NKG.V · 2024-07-16 12:00:00

Nevada KING Makes at-Surface Oxide GOLD Discovery at East Ridge Zone, Shows Potential FOR Larger Mineralized Targets IN New Geological Setting at Atlanta

Drill Results

NEVADA KING MAKES AT-SURFACE OXIDE GOLD DISCOVERY AT EAST

RIDGE ZONE, SHOWS POTENTIAL FOR LARGER MINERALIZED TARGETS

IN NEW GEOLOGICAL SETTING AT ATLANTA

VANCOUVER, BC

July 16, 2024

/CNW/ -

Nevada King Gold Corp.

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

Nevada King

" or the "

Company

") is pleased to

announce results for 15 reverse circulation ("

") reconnaissance holes drilled in and around the East Ridge Target ("

ERT

") at its 5,166 hectare (51.7km

100%-owned Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend 264km northeast of

Las Vegas, Nevada

. Drilling at the ERT commenced in

June with five holes located to test coincident geophysical and geochemical anomalies. A fence of 10 holes were also drilled between the ERT and the Atlanta

Resource Zone. The ERT covers a low resistivity zone that measures

100m

-wide, strikes

1,000m

north-south and is located

300m

east of the historical Atlanta Pit

and resource zone.

Highlights:

First pass drilling at the ERT has led to the

discovery of an at-surface oxide gold zone called the East Ridge Zone

ERZ

)

that is located within the

overall ERT area and includes the highlight interval of

1.32 g/t Au over

22.9m

in AT24ET-11 (Figure 1). Gold mineralization was intercepted in five of today's

widely spaced holes over a

100m

200m

area, with mineralization hosted in silica breccia and mineralized intrusive rock down to a depth of

57m

where it

remains open (Figure 2).

The ERZ represents the first satellite gold discovery made at

Atlanta

and demonstrates the project's district-scale

potential.

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

AT24ET-11

22.9

1.32

3.5

AT24ET-12

22.9

0.33

>1.0

AT24ET-13

12.2

33.5

21.3

0.53

2.35

AT24ET-14

6.1

12.2

6.1

0.36

1.3

AT24ET-15

42.7

79.3

36.6

0.16

1.7

Table 1. Highlight holes released today. True mineralized thickness estimated to be 97% of reported intercept length for vertical holes and 68% for angle holes.

Denotes -45

dip angle hole.

Referring to Figures 3-4, the mineralized intercepts in today's holes correlate well with the low resistivity zone from the Company's CSAMT geophysical

survey that outlines near-vertical bodies of low resistivity, interpreted as mineralized high-angle intrusions (shown in red) cutting up through a highly resistive,

unmineralized dolomite sequence (shown in blue). Ten vertical reconnaissance holes (AT23ET-1-AT23ET-10) arranged along a north-south line between the

ERT and the

Atlanta

resource zone were designed to check for a possible low-angle connection between both mineralized zones. All ten holes were sited

within the high resistance zone separating the ERT and resource zone, and the lack of significant gold values in these holes further supports the Company's

CSAMT interpretation above.

Each of today's five highlight holes intercepted high-angle, intrusive-related gold mineralization bounded laterally by massive, impermeable dolomite. This

geological setting differs substantially from that seen in the

Atlanta

resource zone, where gold occurs along and immediately above a low-angle unconformity

separating dolomitic and quartzitic basement rocks from overlying volcanic rocks. The new geological setting seen at the ERT lends itself to numerous

additional targets identified by the CSAMT data throughout the

Atlanta

district, including the much larger Jumbo Target located a further

300m

east of the

ERT, which measures

400m

wide by

3,000m

north-south (Figure 5).

Current drilling is testing the northern and southern extensions of the ERZ along the geophysical anomaly as well as for depth and width of mineralization. A

full technical discussion detailing today's holes and their significance can be found in the Technical Discussion section below.

Cal Herron

, Exploration Manager of

Nevada King

, commented, "Today's discovery of the ERZ marks a major milestone for our exploration efforts at

Atlanta

. Aside

from representing the first satellite gold zone discovered in the district, it was primarily identified based on a geophysical anomaly. We have long hypothesized that

Atlanta

has district-scale potential to host multiple gold zones. However, these potential zones are hard to find when relying on geology alone, as they are

obscured by extensive alluvium and basement rock cover throughout the district. Today's discovery gives us the confidence that we can utilize geophysics as an

important tool to hone in on additional mineralized zones. This opens up numerous areas within the

Atlanta

District where very similar anomalies are seen in the

CSAMT data but on a much larger scale. A good example is the large low resistivity zone (red color) shown in Figure 3 immediately east of the ERZ that projects

upward into the carbonate sequence from a much larger low resistivity body beneath it. The dikes and mineralization within the ERT appear to originate from this

large, deeper resistivity low. The horn-shaped low resistivity zone (red color) at the far right of Figure 4 is potentially the upper portion of a large igneous mass

intruding upward into the carbonate sequence and could represent a mineralized zone similar to the ERZ, albeit on a larger scale.

