NKG.V · 2023-10-02 12:00:00

Nevada KING Strikes Bonanza Oxide GOLD with 11.64 G/T Au over 108.3M, Including 37.16 G/T Au over 29M at Atlanta

Drill Results

NEVADA KING STRIKES BONANZA OXIDE GOLD WITH 11.64 G/T AU

OVER 108.3M, INCLUDING 37.16 G/T AU OVER 29M AT ATLANTA

VANCOUVER, BC

Oct. 2, 2023

/CNW/ -

Nevada King Gold Corp.

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

Nevada King

" or the "

Company

") is pleased to announce

assay results from three, vertical reverse circulation ("

") holes recently completed at its Atlanta Gold Mine Project located 264km northeast of

Las Vegas,

Nevada

, in the prolific Battle Mountain Trend. These holes were drilled northwest of the

Atlanta

pit to fill-in drill hole gaps across the northern part of the West

Atlanta Graben Zone ("

WAGZ

") identifed in Section 22-15N initially reported on

April 27, 2023

. The three holes reported today are plotted on plan and section in

Figures 2 and 3.

Highlights:

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

AT23WS-44

214.9

323.2

108.2

11.64

17.4

Includes

274.4

303.4

29.0

37.16

34.4

Includes

283.5

286.6

3.0

162.6

15.6

Table 1. Highlight hole released today. This hole is interpreted to have intersected a sub vertical feeder zone cutting through a flat-lying horizon

of mineralization that generally dips westward. For discussion of true thickness, see detailed interpretation section and accompanying discussion

below.

11.64 g/t Au over

108.2m

, including 37.16 g/t Au over

29.0m

in AT23WS-44 is

the most gold rich drill hole ever recorded at

Atlanta

and contains the

highest-grade individual drill assay interval ever reported from the project of 169.8 g/t Au over

1.5m

. See Table 2 below for a detailed breakdown of

the full

29m

high grade interval and Table 3 for the complete detailed breakdown of the

108.2m

intercept.

AT23WS-44 was sited

120m

northwest of the

Atlanta

pit to locate and test the West Atlanta Fault #1 (WAF1) and was collared

20m

west of previously

reported AT22WS-5C (1.08 g/t Au over

112.7m

) and

22m

east of previously reported AT23WS-20 (3.04 g/t Au over

61.1m

The Company's new geological model supports the presence of very high-grade zones or 'jewelry boxes' that can occur at the juncture between sub-vertical

feeder zones and flat-lying horizons of replacement-type (

Carlin

-type) mineralization. Figure 1 below depicts a conceptual cross section across the high-grade

feeder zone hit in AT23WS-44 based on a generalized

Carlin

-type geological model.

Figure 1. Conceptual cross section across high-grade feeder zone hit in AT23WS-44 utilizing a generalized Carlin-type geological model. Gold is preferentially

deposited within the 70m to 100m thick replacement horizon consisting of receptive carbonate beds, while the high-grade core forms around the structural

intersection of this near-horizontal replacement horizon with the West Atlanta Fault #1 that served as the feeder structure that channeled mineralizing fluids into the

receptive horizon. (CNW Group/Nevada King Gold Corp.)

Figure 1. Conceptual cross section across high-grade feeder zone hit in AT23WS-44 utilizing a well known, generalized

Carlin

-type geological model.

Gold is preferentially deposited within the

70m

100m

thick replacement horizon consisting of receptive carbonate beds, while the high-grade core

forms around the structural intersection of this near-horizontal replacement horizon with the West Atlanta Fault #1 that served as the feeder

structure that channeled mineralizing fluids into the receptive horizon. Figure adapted from: Robert et al (2007), and Zhou (2009), "Multi-scale

integrated application of spectral geology and remote sensing for mineral exploration," Conference Exploration 17,

Toronto

, 2017.

