NKG.V · 2023-09-05 12:00:00

Nevada KING Intercepts 1.58 G/T Au over 114.3M, Including 3.61 G/T over 24.4M, Extends High-Grade Mineralization Further Westward at Atlanta

Drill Results

NEVADA KING INTERCEPTS 1.58 G/T AU OVER 114.3M, INCLUDING 3.61

G/T OVER 24.4M, EXTENDS HIGH-GRADE MINERALIZATION FURTHER

WESTWARD AT ATLANTA

VANCOUVER, BC

Sept. 5, 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. The two holes reported today are plotted below in plan and along an updated Section 22-6N(3), initially

released on

January 6, 2023

, updated on

March 20, 2023

and again on

July 20, 2023

(Figures 2-3).

Highlights:

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

AT23WS-35

201.2

315.5

114.3

1.58

3.7

Includes

263.7

288.1

24.4

3.61

6.1

AT23WS-39

224.1

315.5

91.5

0.96

3.9

Table 1: Holes released today. Mineralization occurs along near-horizontal horizons with true mineralized thicknesses in vertical holes estimated to be 95% to 100% of reported drill intercept length.

Today's intervals are the westernmost holes drilled by

Nevada King

Atlanta

to date

and have successfully identified high-grade gold mineralization in

the western extents of the West Atlanta Graben ("

WAG

") close to the West Atlanta Fault #2 ("

WAF2

").

1.58 g/t Au over

114.3m

including 3.61 g/t Au over

24.4m

in AT23WS-39 is appreciably higher-grade than surrounding holes, injecting high-grade into the

surrounding thick blanket of gold mineralization. This is similar to previously released

3.39 g/t Au over

100.6m

in AT23HG-30 (

July 20, 2023

), located

125m

to the east of AT23WS-39 and also plotted on Section 22-6N(3).

Together these holes illustrate the effectiveness of

Nevada King's

drill targeting based on its new geological model, which outlines a series of high-angle faults

that divide the mineralized zone into fault-bounded blocks or domains, in turn creating numerous fluid pathways each capable of localizing high-grade gold

mineralization throughout the

Atlanta

deposit. This is a significant departure from the historical

Atlanta

model, which envisioned a single 45 degree vein

structure (see Figure 1 below) with no fault offsets or high-grade feeders other than the 45 degree vein zone itself.

Figure 1. Nevada King’s new geological model (right side) against the old model (left side) (CNW Group/Nevada King Gold Corp.)

Cal Herron

, Exploration Manager of

Nevada King

, stated, "These new results continue to expand WAG mineralization westward with increasing gold grades and

thicknesses. Referring to Figure 3, there are seven historical Kinross holes drilled in the WAG along Section 22-6N(3) that average 0.89 g/t Au with an average

intercept thickness of

65m

. The same section length now includes ten holes drilled by

Nevada King

with an average grade of 1.39 g/t Au and an average intercept

thickness of

121m

representing a 56% increase in grade and an 86% increase in thickness

. High-grade intercepts like

114.3m

@ 1.58 g/t Au in AT23WS-39

and

100.6m

@ 3.39 g/t Au in AT23HG-30 are important as they strongly influence this ten-hole average. We believe that intercepting these higher-grade zones or

feeders concentrated along the high-angle faults is the key to realizing the full potential of the

Atlanta

deposit and this same pattern is playing out along other

section lines to the north and south as they are progressively filled-in with new holes. Table 4 below summarizes averaged drill hole intercepts for the Company's

holes and for historical holes that were included in the Gustavson 2020 resource model along Section22-6N(3). This provides an interesting comparison of Au-Ag

grades and thicknesses within the WAG."

Figure 2. Location map for holes reported in this news release along updated drill section22-6N(3) 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 3. Updated cross section 22-6N(3) looking north across West Atlanta Fault that divides AMFZ target on east from WAG target on west. Along AMFZ

Au/Ag mineralization is largely hosted within silica breccia horizon developed on top of Paleozoic dolomite and quartzite units, whereas mineralization within WAG

is largely hosted within volcanic tuff and sediments above Paleozoic basement. The WAG is bounded on west by WAF2 but 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)

AT23HG-30

169.2

269.8

100.6

3.39

9.6

Includes

227.1

240.9

13.7

12.67

38.2

And

294.2

373.5

79.3

0.27

0.4

AT23HG-28

150.9

224.1

73.2

2.67

13.6

Includes

204.3

216.5

12.2

7.59

45.9

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

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

AT22NS-69

89.9

135.7

45.7

1.57

8.5

AT22NS-68

134.1

163.1

29.0

4.03

21.2

Including

157.0

160.1

3.1

10.03

18.5

AT22HG-16

163.1

170.7

7.6

2.98

7.5

And

196.6

292.7

96.0

1.38

3.1

AT22HG-17

146.3

311.0

165.5

0.92

3.0

AT22HG-19

155.5

233.2

77.7

1.92

28.1

Including

207.3

224.1

16.8

4.76

86.8

AT21-41B

38.1

73.2

35.0

1.17

11.3

AT21-50A

141.8

178.3

36.5

1.00

17.91

AT22RC-11

33.5

1.28

0.5

AT22RC-12

57.9

1.38

14.0

Table 2

: Previously reported holes drilled by Nevada King along Section 22-6N(3). True thickness of gold mineralization is estimated to be 95% to 100% of the reported intercept length in vertical holes.

Denotes hole that bottomed in mineralization.

Denotes

angle hole.

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

KR98-2

265.2

304.9

39.7

0.96

6.82

KR98-7

204.3

257.6

53.4

1.36

3.85

KR98-9

170.9

190.5

19.8

0.20

0.1

KR98-10

242.3

330.8

88.5

0.77

1.8

KR98-11

244

343

0.81

3.02

KR98-13

AR-27

161.6

260.7

99.1

0.73

1.84

AC-4

167.7

224.1

56.4

1.25

7.31

Table 3

: Historical holes used in updated Section 22-6N. KR98 series holes were drilled by Kinross in 1998. AR and AC series holes were drilled by Goldfields in 1991.

Denotes angle holes.

Denotes holes that bottomed in mineralization.

Operator

West Atlanta Graben

Atlanta Mine Fault Zone

No. of

Holes

Average Au eq.

(g/t)

Average

Thickness (m)

No. of

Holes

Average Au eq

. (g/t)

Average

Thickness (m)

NKG

1.47

121

1.79

39.7

Historical

0.933

None

Table 4. Comparison of Nevada King and historical drill results along section line 22-6N(3), using weighted averages. Gold equivalents calculated using Au/Ag prices of $1,943/oz and $24.77/oz, respectively (Aug 30, 2023 US$ spot prices).

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

NI 43-101 Mineral Resources at the Atlanta Mine

Resource Category

Tonnes

(000s)

Au 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

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 05-SEP-23

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