NKG.V · 2023-04-13 12:00:00

Nevada KING Intercepts High-Grade Oxide GOLD at Atlanta Including 2.98 G/T Au over 67.1M, 2.54 G/T Au over 65.5M, and 2.16 G/T Au over 47.3M

Drill Results

NEVADA KING INTERCEPTS HIGH-GRADE OXIDE GOLD AT ATLANTA

INCLUDING 2.98 G/T AU OVER 67.1M, 2.54 G/T AU OVER 65.5M, AND 2.16

G/T AU OVER 47.3M

VANCOUVER, BC

April 13, 2023

/CNW/ -

Nevada King Gold Corp.

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

Nevada King

" or the "

Company

") is pleased to

announce assay results from six 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.

Highlights:

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

Notes

AT22HG-11

228.7

250.0

21.3

1.26

85.1

Bottomed in Mineralization

AT22NS-87

169.2

216.5

47.3

2.16

140.2

includes

175.3

182.9

7.6

4.57

227.6

AT22NS-88

169.2

214.9

45.7

1.28

162.0

AT23NS-65

79.3

117.4

38.1

1.79

52.5

AT23NS-58

42.7

108.2

65.5

2.54

62.9

includes

86.9

100.6

13.7

4.97

53.0

AT23NS-64

41.2

108.2

67.1

2.98

62.1

Bottomed in Mineralization

includes

57.9

102.1

44.2

4.05

66.0

Table 1: All holes released today. Mineralization occurs along sub-horizontal horizons generally dipping gently westward; true mineralized thickness in vertical holes is estimated to be between 85% and 95% of reported drill intercept length.

Holes released today plotted on Section 22-9N were drilled across the high-grade feeder zone associated with several strands of a braided network of

structures comprising the

150m

-wide Atlanta Mine Fault Zone ("

AMFZ

"), which lies between the

East Atlanta

and West Atlanta Faults (see Figure 1).

These

vertical holes intercepted new areas of high-grade gold mineralization on this section that were not intercepted in historic drilling. These new

high-grade areas were targeted based on

Nevada King's

recent revised modelling of gold mineralization across this section line which differs

significantly from historic interpretations.

Shown in Figure 2, the highest gold grades occur within blocks between the

Atlanta

King and East Atlanta Faults as evidenced by AT23NS-58 and AT23NS-

64 (Table 1) and nearby holes AT21-63 and AT22NS-59 (Table 2). Historical angle holes drilled by Goldfields, Kinross, and Meadow Bay largely passed

beneath and missed this

40m

-wide, shallow high-grade zone.

In similar fashion, a

30m

-wide block on the eastern side of the West Atlanta Fault is also host to higher-grades, as seen in AT22NS-87 and 88. A number of

historical angle holes did intersect this zone, but very few of them fully sampled the complete mineralized thickness. Significant differences are apparent in

gold grades and thicknesses in today's NS-87 and NS-88 (

47.3m

@ 2.16 g/t and

45.7m

@ 1.28 g/t) compared to Kinross angle holes KR97-3 and KR97-4

(

24.4m

@ 0.97 g/t and

27.4m

@ 0.85 g/t).

The upthrown "horst" block immediately west of the

Atlanta

King Fault typically hosts more moderate grades and thicknesses compared to the two high-

grade zones on either side of it. However, AT22NS-65 tested this horst block and returned 1.79 g/t Au over

38.1m

, which is generally thicker and higher

grade compared to sections further south.

Hole AT22HG-11, collared west of the West Atlanta Fault penetrated mineralized volcanics in the West Atlanta Graben target but was lost at a shallow

depth, bottoming in mineralization. Drilling across the West Atlanta Graben along the western extension of line 22-9N will commence shortly, filling in a large

information gap that currently exists within the historical drill pattern.

Nevada King's

holes along 22-9N are very similar in grade and mineralized thickness to holes previously released along Sections

22-5N

22-6N

22-7N

, and

22-08N

. The same pattern of: (1) high-grade grabens between the

East Atlanta

and

Atlanta

King Faults, (2) the moderate grade horst block west of the

Atlanta

King fault, and (3) the high-grade graben block east of the West Atlanta Fault, is repeated southward along each section, demonstrating excellent

continuity of mineralization.

Cal Herron

, Exploration Manager of

Nevada King

, stated, "As our drill fences progress northward along the AMFZ we are seeing strong continuity in grade,

thickness, and style of mineralization from section to section. We also start to see why many of the historical holes failed to pick up on the higher-grade

mineralization localized in the numerous fault blocks and how this mineralization was largely missed by past explorers. The shallow high-grade mineralization

immediately west of the East Atlanta Fault that we drilled into during our 2021 exploration program was completely missed by past explorers while the high-grade

fault block along the east side of the West Atlanta Fault was under-represented in the historical drilling.

Our new interpretation and geologic model is allowing

us to effectively track both of these high-grade zones northward along the AMFZ, systematically defining the major fault components and associated

mineralized blocks.

Figure 1.

Location map for holes reported in this news release along drill section22-08N

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.

Cross section 22-09N looking north across the southern portion of the Atlanta Mine Fault Zone. Higher grade mineralization is concentrated within narrow

fault blocks formed between the East Atlanta and Nevada King Faults. (CNW Group/Nevada King Gold Corp.)

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

Notes

AT22NS-59

4.6

54.9

50.3

2.65

20.7

AT22MET-1B

7.8

22.6

14.8

3.76

69.0

Bottomed in Mineralization

AT21-63

7.6

48.8

41.2

3.95

27.3

Bottomed in Mineralization

KR97-2

187.5

213.4

25.9

1.79

13.0

KR97-3

195.1

219.5

24.4

0.97

29.4

KR97-4

218

245.4

27.4

0.85

70.2

Table 2

: Previously reported and historic holes used in Section 22-9N. AT22 series holes were drilled by Nevada King in 2022 while the AT21 series hole was drilled by Nevada King in 2021. KR97 series angle holes were drilled by Kinross in 1997.

Mineralization occurs along sub-horizontal horizons generally dipping gently westward; true mineralized thickness in vertical holes is estimated to be between 85% and 95% of reported drill intercept length.

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

$7.25 million

as of April 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