As shown above, AT23WS-44 is interpreted to have penetrated the mineralized zone near the middle of a high-grade zone close to and possibly intersecting

the WAF1. AT23WS-20 intersected the western portion of the +3 g/t Au high-grade zone while AT23WS-5C on the east narrowly missed the high-grade

domain.

Now with WAF1 firmly located, the Company is planning to follow up on AT23WS-44 with closely spaced vertical holes east and west to better determine the

lateral extent and grade distribution in and around the feeder structure, while also following it along strike, where it remains open to the north and south.

Mineralization in this high-grade interval is

strongly oxidized

as demonstrated by the Au cyanide solubility analyses in Table 2 below. Visible gold has not

been observed in the cuttings. The absence or paucity of coarse-grained gold is supported by the consistent results from duplicate fire assays of all high-

grade intervals (see Table 7).

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

AuCN (g/t)

Ag (g/t)

AT23WS-44

274.4

275.9

1.5

25.92

22.23

14.3

AT23WS-44

275.9

277.4

1.5

22.52

18.81

13.7

AT23WS-44

277.4

279.0

1.5

16.60

16.06

17.6

AT23WS-44

279.0

280.5

1.5

30.00

25.08

21.3

AT23WS-44

280.5

282.0

1.5

57.15

43.99

14.2

AT23WS-44

282.0

283.5

1.5

34.57

28.12

13.4

AT23WS-44

283.5

285.1

1.5

169.80

>100

13.2

AT23WS-44

285.1

286.6

1.5

155.40

>100

AT23WS-44

286.6

288.1

1.5

47.95

41.80

40.2

AT23WS-44

288.1

289.6

1.5

13.20

11.78

27.5

AT23WS-44

289.6

291.2

1.5

13.88

11.97

23.5

AT23WS-44

291.2

292.7

1.5

6.68

5.31

33.2

AT23WS-44

292.7

294.2

1.5

11.92

9.60

46.6

AT23WS-44

294.2

295.7

1.5

18.05

15.87

42.8

AT23WS-44

295.7

297.3

1.5

13.55

11.02

42.9

AT23WS-44

297.3

298.8

1.5

11.22

10.17

75.8

AT23WS-44

298.8

300.3

1.5

13.37

11.50

47.3

AT23WS-44

300.3

301.8

1.5

19.60

14.73

64.3

AT23WS-44

301.8

303.4

1.5

25.12

20.05

83.6

Table 2. Assay results for

29m

thick high grade oxide interval averaging 37.16g/t Au in AT23WS-044 on a

1.52m

basis. Gold grades being reported

are based on averaging the 30gm ICP analyses with the corresponding gravimetric analyses.

Cal Herron

, Exploration Manager of

Nevada King

, stated, "Today's high-grade interval in AT23WS-44 gives us another starting point for tracking higher-grades

proximal to high-angle feeder structures cutting up through the flat lying horizons that correlate to stratigraphy hosting most of the gold at

Atlanta

– namely the

silica breccia and overlying silicified volcanic horizons. As seen in Figures 1 and 3, the rhyolitic intrusive breccia hosting the highest grade mineralization in the hole

probably intruded along the WAF1 and will be easy to visually track in the up-coming offset holes of AT23WS-44 that will be drilled to further expand upon this

"bonanza grade" mineralization. It is important to note that the high-grade "core" mineralization seen in AT23WS-44 (

29m

@ 37.16 g/t Au) is not related to a

narrow vein that was drilled down, but rather occurs within the same flat-lying replacement horizon penetrated in surrounding holes at similar elevation – i.e.

1741m–1770m

a.s.l (above sea level). For example, nearby holes in the northern portion of the WAGZ intersected the following high-grade mineralization –

AT23WS-20, located

20m

west of AT23WS-44, returned

27.6m

@ 4.67 g/t Au from

1730m

1758m

a.s.l.

AT23WS-22, located

68m

west of AT23WS-44, returned

7.6m

@ 28.5 g/t Au from

1743-

1750m

a.s.l.

