NKG.V · 2023-12-14 12:00:00

Nevada KING Approaches 70,000M IN Its Phase Ii Drill Program, Results FOR 168 Holes Pending at Atlanta

Exploration Programs

NEVADA KING APPROACHES 70,000M IN ITS PHASE II DRILL PROGRAM,

RESULTS FOR 168 HOLES PENDING AT ATLANTA

VANCOUVER, BC

Dec. 14, 2023

/CNW/ -

Nevada King Gold Corp.

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

Nevada King

" or the "

Company

") is pleased to provide

an update on its 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:

Since inception of the Phase II Atlanta drill program in

June 2022

Nevada King

has completed

372 holes totaling

69,683m

, which include 354 reverse-

circulation ("

") holes totaling

67,760m

and 18 core holes totaling

1,923m

Prior to initiating the Phase II program the Company completed 68 holes

totaling

5,544m

in its maiden Phase I program.

To date, as part of its Phase II program,

Nevada King

has reported assays from 204 holes covering

35,915m

with

results from 168 drill holes totaling

33,768m

currently pending.

Four rigs continue to operate at

Atlanta

. Drilling for 2023 will wrap up on

December 17

for the Christmas break and all four rigs are scheduled to

recommence drilling the first week of January.

Phase II drilling has led to the discovery of new zones of high-grade gold and silver mineralization both within and outside of the currently defined resource

area including

11.64 g/t Au over

108.3m

in AT23WS-44 and

6.55 g/t Au over

82.3m

in AT23NS-133F (released

October 2, 2023

, and

November 14, 2023

respectively).

A major focus of ongoing drilling is to follow up on elevated high-grade (>20 g/t Au) intercepts scattered throughout the deposit with the goal of further

defining the spatial distribution of this exceptionally high-grade oxide mineralization for potential inclusion as discreet domains in upcoming resource modeling

(see Figure 1).

Drilling is also ongoing at the southern end of the

Atlanta

resource zone following the blind discovery of thick, high-grade gold mineralization including 1.89 g/t

Au over

114.3m

and 2.15 g/t Au over

96.0m

released on

October 17, 2023

. Mineralization remains open southward along a major structural zone that has

seen no historical drilling.

Cal Herron

, Exploration Manager of

Nevada King

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

have consistently intercepted high-grade mineralization over significant thicknesses both within and around the resource modelled by Gustavson in 2020, as

illustrated by the previously released highlight intercepts summarized in Table 1 below. Our understanding of the controls on mineralization have improved

significantly since 2020, with deeper and more closely spaced holes having now defined the geometry and location of high-angle faults that served as conduits or

feeders for Au/Ag-bearing hydrothermal fluids cutting up through sub-horizontal replacement horizons within the Paleozoic and Tertiary age stratigraphy. As a

result,

Nevada King

has now been able to tie together higher grade zones along the northerly-trending Atlanta Mine Fault Zone ("

AMFZ

") and adjacent West

Atlanta Graben Zone ("

WAGZ

").

"In the process of drill-defining these higher grade feeder structures, several high-grade zones exceeding 21 g/t Au equivalent were encountered in multiple

locations in the drilling (see Table 2). As shown in Figure 1, these elevated high-grade intercepts are scattered throughout the target resource area but tend to

occur along or immediately adjacent to high-grade feeder faults. These holes tend to cluster along NW trends that may indicate very localized hydrothermal boiling

within dilational zones that opened up at acute angles to the predominant northerly trending feeder-faults. Ongoing drilling will focus on close-spaced step-outs

around these elevated high-grade intercepts with the objective of growing them into larger bodies that could be included as discreet high-grade zones in the

upcoming resource model. In the process of doing so and based on our current interpretation we anticipate a strong likelihood of encountering additional high-

grade "jewelry boxes" along and between the major fault strands."

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

Hole No

From (m)

To (m)

Interval (m)

Au Eq. (g/t)

AT23WS-044

274.4

303.4

29.0

37.71

AT23NS-133F

187.5

195.1

7.6

33.72

AT22HG-13

167.7

172.3

4.6

33.25

AT23HG-37

224.1

227.1

3.0

34.13

AT23HG-18

262.2

265.2

3.0

33.33

AT23WS-22

292.7

300.3

7.6

28.81

88-09

161.6

173.8

12.2

33.87

AC-01

149.5

153.7

4.1

32.09

88-14

158.5

161.6

3.0

36.15

KR97-01

196.6

201.2

4.6

22.15

Table 2. List of Nevada King and historical drill holes reporting minimum 3m thick intercepts exceeding 21 g/t Au equivalent based on a November 6, 2023, USD spot price of $1,981.50 (gold) and $23.10 (silver). AT series holes drilled by Nevada King, 88 series

holes drilled by Bob Cat in 1988, AC series hole drilled by Goldfields in 1989, and KR series hole drilled by Kinross in 1997. Mineralization occurs along near-horizontal horizons with true mineralized thickness in vertical holes estimated to be 85% to 100% of

reported vertical drill intercept length.

Denotes angle hole.

Figure 1.

Multiple ‘Jewelry Box’ model at Atlanta, identifying locations of elevated high-grade mineralization encountered at Atlanta, across multiple high-angle

faults and feeder structures (CNW Group/Nevada King Gold Corp.)

QA/QC 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 weighted 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 mutli-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. 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)

Grade

(ppm)

Contained Au

Ag Grade

(ppm)

Contained Ag

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 2. 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.

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SOURCE

Nevada King Gold Corp.

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For further information:

contact Collin Kettell at [email protected] or (845) 535-1486.

CO: Nevada King Gold Corp.

CNW 07:30e 14-DEC-23

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