NKG.V · 2024-03-26 12:00:00

Nevada KING Reports Positive Metallurgical Test Results, Confirms Suitability of Conventional Oxide Processing Methods at Atlanta

Metallurgy & Processing

NEVADA KING REPORTS POSITIVE METALLURGICAL TEST RESULTS,

CONFIRMS SUITABILITY OF CONVENTIONAL OXIDE PROCESSING

METHODS AT ATLANTA

VANCOUVER, BC

March 26, 2024

/CNW/ -

Nevada King Gold Corp.

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

Nevada King

" or the "

Company

") is pleased to report

results from an extensive Phase I metallurgical testing program at the Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend, 264km northeast of

Las Vegas, Nevada

. The objective of the Phase I program was to test the various mineralized host rocks at

Atlanta

for gold and silver extraction, using

conventional flowsheet unit operations to guide in selecting a process flowsheet suitable for the commercial extraction of gold and silver from the project.

Results

of the Phase I test work support strong recoveries utilizing conventional Nevada oxide processing methods for the representative mineralization

types present at

Atlanta

Highlights:

Phase I testing used three surface bulk samples and 19 composites from drill core comprising the full range of rock types and gold and silver grades

encountered across

Atlanta

. Mineralization at

Atlanta

can be broadly characterized by two major host domains: 1) Silicified breccias found

within and below

the main

Atlanta

unconformity, and 2) Volcanics found

above

the main

Atlanta

unconformity (

refer to cross sections A-A and B-B in Figures 3-4 below).

Results of Phase I support conventional Nevada oxide processing methods for

Atlanta

whereby

Silicified breccias are amenable to conventional milling for high-grade material and High-Pressure Grinding Roll ("

HPGR

") crushing and heap leaching for

the lower-grade material.

Volcanics are amenable to conventional milling for high-grade material and Conventional Crush or Run-of-Mine ("

ROM

") heap leaching for the lower-

grade material.

Applicable to

process plant scenarios

, gold extraction from fine milling at a 200-mesh grind (P80=75µm) show a weighted average extraction of

91.7% for

gold hosted in volcanics

and

85.9% for the high-grade silica breccias

Silver extraction from fine milling at a 200-mesh grind (P80=75µm) show a weighted average 65.3% in the volcanics and 41.3% in the silica breccias. At

coarser crush size silver extractions are similar between the two metallurgical domains.

Applicable to

heap leach scenarios

, gold extraction from conventional crushing (P80=12.5 mm) shows a weighted average extraction of

87.1% for gold

hosted in volcanics.

Gold extraction from HPGR crushed composites (using medium press force) shows a weighted average

71.4% extraction from low-

grade silica breccias

A Phase 2 metallurgical PQ core drilling program has now been completed to fill some gaps in the target resource envelope and further laboratory testing

utilizing material from this drilling is scheduled to start later in 2024. The location of these holes can be found in the drill hole plan map below in Figure 2.

Bulk Sample and Phase 1 metallurgical test work at

Atlanta

has been supervised by

Gary Simmons

(MMSA QP Number: 01013QP), formerly the Director of

Metallurgy and Technology for Newmont Mining Corp. Mr. Simmons has supervised and managed numerous Carlin-style metallurgical testing programs in the

Great Basin with characteristics similar to those found at

Atlanta

Mr. Simmons commented, "Historic production at

Atlanta

focused on near-surface high-grade silica breccia ores that were processed and recovered using

conventional oxide milling practices. Historical records (1979-85) indicate recoveries from the silica breccias necessitated a fine-grind milling and Merrill-Crowe

recovery process that averaged 81% for gold and 42% for silver at ball mill grind P

= 120µm (microns). This historical milling operation was challenged by the

hard and abrasive nature of the silica breccias, resulting in elevated-maintenance and operating costs in primary, secondary, and tertiary crushing circuits.

Today's results confirm that conventional oxide milling, and HPGR crush heap-leach or ROM heap-leach, depending on mineralization type, are well

suited for processing gold and silver mineralization at

Atlanta

Referring to a conceptual

Atlanta

generalized flowsheet in Figure 1 below, a straightforward

process breaks out the host mineralization into their respective silica breccia and volcanic units, running high-grade mineralization through a mill and processing

lower grade material via a combination HPGR crush and ROM heap leaching. The adoption of HPGR crushing technology (used at other mines in

Nevada

and

around the world) will eliminate SAG milling of silica breccias and high-grade volcanics that in turn should result in reduced overall operating cost against a

conventional SABC (Semi-Autogenous-Ball Mill-Crusher) circuit design. It is anticipated that this process will be more cost-effective than historical methods,

resulting in lower process cutoff grades and potential for economic extraction of gold and silver from a larger volume of material."