"By comparing the past and present drill hole locations to the inferred intrusive pattern found in our CSAMT data (Figure 5), it is clear that very little of this

prospective ground has been drill-tested. As our 2024 reconnaissance exploration program progresses, we now have numerous targets to chase in all directions

from the current resource zone, and considering the strong intrusive tie to Au/Ag mineralization, the Company is well positioned to make more new discoveries."

Figure 1. Plan view of ERZ showing locations of reported reconnaissance drill holes. The composited low resistivity CSAMT anomaly highlighted in orange trends

NNW for about 1,000m and corresponds with intrusive dikes and associated decalcification in the surrounding dolomite that provided the plumbing system for gold

mineralization. The trend of the anomaly is very similar to that of the main pit resource zone. (CNW Group/Nevada King Gold Corp.)

Figure 2. Drill section A-A’ across the central portion of the ERZ showing gold mineralization in relation to the silica breccia zone and high-angle intrusions.

Oxidized Au mineralization is largely hosted within silicified and clay-altered rhyolitic intrusions and adjacent silicified dolomite. Depth of mineralization within the

intrusive rocks is currently unknown. (CNW Group/Nevada King Gold Corp.)

Figure 3. Looking north at CSAMT Line 10 with ERZ anomaly (orange), indicating low-resistivity rock types - silicified/argillized Tertiary intrusions & variably

silicified and decalcified dolomite. Blue indicates highly resistive, unaltered Paleozoic carbonate basement rocks. Horn-shaped low resistivity zone at far right is

potentially upper portion of large igneous mass intruding upward into carbonate sequence and could represent a mineralized zone similar to the ERZ, albeit on a

larger scale. (CNW Group/Nevada King Gold Corp.)

Figure 4. Looking north at CSAMT Line 12 with ERZ anomaly (green), indicating low-resistivity rock types - silicified/argillized Tertiary intrusions and decalcified

dolomite. Blue indicates highly resistive, unaltered Paleozoic carbonate basement rocks. Red colors to east of ERZ in new Jumbo Target suggest large intrusive

mass underneath Paleozoic carbonate cover with plumes intruding up through the carbonate carapace, similar to that seen in ERZ but on a much larger scale.

(CNW Group/Nevada King Gold Corp.)

Figure 5. Plan Map shows distribution of major structural features as indicated by deep CSAMT low resistivity responses in relation to exploration targets and

drilling done to date (includes historical and NKG holes). Deep drill holes reveal these CSAMT anomalies to be igneous intrusions and associated alteration of

adjacent carbonate basement rocks. The Atlanta resource zone occurs near a sharp flexure in the basement structure that is mimicked by the low resistivity zones

to the west and east. (CNW Group/Nevada King Gold Corp.)

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

AT23ET-1

4.6

0.29

1.1

AT23ET-2

59.5

<0.04

<0.5

AT23ET-3

6.1

0.14

0.675

AT23ET-4

1.5

3.0

1.5

0.10

<0.5

AT23ET-5

61.0

<0.04

<0.5

AT23ET-6

13.7

15.2

1.5

0.13

<0.5

AT23ET-7

27.4

29.0

1.5

0.10

<0.5

AT23ET-8

77.7

<0.04

<0.5

AT23ET-9

111.3

<0.04

<0.5

AT23ET-10

10.7

35.1

24.4

0.05

<0.5

AT24ET-11

22.9

1.32

3.5

AT24ET-12

22.9

0.33

>1.0

AT24ET-13

12.2

33.5

21.3

0.53

2.35

AT24ET-14

6.1

12.2

6.1

0.36

1.3

AT24ET-15

42.7

79.3

36.6

0.16

1.7

Table 2. All holes released today. True mineralized thickness estimated to be 95-100% of reported intercept length for vertical holes and 65-70% for angle holes.

Denotes -45

angle hole.

Technical Discussion

As seen in Figure 2, higher grade Au mineralization is hosted in silica breccia adjacent to intrusive dikes and within strongly silicified rhyolitic tuff dike breccia

zones hosting small quartz veinlets, while lower grade mineralization occurs within argillized tuff dikes and variably silicified dolomite.

Vertical hole AT24ET-11

(1.32

g/t Au over

22.9m

)

and angle hole AT24ET-12 (0.33 g/t over

22.9m

) were collared along the eastern margin of the CSAMT

anomaly. Both holes encountered mineralization at the surface that extend to

23m

depth, where Au values dropped quickly when the massive dolomite

bounding the eastern side of the intrusive zone was penetrated.

