NKG.V · 2023-03-20 12:00:00

Nevada KING Identifies New "WEST Atlanta Graben" Target with Thick Oxide GOLD Hits Including 1.03 G/T Au over 181.4M and 0.98 G/T Au over 163.1M

Drill Results

NEVADA KING IDENTIFIES NEW "WEST ATLANTA GRABEN" TARGET

WITH THICK OXIDE GOLD HITS INCLUDING 1.03 G/T AU OVER 181.4M

AND 0.98 G/T AU OVER 163.1M

VANCOUVER, BC

March 20, 2023

/CNW/ -

Nevada King Gold Corp.

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

Nevada King

" or the "

Company

") is pleased to

announce assay results from two 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. These holes adjoin the western end of previously reported Section 22-6N (

released

January 6, 2023

) and tie

into hole AT22HG-17 which returned

164.6m

grading 0.93 g/t Au from

146.3m

and bottomed in mineralization.

Highlights:

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

AT22SE-4

146.3

327.7

181.4

1.03

3.8

AT22SE-42

122.0

201.2

79.3

1.50

1.4

And

234.8

318.6

83.8

0.48

3.6

Aggregate

122.0

318.6

163.1

0.98

2.5

Table 1: Holes released today. Mineralization occurs along near-horizontal horizons

with true mineralized thickness in vertical holes at 95% to 100% of reported drill

intercept length.

Today's holes extend mineralization a further

50m

west of AT22HG-17 and tie-into a series of Kinross RC angle holes that intersect the section line

40m

further west from AT22HG-4. As shown in Figure 1, this defines a near-horizontal mineralized zone

150m

wide, ranging from

100m

180m

thick, and

averaging around 1g/t Au

. This zone is being referred to as the

West Atlanta Graben Target

; it is bound on the east by the West Atlanta Fault ("WAF")

and on the west by a newly identified fault called the West Atlanta Fault #2 ("WAF2").

This thick zone of mineralization within the West Atlanta Graben is fairly uniform from hole to hole and there are corresponding similar, thick, near-horizontal

zones of mineralization interpreted

30m

to the north of Section 22-N6 on Section 22-7N (

released

February 27, 2023

) and

300m

to the north on Section 22-

16N (

released

February 13, 2023

). This strongly suggests this zone of mineralization is contiguous along strike on the western side of the WAF.

This opens up a new target envelope running approximately

500m

north-south

for further discovery and potential resource expansion with relatively low

historical hole density along most of its length. For example, a segment of this graben extending

100m

northward from Section 22-7N and

150m

westward

from the WAF contains 17 historical drill collars of which only one hole went deep enough to hit mineralization. This vertical RC hole,

Goldfield's

AR-1,

intercepted

20m

grading 0.42 g/t Au and 16.3 g/t Ag starting at

283m

depth, bottoming in mineralization. The other 16 holes were too shallow to intercept the

mineralized horizon, generally because they were long angle holes directed eastward to test the East Atlanta Fault, as well a cluster of holes directed

southward to define an E-W mineralized zone along Section 22-5N identified in the Gustavson 2020 resource model as the "Porphyry Resource Component".

Except for AR-1, the ground directly underneath these 16 hole collars was not tested, which left a large data gap in this segment of the West Atlanta Graben

and prevented Gustavson from extending its Porphyry Resource zone northward. Consequently, this thick, volcanic-hosted mineralization constituting

Gustavson's Porphyry Resource zone did not appreciably add to the overall resource model.

Nevada King

now sees a tremendous opportunity to extend this thick, volcanic-hosted mineralization northward toward Section Line 22-16N and

add substantially to the resource with its new drilling program along the western side of the West Atlanta Fault.

Gold cyanide solubility assays within the predominantly volcanic-hosted mineralization in the West Atlanta Graben are averaging amongst the highest at the

property to date. This opens up the prospect of simple heap leach extraction with coarse crushing of ROM material, which could positively impact mining and

processing costs. This is one of the priorities of the Company's ongoing metallurgical testwork expected to be completed in Q4 2023.

