New West Atlanta Graben Target With Thick Oxide Gold

VANCOUVER - Nevada King Gold Corp. reported on two 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. These holes adjoin the western end of previously reported Section 22-6N and tie into hole AT22HG-17 which returned 164.6m grading 0.93 g/t Au from 146.3m and bottomed in mineralization.

The holes extend mineralization a further 50m west of AT22HG-17 and tie-into a series of Kinross RC angle holes that intersect the section line 40m further west from AT22HG-4. This defines a near-horizontal mineralized zone 150m wide, ranging from 100m to 180m thick, and averaging around 1g/t Au. This zone is being referred to as the West Atlanta Graben Target; it is bound on the east by the West Atlanta Fault (WAF) and on the west by a newly identified fault called the West Atlanta Fault #2 (WAF2).

This thick zone of mineralization within the West Atlanta Graben is fairly uniform from hole to hole and there are corresponding similar, thick, near-horizontal zones of mineralization interpreted 30m to the north of Section 22-N6 on Section 22-7N and 300m to the north on Section 22-16N. This strongly suggests this zone of mineralization is contiguous along strike on the western side of the WAF.

This opens up a new target envelope running approximately 500m north-south for further discovery and potential resource expansion with relatively low historical hole density along most of its length. For example, a segment of this graben extending 100m northward from Section 22-7N and 150m westward from the WAF contains 17 historical drill collars of which only one hole went deep enough to hit mineralization. This vertical RC hole, Goldfield's AR-1, intercepted 20m grading 0.42 g/t Au and 16.3 g/t Ag starting at 283m depth, bottoming in mineralization. The other 16 holes were too shallow to intercept the mineralized horizon, generally because they were long angle holes directed eastward to test the East Atlanta Fault, as well a cluster of holes directed southward to define an E-W mineralized zone along Section 22-5N identified in the Gustavson 2020 resource model as the "Porphyry Resource Component". Except for AR-1, the ground directly underneath these 16 hole collars was not tested, which left a large data gap in this segment of the West Atlanta Graben and prevented Gustavson from extending its Porphyry Resource zone northward. Consequently, this thick, volcanic-hosted mineralization constituting Gustavson's Porphyry Resource zone did not appreciably add to the overall resource model.

Nevada King now sees a tremendous opportunity to extend this thick, volcanic-hosted mineralization northward toward Section Line 22-16N and add substantially to the resource with its new drilling program along the western side of the West Atlanta Fault. Gold cyanide solubility assays within the predominantly volcanic-hosted mineralization in the West Atlanta Graben are averaging amongst the highest at the property to date. This opens up the prospect of simple heap leach extraction with coarse crushing of ROM material, which could positively impact mining and processing costs. This is one of the priorities of the Company's ongoing metallurgical testwork expected to be completed in Q4 2023.

Looking west of the West Atlanta Graben, 11 historical holes were drilled west of the WAF2, but only three of these holes went deep enough to pick up mineralization. In particular, a vertical Meadow Bay core hole DHRI-11-11C located 28m south of the collar for hole KR98-13 intercepted 152m grading 0.57 g/t Au and 17.4 g/t Ag starting at 267m depth. The three mineralized holes indicate that gold values extend 50m to 60m further west from the WAF2. There is a broad expanse of deep mineralization within this western target area with very few historical holes fully penetrating the near-horizontal mineralized zone, thus providing a great hunting ground for future drilling.

Cal Herron, Exploration Manager, said, "We knew from the historical drilling that gold mineralization occurred along the western side of the deposit, but it was never followed up on. A few holes, particularly those drilled by Meadow Bay in 2011-2015, did penetrate the mineralized zone and revealed good potential for encountering higher grades and thicker mineralization, but these better holes were isolated in the Northwest Target Zone and did not appear to be connected to the rest of the Atlanta resource zone. As Nevada King's drilling in the latter half of 2022 moved westward from the Atlanta Mine Fault Zone ("AMFZ") and crossed the WAF, we suddenly encountered a very different gold "beast" in the mineralized volcanic section, characterized as follows: 75m to 200m thick mineralized intervals averaging between 0.5g/t and 1.5g/t Au, displaying very good lateral and vertical grade continuity; High grade intervals (5g/t to 20g/t Au) scattered within the mineralized sections; Strong oxidation; and Style of mineralization that is more traditionally amenable to heap leach extraction.

As an explorationist, finding thick and homogenous zones of good gold grade not only indicates a strong gold system, but it also allows for more reliable and quicker ounce building. Consequently two RC drills are currently extending our sections westward from the WAF and in-filling large gaps in the historical drill patterns in order to tie this gold zone into the shallower mineralization already drilled along the AMFZ. As we learn more about mineralization in the West Atlanta Graben, we will be able to better vector into higher grade feeder structures.