Intersections Extend West Atlanta Graben Mineralization Westward

VANCOUVER - Nevada King Gold Corp. reported on the four vertical reverse circulation (RC) holes recently completed at its Atlanta Gold Mine Project located 264km northeast of Las Vegas, Nevada, in the Battle Mountain Trend. The four holes reported are plotted in plan and along an updated Section 22-10N(2).

Hole AT22-HG-18 reported April 20, 2023 was collared along the east side of the West Atlanta Graben ("WAG") and returned highlight intervals of 33.5m grading 2.35 g/t Au and 363 g/t Ag including 1.08 kg/t Ag over 10.7m. Today's AT23HG-25 (44.2m @ 3.18 g/t Au and 53 g/t Ag) is located 14m west of AT22HG-18, thus extending the high-grade mineralization further westward into the WAG from the West Atlanta Fault.

AT23HG-26 stepped out a further 23m west of AT23HG-25 and was planned to deepen AR-1 (19.9m @ 0.41 g/t), a historical hole which did not penetrate into the gold-bearing silica breccia zone. While AT23HG-26 only partially penetrated the silica breccia, in turn bottoming in mineralization, it intercepted 38.1m of 0.82 g/t Au, which is considerably thicker and higher grade compared to the 19.9m of 0.41 g/t reported in AR-1.

AT23WS-27 stepped a further 36m west into the WAG and returned 42.7m @ 0.328 g/t Au and 14.3 g/t Ag, providing further confirmation that higher grades are concentrated in a halo around the fault structures and decrease more distally into the graben.

Drilling is currently ongoing with further step outs to the west in the approximately 100m gap between AT23WS-27 and historical hole DHRI-11-NRC-7, where grades may pick back up again approaching the West Atlanta Fault #2 (WAF2), as seen along sections to the north and south. It is important to note the large difference in intercept grade across the WAG in the historical holes versus Nevada King's holes. In the Gustavson 2020 resource model, only two historical holes were drilled in this area, DHRI-11-NRC-7 and AR-1. Both are dramatically lower in grade compared to Nevada King's closer spaced holes (AT23WS-27, AT23HG-26, AT23HG-25, AT22HG-18, AT22NS-89, AT22NS-90). On a weighted average basis, the two historical holes average 0.25 g/t Au and 24.7 g/t Ag over 39m, while the Company's six holes average 1.41 g/t Au and 88.0 g/t Ag over 40m.

Cal Herron, Exploration Manager, said, "Nevada King's drilling appears to show that historic holes consistently under estimated interval grades, primarily from not drilling near higher grade feeder structures and not fully penetrating the mineralized zones. Our drilling continues to discover new zones of mineralization that were not intersected in the historic programs including areas of high-grade mineralizaiton proximate to key sub-vertical fault structures. Based on our drill results to date and ongoing modelling of the mineralization we are optimistic that we can significantly increase the size and grade of the resource base at Atlanta."