Intercepts Located 300m Northwest Of The Atlanta Pit

VANCOUVER - Nevada King Gold Corp. reported on seven vertical, reverse circulation (RC) holes and one vertical core hole recently completed at its 5,166 hectare (51.6km2), Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend 264km northeast of Las Vegas, Nevada. The holes are located 300m northwest of the Atlanta pit along Section 22-17N where drilling continues to extend thick, high-grade oxide mineralization northward along the West Atlanta Graben (WAG). Drill hole AT23WS-23 intercepted 102.2m of 2.45 g/t Au including 12.2m of 8.78 g/t Au, while drill hole AT22WS-1 intersected 65.5m of 1.52 g/t Au and bottomed in mineralization. Bounded on its east side by the West Atlanta Fault, the WAG is approximately 150m wide and contains sub-horizontal oxide mineralization ranging from 50m to 200m thick hosted within silicified Tertiary volcanics and underlying silica breccia that developed in strongly decalcified Ordovician dolomite along the unconformable contact. Gold bearing fluids were channeled into the unconformity via high angle faults that cut the stratigraphy and also localized felsic intrusive dikes that display a very close spatial relationship to the gold zone.

Grades and mineralized thicknesses currently being encountered within the WAG show strong potential for substantially increasing the overall Au/Ag resource at Atlanta. The Gustavson 2020 resource model primarily focused on the Atlanta Mine Fault Zone ("AMFZ"), which is immediately adjacent to the WAG on its eastern side, while drill density within the WAG itself was in many cases insufficient for providing the lateral continuity of mineralization necessary for establishing resources. A good example of this is seen along Section 22-17N where historical hole DHRI-11-15C had no other hole eastward along the section to tie to. Consequently, the Gustavson 2020 resource model extended the thin, low grade intercept (0.28 g/t Au over 67.1m) to the east and gradually pinched it out, showing no evidence for more resource to the east. In stark contrast, today's banner intercept in AT23WS-23 (102.2m at 2.45 g/t Au), located only 50m east of DHRI-11-15C, is considerably thicker and nine times stronger in terms of grade compared to DRHI-11-15C, significantly changing the Company's interpreted resource potential along this section. Consequently, the current drilling program is centered on expanding the WAG mineralization northward, southward, and to depth.

Cal Herron, Exploration Manager, said,, "Section 22-17N generally mimics the structural, stratigraphic and mineralization patterns seen in adjacent Section 22-16N (released February 13, 2023) and in sections previously released further south along lines 22-5N through 22-10N. We are seeing a northward narrowing of mineralization along the AMFZ starting at Sections 22-16N and 22-17N, and this is probably due to the northerly-trending Atlanta King Fault having been faulted out just north of the pit. At the same time, we see a new high-grade zone developing within the WAG between the West Atlanta #1 and West Atlanta #2 Faults. The thick, higher-grade intercept in AT23WS-23 is more typical of intercepts seen within the narrow graben blocks between the Atlanta King and East Atlanta Faults, so the West Atlanta Fault #1 may be the western analog of the Atlanta King Fault, which acts as an important fluid conduit responsible in part for the high-grade mineralization seen along the eastern side of the AMFZ."