Collin Kettell

, Founder & CEO of

Nevada King

, stated, "Positive results from the Phase 1 metallurgical test work released today indicate a clear path forward for

processing

Atlanta's

gold and silver mineralization via a combination of crushed and run-of-mine heap leaching together with conventional milling of high-grade

mineralization. In a major departure from historical processing and test-work at

Atlanta

, the potential for using HPGR crushing, as indicated by Phase 1 enhanced

test recoveries, could result in very significant benefits and opportunities for flow sheet development in a future potential mining operation. Test results also

indicate significantly higher Au/Ag recoveries in the volcanic section, which is fast becoming a major component of the overall mineralized footprint at

Atlanta

Looking forward, ongoing resource modeling and metallurgical studies will focus on optimizing the potential economics of mining and processing scenarios utilizing

the alternative process options for which this Phase 1 testing program has indicated positive extraction results."

Figure 1. Atlanta Generalized Flowsheet (CNW Group/Nevada King Gold Corp.)

Figure 2. Location of Atlanta Bulk Samples and Large Diameter Met Core drill holes (CNW Group/Nevada King Gold Corp.)

Figure 3. Cross Section A-A’ (CNW Group/Nevada King Gold Corp.)

Figure 4. Cross Section B-B’ (CNW Group/Nevada King Gold Corp.)

Test Results Summary:

Atlanta

mineralized resources have been characterized into two major resource categories for gold and silver processing: 1. Silicified breccias (mineralized

material in and below the main

Atlanta

unconformity) and Volcanics (mineralized material above the main

Atlanta

unconformity).

A breakout of the materials tested above and below the

Atlanta

unconformity and the laboratory metallurgy gold extraction test results are summarized in Table 1.

A full range of rock types at

Atlanta

have been tested and test results clearly show the significant metallurgical difference between the silicified breccias and the

volcanics. A similar table summarizing silver extractions for

Atlanta

can be found in Table 2.

Silicified breccias, below the unconformity, are hard and abrasive rocks and have a high degree of sensitivity to process feed particle size.

Victory Metals, Inc. (Nevada King Gold Corp.) NI 43-101 Technical Report on the Atlanta Project dated

December 22, 2020

, reported historic

Atlanta

mill

recoveries, for the years 1979-85 at 81% for Au and 42% for Ag, at operating ball mill grind P80 = 120µm (microns).

Silicified breccias are amenable to High Pressure Grinding Roll (HPGR) comminution, where high-grade would report to a mill and lower-grade to heap

leaching. The determination between higher-grade and lower-grade material will be dependent upon future economic analysis.

Of significant note is that as the silica breccia gold grade decreases (<1.7 ppm Au), gold extraction increases at coarser P80 particle size, as shown in Table

1. Thus, reinforcing the benefit of milling higher grade and HPGR crush-heap leaching of the lower grade resources.

Volcanics, above the unconformity, are relatively insensitive to process feed particle size and can be characterized as equal or similar to central Nevada

commercial heap leach operations.

Volcanics are amenable to conventional milling, conventional crush heap leaching and/or ROM heap leaching.

Gold extraction from fine milling at a 200 mesh grind (P80=75µm) show a weighted average:

91.7% extraction in the volcanics

87.5 % extraction in the low-grade silica breccias

85.9% extraction in the high-grade silica breccias

Gold extraction from conventional crushing (P80=12.5 mm) show a weighted average:

87.1% extraction from volcanics

62.1% extraction from low-grade silica breccias

37.0% extraction from high grade silica breccias

Gold extraction from HPGR crushed composites show a weighted average:

81.9% extraction from volcanics (only four of the nine volcanic composites were tested using HPGR as the remaining five composites contained elevated

levels fines and are not suitable for HPGR processing)

71.4% extraction from low-grade silica breccias (<1.7 ppm Au)

50.4% extraction from high-grade silica breccias

Gold Met Balances

KCA

Sample

No.

Comp ID

Unconf

Abv/Below

Atlanta Geology

37µm BR

75µm BR

1,700µm BR

12.5mm Column

25.0mm Column

HPGR Column

Formation

Subunit

Au Ext

Calc Hd

Au (ppm)

Au Ext

Calc Hd

Au (ppm)

Au Ext

Calc Hd

Au (ppm)

Au Et

Calc Hd

Au (ppm)

Au Ext

Calc Hd

Au (ppm)

Au Ext

Calc Hd

Au (ppm)

96607 A

ATV-3

Above

VolInt

Qtz latite porph, Int.

