NKG.V · 2023-05-04 12:00:00

Nevada KING Announces Doubling of Drill Program to 60,000M at Its Atlanta GOLD MINE Project, Nevada

Exploration Programs

NEVADA KING ANNOUNCES DOUBLING OF DRILL PROGRAM TO 60,000M

AT ITS ATLANTA GOLD MINE PROJECT, NEVADA

VANCOUVER, BC

May 4, 2023

/CNW/ -

Nevada King Gold Corp.

(TSXV: NKG) (OTCQX: NKGFF) ("

Nevada King

" or the "

Company

") is pleased to announce

an increase to

60,000m

for its 2023 Phase II resource expansion and definition drilling program at its 5,166 hectare (51.6km

), 100%-owned Atlanta Gold Mine

Project, located in the prolific Battle Mountain Trend 264km northeast of

Las Vegas, Nevada

Highlights:

The increase to

60,000m

doubles the size of

Nevada King's

Phase II expansion and definition drill program at

Atlanta

. On closing of the recently announced

$15-million

financing the Company will have approximately

$20-million

of working capital which is sufficient to fully fund this expanded Phase II Atlanta

program.

Nevada King

plans to procure additional rigs to accelerate its drilling program as operational conditions improve through spring and expects to ramp up to a

minimum of four rigs by summer.

Since the inception of the the Phase II Atlanta drill program in

June 2022

Nevada King

has completed 185 reverse-circulation ("

") holes totaling

29,122m

and 14 core holes totaling

1,215m

for a grand total of

30,337m

drilled.

To date

Nevada King

has reported assays from 124 holes covering

17,647m

with

results from 75 drill holes totalling

12,690m

currently pending.

The decision to double the size of the drill program resulted from intersecting significant new and thick zones of mineralization and the highest gold and silver

grades to date at

Atlanta

including

28.5 g/t Au over

7.6m

and

1,084 g/t Ag over

10.7m

Cal Herron

, Exploration Manager of

Nevada King

, commented, "Results to date from our Phase II drill program have significantly exceeded our expectations which

were high at the outset. The series of high-grade oxide drill intervals that have been reported from the Phase II work to date indicate

Atlanta

is a robust gold

system (see Table 1 below). We have successfully outlined two strongly mineralized zones, the

Atlanta Mine Fault Zone

AMFZ

") and the newly identified

West

Atlanta Graben Target

WAGT

Both zones remain open at depth and along strike and will see additional drilling.

"Further drilling is also required in several other target areas (Figure 1). Some of this drilling will be designed to establish the connection of the North Extension

Target mineralization to the main resource zone. Drilling is set to commence shortly at the East Ridge and South Extension Targets, where mineralization

encountered during initial drilling in 2021 and 2022 show great promise in expanding the mineralized resource east and south in areas where little to no past drilling

was completed. West of the WAGT is the West Atlanta Graben Ext. Target where past drilling indicates extensive gold mineralization as demonstrated by

Meadow Bay core hole DHRI-11-11C that intercepted 0.57 g/t Au over

152m

Nevada King

has yet to drill this area which remains wide open to the west. Bigger

picture we are also keenly interested in what potentially lies below the

Atlanta

mineralizating system. Our holes

along Section 6N

intercepted gold-mineralized

intrusive rock starting around

180m

depth, which strongly suggests the

Atlanta

gold system is intrusive-dominated and tied to a larger intrusive body at depth."

Figure 1. Atlanta Gold Mine Project target area map. (CNW Group/Nevada King Gold Corp.)

Table 1: Highlight intervals from the Phase II drill program at Atlanta. (CNW Group/Nevada King Gold Corp.)

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 Company is well funded with cash of approximately

$5.4-million

as of

May 2023

. Upon closing of the recently announced

$15-million

of financing the Company

will have approximately

$20-million

of working capital.

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

Resource