NKG.V · 2025-05-01 12:00:00

Nevada KING Intercepts 1.11 G/T AuEq over 25M at Silver Park and Confirms New District-Scale Potential FOR Atlanta-Style Mineralization

Drill Results

NEVADA KING INTERCEPTS 1.11 G/T AUEQ OVER 25M AT SILVER PARK

AND CONFIRMS NEW DISTRICT-SCALE POTENTIAL FOR ATLANTA-STYLE

MINERALIZATION

VANCOUVER, BC

May 1, 2025

/CNW/ -

Nevada King Gold Corp.

(TSXV: NKG) (OTCQB: NKGFF) ("

Nevada King

" or the "

Company

") is pleased to provide

an update on its Phase III regional drill program including results from 25 reverse-circulation ("

") drill holes from its Silver Park target, at its 12,000 hectare

(120km

), 100% owned Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend 264km northeast of

Las Vegas, Nevada

. Silver Park is a large

target area (3km E-W x 1km N-S), located ~2km from the Atlanta Resource Zone, that is centred on the historical Silver Park Mine, which was operational at a

small scale through the turn of the 20

century (Figure 2).

Silver Park Highlights:

Drilling at Silver Park has identified a strong geological and geochemical connection with the Atlanta Resource Zone ("ARZ"),

demonstrating that

both areas are part of the same mineralizing hydrothermal event.

Gold and silver mineralization occur within the same host rocks and at the same

stratigraphic position within the Atlanta Caldera volcanic sequence.

The Company now sees strong evidence that the mineralized unconformity that acts as the primary gold control at

Atlanta

begins to shallow about

500m

west

of the ARZ where it comes back towards surface, flattens out, and continues into the Silver Park Target (Figure 1). Drilling over a 3km east-west area at

Silver Park has encountered this unconformity, associated with the same intrusive bodies responsible for depositing gold and silver at the ARZ.

Figure 1. Simplified schematic of section R26, viewed from the north-northwest perspective, spanning 3km and connecting the Silver Park West and Silver Park

East target areas with the Atlanta resource zone. The diagram illustrates the continuity along the basement unconformity from Silver Park (left) to the Atlanta

Resource Zone (right), as well as the similar intrusions and their relationship with the unconformity that is responsible for mineralization at the ARZ. (CNW

Group/Nevada King Gold Corp.)

This discovery marks a major departure from the prior understanding of Silver Park as a distinct geological environment, possessing only supergene (at-

surface) mineralization with limited potential. Today's discovery opens a large and untested domain (far larger than the ARZ itself) that could be host to

another

Atlanta

-type deposit.

Twelve of today's holes encountered elevated and oxidized gold, silver, and associated arsenic values over a 3km east-west area. Highlight hole AT25SP-21

encountered

1.11 g/t AuEq over

25m

, which is part of a

165m

interval consisting of three separate mineralized horizons starting at just

18m

depth that taken

together average

0.47 g/t AuEq over

92m

. AT25SP-21 is located 2km southwest of the

Atlanta

pit and

represents the most significant mineralized

interval ever drilled at

Atlanta

outside of the ARZ

. Au-Ag mineralization observed in AT25SP-21 is very similar to that in the resource zone, although it

occurs at a considerably shallower depth than most of the mineralization within the ARZ.

Follow-up drilling is planned to further define near-surface, oxidized gold-silver zones at both Silver Park East and West, targeting additional mineralization,

including stepping out north of AT25SP-21 into a large, untested CSAMT anomaly.

Click here to watch a video discussing today's results and the significance of hole AT25SP-21.

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

AuEq

(g/t)

As (ppm)

AT25SP-021

18.3

48.8

30.5

0.20

<0.50

0.20

660

And

97.5

121.9

24.4

0.164

94.8

1.11

183

And

146.3

182.9

36.6

0.071

20.3

0.27

169

Table 1. Highlight hole released today from Silver Park East in both g/t Au and AuEq. Arsenic (As) is strongly associated with mineralization in the Atlanta District; understanding the spatial distribution of these elements can assist in vectoring towards areas

with higher probability of mineralization. AuEq based on spot prices of US$3,310/oz Au and US$33.20/oz Ag

Cal Herron

, Exploration Manager of

Nevada King

, stated, "

Silver Park has always been of interest historically, but very shallow mineralization and a very high

silver-to-gold ratio led many to believe the mineralization was purely supergene and of little significance. Our new Phase III drilling has changed that view

entirely.