83.4

1.820

86.5

1.823

64.6

1.941

70.3

1.874

75.5

1.979

96609 A

ATV-5

Above

Tww

Volc. Ss

93.3

0.312

88.9

0.126

67.4

0.141

72.1

0.140

96616 A

ATV-12

Above

Tww

Dacite tuff

92.8

0.500

96.2

0.521

78.4

0.509

84.7

0.476

87.8

0.500

96617 A

ATV-13

Above

Tww

Dacite tuff

80.4

1.539

84.8

1.498

77.6

1.462

81.5

1.865

96619 A

ATV-15

Above

VolInt

Tuff dike bxa

90.0

6.363

92.0

6.793

82.0

6.927

82.4

7.165

96620 A

ATV-16

Above

VolInt

Qtz latite porph, Int.

90.7

0.529

90.7

0.593

86.6

0.610

88.8

0.633

96621 A

ATV-17

Above

SBX-2

hydro-breccia

83.9

1.214

88.6

1.324

73.3

1.209

76.1

1.403

81.7

1.440

96622 A

ATV-18

Above

VolInt

Qtz latite porph, Int.

86.7

1.531

88.0

1.639

81.8

1.566

86.3

1.666

88.0

1.615

96623 A

ATV-19

Above

BXZ

Dolomite

97.1

7.951

95.4

7.174

91.8

7.842

93.0

8.250

Wt Average

90.9

2.418

91.7

2.388

83.1

2.467

87.1

2.384

82.0

3.057

81.9

1.384

96612 A

ATV-8

Below

Oes

Dolomite

78.5

0.237

82.4

0.289

50.8

0.299

44.0

0.218

96610 A

ATV-6

Below

VolInt

tuff dike bxa

94.9

0.375

94.3

0.348

64.0

0.336

44.6

0.249

60.6

0.277

96614 A

ATV-10

Below

SBX

Wk Si Dolomite

77.5

0.244

83.2

0.333

68.9

0.360

57.1

0.331

66.4

0.277

96601 B

ABS#1

Below

Silicified Dolomite

80.3

0.340

76.6

0.337

55.8

0.344

52.1

0.349

62.9

0.375

96615 A

ATV-11

Below

SBX

87.0

0.575

87.7

0.570

61.9

0.559

48.4

0.531

62.4

0.558

96605 A

ATV-1

Below

VolInt

Qtz latite porph, Int.

85.8

1.166

86.4

1.157

53.8

1.131

46.2

1.147

60.7

1.121

96603 B

ABS#3

Below

SBX

91.4

1.549

88.5

1.465

80.6

1.692

82.6

1.422

84.1

1.624

96602 B

ABS#2

Below

SBX

92.1

1.539

90.2

1.442

74.5

1.599

65.1

1.550

74.1

1.594

Wt Average (<1.7 ppm Au)

88.6

0.753

87.5

0.743

68.3

0.790

61.2

0.725

71.4

0.832

96613 A

ATV-9

Below

SBX

91.0

2.344

90.0

2.412

53.3

2.617

39.9

2.534

53.1

2.643

96618 A

ATV-14

VolInt

Silicified Ryolite Int.

85.0

2.462

80.6

2.248

45.9

1.967

46.8

1.992

54.9

1.958

96611 A

ATV-7

Below

SBX

93.5

2.487

93.5

2.253

52.8

2.321

35.2

2.306

53.8

2.278

96608 A

ATV-4

Below

SBX

90.6

4.742

80.5

5.117

47.8

5.009

32.8

5.400

40.9

6.452

96606 A

ATV-2

Below

BXZ

volc tuff bxa

94.1

6.166

88.1

5.961

66.8

6.150

56.3

6.304

Wt Average (>1.7 ppm Au)

91.5

3.640

85.9

3.598

55.5

3.613

37.0

3.058

50.4

3.927

*1 -

Unconformity - Below: Gold Extraction % is highly senstivity to feed particle size, Unconformity - Above: Gold Extraction % has low sensitivity to feed particle size.

Table 1. Gold Metallurgical Results, Bottle Roll & Column Leach Tests

Silver Met Balances

KCA

Sample No.

Comp ID

Unconf

Abv/Below

Atlanta Geology

37µm BR

75µm BR

1,700µm BR

12.5mm Columns

25mm Columns

HPGR Columns

Formation

Subunit

Ag Ext

Calc Hd

Ag (ppm)

Ag Ext

Calc Hd

Ag (ppm)

Ag Ext

Calc Hd

Ag (ppm)

Ag Ext

Calc Hd

Ag (ppm)

Ag Ext

Calc Hd

Ag (ppm)

Ag Ext

Calc Hd

Ag (ppm)

96607 A

ATV-3

Above

VolInt

Qtz latite porph, Int.