Angle hole AT24ET-13 collared in a weakly mineralized dacite tuff dike (average 0.176 g/t Au over

15.2m

) and encountered higher-grade mineralization (0.53

g/t over

21.3m

) within a silicified rhyolite tuff dike breccia and adjacent silicified/decalcified dolomite from

15.2m

33.5m

(

10.7m

and

23.7m

vertical depths).

Gold values drop rapidly with depth in the adjacent massive dolomite.

Vertical hole AT24ET-14 (

6.1m

@ 0.33 g/t Au) tested an argillized dacitic intrusion exposed in the drill road

52m

south of AT24ET-11 along the eastern

margin of the CSAMT anomaly. Gold enrichment occurs within a rhyolitic tuff dike breccia at

depth directly beneath the dacite and decreased rapidly as

the hole entered the adjacent massive dolomite bounding the eastern side of the intrusive zone.

Angle hole AT24ET-15 (

36.6m

@ 0.164 g/t Au) was sited to test the western margin of the CSAMT anomaly. The hole collared in unmineralized, massive

dolomite and hit the mineralized intrusive zone at

41m

depth (

29m

vertical depth). This hole stayed in weakly mineralized rhyolitic tuff dike breccia to the TD

depth of

81m

(

57.2m

vertical depth) and bottomed in 0.087 g/t Au. This long gold intercept reveals the presence of mineralized intrusive down to a minimum

57.2m

depth, which correlates well with the low resistivity zone forming the ERZ CSAMT anomaly.

Figure 3 plots the traces of angle holes AT24ET-12 and AT24ET-13 onto a sectional view of the East Ridge CSAMT anomaly along Line 10. AT24ET-13

clearly correlates the altered, mineralized igneous intrusions and associated silicified/decalcified dolomite with the near-vertical low resistivity zone (orange

color) forming the CSAMT anomaly. The dark blue highly resistive regions are clearly unaltered and unmineralized massive dolomite that served as a lateral

constraint on the mineralization, hence concentrating the gold within a confined space. The paragenesis for gold mineralization in this geologic setting is

evident: dacitic intrusions and associated acidic, magmatic fluids originating from a much larger magmatic body at depth stoped upward into the massive

dolomite country rock toward the surface along pre-existing faults, decalcifying the adjacent and overlying dolomite in the process and creating a shell of

collapse breccia around the intrusive zone. This initial igneous and alteration event was followed by intrusion of more felsic, rhyolitic intrusions and associated

gold-rich fluids along the same structural pathways, which resulted in a larger area of collapse brecciation, silicification, and gold mineralization within the

intrusive rocks and adjacent collapse breccia.

Evidence for a Porphyry-Related Gold Deposit at

Atlanta

The term "porphyry-related deposit" refers to a metallic deposit that is genetically associated with a generally deeper, metalliferous, volatile (water and gas)

rich magma that rapidly pushes its way up toward the earth's surface and in the process concentrates metals and fluids (mainly water) at and near the top of

the magma column. As the magma chills into solid rock, late stage porphyritic dikes together with water containing dissolved metals are injected upward and

outward from the cooling igneous stock into surrounding, cooler wallrock and potentially all the way upward to the surface. Upon cooling in a generally lower

pressure environment and likely mixing with meteoric water closer to the surface, the metals contained in the hydrothermal fluid precipitate and are deposited

in the intrusive dikes and adjacent permeable and possibly reactive wallrock, thus forming a porphyry-related deposit that frequently looks nothing like the

parent porphyry deposit. This connection between porphyry-related deposits and a deeper porphyry deposit is important because the parent magma for both

deposit types possesses the ability to generate large quantities of heat, water/gas, and metals over a long period of time – all of which are necessary to form

large base and precious metals deposits. Such porphyry-related deposits often form in caldera settings (like

Atlanta

) where recurrent intrusive activity within

and/or around the caldera margin can produce multiple deposits, ranging from deep porphyry Cu/Mo to surficial hotspring-type gold systems in different parts

of the caldera at the same time. With increasing distance from the porphyry source, the related but more distal deposits tend to take on different geological

characteristics peculiar to the immediate geologic environment in which they form, but usually some evidence of the porphyry "mother" source is seen in the

distal deposits, such as high copper or molybdenum gold deposits that are related to the deeper porphyry copper/molybdenum deposits. Porphyry and

porphyry-related metal deposits form a large proportion of global base and precious metals production and are important components in many major mining

company's portfolios. The

Atlanta

District is a good example of a porphyry-type environment in a caldera setting where intrusive and associated volcanic

resurgence occurred over a span over several million years. Drilling within the

Atlanta

resource zone and along the ERZ has revealed a strong connection

between gold/silver mineralization and shallow (subvolcanic) intrusive rocks that most likely originated from porphyry-type sources at depth, as outlined

below.