AT22WS-2, located

41m

north of AT23WS-44, returned

33.6m

@ 4.10 g/t Au from

1746m

1780m

a.s.l.

AT23WS-23, located

63m

northwest of AT23WS-44, returned

12.2m

@ 8.78 g/t Au from

1745m

1757m

a.s.l.

Elsewhere within the

Atlanta

resource zone we see very similar elevation control over high-grade mineralization. Examples near the East Atlanta Fault within the

AMFZ include –

AT21-62 returned

10.7m

@ 11.19 g/t Au from

1942m

1953m

a.s.l.

AT23NS-116 returned

4.6m

@ 7.31 g/t Au from

1937m

1942m

a.s.l.

AT22NS-81T returned

5.3m

@ 10.73 g/t Au from

1925m

1931m

a.s.l.

The same pattern is apparent across the southern portion of the WAGZ –

AT22-8T returned

13.4m

@ 7.65 g/t Au from

1879m

1893m

a.s.l.

AT22SE-42 returned

13.7m

@ 4.05 g/t from

1864m

1888m

a.s.l.

AT23HG-28 returned

12.2m

@ 7.59 g/t Au from

1841m

1854m

a.s.l.

AT23HG-34 returned

27.4m

@ 4.50 g/t Au from

1841m

1870m

a.s.l.

AT22HG-13 returned

12.2m

@ 17.59 g/t Au from

1875m

1887m

a.s.l.

The high grade intercepts cited above occur within discrete groups or clusters located across the entire resource zone, with holes in each cluster sharing the

same elevation ranges. This argues strongly for the high-grades being hosted within near-horizontal replacement horizons versus narrow, high-angle faults/veins. If

these intercepts occurred along high-angle fault surfaces, we would not see a uniform horizontal geometry, instead the intercept elevations within an individual

cluster of holes proximal to each other would indicate a steeply dipping plane. Close-spaced drilling along suspected high-grade zones has now provided

Nevada

King

with enough information to concentrate on drill-defining these relatively narrow (<

20m

wide) but very high-grade, linear intersection zones involving high-angle

"feeder" faults and flat-lying replacement horizons."

Figure 2. Location map for holes reported in this news release along drill Section22-15N(2) relative to the perimeter of the historical Atlanta Pit and footprint of the

Gustavson 2020 NI 43-101 resource. Shallow drillholes on the mine dumps have been removed from the plot for clarity. (CNW Group/Nevada King Gold Corp.)

Figure 2. Location map for holes reported in this news release along drill Section22-15N(2) relative to the perimeter of the historical Atlanta Pit and

footprint of the Gustavson 2020 NI 43-101 resource. Shallow drillholes on the mine dumps have been removed from the plot for clarity.

Figure 3.

Cross section 22-15N(2) looking north across the northern portion of the Atlanta Mine Fault Zone and West Atlanta Graben Zone. (CNW Group/Nevada

King Gold Corp.)

Figure 3. Cross section 22-15N(2) looking north across the northern portion of the Atlanta Mine Fault Zone and West Atlanta Graben Zone.

Additional Details:

Holes AT23WS-25A (

24.4m

grading 1.19 g/t Au from 318.6 to

343.0m

) and AT23WS-41 (

22.9m

grading 0.293 g/t Au from 335.4 to

358.2m

)

were

drilled west of previously reported hole AT23WS-22 (

42.8m

@ 5.64 g/t Au) in order to define the western boundary of the WAGZ. Both of these new holes

hit deeper, lower grade mineralization on the west side of the West Atlanta Fault #2 (WAF2), which bounds the western margin of the WAGZ. Gold grade in

this area clearly decreases westward from the WAF2.

The high grade intercept in previously reported hole AT23WS-22 (

42.8m

@ 5.64 g/t Au) is attributed to close proximity to the WAF2. Now that we know

where this fault is located, we will be drilling along strike of it to the north and south in order to further extend the higher-grade mineralization.