Looking west of the West Atlanta Graben, 11 historical holes were drilled west of the WAF2, but only three of these holes went deep enough to pick up

mineralization. In particular, a vertical Meadow Bay core hole DHRI-11-11C located

28m

south of the collar for hole KR98-13 (see Figure 1) intercepted

152m

grading 0.57 g/t Au and 17.4 g/t Ag starting at

267m

depth. The three mineralized holes indicate that gold values extend

50m

60m

further west from

the WAF2. There is a broad expanse of deep mineralization within this western target area with very few historical holes fully penetrating the near-horizontal

mineralized zone, thus providing a great hunting ground for future drilling.

Cal Herron

, Exploration Manager of

Nevada King

, stated, "We knew from the historical drilling that gold mineralization occurred along the western side of the

deposit, but it was never followed up on. A few holes, particularly those drilled by Meadow Bay in 2011-2015, did penetrate the mineralized zone and revealed

good potential for encountering higher grades and thicker mineralization, but these better holes were isolated in the Northwest Target Zone and did not appear to

be connected to the rest of the

Atlanta

resource zone. As

Nevada King's

drilling in the latter half of 2022 moved westward from the Atlanta Mine Fault Zone

("AMFZ") and crossed the WAF, we suddenly encountered a very different gold "beast" in the mineralized volcanic section, characterized as follows:

75m

200m

thick mineralized intervals averaging between 0.5g/t and 1.5g/t Au, displaying very good lateral and vertical grade continuity;

high grade intervals (5g/t to 20g/t Au) scattered within the mineralized sections;

strong oxidation; and

style of mineralization that is more traditionally amenable to heap leach extraction.

"As an explorationist, finding thick and homogenous zones of good gold grade not only indicates a strong gold system, but it also allows for more reliable and

quicker ounce building. Consequently two RC drills are currently extending our sections westward from the WAF and in-filling large gaps in the historical drill

patterns in order to tie this gold zone into the shallower mineralization already drilled along the AMFZ. As we learn more about mineralization in the West Atlanta

Graben, we will be able to better vector into higher grade feeder structures.

Horace Greeley's

famous adage, 'Go west young man…', certainly applies to

Atlanta

, and that is exactly what

Nevada King

is doing."

Figure 1. Location map for holes reported in this news release along drill Section 22-6N (W) 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. Cross section 22-6N (W) looking north across the deeper, near-horizontal gold mineralization that occurs along the western side of the West Altanta

Fault. Mineralization is hosted within volcanic tuff and sediments together with strong silicification occurring along the contact between the volcanic section and

basal Eureka Quartzite. Mineralization remains open to the west in sections further north. (CNW Group/Nevada King Gold Corp.)

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

Notes

AT22HG-17

146.3

311.0

164.6

0.93

3.0

Bottomed in mineralization

KR98-7

204.3

257.6

53.4

1.36

3.85

Bottomed in mineralization

KR98-9

170.9

190.5

19.8

0.20

0.1

Too shallow

KR98-11

244

343

0.81

3.02

Bottomed in mineralization

KR98-13

Bottomed in mineralization

Table 2

: Previously reported and historic holes used in Section 22-6N (W). AT22 series hole was drilled by Nevada

King in 2022 and the KR98 series holes were drilled by Kinross in 1998. True thickness of gold mineralization

interpreted in today's release is 95% to 100% of the reported intercept length in vertical holes.

Denotes angle holes.

Further Discussion

Mineralization in both of today's holes occurs above the Eureka Quartzite within volcanic tuff and sedimentary beds and along the densely silicified contact

zone separating the volcanic sequence from the underlying quartzite (Figure 2), which is the same sequence seen along Section 22-7N. Somewhere between

Section 22-7N and 22-16N, the basal contact to the mineralization changes from Eureka Quartzite to Ely Springs Dolomite, but the northernly trending, high

angle fault pattern remains the same.

The four Kinross holes drilled in 1998 were angled from north to south in anticipation of testing a hypothetical E-W trending high angle, high grade shear zone

thought to be bounding mineralization along the southern margin of the historical

Atlanta

pit. The idea of horizontal mineralization controlled by northerly-

trending normal faults did not enter into Kinross' model, consequently Kinross did not follow-up on their intercepts with additional holes to the north.

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

$8.4 million

as of

March 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

Resource