Doubling Of M&I Resource At Atlanta Gold Mine Project

VANCOUVER - Nevada King Gold Corp. reported on an updated Mineral Resource Estimate (MRE) for its 12,000 hectare (120km2) Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend, 264km northeast of Las Vegas, Nevada. Measured and Indicated (M&I) resources: 27.7 million tonnes (Mt) at an average gold grade of 1.14g/t for 1,019,600 ounces of contained gold, representing a more than doubling (122% increase) of M&I resources compared to the 2020 resource estimate, highlighting the success of the Company's Phase I & II resource definition drilling campaigns. 91% of the total gold ounces are categorized within the higher confidence M&I categories, with just 9% in the inferred category.

High-grade core: M&I resources include a high-grade core of 524koz Au averaging 3.99g/t Au at a 2 g/t AuEq cut-off grade ("COG"). This high-grade core alone contains more ounces than the 2020 M&I resource estimate and at more than triple (207% increase) the average grade.

Open-pit, oxide gold system: This pit-constrained, oxide resource applies a US$2,200/oz gold price and assumes recoveries and processing methods from the Company's Phase 1 metallurgical test work program, which outlines conventional Nevada oxide processing methods at Atlanta. Significant growth potential: The resource covers the Atlanta Resource zone and does not incorporate mineralization encountered in the Company's Phase III drilling, including the recent discovery of gold and silver mineralization at Silver Park. Management sees clear potential for continued resource expansion with mineralization open to the north, south and west of the resource zone, as well as the potential for finding regional satellite deposits.

Collin Kettell, CEO, said, "This updated MRE was prepared by RESPEC. The results mark a major milestone at Atlanta, confirming a high-grade and high-confidence oxide gold system in one of the most sought-after jurisdictions in the world. We are pleased to exceed the 1Moz Au threshold in the M&I category while maintaining the grade of oxide mineralization well above 1 g/t. Results highlight the success of our Phase I and II drill programs and validate our technical team's geological model and drilling since 2021. With this MRE under our belt, we will continue our quest to unlock the full potential of the Atlanta district. Our fully funded, aggressive Phase III exploration drill program is aimed at demonstrating Atlanta's multi-million-ounce potential."

Cal Herron, Exploration Manager, said, "Atlanta is a unique system with multiple instances of high-grade gold deposition. These high-grade zones, which play prominently into the resource estimate, were a key target of our Phase II drill program. When we began our work at Atlanta, the resource totaled 460,000 M&I ounces averaging 1.30 g/t. The resource update more than doubles that figure and includes significantly more high-grade material, which is largely the result of thicker, higher-grade intercepts within the West Atlanta Graben Zone. We see clear potential for expansion of this zone to the south, north and west with the possibility of finding additional elevated high-grade zones. The Company's unwavering support behind its technical team coupled with its commitment to seeing the exploration program completed made it possible to boost a modest deposit into a high-grade, +1 Moz deposit – a rare achievement for open pit oxide deposits in safe jurisdictions. That same tenacity is still at play, pushing our Phase III exploration forward throughout the Atlanta District in search of new deposits."