Additional in-fill drilling is needed between AT23WS-5C and AT23NS-104 in order to fill a large

88m

gap that currently exists between AT23WS-5C and the

West Atlanta Fault (see Figure 3).

Detailed Interpretation:

The Company's interpretation of today's highlight interval is that gold mineralizing fluids have migrated laterally from the high-angle WAF1 (the feeder structure)

into a larger receptive, flat-lying breccia horizon with gold grades generally decreasing gradationally with horizontal distance from the feeder structure (Figure 1).

The Company does not have sufficient data to accurately estimate true width of the high grade feeder structure, but true thickness of the high grade zones within

the overall flat-lying mineralized horizon is far more apparent. As an example, simply comparing the

29m

-thick high grade intercept (37.16 g/t Au) in AT23WS-44

with the

27.4m

high grade intercept (4.67 g/t Au) in AT23WS-20 illustrates the flat-lying nature of the high grade horizon connecting these two holes. The

mineralized zone in AT23WS-44 starts at an elevation of

1770m

a.s.l. (above sea level) while the same mineralized horizon in AT23WS-20, located

21m

to the

west of AT23WS-44, starts at an elevation of

1758m

a.s.l. This flat-lying geometry to the replacement horizon is noted throughout the

Atlanta

deposit as

discussed above.

