NKG.V · 2024-01-23 12:00:00

Nevada KING Intercepts 1.41 G/T Au over 76.2M, 1.86 G/T Au over 53.4M, 1.80 G/T Au over 48.8M & 2.51 G/T Au over 32.0M, Extends Mineralization Westward Across the WEST Atlanta Graben Zone

Drill Results

NEVADA KING INTERCEPTS 1.41 G/T AU OVER 76.2M, 1.86 G/T AU OVER

53.4M, 1.80 G/T AU OVER 48.8M & 2.51 G/T AU OVER 32.0M, EXTENDS

MINERALIZATION WESTWARD ACROSS THE WEST ATLANTA GRABEN

ZONE

VANCOUVER, BC

Jan. 23, 2024

/CNW/ -

Nevada King Gold Corp.

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

Nevada King

" or the "

Company

") is pleased to

announce assay results from six reverse circulation ("

") 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:

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

Zone

AT23NS-131B

105.2

154.0

48.8

1.80

13.5

AMFZ

AT23NS-133

102.1

125.0

22.9

2.38

24.1

AMFZ

AT23NS-133C

86.9

118.9

32.0

2.51

34.8

AMFZ

AT23NS-168

80.8

157.0

76.2

1.41

38.8

AMFZ

AT23NS-167A

61.0

114.3

53.4

1.86

34.1

AMFZ

AT23WS-50

234.8

303.4

68.6

0.34

0.6

WAGZ

Table 1. Holes released today along Section 6N(4). 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.

These six holes concentrated on in-filling a sizeable information gap at the southwest corner of the historical pit along the Atlanta Mine Fault Zone ("

AMFZ

").

Both southward and northward directed angle holes successfully tied mineralization to adjacent Sections 22-5N and 22-7N by bridging across a large pit

collapse zone that has prevented vertical drilling within this part of the resource area since cessation of mining in 1985. This gap is quite apparent in Figure 1

where the angle hole traces are shown in red bridging across it from collar locations on lines 22-4N and 22-8N.

Intercepts across this previously untested, approximately

100m

-wide zone range in grade from 4.91 g/t Au and 41.4 g/t Ag to 1.41 g/t Au and 13.5 g/t Ag,

with estimated true thicknesses ranging from

21m

52m

. Highlight intervals in this segment include

4.91 g/t Au and 41.4 g/t Ag over

39.6m

in AT23NS-

131C (previously

released

January 9, 2024

1.41 g/t Au and 38.8 g/t Ag over

76.2m

in AT23NS-168 and

1.86 g/t Au and 34.1 g/t Ag over

53.4m

AT23NS-167A.

On the west side of the West Atlanta Graben Zone ("

WAGZ

"), AT23WS-50 returned

68.6m

grading 0.343 g/t Au, indicating a drop in grade west of the West

Atlanta Fault #2 ("

WAF2

"), currently considered to be the western margin of the WAGZ. For reference, previously released AT23WS-39 is located

30m

the east on the opposite side of the WAF2 and intersected

91.5m

of 0.96 g/t Au.

Cal Herron

, P.Geo., Exploration Manager of

Nevada King

, stated, "Unstable ground conditions at the southwestern corner of the historical

Atlanta

pit have been a

thorn in the side for every operator at

Atlanta

Nevada King

included. The collapsed pit wall precluded any drill evaluation of shallow mineralization within a

100m

area that is surrounded on three sides by holes containing high-grade gold hits, thus indicating similar potential directly underneath the collapsed zone.

We have finally angle-drilled shallow holes underneath the collapse zone from locations along sections 22-4N and 22-8N, thereby in-filling the data gap that

previously existed on lines 22-5N, 22-6N, and 22-7N. Intercept results demonstrate good lateral continuity of moderate gold grade within this portion of the AMFZ

and firmly tie the Gustavson 2020 resource model's southwestern margin to the mineralization previously drilled by

Nevada King

in 2021-2022 along the eastern

and southern sides of the

Atlanta

pit – mineralization that extends approximately

150m

south-southeast of the existing resource zone and remains open for further

expansion."

Figure 1. Location map for holes reported in this news release along updated drill Section 22-6N(4) 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 22-6N(4) 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)

AT22HG-16

163.1

292.7

129.6

1.21

2.7

AT22HG-17

146.3

311.0

165.5

0.92

3.0

AT22HG-19

155.5

233.2

77.7

1.92

28.1

AT22NS-68

134.1

163.1

29.0

4.03

21.2

AT23WS-35

201.2

315.5

114.3

1.58

3.7

AT23WS-39

224.1

315.5

91.5

0.96

3.9

AT23HG-30

169.2

269.8

100.6

3.39

9.6

AT23HG-28

150.9

224.1

73.2

2.67

13.6

AT23HG-22

181.4

323.2

141.8

0.55

4.0

AT22SE-4

146.3

327.7

181.4

1.03

3.8

AT22SE-42

122.0

318.6

163.1

0.98

2.5

AT23HG-24

247.0

324.7

77.7

1.14

4.0

AT22RC-11

33.5

1.28

0.5

AT23NS-131C

132.6

172.3

39.6

4.91

41.4

Table 2

. Previously reported holes used along updated Section 22-6N(4). AT22 series holes were drilled by Nevada King in 2022 and the AT21 series holes were drilled in 2021. 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 core hole.

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)

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 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.

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SOURCE

Nevada King Gold Corp.

View original content to download multimedia:

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For further information:

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

CO: Nevada King Gold Corp.

CNW 07:30e 23-JAN-24

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