Update On Phase III Regional Drill Program At Atlanta

VANCOUVER - Nevada King Gold Corp. reported on its Phase III regional drill program that is now underway at its 12,000 hectare (120km2), 100%-owned Atlanta Gold Mine Project along the prolific Battle Mountain Trend 264km northeast of Las Vegas, Nevada. Since the Phase III drill program commenced on November 19, 2024, Nevada King has completed 26 reverse circulation (RC) holes totaling 6,600m of a total planned 20,000m of drilling. Following a two-week holiday break, two drills are back up and turning at Atlanta.

The primary objective of the Phase III drill program is to expand mineralization south from the Atlanta resource zone into the South Quartzite Ridge Target (SQRT) and find new satellite deposits throughout the district. The Company is focusing on testing prospective target areas where geophysical anomalies coincide with major structural features throughout the Atlanta district. The SQRT extends 2.5km south from the resource zone along strike and measures 500m wide. This large target area could host mineralization and possibly in multiple areas coincident with locations where feeder structures may have introduced mineralizing fluids that could have been trapped beneath the impervious quartzite cap that overlays the full target area. Drilling is designed to 1) determine whether such zones exist and 2) define the extent of any such zones.

In December 2024, Nevada King submitted a minor modification (Permit Modification 3) to its existing Plan of Operations to the U.S. Bureau of Land Management (BLM), which will allow for 47 additional drill sites and 1.9km of new drill road construction throughout the Atlanta district. These proposed drill pads will allow for further access to test along the ridge of the SQRT, as well as at the Outlaw, Mustang, Silver Park, and Rangefront targets. Included in this modification are 13 proposed drill pads located approximately three kilometres north of the resource zone within an area previously untested by drilling and almost completely obscured by alluvium. Surface samples collected by the Company from two small outcrops of silicified sandy dolomite returned gold values ranging up to 0.82 g/t accompanied by arsenic and antimony. These strong surface samples occur along the northern extension of what looks like the West Atlanta Fault, which constitutes the primary fault responsible for depositing gold mineralization at Atlanta. A coincident CSAMT low resistivity anomaly suggests the presence of intrusive activity at depth.

Cal Herron, Exploration Manager, said, "The first set of regional reconnaissance holes drilled during this Phase III Program tested wide-spaced anomalies east of the Atlanta Resource Zone within the Jumbo, Bounty, and Crossroads Targets, with assays pending. The current drilling is concentrated along the eastern and southern ring fracture systems of the Atlanta Caldera as defined by gravity and drone magnetic data. These major structural zones include the SQRT and northern extension of the West Atlanta Fault (Northeast and Lone Ranger Targets) together with the Silver Park region (Corral Target and Silver Park East and West Targets). Within these ring fracture zones, CSAMT data indicate several graben-type or cauldron-type depressions in the Paleozoic basement sequence that may have formed structural traps for confining hydrothermal fluids within a small area, similar to what we see in the Atlanta resource zone. The Company's program is currently testing a wide variety of prospective structural environments, looking for evidence of a strong hydrothermal system capable of generating a satellite deposit. We already know from our Phase II drilling program what such a deposit looks like in terms of geochemistry, alteration, structures, and host rock lithologies, so it's now a matter of drill-testing highly prospective areas to hone in on additional mineralized zones."