Within the

Atlanta

resource zone, volcanic rocks deposited on top of dolomite and quartzite basement rocks formed a gently west-dipping unconformity that

served as the primary host for gold mineralization. High-angle faults channeled vesiculated igneous dikes (tuff dikes) and mineralizing fluids up into the

unconformity where they spread laterally, and in places like the West Atlanta Graben Zone, moved upward into the volcanic sequence. At the ERZ we find the

same high angle, vesicular intrusive bodies and associated gold mineralization, but its structural setting is very different in that dolomite basement rocks

laterally bound high-angle, dike-like vesicular intrusions that stoped upward into the carbonate sequence from a magmatic and hydrothermal source at depth.

Intrusion of late stage, rhyolitic tuff dikes along this high-angle structural corridor appears to have occurred at the same time as the alteration and gold

mineralization, which strongly suggests a genetic relationship between mineralization and the dikes. Even though the structural settings are very different, the

very close relationship in time and space between gold mineralization and intrusion of porphyritic, vesicular dacitic and rhyolitic dikes, sills, and small plugs in

both the resource zone and ERZ argues strongly for the presence of an intrusive-dominated, porphyry-related gold system. Further evidence is seen in the

strong molybdenum mineralization (>1000 ppm Mo) that occurs in and below the gold zone within the West Atlanta Graben Zone together with reported gold

tellurides found in silica breccia along the Atlanta Mine Fault Zone. This porphyry tie is further supported by the spatial coincidence of gold-mineralized,

shallow intrusions with the deeper, much larger intrusive bodies inferred from the CSAMT data (Figure 5). This structural tie to a deep intrusive body has

been drill-verified at the southwestern corner of the resource zone where several deep historical and

Nevada King

holes have drilled into a large, dacite

porphyry dike or elongate dome that is also exposed at the surface bounding the Quartzite Ridge Target's western margin. This part of the resource zone is

also where the highest molybdenum values occur. The lack of obvious porphyry Cu-Mo indicators, like presence of potassic alteration (K-spar/ biotite) and

calc-silicate alteration in the carbonates, tells us

Atlanta

is still far from any potential porphyry source. Additionally, the Company possesses no isotope or

fluid inclusion work to directly verify a porphyry tie at depth. However, the lithologic and mineralogical data, the geophysical data (gravity, drone magnetics,

CSAMT), and the deep drill holes at the SW corner of the resource zone all indicate a strong structural tie to a porphyry-type source at depth. We see this

same relationship between gold mineralization and shallow rhyolitic intrusions elsewhere in the

Atlanta

District, most commonly in the Quartzite Ridge Target

and Western Knolls Target (4km west of the resource zone), which provides additional evidence for the presence of one or more porphyry intrusions at depth

that powered a district-scale hydrothermal system. This shallow porphyry tie to gold mineralization at

Atlanta

opens up the entire district for finding additional

Au deposits. Utilizing our gravity, magnetic, and CSAMT datasets, identification of deep-seated intrusive plumbing underlying the

Atlanta

District has provided

Nevada King

with a fairly accurate roadmap for pursuing additional porphyry-related targets well outside the current resource zone.

QA/QC Protocols

All RC samples from the Atlanta Project are split at the drill site and placed in cloth and plastic bags utilizing a nominal 2kg sample weight. CRF standards, blanks,

and duplicates are inserted into the sample stream on-site on a one-in-twenty sample basis, meaning all three inserts are included in each 20-sample group.

Samples are shipped by a local contractor in large sample shipping crates directly to American Assay Lab in

Reno, Nevada

, with full custody being maintained at

all times. At American Assay Lab, samples were weighted then crushed to 75% passing 2mm and pulverized to 85% passing 75 microns in order to produce a

300g pulverized split. Prepared samples are initially run using a four acid + boric acid digestion process and conventional multi-element ICP-OES analysis. Gold

assays are initially run using 30-gram samples by lead fire assay with an OES finish to a 0.003 ppm detection limit, with samples greater than 10 ppm finished

gravimetrically. Every sample is also run through a cyanide leach for gold with an ICP-OES finish. The QA/QC procedure involves regular submission of Certified

Analytical Standards and property-specific duplicates.

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 ("

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

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

Table 3. NI 43-101 Mineral Resources at the Atlanta Mine

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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For further information:

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

CO: Nevada King Gold Corp.

CNW 07:30e 16-JUL-24

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