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

AT23WS-44

214.9

216.5

1.5

1.47

<0.5

AT23WS-44

216.5

218.0

1.5

1.51

<0.5

AT23WS-44

218.0

219.5

1.5

2.72

<0.5

AT23WS-44

219.5

221.0

1.5

1.70

<0.5

AT23WS-44

221.0

222.6

1.5

0.85

<0.5

AT23WS-44

222.6

224.1

1.5

0.40

<0.5

AT23WS-44

224.1

225.6

1.5

0.26

<0.5

AT23WS-44

225.6

227.1

1.5

0.27

<0.5

AT23WS-44

227.1

228.7

1.5

0.72

0.8

AT23WS-44

228.7

230.2

1.5

0.76

0.9

AT23WS-44

230.2

231.7

1.5

0.33

2.1

AT23WS-44

231.7

233.2

1.5

0.24

2.9

AT23WS-44

233.2

234.8

1.5

0.39

2.5

AT23WS-44

234.8

236.3

1.5

0.22

2.5

AT23WS-44

236.3

237.8

1.5

0.24

AT23WS-44

237.8

239.3

1.5

0.51

8.1

AT23WS-44

239.3

240.9

1.5

1.26

AT23WS-44

240.9

242.4

1.5

1.83

9.2

AT23WS-44

242.4

243.9

1.5

3.41

9.1

AT23WS-44

243.9

245.4

1.5

5.85

15.5

AT23WS-44

245.4

247.0

1.5

3.84

AT23WS-44

247.0

248.5

1.5

3.57

7.1

AT23WS-44

248.5

250.0

1.5

1.82

4.9

AT23WS-44

250.0

251.5

1.5

2.15

6.9

AT23WS-44

251.5

253.0

1.5

6.68

11.6

AT23WS-44

253.0

254.6

1.5

9.88

18.3

AT23WS-44

254.6

256.1

1.5

5.72

12.7

AT23WS-44

256.1

257.6

1.5

3.23

12.2

AT23WS-44

257.6

259.1

1.5

0.35

7.5

AT23WS-44

259.1

260.7

1.5

0.09

6.3

AT23WS-44

260.7

262.2

1.5

0.13

6.1

AT23WS-44

262.2

263.7

1.5

0.15

5.8

AT23WS-44

263.7

265.2

1.5

0.31

14.6

AT23WS-44

265.2

266.8

1.5

0.54

12.2

AT23WS-44

266.8

268.3

1.5

0.81

25.2

AT23WS-44

268.3

269.8

1.5

0.98

20.6

AT23WS-44

269.8

271.3

1.5

1.35

25.7

AT23WS-44

271.3

272.9

1.5

1.54

AT23WS-44

272.9

274.4

1.5

8.96

12.1

AT23WS-44

274.4

275.9

1.5

25.92

14.3

AT23WS-44

275.9

277.4

1.5

22.52

13.7

AT23WS-44

277.4

279.0

1.5

16.60

17.6

AT23WS-44

279.0

280.5

1.5

30.00

21.3

AT23WS-44

280.5

282.0

1.5

57.15

14.2

AT23WS-44

282.0

283.5

1.5

34.57

13.4

AT23WS-44

283.5

285.1

1.5

169.80

13.2

AT23WS-44

285.1

286.6

1.5

155.40

AT23WS-44

286.6

288.1

1.5

47.95

40.2

AT23WS-44

288.1

289.6

1.5

13.20

27.5

AT23WS-44

289.6

291.2

1.5

13.88

23.5

AT23WS-44

291.2

292.7

1.5

6.68

33.2

AT23WS-44

292.7

294.2

1.5

11.92

46.6

AT23WS-44

294.2

295.7

1.5

18.05

42.8

AT23WS-44

295.7

297.3

1.5

13.55

42.9

AT23WS-44

297.3

298.8

1.5

11.22

75.8

AT23WS-44

298.8

300.3

1.5

13.37

47.3

AT23WS-44

300.3

301.8

1.5

19.60

64.3

AT23WS-44

301.8

303.4

1.5

25.12

83.6

AT23WS-44

303.4

304.9

1.5

8.11

93.3

AT23WS-44

304.9

306.4

1.5

7.41

66.1

AT23WS-44

306.4

307.9

1.5

2.38

10.0

AT23WS-44

307.9

309.5

1.5

1.79

8.8

AT23WS-44

309.5

311.0

1.5

1.67

12.6

AT23WS-44

311.0

312.5

1.5

0.88

8.7

AT23WS-44

312.5

314.0

1.5

1.29

5.4

AT23WS-44

314.0

315.5

1.5

1.22

6.3

AT23WS-44

315.5

317.1

1.5

6.38

12.8

AT23WS-44

317.1

318.6

1.5

6.81

20.0

AT23WS-44

318.6

320.1

1.5

2.01

11.2

AT23WS-44

320.1

321.6

1.5

2.09

15.5

AT23WS-44

321.6

323.2

1.5

1.39

11.4

Table 3. Assay results for

108m

thick high-grade oxide interval averaging 11.65 g/t Au in AT23WS-44 on a

1.52m

basis.

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

Notes

AT23WS-44

214.9

323.2

108.2

11.65

17.4

Includes

274.4

303.4

29.0

37.18

34.4

Includes

283.5

286.6

3.0

162.6

15.6

AT23WS-25A

318.6

343.0

24.4

1.19

11.7

Bottomed in Mineralization

AT23WS-41

335.4

358.2

22.9

0.29

15.1

Table 4. All holes reported today along Section22-15N.

Mineralization occurs along flat-lying horizons generally dipping gently westward; true

mineralized thickness in vertical holes is estimated to be between 85% and 95% of reported drill intercept length.

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

Notes

AT23WS-22

288.0

330.8

42.8

5.64

6.7

Bottomed in Mineralization

Includes

292.7

300.3

7.6

28.5

10.7

AT23WS-21

280.5

343.0

62.5

0.31

3.3

AT22WS-4

279.0

346.0

67.0

2.07

12.1

Includes

317.1

333.8

16.7

3.63

12.6

AT23WS-20

275.9

337.0

61.1

3.04

21.4

Bottomed in Mineralization

Includes

286.6

291.2

4.6

15.84

19.8

AT23WS-5C

207.3

320.0

112.7

1.08

14.8

Bottomed in Mineralization

AT23NS-104

198.2

244.0

45.8

0.35

5.0

AT23NS-103

192.1

202.7

10.6

0.37

3.4

AT23NS-102

129.5

141.8

12.3

0.41

23.4

And

166.2

190.5

24.3

0.40

5.2

AT23NS-101

71.6

111.3

39.7

0.17

19.1

Table 5

. Previously reported holes used along updated Section 22-15N. AT22 series holes were drilled by

Nevada King

in 2022 and the AT21 series

holes were drilled in 2021. True thickness of gold mineralization interpreted in today's release is 95% to 100% of the reported intercept length in

vertical holes.

