Oxide Mineralization Intercepts 200m North Of The Atlanta Pit

VANCOUVER - Nevada King Gold Corp. reported on four reverse circulation (RC) holes and one core hole recently completed at its Atlanta Gold Mine Project located 264km northeast of Las Vegas, Nevada, in the Battle Mountain Trend. These holes were drilled 200m north of the Atlanta pit on Section 22-16N and cut across the high-grade feeder zone that includes a network of structures comprising the Atlanta Mine Fault Zone (AMFZ). The Company has incorporated these new results to produce an updated interpretation on cross section of this part of the AMFZ.

Mineralization occurs along sub-horizontal horizons generally dipping gently westward, and true mineralized thickness in vertical holes is between 85% and 95% of reported drill intercept length. Hole AT22WS-2 (2.31 g/t Au over 71.7m) was drilled in the Northwest Target Zone, 32m eastward from historical hole DHRI-11-NRC3 (3.90 g/t Au over 56.4m). The Northwest Target Zone was initially identified by Meadow Bay in 2011 with hole DHRI-11-NRC3, but most of their subsequent holes stepped out westward and southward from this initial discovery hole and failed to go deep enough to fully penetrate mineralization.

Nevada King started its drilling in the Northwest Target Zone in late 2022 with the objective of defining mineralization eastward from DHRI-11-NR3 moving toward the AMFZ and eventually southeastward into the main Gustavson 2020 resource envelope. The holes along Section 22-16 do indeed confirm that gold mineralization connects eastward into the AMFZ and presents an impressive 215m wide and 55-80m thick mineralized zone that remains wide open to the west and at depth, with averaged intercept gold grades ranging from 0.21 g/t to 3.9 g/t Au.

Cal Herron, Exploration Manager, said, "Meadow Bay made a significant high-grade discovery with its 2011 and 2012 drilling of the Northwest Target Zone. Advancing where they left off, Section 22-16N confirms connection of gold mineralization from the Meadow Bay intervals eastward to the AMFZ. Nevada King's fence drilling across the southern end of the Atlanta Mine Fault Zone along sections 22-5N (January 12, 2023), 22-6N (January 6, 2023), and 22-8N (February 1, 2023) demonstrate the importance of the AMFZ with respect to controlling thick zones of mineralization within the volcanic section west of the fault, as well as higher-grade mineralization on both sides of the fault. Follow-up drilling will allow for a better understanding of both the structural geometry and distribution of higher-grade mineralization, as well as defining the bottom to the mineralization. Drilling has been active on adjacent parallel sections and new results are anticipated shortly, which will allow us to further refine our modeling of grade distribution in the Northwest Target Zone.

Looking back at the drilling done from our start in May 2021 to date, the one characteristic that remains constant from hole to hole throughout the entire system is the consistent and contiguous nature of the gold mineralization seen in drill intervals. Grade distribution is generally even and does not fluctuate greatly from sample to sample in the drill intervals. Even with the high-grade intervals, gold values increase and decrease in a steady and even manner. In my experience, this type of grade consistency is generally the hallmark of a strong and well-developed gold system. As it stands right now, we do not know how deep the gold mineralization extends at Atlanta nor do we know what the lateral boundaries of gold mineralization are. Knowing we are drilling into a strong gold system without knowing what the lateral and vertical limits on the system are, we can only imagine what is possible at Atlanta as we move into this 2023 exploration season."