NKG.V · 2023-06-26 12:00:00

Nevada KING Provides Update ON Its 60,000M Drill Program at Atlanta, Mobilizes TWO Additional Drill Rigs

Exploration Programs

NEVADA KING PROVIDES UPDATE ON ITS 60,000M DRILL PROGRAM AT

ATLANTA, MOBILIZES TWO ADDITIONAL DRILL RIGS

VANCOUVER, BC

June 26, 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:

Two additional reverse circulation ("RC") rigs have been mobilized to

Atlanta

and are now in operation, bringing the overall rig count at site to three.

Since inception of the the Phase I Atlanta drill program in

June 2021

followed by the Phase II program starting in

June 2022

Nevada King

has completed 272

reverse-circulation ("

") holes totaling

39,253m

and 17 core holes totaling

1,398m

for a total of

40,651m

drilled.

To date

Nevada King

has reported

assays from 208 holes covering

27,278m

with

results pending from 81 drill holes totalling

13,373m

The Company is currently utilizing one rig to define deeper mineralization within the West Atlanta Graben, while a second rig is targeting shallower

mineralization along the Atlanta Mine Fault Zone ("

AMFZ

"), both in the pit and connecting into the North Extension Target. A third rig is active on the East

Ridge Target, testing a highly prospective, never before drilled, large area (

1,200m

150m

) directly adjacent to the resource zone (see Figure 1).

Cal Herron

, Exploration Manager of

Nevada King

, commented, "The increase from one drill rig to three will significantly increase the rate of adding to and

upgrading our existing resource. Two of the drills are tracked machines that can negotiate more difficult areas to access, which will better enable us to advance

our exploratory drilling outward in all directions from the existing resource area. Aside from the East Ridge Target, other immediate priorities include:

In-fill and step-out drilling within the

150m

wide by

500m

long West Atlanta Graben, where current, mineralized vertical drill intercepts range from

40m

180m

with Au grades ranging from 0.5 to 2.0 g/t. The target is open to the north and south, and scattered historical holes indicate additional potential to the

west.

Expanding the North Extension Target westward and eastward and extending it to the main resource zone

200m

southward.

Expanding the AMFZ southward to the South Extension Target.

In-fill drilling along the AMFZ to expand several zones of high-grade mineralization and to define fault contacts. This structural definition drilling is particularly

important for constructing a new, more accurate resource model.

"Our drill results early this year focused our attention on the West Atlanta Graben target and revealed potential for significantly expanding

Atlanta's

resource.

Now, with two additional RC drill rigs in operation, we have the ability to more rapidly infill around recent intercepts and step-out to test for further potential

resource expansion. Starting with the 2021 Phase I program, our drilling at

Atlanta

has yielded multiple new discovery areas resulting in a continual increase in

tonnage potential. As well, our drilling indicates higher Au/Ag grades compared to previous exploration efforts. The Company was fortunate in that previous

explorers had left large gaps in the overall drill hole distribution pattern either through adherence to an overly simplistic geologic model or simply due to bad luck.

This allowed us to concentrate our resources and attention on areas that had historically shown some promise but for a variety of reasons were not followed-up

on."

Figure 1.

Atlanta Gold Mine Project target area map. (CNW Group/Nevada King Gold Corp.)

Figure 1. Atlanta Gold Mine Project target area map.

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

$20 million

as of

June 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