"We've now confirmed strong gold and silver mineralization across a large area at Silver Park, including the

92m

intercept grading 0.47 g/t AuEq in hole SP-21

— the first potentially economic discovery outside the

Atlanta

resource zone. This mineralization occurs along the same Tertiary-Paleozoic unconformity that

hosts gold at

Atlanta

, and is associated with identical volcanic intrusives, but at a shallower depth.

"This drilling has also established direct geological and geochemical links between Silver Park and

Atlanta

tying mineralization in both areas to the same

hydrothermal event. With this genetic tie now demonstrated, we have a powerful exploration model based on stratigraphy and lithochemistry that allows us to

rapidly vector toward new targets across the caldera.

"After several years of work, we are seeing our understanding of the district come into clear focus, significantly increasing the odds of making new discoveries

outside the current

Atlanta

resource."

Additional Details

Looking at the connection between Silver Park and

Atlanta

, Au/Ag mineralization in both areas occurs within the same host rocks and at the same

stratigraphic position within the Atlanta Caldera volcanic sequence, which in turn strongly suggests mineralization in both areas is tied to the same

hydrothermal system. This is evident in the long cross section (Figure 4) connecting Silver Park West with the ARZ. The Atlanta Rhyodacite hosts most of the

gold mineralization within the ARZ and is chemically very similar to the Silver Park Rhyodacite that hosts mineralization in AT24SP-1, and AT25SP-9,

AT25SP-10, and upper part of AT25SP-21.

Furthermore, both mineralized rhyodacite units are underlain by a rhyolite horizon labeled the Lower Rhyolite in Figure 4 and Silver Park Rhyolite Tuff in

Figures 5 and 6. These rhyolite units are chemically identical and occur directly on top of the Tertiary-Paleozoic unconformity and are therefore considered to

be the same unit. These relationships now establish a district-scale tie between both areas with respect to Au/Ag mineralization, which is a key factor when

assessing the district-scale potential for finding another Atlanta-style deposit.

So far, the Company has tapped into two areas of shallow, oxidized Au/Ag mineralization at Silver Park (Silver Park East and Silver Park West) and is in the

process of drill-evaluating other parts of the caldera, including following up on encouraging drill intercepts. A full explanation of drill results and targets at

Silver Park East and Silver Park West is provided below.

Figure 2. Plan view of Atlanta Gold Mine Project area with locations of the Silver Park, Atlanta South, and Atlanta North exploration targets in relation to the

property boundary. Gold mineralization found to date is confined to the Atlanta Caldera, while the Ryan Springs Caldera is younger and obscures the southern

portion of the Atlanta Caldera. (CNW Group/Nevada King Gold Corp.)

Figure 3. Simplified geologic map of the Silver Park West and Silver Park East regional targets in relation to the Atlanta pit and resource zone. Drill holes cited in

the text and tables are shown together with cross section locations. Much of the district is covered by post-mineral volcanic sediments and ignimbrite flows

derived from the Ryan Springs Caldera to the south. (CNW Group/Nevada King Gold Corp.)

Figure 4. Section R-26 looking north-northwest at 3km span connecting the Silver Park West and Silver Park East target areas with the Atlanta Resource Zone.

The historical Atlanta pit is at the far right. Gold mineralization at Atlanta is largely hosted within the Atlanta Rhyodacite intrusive dome, while mineralization at

Silver Park West and East is hosted in the Silver Park Rhyodacite. Both units are chemically similar. (CNW Group/Nevada King Gold Corp.)

Silver Park West Highlights:

Silver

Park West

SPW

") covers approximately 2km east to west and 1km north to south and has been identified by the initial stages of the Phase III drilling

program. Broad zones of anomalous Au mineralization were intersected in numerous drill holes within volcanic tuff exhibiting heavy oxidation and clay

alteration. This includes holes AT24SP-1 (0.093 g/t Au over

115.8m

), AT25SP-9 (0.044 g/t Au over

140.2m

), and AT25SP-10 (0.054 g/t Au over

129.2m

)

(Figure 5).

Mineralization in all three holes starts at surface and is hosted in the Silver Park Rhyodacite unit around a mushroom-shaped rhyolitic dome (Figures 5 and 6).

Average arsenic values range from 100ppm to 200ppm, and gold mineralization is evenly distributed throughout a thick, weakly silicified-argillized tuffaceous

host rock. All drilling at

Atlanta

so far indicates this large, low-grade, blanket-like mineralization is highly unusual and is most likely derived from a nearby

hydrothermal fluid source.

