NKG.V · 2023-04-04 12:00:00

Nevada KING Intersects Lower Plate Hosted Carlin Type GOLD at Its Iron Point Project, Battle Mountain Trend, Nevada

Exploration Programs

NEVADA KING INTERSECTS LOWER PLATE HOSTED CARLIN TYPE

GOLD AT ITS IRON POINT PROJECT, BATTLE MOUNTAIN TREND,

NEVADA

VANCOUVER, BC

April 4, 2023

/CNW/ -

Nevada King Gold Corp.

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

Nevada King

" or the "

Company

") is pleased to announce

drill results from its 2022 Phase II drilling program at its 74.9 km

Iron Point Project, located 35 km east of

Winnemucca, Nevada

, on the prolific Battle Mountain

Trend (Figure 1).

Highlights:

Phase II drilling at Iron Point successfully intercepted Lower Plate stratigraphy in three deep holes including

multiple gold zones in hole IP22-005.

Key

intervals include:

Drill Hole

From (m)

To (m)

Interval (m)

Au (g/t)

IP22-5

342.6

349.9

7.3

0.33

And

389.4

394.2

4.8

5.35

And

675.4

684.6

9.2

1.04

Nevada King's

Phase I and Phase II drilling confirm a

Carlin

-type gold hosted in Lower Plate carbonate rocks in the hanging wall and footwall of the Edna

Mountain Structural Zone ("

EMSZ

") (Figure 1). Gold mineralization is associated with elevated As, Sb and Hg and is open in all directions for additional drill

tests. This key takeaway represents a new, high-value exploration opportunity.

The geologic setting of Iron Point is strikingly similar to the style of known

Carlin

-type gold deposits occurring along the

Carlin

and Battle Mountain-Eureka

Trends. Similarities include multiple compressional tectonic events, gold in Upper and Lower Plate rocks, a stock with a hornfels aureole in the footwall of a

complex normal fault zone, multiple dike swarms of various ages and orientations, and multiple metal systems of varying ages.

Nevada King's

Phase II drill program commenced in

January 2022

and was designed to follow up on initial drilling completed by the Company in 2019 during

which a thick sequence of Lower Plate carbonate rocks was encountered in core hole VM-008C, which bottomed in strongly anomalous gold mineralization

and associated pathfinder elements, intercepting

5.8m

grading 0.17 g/t Au starting at

704m

Nevada King

is in the process of filing a National Instrument 43-101 ("

NI 43-101

") compliant technical report in the coming days authored by renowned

Nevada Explorationist Mac Jackson, outlining a comprehensive review of the Iron Point district including work done by the Company in its Phase I and Phase

II drilling programs.

Cal Herron

, Exploration Manager of

Nevada King

, commented: "Every explorer looking for gold in northeastern Nevada over the past 50 years has been striving

for the same goal – i.e. to find

Carlin

-type gold in receptive, Lower Plate stratigraphy. There are numerous deposits and mines across this region that host gold in

upper plate and Tertiary-age lithotypes, but the real prize has always been to hit gold in Lower Plate sequences where the elephants are most likely to be found.

As enumerated above, previous explorers at Iron Point identified most of the geological components that go into making a

Carlin

-type deposit, but the most

important charactistic of all – the existence of Lower Plate rocks hosting gold mineralization – remained elusive. In this respect,

Nevada King's

discovery hole VM-

008C in 2019 represented a giant leap forward toward finding a

Carlin

-type deposit at Iron Point. The Company's subsequent drilling program in 2022

corroborated this Lower Plate mineralization with hits in IP22-004 and 005 and also expanded the footprint of

Carlin

-type mineralization to the north, south, and

east of VM-008C, covering an area measuring

1000m

N-S by

500m

wide and open in all directions. The gold intercepts in these three widely-spaced holes now

place the Company in the enviable position of exploring for a potential elephant within an identified geological environment conducive for producing elephants, as

opposed to questioning whether or not we are in the right environment to start with, which is the more common position most explorers in

NE Nevada

find

themselves.

"With our advanced knowledge gained from the work completed to date, next possible steps at Iron Point could involve:

Re-interpretation of geophysical data and probable in-fill geophysical surveys to provide higher resolution and better definition of potential targets.

Detailed geochemical modeling and subsurface structural mapping based on historical drilling and

Nevada King's

large number of RC and core holes drilled for

vanadium.

