NKG.V · 2023-10-23 12:00:00

Nevada KING Passes 57,000M at Its Phase Ii Drill Program - Results FOR 137 Holes Pending at Atlanta

Exploration Programs

NEVADA KING PASSES 57,000M AT ITS PHASE II DRILL PROGRAM -

RESULTS FOR 137 HOLES PENDING AT ATLANTA

VANCOUVER, BC

Oct. 23, 2023

/CNW/ -

Nevada King Gold Corp.

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

Nevada King

" or the "

Company

") is pleased to

provide an update on its Phase II,

60,000m

drilling program at 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

Highlights:

To date in the Phase II program

323 holes totaling

57,392m

have been completed

, comprising 17 core holes totaling

1,587m

and 306 reverse circulation

") holes totaling

55,804m

. Assays from 186 holes totaling

32,369m

from the Phase II program have been reported to date with

results pending for

137 drill holes totaling

25,023m

Four drill rigs (three RC and one core) are currently turning at

Atlanta

. Core drilling is focused along high-grade corridors for ongoing metallurgical testing

and confirmation of RC results. RC drilling is following up on the recent bonanza-grade intercept of

37.16 g/t Au over

29m

in AT23WS-44 (

October 2, 2023

), tracking high-grade structures in the West Atlanta Graben Zone ("

WAGZ

") and along the Atlanta Mine Fault Zone, as well as targeting the expansion of

mineralization southwards in the recently discovered South Quartzite Ridge Target where the Company recently intercepted

2.15 g/t Au over

96m

AT23HG-34 and

1.89 g/t Au over 114.3m

in a new blind discovery (

see

October 17, 2023

release

The last resource estimate at

Atlanta

was completed in 2020 and is summarized in Table 1 below. This resource estimate is based on 71 drill holes

completed up to 2020 by prior operators. To date,

Nevada King's

Phase I and Phase II programs have

added a total of 386 holes and

63,273m

to the

Atlanta

project database (63 holes totaling

5,881 m

in Phase I and 323 holes totaling

57,392m

in Phase II). This drilling has stepped out on the

mineralization incorporated in the 2020 estimate and importantly has made several new discoveries on which step-out drilling continues northward and

southward outside of the resource model, as well as westward into the WAGZ.

To date

Nevada King

has completed

five-fold the amount of drilling

that was utilized in the 2020 resource estimate.

Cal Herron

, Exploration Manager of

Nevada King

, stated, "The drilling program has been running smoothly with steady production from all drills. The buggy-

mounted RC drill recently completed 13 widely spaced reconnaissance RC holes around the Western Knolls Target, located 5.6km west of the

Atlanta

pit, and

is currently engaged in definition drilling around the North Extension Target

500m

north of the pit. Both the truck and track mounted RC rigs are drill-defining

several high-grade zones along the West Atlanta Fault and within the WAGZ, including in the vicinity of high-grade hole AT23WS-44. The core drill recently

completed three PQ-size metallurgical holes through the silica breccia horizon within the pit and is now working

200m

northwest of the pit to sample high-grade

zones within the volcanic section. Core recovery has been high, particularly compared to historical core recoveries.

"With numerous shallow reconnaissance targets to test, as well as in-fill and step-out holes planned to add to and reclassify the existing resources, there are no

plans to slow down the drilling anytime soon. Road construction is steadily advancing our drill access to the East Ridge and South Quartzite Ridge Target areas.

Regional geologic mapping and sampling is ongoing throughout the

Atlanta

District in an effort to identify new targets inferred from the CSAMT surveys. With

each new hole we learn a little more about the Atlanta Au-Ag system, knowledge we are constantly applying to identify potential similar deposits on the margin

of the large collapsed caldera feature covered by the

Atlanta

claims."

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

").

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 weighed 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 mutli-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.

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.

View original content to download multimedia:

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%SEDAR: 00015775E

For further information:

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

CO: Nevada King Gold Corp.

CNW 07:30e 23-OCT-23

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