With these three holes, the Company has found a large body of low-grade gold and now must vector in on higher concentrations of mineralization. New holes

are planned northwest of AT24SP-1 along the structural trend and are currently in the permitting process, including testing a series of down-dropped graben

blocks heading west and northwest that are indicated by the CSAMT data.

A vertical hole recently completed between AT24SP-1 and AT25SP-9 revealed the presence of two northerly-trending faults immediately west of Silver Park

that display progressive, westward down-drop offsets on the silicified unconformity (see AT25SP-27 on Figure 6, assays pending). This structural pattern is

spatially related to shallow, rhyolitic intrusions and associated gold mineralization observed within the volcanic section as well as along the unconformity and is

like the structure and mineralization patterns observed at the ARZ. The SPW target appears similar to the West Atlanta Graben Zone ("

WAGZ

") in terms of

its geologic setting. The low-grade gold halo seen in the Silver Park holes so far measures approximately

600m

700m

in area, which means the Company

has a significant amount of exploratory drilling to complete to hone in on higher-grade structures like those seen in the ARZ.

The western margin of the SPW target area is covered by post-mineral volcanic rocks erupted from the Ryan Springs Caldera. Surface geochemistry at the

SPW target shows elevated As, Sb, and Mo signatures in soils directly bordering the volcanic cover with strong indication these anomalies could continue

beneath cover. Au and Ag mineralization around Silver Park is similar to the style of zonation found outside the ARZ, showing potential for another Atlanta-

style deposit to be found around SPW.

Figure 5. Cross section R4 looking obliquely to the northwest across the Silver Park West Target. Gold mineralization is hosted within the Silver Park Rhyodacite

unit near a rhyodacite dome.

Anomalous gold in rock and soil samples occurs northwest of this section in an area where CSAMT and gravity data indicate the

presence of additional intrusive domes obscured by post-mineral volcanics and alluvium. Drilling is planned for this summer. (CNW Group/Nevada King Gold Corp.)

Silver Park East Highlights:

The Silver Park East ("

SPE

") target measures

1,500m

east-west by

1,000m

north-south and is bounded on the east and west sides by northerly-trending

faults and on the north side by a thick moat sequence that fills the center of the Atlanta Caldera. The target remains open to the south where post-mineral

Ryan Springs volcanics obscure the

Atlanta

caldera's southern margin. Throughout the target, gold and silver mineralization occurs along the Tertiary-

Paleozoic unconformity, in overlying volcanics proximal to shallow rhyolitic intrusions, and in dolomite beneath the unconformity. The close association

between shallow intrusions and down-faulted grabens with Au/Ag mineralization mimics what is seen in the ARZ. Mineralization has so far been found in two

areas: one located at the target's northern end where CSAMT anomalies indicate potential for mineralization similar to the North Extension portion of the ARZ,

and the other located at the southern end where historical workings and a historical drill hole revealed shallow mineralization along intrusive contacts.

Highlight hole AT25SP-21 is located at the southwestern corner of a flat-lying, roughly rectangular shaped CSAMT anomaly that extends

500m

north by

600m

east and remains undrilled. A similar sized, flat-lying CSAMT anomaly coincides with the North Extension portion of the ARZ, where replacement-type

mineralization also occurs along the Tertiary-Paleozoic unconformity. It was this similarity in CSAMT anomalies that prompted siting AT25SP-21. The mode of

gold mineralization in both areas is strikingly similar, but unlike the North Extension part of the resource zone, gold also occurs in AT25SP-21 above and

below the unconformity in volcanics and dolomite, respectively. We see this same type of Au occurrence above and below the unconformity in several other

Silver Park holes, which is more akin to gold occurrences found in the central

Atlanta

resource area.

The Company drilled two vertical, Phase III holes into the CSAMT anomaly to test its western and eastern ends. The western hole, AT25SP-21, encountered:

0.20g/t Au over

30.5m

starting at

18.3m

depth; 0.164 g/t Au and 94.8 g/t Ag over

24.4m

starting at

97.5m

depth; and 0.071 g/t Au and 20.3 g/t Ag over

36.6m

starting at

146.3m

. The shallow gold intercept occurs within altered tuff, and the high-grade Ag interval occurs at the volcanic-dolomite unconformity,

while the deeper Ag interval occurs within variably altered dolomite. The three mineralized intervals show low gold grades, but they are thick and relatively

shallow, plus the mineralization is oxidized and evenly distributed within each interval, (Figure 6). This hole not only contains mineralization that is potentially

economic, but more importantly, it verifies strong mineralization within the large CSAMT anomaly. The Company now intends to trace this mineralization to the

north, south, and east. New holes and travel routes are currently being permitted with the BLM.

