NKG.V · 2023-09-21 12:00:00

Nevada KING Mobilizes a Fourth Rig to Atlanta, Resumes Core Drilling FOR Ongoing Metallurgical Testing Program and Resource Confirmation

Exploration Programs Metallurgy & Processing

NEVADA KING MOBILIZES A FOURTH RIG TO ATLANTA, RESUMES CORE

DRILLING FOR ONGOING METALLURGICAL TESTING PROGRAM AND

RESOURCE CONFIRMATION

VANCOUVER, BC

Sept. 21, 2023

/CNW/ -

Nevada King Gold Corp.

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

Nevada King

" or the "

Company

") is pleased to

announce the mobilization of a diamond core drill to 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

. There are now four drill rigs operating at

Atlanta

– three reverse circulation ("

") rigs and one diamond core

drill. The Company is also pleased to announce the results of its 2023 meeting of shareholders.

Highlights:

Core drilling will focus on a series of six strategically placed PQ holes totaling

1,480m

along high-grade corridors in and around the historic Atlanta Pit that will

be used for the ongoing metallurgical testing program as well as confirmation of proximal RC hole results.

The Company continues to utilize one RC rig to define deeper mineralization within the West Atlanta Graben ("

WAG

") while a second RC rig is targeting

shallower mineralization along the Atlanta Mine Fault Zone with closer-spaced drilling designed to better define high-grade zones discovered by

Nevada King

within the main resource area. A third RC rig is currently drilling a series of widely spaced exploration holes at the Western Knolls prospect, located 5.5km

west of the Atlanta Pit, testing a variety of geochemical and geophysical anomalies.

From inception of the Phase I drill program in

June 2021

, into the continuation of Phase II,

Nevada King

has drilled

346 RC holes totaling

55,186m

and 17

core holes totaling

1,398m

, for a total of

56,584m

. Assays from 234 drill holes totaling

32,876m

have been reported with

results pending for 129 drill

holes totaling

22,314m

The existing resource model (Table 1 below) at

Atlanta

is based on 71 historic drill holes and does not incorporate any of the Phase I or II drilling completed

Nevada King

to date – drilling that continues to expand mineralization northward and southward outside of the resource model, as well as westward into

the WAG.

Figure 1. Photograph of recently mobilized core rig drilling south of the Atlanta Pit (CNW Group/Nevada King Gold Corp.)

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

").

2023 Shareholder Meeting Results

Nevada King

reports the results of its annual general and special meeting (the "Meeting") of shareholders held on

September 20, 2023

, in

Vancouver, BC

Canada

. At the Meeting, shareholders approved all of the resolutions detailed in the related management information circular, namely:

Setting the number of directors to be elected at the Meeting at four (4);

Electing all nominee directors to the board of directors of the Company for the ensuing year;

Appointing Davidson & Company LLP, Chartered Professional Accountants, as auditor of the Company to hold office until the next annual meeting of

Shareholders, or until a successor is appointed, and authorizing the directors of the Company to fix the remuneration of the auditor; and

Approving the stock option plan of the Company.

Votes representing 114,888,492 shares or 36.51% of the issued and outstanding shares of the Company as at the record date were cast. The following table

details the results:

Motion

Votes For

Votes Against

Votes Withheld

Number of Directors

114,776,331

(99.90 %)

112,161

(0.10 %)

N/A

Election of Directors:

Paul Matysek

80,133,803

(90.31 %)

N/A

8,595,520

(9.68 %)

Collin Kettell

80,141,436

(90.32 %)

N/A

8,587,887

(9.68 %)

Craig Roberts

84,671,288

(95.43 %)

N/A

4,058,035

(4.57 %)

William Hayden

84,645,580

(95.40 %)

N/A

4,083,743

(4.60 %)

Appointment of Auditor

114,693,349

(99.83 %)

N/A

131,641

(0.11 %)

Approval of Stock Option Plan

87,039,929

(98.29 %)

1,515,093

(1.71 %)

N/A

____________________________________

26,159,169 votes not submitted by participants/brokerage houses

63,502 votes not submitted by participants/brokerage houses

26,33,470 votes not submitted by participants/brokerage houses

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 1. 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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SOURCE

Nevada King Gold Corp.

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For further information:

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

CO: Nevada King Gold Corp.

CNW 07:30e 21-SEP-23

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