Intersections At Atlanta Pit, Battle Mountain Trend

VANCOUVER - Nevada King Gold Corp. reported on the three new vertical RC holes drilled within the historical Atlanta pit collared between holes AT21-066 and AT21-062. The Atlanta Mine Project located 264km northeast of Las Vegas, Nevada, in the prolific Battle Mountain Trend.

Vertical RC drill hole AT21-063, drilled from within the Atlanta pit, encountered 41.2m averaging 3.94 g/t Au starting at 7.6m depth. The mineralized rock is oxidized and includes a high-grade intercept of 9.1m averaging 9.23 g/t Au starting at 38.1m. The adjacent vertical RC hole AT21-064 (17 meters to the N of AT21-063) encountered 64m averaging 3.35 g/t Au starting at 3m depth. The mineralized rock is also oxidized and includes a high-grade intercept of 12.2m averaging 6.88 g/t Au starting at 50.3m. A third adjacent vertical RC hole AT21-065 (17 meters to the N of AT21-064) encountered 48.8m averaging 2.23 g/t Au starting at 3m depth, and is also oxidized. These three holes are part of a fence of five holes drilled along a 70 meter long north-south line that despite its location at the bottom of the pit had never been drill tested. Holes AT21-066 and ATR-21-062 also drilled on this fence line graded 54.9m averaging 2.62 g/t Au and 54.9m averaging 5.34 g/t Au, respectively.

The envelope targeted by this five hole fence line was previously categorized as waste in the Company's current National Instrument 43-101 (NI 43-101) Atlanta property resource estimate, prepared by Gustavson in 2020. This newly identified at surface high-grade gold mineralization ties together with known high-grade historical gold intercepts at depth, better confirming the accuracy of high-grade historical intercepts. The Atlanta Mine Fault Zone is now drill defined over a strike length of approximately 1km, extending 550m to the north-northwest of the historical pit where Nevada King drilled AT21-003 assaying 9.1m averaging 8.26 g/t Au. This high-grade mineralization is currently open to the north and south where sizable additional gaps exist in the historical drilling pattern. The 150m gap between AT21-062 and AT21-041B spatially coincides with the zone of shallow subsidence seen at the SW end of the historical pit and is a high priority target for the next phase of drilling. Similar potential for discovering additional gold resources and with a likely collateral reduction in the strip ratio is seen south of the historical pit, where the combination of Nevada King and historical holes now identifies mineralization that is well outside of the Gustavson resource model, but within the conceptual pit. Furthermore, this mineralization tracks south of the Gustavson conceptual pit, where mineralization remains open.

Cal Herron, Exploration Manager, said, "In summary, the Phase I drill program at Atlanta was a smashing success, exceeding our goals and expectations. Given the strong gold mineralization in AT21-062 through AT21-066, the glaring gap south of these holes, as well as the high-grade hit in AT21-003 located 550m to the north-northwest, Nevada King is well on its way towards building a shallow, robust, oxidized resource along the 1km trace of the Atlanta Mine Fault Zone. It is important to remember that while today's high-grade shallow mineralization occurs within the confines of the Gustavson 2020 conceptual pit, it was not included in the Gustavson 2020 NI 43-101 resource model. Our team is working towards finalizing an upcoming 2022 drill program at Atlanta, which will involve a high density drilling component  following up on this high-grade corridor.”