Denotes holes that bottomed in mineralization.

Denotes angle hole.

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

Notes

DHRI-11-NRC4

317.1

353.7

36.6

1.71

6.8

KR98-21

242.4

262.2

19.8

1.19

1.6

Bottomed in Mineralization

Table 6

: Historical holes used in Section 22-15N. KR98 series hole was drilled by Kinross in 1998. DHRI series hole was drilled by Meadow Bay in

2011. Mineralization occurs along flat-lying horizons generally dipping gently westward; true mineralized thickness in vertical holes is estimated to

be between 85% and 95% of reported drill intercept length.

Denotes angle hole.

QA/QC Protocols

All Reverse Circulation (RC) samples from the Atlanta Project are taken at

1.5 m

intervals, split at the drill site and placed in cloth and plastic bags utilizing a

nominal 2kg sample weight. Certified Reference Material (CRM) standards, blanks, and blind duplicates are inserted into the sample stream on-site on a one-in-

twenty sample basis, meaning all three control 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

AAL

"), Nevada, with full custody being maintained at all times. At AAL, 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 multi-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. For Au values above 10 g/t, AAL routinely re-assays samples using a 30gm gravimetric fire assay. For the

29m

high grade interval in

AT23WS-44, AAL inserted three lab duplicates that results in percent differences of 1.80%, 2.48%, and 2.59%.

No visible gold was logged in this hole.

Sample weights were consistent.

Table 7 contains the complete assay report for the interval

195.1m

to T.D. at

330.8m

for AT23WS-44 showing sample weights as received at American Assay

Lab plus lab blank, duplicate, and CRM standards along with

Nevada King's

inserted field blanks, duplicates, and CRM standards. The high grade intervals were

assayed by 30gm fire with ICP finish and then check-assayed via 30 gm gravimetric fire assay. Gold cyanide solubility assays were performed on every sample.

As seen in Table 6, the 30gm ICP analyses match closely with the gravimetric analyses, indicating minimal nugget effect and high reproducibility. The consistent

Au cyanide analyses indicate strong oxidation and little evidence of significant sulfide encapsulation. Fairly consistent sample weights indicate good, overall RC

recovery, particularly within the very high grade intervals, to the extent that down-hole contamination from upper high grade intervals is unlikely. When

10m

20m

lengths of low sample weights occur, or sustained lack of sample recovery occurs, then down-hole contamination is more likely to occur. This is not the case with

AT23WS-44.

BRPP2KG

FAPB30-ICP

GRAVAu30

AuCN30

0.01

0.003

0.103

0.01

SAMPLES

Comments

From (m)

To (m)

Weight (kg)

ppm

1880368

195.1

201.2

5.30

-0.003

-0.01

1880368-X

AAL dup of 1880368

0.003

-0.01

1880369

201.2

207.3

7.90

0.011

0.01

1880370

207.3

213.4

6.50

-0.003

-0.01

1880371

213.4

214.9

1.30

0.047

0.05

1880372

214.9

216.5

4.40

1.470

1.46

1880373

216.5

218.0

6.70

1.510

1.12

1880374

218.0

219.5

2.00

2.720

2.44

1880375

NKG dup of 1880374

1.20

3.490

2.63

1880376

219.5

221.0

7.90

1.700

1.29

STD- OxC168

AAL STD (0.213 g/t Au)