43.2

2.5

24.3

4.6

13.1

4.9

12.4

4.0

13.7

5.2

96609 A

ATV-5

Above

Tww

Volc. Ss

55.7

2.0

22.3

3.8

8.2

3.8

9.4

3.07

96616 A

ATV-12

Above

Tww

Dacite tuff

36.0

0.4

8.0

1.5

8.5

0.9

11.6

0.9

8.9

0.8

96617 A

ATV-13

Above

Tww

Dacite tuff

77.9

1.1

37.2

2.3

47.1

1.5

60.6

0.99

96619 A

ATV-15

Above

VolInt

Tuff dike bxa

83.2

69.1

82.3

63.1

38.4

66.6

30.8

65.04

96620 A

ATV-16

Above

VolInt

Qtz latite porph, Int.

20.4

3.4

14.9

3.9

7.4

3.1

6.6

3.7

96621 A

ATV-17

Above

SBX-2

hydro-breccia

61.1

36.2

64.6

38.6

33.4

38.2

29.1

46.6

37.6

35.8

96622 A

ATV-18

Above

VolInt

Qtz latite porph, Int.

44.4

1.4

34.0

2.1

44.4

1.2

27.2

1.8

23.8

1.9

96623 A

ATV-19

Above

BXZ

Dolomite

52.6

32.0

56.9

33.9

35.6

31.4

45.4

45.0

Wt Average

68.1

16.5

65.3

17.1

34.3

16.9

34.7

17.0

30.3

23.033

33.6

10.9

96612 A

ATV-8

Below

Oes

Dolomite

40.0

1.0

20.2

1.8

5.7

2.3

8.8

1.0

96618 A

ATV-14

VolInt

Silicified Ryolite Int.

83.5

1.7

49.7

2.5

43.9

1.7

35.9

1.7

38.8

2.4

96605 A

ATV-1

Below

VolInt

Qtz latite porph, Int.

64.1

2.5

34.4

4.0

18.4

4.1

16.1

3.6

24.5

3.3

96610 A

ATV-6

Below

VolInt

tuff dike bxa

70.1

3.0

39.8

4.3

29.0

5.0

25.5

4.0

27.6

4.5

96614 A

ATV-10

Below

SBX

Wk Si Dolomite

55.4

2.5

22.4

5.1

10.3

5.5

4.7

5.7

7.7

5.9

96602 B

ABS#2

Below

SBX

56.8

15.9

54.4

15.2

52.8

13.3

29.7

12.7

34.2

14.0

96606 A

ATV-2

Below

BXZ

volc tuff bxa

55.1

10.8

24.9

18.5

16.5

15.8

9.4

16.8

96608 A

ATV-4

Below

SBX

53.7

12.8

21.6

23.0

8.7

19.0

3.2

21.3

7.1

22.7

96615 A

ATV-11

Below

SBX

78.8

25.7

62.0

34.7

46.3

32.9

29.0

30.4

42.8

30.4

96611 A

ATV-7

Below

SBX

57.8

21.5

35.6

33.2

24.9

27.6

28.1

37.5

31.7

37.9

96613 A

ATV-9

Below

SBX

73.9

35.6

56.5

47.7

64.7

42.3

53.2

47.7

61.6

50.7

96601 B

ABS#1

Below

Silicified Dolomite

23.8

65.2

23.5

62.6

9.6

51.5

3.5

63.9

8.5

62.7

96603 B

ABS#3

Below

SBX

43.2

134.9

46.0

119.7

31.5

132.2

22.1

122.6

28.5

132.0

Wt Average

48.5

25.6

41.3

28.7

31.4

27.2

22.4

28.4

29.8

33.3

*2 -

Silver grades are lower and extractions are higher in resources above the unconformity.

Table 2. Silver Metallurgical Results, Bottle Roll & Column Leach Tests

QA/QC Protocols

All PQ-diameter core for the Phase 1 testing program was ¼ cut with a diamond saw, with the ¼ sample being sent to American Assay Lab in

Reno, Nevada

while the ¾ samples were sent to Kappes and Cassiday Associates, also in

Reno

. Samples were cut under the Company's supervision in its

Winnemucca,

Nevada

, warehouse and all samples were placed in heavy canvas bags. CRF standards and coarse blanks were inserted into the sample stream on a one-in-

twenty sample basis, meaning both inserts are included in each 20-sample group. Samples were 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 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.

Qualified Person

The geological 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

"). Mr. Herron is not independent for purposes of NI 43-101 as he is Exploration Manager of

Nevada King

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.com

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,

statements

regarding extraction results from the Phase I program and the effect thereof, laboratory testing of material from the Company's Phase 2 metallurgical PQ core

drilling program, and the effect of extraction results thereof. 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. There is no certainty, and the Company cannot provide assurance, that the results of the Phase I program will be realized in

part or at all. The findings will require further assessment and analysis, including additional met core variability testing, comminution and environmental

characterization and design engineering studies.

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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Nevada King Gold Corp.

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%SEDAR: 00015775E

For further information:

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

CO: Nevada King Gold Corp.

CNW 07:30e 26-MAR-24

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