NKG.V · 2023-08-28 12:00:00

Nevada KING Provides Update ON Its 60,000M Drill Program at Atlanta

Exploration Programs

NEVADA KING PROVIDES UPDATE ON ITS 60,000M DRILL

PROGRAM AT ATLANTA

VANCOUVER, BC

Aug. 28, 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 resource expansion and definition 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:

From inception of the Phase I (

5,550m

)

Atlanta

program in

June 2021

, followed by the ongoing Phase II program starting

June 2022

Nevada King

has completed 320 reverse-circulation ("

") holes totaling

50,145m

and 17 core holes totaling

1,398m

for a total of

51,543m

drilled

The three RC rigs currently operating at

Atlanta

have been largely focused on completing drilling within the Atlanta Mine Fault

Zone ("

AMFZ

") and the West Atlanta Graben ("

WAG

"). One of the drills is now being utilized for testing geochemical and

geophysical targets elsewhere within the

Atlanta

District, looking for additional deposits.

To date

Nevada King

has reported assays from 221 holes covering

31,104m

with

results pending from 116 drill holes

totaling

20,439m

Cal Herron

, Exploration Manager of

Nevada King

, stated, "With the addition of two track-mounted RC drills this past May, the

Company rapidly expanded drill production along the AMFZ and WAG. Over the past four months our knowledge regarding

geometry of the structural controls over high-grade mineralization has increased dramatically, which has enabled us to consistently

track higher-grade (>1.5 g/t Au) and thicker (>

50m

) mineralized zones within a very large, sub-horizontal lower grade (0.20-1.5 g/t

Au) gold-silver horizon occurring west of the AMFZ, which also encompasses the WAG.

This horizon currently measures

850m

long N-S by

325m

wide

and remains open to the west and south. As our drilling program heads towards winter we will continue

to define the higher grade Au-Ag values in the WAG and firmly merge it into the AMFZ, thereby forming a cohesive zone that

should figure prominently in a future resource model."

Figure 1. Atlanta Gold Mine Project target area map (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

").

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

$17 million

as of August 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.sedarplus.ca

NI 43-101 Mineral Resources at the Atlanta Mine

Resource Category

Tonnes

(000s)

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

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, [email protected] or (845) 535-1486

CO: Nevada King Gold Corp.

CNW 07:30e 28-AUG-23

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