Expanding the surface geologic map coverage.

"The Company is currently examining several development strategies to best move the Iron Point Project forward."

Phase II 2022 Drilling Program Summary:

3,196m

of drilling was completed in five wide-spaced rotary precollar / diamond core tail holes (IP22-001 through IP22-005). Drilling focused on the eastern

rangefront, primarily in the hanging wall of the EMSZ (see table below and Figure 1). The holes were a follow up to Lower Plate gold mineralization

intersected in drill hole VM-008C (

5.8m

of 0.16 g Au/t from 704.2 to

710.0m

) in the footwall of the EMSZ.

Nevada King's VM-008C, today's highlight hole IP22-005, and IP22-004 all confirm

Carlin

-type gold mineralization hosted in Lower Plate carbonate rocks

along a

1,000m

long segment of the EMSZ.

Property-wide gravity data clearly define the EMSZ – a complex, anastomosing, northeast to northwest-striking normal fault on the east side of the project.

Two unique targets are recognized in this area:

In the eastern hanging wall of the EMSZ, recent gravity data define a pediment area where favorable Lower Plate carbonate rocks occur at drillable

depths below post-mineral gravels.

Gravity and CSAMT data define a northwest-trending structural corridor, the 'Fairway Zone', in the western footwall of the EMSZ where uplifted Lower

Plate carbonate rocks are covered by either upper plate siliciclastic rocks or post-mineral basalt.

Both areas host drill holes with gold mineralization and as such constitute high value exploration targets.

Modeling of airborne property-wide magnetic data has assisted in resolving the geometry of the Iron Point intrusion as a Cretaceous age igneous stock with a

distinct hornfels metamorphic aureole and outboard metal zoning (Figure 2).

These patterns are identical to patterns documented around the Goldstrike

stock on the Carlin Trend, and the Mill Canyon and Gold Acres stocks at Cortez.

The exploration potential of the Iron Point Project includes the recognition of multiple exploration target types including:

Carlin

-type gold, upper plate hosted

vanadium, Cu-Mo porphyry, and base and precious metal skarn.

Figure 1. The Iron Point Gold Project located at the intersection of the prolific Getchell and Battle Mountain gold trends. (CNW Group/Nevada King Gold Corp.)

Figure 2. Drill hole locations (CNW Group/Nevada King Gold Corp.)

Figure 3.

Iron Point Project – pre-2021 drilling: Leapfrog arsenic model of NW-SE drill holes and preliminary geology long section. View is to the northeast. (CNW

Group/Nevada King Gold Corp.)

Drill Hole

Method

Incl.

TD (m)

Intercept (m)

Interval (m)

Au (g/t)

Notes

IP22-1

RC / Core

-90

913.0

No assays

0.14 g Au/t

IP22-2

-90

67.1

No assays

0.14 g Au/t

Precollar lost

IP22-3

-90

365.9

No assays

0.14 g Au/t

Precollar cased

IP22-4

MR / Core

-90

917.1

505.1-511.5

6.4

0.16

IP22-5

MR / Core

-90

932.9

342.6-349.9

7.3

0.33

And

389.4-394.2

4.8

5.35

And

675.4-684.6

9.2

1.04

Table 1. Gold intercepts reported today, calculated using a 0.14 g Au/t cutoff. Weighted averaging has been used to calculate all reported intervals.

True widths are estimated at 70-90% of drilled thicknesses. Drill methods include reverse circulation (RC),

mud rotary (MR) and HQ diamond core.

Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance

All sampling was conducted under the supervision of the Company's project geologist and the chain of custody from the project to the sample preparation facility

was continuously monitored. A blank or certified reference material was inserted approximately every twentieth sample.

The reverse circulation, mud rotary and core samples were delivered to either ALS Minerals or American Assay Laboratories certified laboratories in

Sparks, NV

where they were crushed and pulverized. Resulting sample pulps were digested and analyzed for gold using fire assay with an atomic absorption spectroscopy

(AAS) finish (ALS Minerals Au-AA23), or fire assay fusion with an ICP-OES finish (American Assay FA-PB30-ICP) on a 30 gram split. All other elements were

determined by ICP analysis (ALS Minerals ME-ICP61 or American Assay ICP-2AO24) in either

Sparks, NV

, or

Vancouver

, BC. Data verification of the analytical

results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to insure accurate and verifiable results.

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 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