0.223

0.22

1880377

221.0

222.6

0.90

0.848

0.65

1880377-X

AAL dup. of 1880377

0.832

0.64

1880378

222.6

224.1

5.80

0.399

0.37

1880379

224.1

225.6

3.20

0.260

0.24

1880380

NKG blank

0.70

0.005

-0.01

1880381

225.6

227.1

4.60

0.271

0.24

1880382

227.1

228.7

3.60

0.720

0.65

1880383

228.7

230.2

6.50

0.759

0.60

1880384

230.2

231.7

5.40

0.325

0.26

1880385

NKG STD (1.081 g/t Au)

1.110

0.96

1880386

231.7

233.2

6.60

0.243

0.20

1880387

233.2

234.8

1.60

0.390

0.32

1880388

234.8

236.3

3.70

0.220

0.17

BLANK

AAL blank

-0.003

-0.01

1880389

236.3

237.8

2.70

0.236

0.23

1880390

NKG dup of 1880389

4.00

0.319

0.23

1880390-X

AAL dup of 1880390

0.306

0.24

1880391

237.8

239.3

7.70

0.508

0.46

1880392

239.3

240.9

2.70

1.260

1.07

1880393

240.9

242.4

3.40

1.830

1.52

1880394

242.4

243.9

7.60

3.410

2.76

1880395

243.9

245.4

6.20

5.850

5.04

1880396

245.4

247.0

3.50

3.840

3.39

1880397

247.0

248.5

6.20

3.570

3.06

1880398

248.5

250.0

5.70

1.820

1.57

STD- CDN-CM-47

AAL STD (1.13 g/t Au)

1.140

1.06

1880399

250.0

251.5

7.60

2.150

1.73

1880399-X

AAL dup. of 1880399

2.210

1.67

1880400

251.5

253.0

2.70

6.680

6.44

1880401

253.0

254.6

7.10

9.880

8.29

1880402

254.6

256.1

5.80

5.720

5.62

1880403

256.1

257.6

4.30

3.230

2.97

1880404

257.6

259.1

1.60

0.348

0.30

1880405

NKG dup. of 1880404

3.00

0.213

0.20

1880406

259.1

260.7

4.60

0.088

0.07

1880406-X

AAL dup. of 1880406

0.090

0.07

BLANK

AAL blank

-0.003

-0.01

1880407

260.7

262.2

0.90

0.128

0.10

1880408

262.2

263.7

2.50

0.146

0.08

1880409

263.7

265.2

2.50

0.311

0.30

1880410

NKG blank

0.60

0.003

-0.01

1880411

265.2

266.8

5.60

0.542

0.42

1880412

266.8

268.3

4.90

0.808

0.67

1880413

268.3

269.8

2.10

0.975

0.75

1880414

269.8

271.3

3.70

1.350

1.30

1880415

NKG STD (0.056 g/t Au)

0.071

0.05

1880416

271.3

272.9

1.30

1.540

1.43

1880417

272.9

274.4

2.20

8.960

7.45

1880417-X

AAL dup of 1880417

8.800

7.17

1880418

274.4

275.9

3.20

25.500

26.333

22.23

1880419

275.9

277.4

2.70

22.500

22.533

18.81

1880420

NKG dup of 1880419

3.80

20.900

22.200

18.81

1880421

277.4

279.0

2.80

16.200

17.000

16.06

1880422

279.0

280.5

1.40

29.800

30.200

25.08

STD - SK120

AAL STD (4.075 g/t Au)

