NKG.V · 2023-05-23 12:00:00

Nevada KING Intercepts 3.18 G/T Au over 70.1M Including 6.63 G/T Au over 15.2M IN Oxide with 25M Step-Out from High-Grade "Feeder" Zone

Drill Results

NEVADA KING INTERCEPTS 3.18 G/T AU OVER 70.1M INCLUDING 6.63 G/T

AU OVER 15.2M IN OXIDE WITH 25M STEP-OUT FROM HIGH-GRADE

"FEEDER" ZONE

VANCOUVER, BC

May 23, 2023

/CNW/ -

Nevada King Gold Corp.

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

Nevada King

" or the "

Company

") is pleased to

announce assay results from one vertical, reverse circulation ("

") hole recently completed at its 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:

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

AT23HG-21

149.4

219.5

70.1

3.18

20.8

Includes

198.2

213.4

15.2

6.63

68.6

Table 1: Interval released today. True width estimated at 90-95%.

AT23HG-21 plotted on section 22-5N(2) intercepted

70.1m

of 3.18 g/t Au, including

15.2m

of 6.63 g/t Au

, and was collared

25m

west of previously

released AT22HG-13 which averaged

82.3m

of 3.60 g/t Au, including

12.2m

of 17.59 g/t Au

, (see

January 12, 2023

, release

). These two holes add to the

rapidly growing, high-grade, sub-horizontal silica replacement zone that developed within strongly decalcified dolomite and overlying volcanics along and

adjacent to the northerly trending West Atlanta Fault ("

WAF

"). This "core" zone of higher grade mineralization ranges from

30m

70m

wide and

50m

100m

true vertical thickness and is currently identified in widely-spaced drill holes over a

400m

north-south strike length. The Company is actively tracking it

northward along the WAF with a series of drill fences designed to fill a

200m

gap in drill coverage between Section 22-8N (

released

February 1, 2023

) and

Section 22-15N (

released

April 27, 2023

, see Figure 1).

Section 22-5N(2) is the longest drill section released to date by the Company. Running

400m

east-west,

this section starts at the bottom of the East

Ridge Target, completely crosses the Atlanta Mine Fault Zone ("

AMFZ

") and then transits most of the West Atlanta Graben. The same structural and

mineralization patterns are repeated along drill fences for at least

400m

northward.

Mineralization remains open at both ends of Section 22-5N(2)

and

the Company will soon initiate drilling to track the mineralization hit in AT22-RC12 and RC13 eastward up into the East Ridge Target and westward from

AT22HG-8T later this summer to test mineralization beyond the West Atlanta Graben's western margin.

Looking immediately south of Section 22-5N(2) is the east-west trending South Fault, which previous explorers perceived to cut off mineralization at

Atlanta

However, holes drilled by

Nevada King

indicate gold mineralization is in fact present south of the South Fault, which implies that the AMFZ could well extend

further south into the South Extension Target. If this area proves to host gold mineralization,

a significant area currently categorized as strip material

could instead contribute to a future resource, while opening up mineralization further south along the WAF in an area with no historical drilling

Given the strong mineralization seen along Section 22-5N(2) the Company will now target the extension of this high-grade gold southward from this section.

Cal Herron

, Exploration Manager of

Nevada King

, commented, "We continue to interserct higher-grade results as our drills step westward across the WAF from

the AMFZ into the West Atlanta Graben. The WAF is a major control over gold/silver mineralization and proximity to this structure is the key to finding higher-

grades within the adjacent AMFZ and West Atlanta Graben. The Company will continue drilling more fences east-west across the WAF in order to expand the

northerly-trending high-grade core zone and test the thick, volcanic-hosted mineralization occurring within the adjacent West Atlanta Graben. The Company will

also test for mineralization southward along the AMFZ, moving into an area with no historical drilling that is looking more like a major blue sky target at

Atlanta

Figure 1.

Location map for the hole reported in this news release along drill Section22-5N(2) relative to the perimeter of the historical Atlanta Pit. Shallow drillholes

on the mine dumps have been removed from the plot for clarity. (CNW Group/Nevada King Gold Corp.)

Figure 2.

Section 22-5N(2) looking north across the southern portion of the Atlanta Mine Fault Zone and West Atlanta Graben. The South Fault dips steeply north

and cuts the section at a low angle. (CNW Group/Nevada King Gold Corp.)

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

AT22HG-8T

135.7

185.4

49.7

3.50

3.3

Includes

170.4

183.8

13.4

7.65

6.6

And

239.0

278.7

39.6

1.54

2.6

Aggregate

135.7

278.7

89.3

2.74

3.0

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

AT22HG-9

201.2

205.8

4.6

2.1

6.3

AT22HG-16

163.1

170.7

7.6

2.98

7.5

And

196.6

292.7

96.0

1.38

3.1

Includes

289.6

292.7

3.0

9.16

39.2

AT22HG-13

109.8

192.1

82.3

3.60

11.0

Includes

147.8

175.3

27.4

9.92

30.9

Includes

161.6

173.8

12.2

17.59

33.0

Includes

167.6

173.8

4.6

32.47

50.0

AT22NS-82

102.1

128.0

25.9

2.90

8.1

Includes

120.4

126.5

6.1

8.16

17.1

AT22NS-69

89.9

135.7

45.7

1.57

8.5

AT22NS-80

80.8

129.6

48.8

1.37

6.6

AT21-41B

38.1

73.2

35.0

1.17

11.3

AT21-43A

19.8

33.5

13.7

1.9

18.6

AT22RC-12

57.9

1.38

14.0

AT22RC-13

19.8

0.99

7.4

AR-18

221.0

257.6

36.6

0.53

1.9

ARC-5 (U)

131.1

202.7

71.6

2.97

11.1

includes

173.2

199.7

26.5

6.35

12.6

ARC-5 (L)

259.1

282.0

22.9

2.23

1.9

ARC-2

155.5

184.5

29.0

3.93

27.5

ARC-1

176.5

289.9

113.4

2.11

10.8

KR98-1

186.0

239.3

53.4

3.05

1.1

KR98-3

266.8

288.1

21.3

0.83

0.9

Table2.

Other holes used in Section22-5N(2). The AT21/22 series holes were drilled by Nevada King. ARC series of holes were drilled by Goldfields in 1990. KR series of holes drilled by Kinross in 1998.

Denotes hole that bottomed in mineralization.

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

$10 million

as of

May 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