Phase II Drill Program Targeting High-grade Gold At Atlanta Gold Mine

VANCOUVER - Nevada King Gold Corp. reported the commencement of a 13,100 meter (m), core and reverse circulation (RC) drill program at its 5,166 hectare (20 sq. mile), 100% owned Atlanta Gold Mine Project, located in the Battle Mountain Trend, 264km northeast of Las Vegas, Nevada.

Highlights: Phase II drilling with a RC rig commenced on June 9, 2022. Two additional rigs are en route and expected to start drilling in early July; and initial 2022 drill campaign at Atlanta is designed to expand: (1) the known high-grade mineralization into areas of low historical drill density to the west of the current resource envelope on the strike extension of the Atlanta Mine Fault Zone; and (2) the foot print of the gold mineralization into untested areas east and southward of the existing resource.

Cal Herron, Exploration Manager, said, "Results from the 2021 Phase I drill program at Atlanta far exceeded our expectations, and our interpretation provides a clear road map for further value generation by extending the drilling to test the limits of gold mineralization. Currently, gold mineralization remains open in all directions with a clear high-grade core that demands further definition and tracing. At the end of this current Phase II drill program, we will have drilled approximately 20,000m during the 2021/2022 exploration seasons and will have significantly increased our geological modeling and understanding of the distribution and styles of  gold mineralization at the Atlanta Mine area. A CSAMT (Controlled-source Audio-frequency Magnetotellurics) survey is also underway that will help build a district-scale geologic model and early results have already defined a number of additional drill targets."

The 2022 drill pattern along the western margin of the historical Atlanta open pit will test the down-dip extension of shallow, oxidized high-grade mineralization discovered last year by five RC holes drilled in the bottom of the pit. These high grade hits are particularly important because they occur in  zones characterized as waste in the Gustavson National Instrument 43-101 ("NI 43-101") 2020 resource. The westward step-out drilling will investigate potential for connecting the shallow, high-grade mineralization in the pit to deeper high grades zones previously defined by historical drilling that are part of the 2020 Gustavson resource.

The Company's more closely spaced 2022 Phase II drill pattern optimizes the chances of increasing the average grade and tonnage by tying together these various higher grade strands across wide gaps currently present within the resource model and achieving better core recovery. These holes also seek to extend this higher grade mineralization northwest of the pit (and north of the Gustavson resource) into an area with sparse historical drill data that extends 500m north to Nevada King's 2021 high grade discovery hole AT21-003.