Hole AT25SP-23 was drilled on the eastern side of the northern CSAMT anomaly, testing a major fault inferred from the air-magnetics and CSAMT datasets

(Figure 3). The hole encountered 0.223 g/t Au over

6.1m

starting at

54.8m

and 0.125g/t Au over

24.4m

starting at

109.7m

and reveals an eastward

continuation of mineralization within the volcanic sequence and along the Tertiary-Paleozoic unconformity. This portion of the property is completely covered

by the same Ryan Springs post-mineral volcanic sequence that also covers the ARZ. Additional holes have been planned to push the drilling further eastward

and northward in search of high-grade structures potentially hiding beneath the Ryan Springs cover. This is the same exercise that

Nevada King

completed in

2022-2024, as it drilled westward from the

Atlanta

pit area, chasing mineralization down into the WAGZ.

Historical drilling within the SPE target generally returned poor results, but Goldfields RC hole AR-70 tested a target

200m

northwest of AT25SP-21

intersecting

4.7m

of 0.2 g/t Au in volcanics above the unconformity and a long intercept of strong Ag mineralization at 13.61 g/t Ag over

62.4m

in the

underlying dolomite, (Table 3). The results indicate this shallow, low-grade mineralization in altered volcanics and underlying dolomite in AR-70 can be

correlated over

200m

to the same gold/silver occurrences in AT25SP-21, thus demonstrating continuity in grade and thickness at relatively shallow depths

within the SPE Target. Further exploration will continue to determine the potential for continued broad mineralization within the target area, more importantly,

investigating any occurrence of higher-grade material.

Figure 6: Cross section R3 looking north at the Silver Park West and Silver Park East Targets. Gold mineralization at Silver Park West occurs within weakly

altered Silver Park Rhyodacite around the margin of a rhyodacite dome. Au-Ag mineralization at Silver Park East occurs above the Tertiary-Paleozoic

unconformity in Silver Park Rhyodacite, it occurs at the unconformity, and also below the unconformity in dolomite. (CNW Group/Nevada King Gold Corp.)

Silver Park Lineament

The Silver Park Lineament ("

SPL

") is a major structural corridor identified by geophysical interpretation of gravity, drone magnetics, and CSAMT, as well as

intrusive-related mineralization at surface. It is within this northwesterly-trending corridor that the majority of Tertiary intrusive rocks observed at

Atlanta

cut

upward through basement rocks at fault intersections (Figures 7 and 8). The corridor extends approximately 7km from the historic Bradshaw mine at the south

end of Atlanta South to the west-northwest, approximately 3km past SPW, and is rooted in Paleozoic basement rock (Figure 9). CSAMT data indicate multiple NS

structures cutting through the target areas as well as oblique crossing structures, and it is at the intersection of these structures where numerous rock chip

samples running over 2+ g/t Au and up to 4.58 g/t Au have been found, some of the highest Au grade samples on the property outside of the resource area. In

conjunction with rock samples and field observations, soil sampling from early

Nevada King

work shows strong correlation of Au, Ag, As, weak Mo, and Sb

signatures along the lineament (Figure 7).

Figure 7. Plan view of the Silver Park Lineament (“SPL”) in relation to geology and anomalous geochemistry from rock and soil samples. The SPL was defined

through geophysical interpretation of gravity, magnetic, and CSAMT data sets, although a strong NW trend can be seen in the alignment of outcropping basement

rocks and rhyodacite domes/dikes. Post mineral volcanic cover obscures much of the prospective ground along the SPL. (CNW Group/Nevada King Gold Corp.)

Figure 8. Plan view of the Atlanta district showing plot of total magnetic intensity in relation to Phase III targets, soil sample values, and location of the Silver Park

Lineament. Hot colors indicate magnetic highs that generally correspond to volcanic and intrusive lithotypes, while cool colors denote magnetic lows that often

coincide with Paleozoic basement rocks. (CNW Group/Nevada King Gold Corp.)

Figure 9. Plan view: Atlanta district - Bouguer gravity plot in relation to Phase III targets, soil sample values & location of SPL. Warm colors=high-gravity

signatures from lithologies (eg Paleozoic basement rocks). Cooler colors=low-gravity lithologies (eg Tertiary volcanics & alluvium-filled valleys). SPL sits atop

major high gravity corridor comprised of Paleozoic carbonates rocks & is bracketed to the north & south by volcanic moat sequences associated with Atlanta &

Ryan Springs Calderas. (CNW Group/Nevada King Gold Corp.)

