NEVADA KING INTERCEPTS 1.62 G/T AU OVER 93M & 1.78 G/T AU OVER 62.5M IN TWO HOLES SOUTH OF THE ATLANTA PIT

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Jan 30, 2024, 07:30 ET

VANCOUVER, BC, Jan. 30, 2024 /PRNewswire/ - Nevada King Gold Corp. (TSXV: NKG) (OTCQX: NKGFF) ("Nevada King" or the "Company") is pleased to announce assay results from six reverse circulation ("RC") 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 are plotted in plan and section on Figures 1 and 2 below.

Highlights:

Figure 1. Location map for holes reported in this news release along updated drill Section 22-5N(3) 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 22-5N(3) looking north across the West Atlanta Fault that divides the AMFZ target on the east from the WAGZ target on the west. Along the 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 WAGZ is largely hosted within volcanic tuff and sediments above the Paleozoic basement. (CNW Group/Nevada King Gold Corp.)

Hole No.	From (m)	To (m)	Interval (m)	Au (g/t)	Ag (g/t)	Zone
AT22SE-16A	176.8	320.1	93.0	1.62	6.7	WAGZ
AT23HG-27	193.6	256.1	62.5	1.78	3.7	WAGZ
AT23WS-51	158.5	160.1	1.5	0.56	0.0	WAGZ
AT23NS-131^*	103.7	141.8	38.1	1.98	6.3	AMFZ
AT23NS-167^*	56.4	99.1	42.7	1.19	36.4	AMFZ
AT23NS-167B^*	50.3	71.6	21.3	1.35	40.6	AMFZ
Table 1. Holes released today along Section 23-5N(3). Mineralization occurs along near-horizontal horizons with true mineralized thickness in vertical holes estimated to be 85% to 95% of reported drill intercept length. True mineralized thickness in angle holes estimated to be 75% to 90% of reported intercept length. ^*Denotes angle hole.

1.98 g/t Au over 38.1m in AT23NS-131, 1.19 g/t Au over 42.7m in AT23NS-167, and 1.35 g/t Au over 21.3m in AT23NS-167B were intercepted in a series of northward-directed angle holes sited along the eastern margin of the Atlanta Mine Fault Zone ("AMFZ") to test a 100m-wide gap in drill coverage at the southwestern corner of the historical Atlanta open pit. These intercepts continue to demonstrate good lateral continuity of mineralization in this area.
1.62 g/t Au over 93.0m in AT22SE-16A and 1.78 g/t Au over 62.5m in AT23HG-27 were sited within the West Atlanta Graben Zone ("WAGZ") to fill in gaps that were present, with both holes displaying good continuity of grade and thickness moving eastward toward the West Atlanta Fault.
AT23WS-51 was also sited within the WAGZ but did not encounter significant gold values, effectively bounding the WAGZ mineralization on its southwestern margin along this portion of the system. Strong mineralization is still seen in holes located southeast of AT23WS-51 moving toward the South Quartzite Ridge Target, and the Company intends to target potential extensions of mineralization south of AT22SE-16A and AT23HG-27 in its drilling over the coming months.

Cal Herron, Exploration Manager of Nevada King, stated, "The three northward directed angle holes complete our infill drilling within the approximately 100m-wide gap in drill coverage that existed at the southwest corner of the historical Atlanta pit. We have now successfully demonstrated continuity of mineralization along the western side of the pit together with mineralization south of the pit and eliminated a data gap over a plan view area of approximately 10,000m² that formed a prominent "hole" in the 2020 resource model.

"The three holes drilled across the WAGZ were sited to infill gaps in the existing drill pattern, and in the case of AT22SE-16A (1.62 g/t Au over 93.0m), mineralization was extended 20m further south from Nevada King's previously released hole AT22HG-16 (1.21 g/t Au over 129.6m) reported to the north along line 22-6N (released January 6, 2023). This southward trend will be followed with additional holes in the coming months. AT23WS-51 (0.56 g/t Au over 1.5m) effectively delimits mineralization 25m west of historical hole ARC-5 (2.97 g/t Au over 71.8m). Both holes drilled the same volcanic sequence, so the mineralization contact separating these holes is most likely an alteration contact as opposed to fault contact. Additional drilling southeast of AT23WS-51 is needed in order to better define this contact where it trends toward the South Quartzite Ridge Target."

Hole No.	From (m)	To (m)	Interval (m)	Au (g/t)	Ag (g/t)
AT23HG-21	149.4	219.5	70.1	3.18	20.8
AT22HG-13	109.8	192.1	82.3	3.60	11.0
AT22NS-69	89.9	135.7	45.7	1.57	8.5
AT22NS-80	80.8	129.6	48.8	1.37	6.6
AT22NS-82	102.1	128.0	25.9	2.71	6.1
AT22HG-8T	135.7	278.7	89.3	2.74	3.0
AT22SE-42	122.0	318.6	163.1	0.98	2.5
AT21-41B^*	38.1	73.2	35	1.17	9.5
AT21-42A^*	18.3	50.3	32	0.80	5.9
AT21-43A^*	19.8	33.5	13.7	1.9	18.6
AT22RC-11	0.0	33.5	33.5	1.28	0.5
AT22RC-12^*	0	57.9	57.9	1.38	14.0
ARC-5	131.1	202.7	71.6	2.97	11.1
ARC-1	176.5	289.9	113.4	2.11	10.8
AR-18	221	257.6	36.6	0.53	1.9
Table 2. Previously reported and historical holes used along updated Section 22-5N(3). AT22 series holes were drilled by Nevada King in 2022 and the AT21 series holes were drilled in 2021. ARC and AR series holes drilled by Goldfields in 1990. True thickness of gold mineralization interpreted in today's release is 90% to 100% of the reported intercept length in vertical holes. True mineralized thickness in angle holes estimated to be 75% to 90% of reported intercept length. ^*Denotes angle hole.

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 National Instrument 43-101 ("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).

Resource Category	Tonnes (000s)	Au Grade (ppm)	Contained Au Oz	Ag Grade (ppm)	Contained Ag Oz
Measured	4,130	1.51	200,000	14.0	1,860,000
Indicated	6,910	1.17	260,000	10.6	2,360,000
Measured + Indicated	11,000	1.30	460,000	11.9	4,220,000
Inferred	5,310	0.83	142,000	7.3	1,240,000
Table 3. NI 43-101 Mineral Resources at the Atlanta Mine

Please see the Company's website at www.nevadaking.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements Regarding Forward Looking Information

This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operations and activities of Nevada King, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this news release relate to, among other things, the Company's exploration plans and the Company's ability to potentially expand mineral resources and the impact thereon. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Nevada King, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete proposed exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Nevada King does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

SOURCE Nevada King Gold Corp.