4.030

3.95

1880423

280.5

282.0

6.90

57.100

57.200

43.99

1880423-X

AAL dup of 1880423

55.700

42.47

1880424

282.0

283.5

6.30

34.600

34.533

28.12

1880425

283.5

285.1

7.30

>100

169.800

>100

1880426

285.1

286.6

5.60

>100

155.400

>100

1880427

286.6

288.1

6.80

47.600

48.067

41.80

1880428

288.1

289.6

4.30

12.600

13.400

11.78

1880429

289.6

291.2

1.20

13.500

14.000

11.97

1880430

291.2

292.7

8.20

6.680

5.31

1880431

292.7

294.2

7.00

11.700

12.133

9.60

1880431-X

AAL dup of 1880431

11.400

9.50

1880432

294.2

295.7

0.90

17.900

18.200

15.87

1880433

295.7

297.3

5.50

13.300

13.800

11.02

1880434

297.3

298.8

4.50

11.100

11.333

10.17

1880435

NKG dup of 1880434

3.40

11.900

12.267

10.07

STD - OxC168

AAL STD (0.213 g/t Au)

0.222

0.22

1880436

298.8

300.3

1.00

13.400

13.333

11.50

1880437

300.3

301.8

3.70

20.000

19.200

14.73

1880438

301.8

303.4

1.20

24.500

25.733

20.05

1880439

303.4

304.9

1.30

8.110

7.09

1880440

NKG blank

0.60

-0.003

-0.01

1880441

304.9

306.4

1.00

7.410

6.03

1880441-X

AAL dup of 1880441

7.180

6.07

1880442

306.4

307.9

1.70

2.380

1.96

1880443

307.9

309.5

1.50

1.790

1.54

1880444

309.5

311.0

6.00

1.670

1.38

1880445

NKG STD (0.056 g/t Au)

0.062

0.05

1880446

311.0

312.5

4.20

0.875

0.70

BLANK

AAL blank

-0.003

-0.01

1880447

312.5

314.0

1.60

1.290

1.02

1880447-X

AAL dup of 1880447

1.280

1.04

1880448

314.0

315.5

4.80

1.220

1.00

1880449

315.5

317.1

1.80

6.380

5.44

1880450

NKG dup of 1880449

2.10

6.460

5.16

1880451

317.1

318.6

2.20

6.810

5.61

1880452

318.6

320.1

4.00

2.010

1.75

1880453

320.1

321.6

5.40

2.090

1.79

1880454

321.6

323.2

5.50

1.390

1.10

1880455

323.2

324.7

3.90

0.195

0.16

1880456

324.7

326.2

3.40

0.286

0.20

1880456-X

AAL dup. of 1880456

0.277

0.20

STD - CDN-CM-47

AAL STD (1.13 g/t Au)

1.150

0.93

1880457

326.2

327.7

5.30

0.110

0.09

1880458

327.7

329.3

3.30

0.460

0.39

1880459

329.3

330.8

3.70

0.292

0.24

Table 7. Assay report table from American Assay Lab (AAL) for RC hole AT23WS-044 with AAL's CRM (STD), blank, and duplicate (dup.) sample

inserts and

Nevada King's

(NKG) field inserts.

AAL-inserted CRM Standards:

CDM-CM-47 1.13 g/t Au +/- 0.11 g/t Canadian Resource Lab. Ltd.,

Langley B.C.

OxC168 0.213 g/t Au +/- 0.002 g/t Rock Labs, Auckland NZ

SK120 4.075 g/t Au +/- 0.03 g/t Rock Labs, Auckland NZ

NKG-inserted CRM Standards:

Batch # 75226 0.056 g/t Au +/- 0.003 g/t Klen International Pty. Ltd., Neerabup Western Australia

Batch # 73915 1.081 g/t Au +/- 0.03 g/t Klen International Pty. Ltd., Neerabup Western Australia

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 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 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 Oz

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 8. 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 given the

global COVID-19 pandemic, 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.

View original content to download multimedia:

https://www.prnewswire.com/news-releases/nevada-king-strikes-bonanza-oxide-gold-with-11-64-gt-au-over-108-3m-including-37-16-gt-au-over-29m-at-atlanta-301944814.html

SOURCE

Nevada King Gold Corp.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/October2023/02/c9437.html

%SEDAR: 00015775E

For further information:

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

CO: Nevada King Gold Corp.

CNW 14:43e 02-OCT-23

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