NKG.V · 2023-07-20 12:00:00

Nevada KING Intercepts 3.39 G/T Au over 100.6M & 2.67 G/T Au over 73.2M at Atlanta

Drill Results

NEVADA KING INTERCEPTS 3.39 G/T AU OVER 100.6M & 2.67 G/T

AU OVER 73.2M AT ATLANTA

VANCOUVER, BC

July 20, 2023

/CNW/ -

Nevada King Gold Corp.

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

Nevada King

" or the "

Company

") is

pleased to announce assay results from four 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. Today's holes infill gaps along previously reported

Sections 22-6N (

January 6, 2023

) and 22-6N(W) (

March 20, 2023

), and are plotted in plan and along an updated Section 22-6N(2), a

500m

wide cross section starting east of the pit and transiting the full extents of both the Atlanta Mine Fault Zone ("

AMFZ

") and the West Atlanta

Graben ("

WAG

").

Highlights:

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

AT22RC-11

0.0

33.5

1.28

0.5

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 highlight intervals of

3.39 g/t Au over

100.6m

in AT23HG-30 and

2.67 g/t Au over

73.2m

in AT23HG-28 were both drilled

proximal to and west of the West Atlanta Fault ("

WAF

"). These impressive grades over significant thicknesses continue to point to the WAF

as a major feeder structure responsible for concentrating high-grade gold mineralization at

Atlanta

Moving further west across the WAG, historical hole AR-27, located

30m

from AT23HG-30 intercepted

99.1m

grading 0.73 g/t Au while

25m

further west, today's AT23HG-22 cut

141.8m

grading 0.55 g/t Au

near the middle of the WAG. Continuing west again, grades pick

up as the West Atlanta Fault #2 ("

WAF2

") is approached, as seen in AT22SE-42 (

163.1m

@ 0.98 g/t Au) and AT22SE-4 (

181.4m

@ 1.03

g/t Au), suggesting the WAF2 is also a feeder structure. The Company is currently drilling in proximity to WAF2 to better understand its

significance.

AT23HG-30 is also notable as the first hole at

Atlanta

to encounter gold mineralization in the Pogonip Limestone (Op) formation

intercepted at

369m

depth as the hole crossed the WAF

This is potentially significant as Pogonip Limestone serves as the main ore host

at the Archimedes deposit (2.1 Moz

) in

Eureka, Nevada

, and at Barrick's Long Canyon deposit (2.2 Moz

) in

NE Nevada

. Pogonip

Limestone underlies the high quartzite ridge immediately southeast of the

Atlanta

pit and this ridge appears to have been uplifted about

300m

across the South Fault, meaning future drilling could target this newly identified mineralizerd horizon at

shallow depths beneath

30m

60m

of barren quartzite within a completely untested area approximately

500m

wide by

2000m

long.

Aside from the high gold grade and the mineralized Pogonip Limestone at depth, AT23HG-30 also returned significant molybdenum ("

and yttrium values. Table 4 compares averaged elemental abundances for three distinctly separate gold zones in this hole. Exhibiting a

strong spatial relationship with gold, Mo is enriched starting at

195m

depth and continues to the bottom of the hole at

392m

, averaging

1227ppm (or 0.12%) Mo over

197m

, with individual

1.52m

drill intervals ranging up to 8785ppm (0.87%) Mo. The Company is continuing to

review these results and their potential significance.

_______________________________

Nevada Bureau of Mines and Geology, 2006, Gold and Silver Resources in Nevada

Fronteer Gold, Inc., 2011, 43-101 Updated Technical Report on the Long Canyon Project

Cal Herron

, Exploration Manager of

Nevada King

, stated: "These new results add to the success of our exploration model – identifying high-

angle faults responsible for channeling Au/Ag bearing fluids into the basement and volcanic host rocks and then following these structures along

strike. This has allowed us to define significant areas of higher grade "core zones" proximate to the feeder zones as well as thick mineralized

zones emanating from and occurring beween major faults. On the west side of the West Atlanta Graben, we think the

West Atlanta

#2 Fault is

another feeder structure, and we are just now in the process of drilling it, looking for higher grade, thicker mineralization along the graben's

western margin. Overall, today's remarkable highlight intervals that include the identification of new gold-bearing host rock in the Pogonip

Limestone formation and the discovery of highly anomalous molybdenum grades, serves to stoke our enthusiasm about the potential for

continued discovery and resource growth at

Atlanta

Figure 1. Location map for holes reported in this news release along updated drill section22-6N(2) 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(2) looking north across WAF that divides AMFZ target on east from WAG target on west. Along 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 WAG is largely hosted within volcanic tuff and sediments above the Paleozoic basement. WAG is bounded on the west

by the 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)

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-12

57.9

1.38

14.0

Table 2

: Previously reported holes used along updated Section 22-6N(2). 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 95% to 100% of the reported intercept length in vertical holes.

Denotes holes 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

KR98-11

244

343

0.81

3.02

KR98-13

AR-27

161.6

260.7

99.1

0.73

1.84

AC-04

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. 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. * Denotes holes that bottomed in mineralization

From-To

(m)

ppm

169-270

3.39

9.6

891

1839

976

739

243

294-323

0.38

0.7

866

2639

656

2577

102

349-375

0.25

0.3

498

679

187

19799

1305

1427

207

128

311

Table 4: Averaged trace element abundances associated with three gold intervals in AT23HG-030. Molybdenum and yttrium are particularly high. An abrupt increase in several elements (noted in red) is seen at 349m depth just

above the contact with the Pogonip Limestone.

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

$19-million

as of

July 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 Category

Tonnes

(000's)

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.

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For further information:

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

CO: Nevada King Gold Corp.

CNW 07:30e 20-JUL-23

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