfields hole AR-7 (24.4m @ 0.73 g/t Au) and Kinross hole KN98-12 (27.5m @ 0.77 g/t Au), where a 50m to 80m displacement down to the west was evident. Nevada King’s AT21-3, the third hole drilled in 2021, was positioned in the middle between these two historical intercepts and hit the high-grade AMFZ, returning 18.3m grading 4.64 g/t Au. This “discovery” hole prompted follow- up drilling in the vicinity of A21-3 that eventually outlined the higher-grade core along the East Atlanta Fault, thereby revealing the potential of the NET target. Today’s drilling continues to outline this growing zone, which now covers a 330m x 350m size area, that is not included in the existing Atlanta resource. Our evolving geological model played prominently into the discovery of the NET and now allows us to better explore for additional blind zones within the Atlanta caldera as we continue along our discovery process.”

QAQC Protocols

All RC samples from the Atlanta Project are split at the drill site and placed in cloth and plastic bags utilizing a nominal 2kg sample weight. CRF standards, blanks, and duplicates are inserted into the sample stream on-site on a one-in-twenty sample basis, meaning all three inserts are included in each 20-sample group. Samples are shipped by a local contractor in large sample shipping crates directly to American Assay Lab in Reno, Nevada, with full custody being maintained at all times. At American Assay Lab, samples were weighed then crushed to 75% passing 2mm and pulverized to 85% passing 75 microns in order to produce a 300g pulverized split. Prepared samples are initially run using a four acid + boric acid digestion process and conventional multi-element ICP-OES analysis. Gold assays are initially run using 30-gram samples by lead fire assay with an OES finish to a 0.003 ppm detection limit, with samples greater than 10 ppm finished gravimetrically. Silver samples that run greater than 100ppm are also finished gravimetrically. Every sample is also run through a cyanide leach for gold with an ICP-OES finish. The QA/QC procedure involves regular submission of Certified Analytical Standards and property-specific duplicates.

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 NI 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).

Figure 1. Map of the North Extension Target that includes historical and Nevada King holes plotted to show both grades and thicknesses. The NET remains open to the east, west, and south as indicated by the arrows. (CNW Group/Nevada King Gold Corp.)

Figure 2. Location map for holes reported in this news release along eight drill sections shown below in Figures 3-10. Shallow drill holes on the mine dumps have been removed from the plot for clarity. (CNW Group/Nevada King Gold Corp.)

Figure 3. Cross section 22-21N looking north across the AMFZ. Mineralization occurs along a gently west-dipping horizon developed at the contact between basal Ordovician age dolomite and overlying Tertiary age volcanics. (CNW Group/Nevada King Gold Corp.)

Figure 4. Cross section 22-24N(2) looking north across the AMFZ. Mineralization occurs along a gently west-dipping horizon developed at the contact between basal Ordovician age dolomite and overlying Tertiary age volcanics. (CNW Group/Nevada King Gold Corp.)

Figure 5. Cross section 22-25N(2) looking north across the AMFZ. Mineralization occurs along a gently west-dipping horizon developed at the contact between basal Ordovician age dolomite and overlying Tertiary age volcanics. (CNW Group/Nevada King Gold Corp.)

Figure 6. Cross section 22-27N(2) looking north across the AMFZ. Mineralization occurs along a gently west-dipping horizon developed at the contact between basal Ordovician age dolomite and overlying Tertiary age volcanics. (CNW Group/Nevada King Gold Corp.)

Figure 7. Cross section 22-28N(2) looking north across the AMFZ. Mineralization occurs along a gently west-dipping horizon developed at the contact between basal Ordovician age dolomite and overlying Tertiary age volcanics. (CNW Group/Nevada King Gold Corp.)

Figure 8. Cross section 22-29N(2) looking north across the AMFZ. Mineralization occurs along a gently west-dipping horizon developed at the contact between basal Ordovician age dolomite and overlying Tertiary age volcanics. (CNW Group/Nevada King Gold Corp.)

Figure 9. Cross section 22-30N(2) looking north across the AMFZ. Mineralization occurs along a gently west-dipping horizon developed at the contact between basal Ordovician age dolomite and overlying Tertiary age volcanics. (CNW Group/Nevada King Gold Corp.)

Figure 10. Cross section 22-31N looking north across the AMFZ. Mineralization occurs along a gently west-dipping horizon developed at the contact between basal Ordovician age dolomite and overlying Tertiary age volcanics. (CNW Group/Nevada King Gold Corp.)