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

As ppm

AT24SP-001

12.2

128.0

115.8

0.093

<0.10

141

Includes

103.6

128.0

24.4

0.23

0.73

178

AT24SP-002

250

277.3

27.3

0.004

<0.10

AT24SP-003

NSI

AT24SP-004

NSI

AT24SP-005

67.0

146.3

79.3

0.056

1.3

136

AT25SP-006

164.6

195.1

30.5

0.119

4.0

340

AT25SP-007

42.7

79.2

36.5

0.028

<0.10

128

AT25SP-009

140.2

0.044

<0.10

And

213.3

274.3

61.0

0.088

0.60

140

AT25SP-010

0.0

129.2

129.0

0.054

<0.10

119.7

Includes

48.8

61.0

12.2

0.254

<0.10

333

AT25SP-011

24.4

128.0

103.6

0.032

3.1

AT25SP-012

NSI

AT25SP-013

109.7

0.059

1.6

231

AT25SP-016

6.1

73.1

67.0

0.061

1.2

267

AT25SP-017

42.7

91.4

48.7

0.040

1.2

AT25SP-018

134.1

146.3

12.2

0.613

0.7

151

Includes

134.1

140.2

6.1

1.08

0.5

180

And

249.9

262.1

12.2

0.066

1.0

411

AT25SP-019

NSI

AT25SP-020

54.9

67.1

12.2

0.184

<0.10

383

And

262.1

268.2

6.1

0.50

5.3

202

AT25SP-021

18.3

48.8

30.5

0.20

<0.10

660

And

97.5

121.9

24.4

0.164

94.8

183

And

146.3

182.9

36.6

0.071

20.3

169

AT25SP-022

NSI

AT25SP-023

54.8

60.9

6.1

0.223

6.5

823

And

109.7

134.1

24.4

0.125

3.4

AT25SP-024

128.0

134.1

6.1

0.347

<0.10

104

AT23WT-001

199.7

300.3

100.6

0.046

3.4

AT23WT-002

187.5

237.8

50.3

0.047

<0.10

Includes

189.0

195.1

6.1

0.187

4.3

238.3

AT23WT-003

182.9

259.1

76.2

0.067

10.4

Includes

186.0

214.9

29.0

0.124

24.7

AT23WT-004

141.8

161.6

19.8

0.012

0.3

AT24WT-005

239.3

266.7

27.4

0.056

6.5

53.2

Includes

239.3

242.3

3.0

0.260

14.0

207

Table 2: All drill results in today's release. * Denotes angled holes. + Denotes holes that bottomed in mineralization.

Multielement geochemistry is used to understand trace elements most associated with different styles of mineralization. Arsenic (As) is

strongly associated with mineralization in the Atlanta District. Understanding of the spatial distribution of these elements can assist in vectoring towards areas with higher probability of mineralization.

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

AR-46

7.62

0.26

13.30

AR-47

21.3

0.04

43.28

AR-70

22.7

27.4

4.7

0.22

<0.50

And

29.0

91.4

62.4

<0.10

13.61

SP05-RC2

44.2

51.8

7.6

0.13

5.0

And

150.9

152.4

1.5

0.13

1.8

SP05-RC3

36.6

45.7

9.1

0.39

1.7

SP05-RC4

18.3

19.8

1.5

0.15

91.0

SP05-RC7

30.5

35.1

4.6

0.30

76.0

SP05-RC8

10.7

47.2

36.5

0.32

2.6

AT24WS-86

323.2

353.7

30.5

1.35

4.0

AT23ET-8

77.7

<0.04

<0.5

AT21-71

42.7

<0.30

<0.5

Table 3: Historic drill holes and previously released Nevada King holes used in today's release. AR series holes were drilled by Goldfields in 1990. SP05 series holes were drilled by Northern Abitibi Gold Corp. in 2005.

Denotes angled holes.

Denotes hole that

bottomed in mineralization.

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 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. 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 focused on advancing and growing its 100% owned, past producing, 120km

Atlanta Gold Mine project located along the

Battle Mountain

trend in

southeast Nevada. The project hosts an NI 43-101 compliant pit-constrained oxide 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) based on historical drilling, and does not include any of the 100,000m+ of

drilling completed by

Nevada King

. 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

NI 43-101 Mineral Resources at the Atlanta Mine

Resource