70,000m Approached In Phase II Drill Program At Atlanta Gold Mine Project

VANCOUVER - Nevada King Gold Corp. reported on its Phase II resource expansion and definition drilling program at its 5,166 hectare (51.6km2), 100%-owned Atlanta Gold Mine Project, located in the Battle Mountain Trend 264km northeast of Las Vegas, Nevada.

Since inception of the Phase II Atlanta drill program in June 2022 Nevada King has completed 372 holes totaling 69,683m, which include 354 reverse-circulation (RC) holes totaling 67,760m and 18 core holes totaling 1,923m. Prior to initiating the Phase II program the Company completed 68 holes totaling 5,544m in its maiden Phase I program. To date, as part of its Phase II program, Nevada King has reported assays from 204 holes covering 35,915m with results from 168 drill holes totaling 33,768m currently pending. Four rigs continue to operate at Atlanta. Drilling for 2023 will wrap up on December 17th for the Christmas break and all four rigs are scheduled to recommence drilling the first week of January.

Phase II drilling has led to the discovery of new zones of high-grade gold and silver mineralization both within and outside of the currently defined resource area including 11.64 g/t Au over 108.3m in AT23WS-44 and 6.55 g/t Au over 82.3m in AT23NS-133F. A major focus of ongoing drilling is to follow up on elevated high-grade (>20 g/t Au) intercepts  scattered throughout the deposit with the goal of further defining the spatial distribution of this exceptionally high-grade oxide mineralization for potential inclusion as discreet domains in upcoming resource modeling.

Drilling is also ongoing at the southern end of the Atlanta resource zone following the blind discovery of thick, high-grade gold mineralization including 1.89 g/t Au over 114.3m and 2.15 g/t Au over 96.0m. Mineralization remains open southward along a major structural zone that has seen no historical drilling.

Cal Herron, Exploration Manager, said, "Results to date from our Phase II drill program have significantly exceeded our expectations. We have consistently intercepted high-grade mineralization over significant thicknesses both within and around the resource. Our understanding of the controls on mineralization have improved significantly since 2020, with deeper and more closely spaced holes having now defined the geometry and location of high-angle faults that served as conduits or feeders for Au/Ag-bearing hydrothermal fluids cutting up through sub-horizontal replacement horizons within the Paleozoic and Tertiary age stratigraphy. As a result, Nevada King has now been able to tie together higher grade zones along the northerly-trending Atlanta Mine Fault Zone (AMFZ) and adjacent West Atlanta Graben Zone (WAGZ).

In the process of drill-defining these higher grade feeder structures, several high-grade zones exceeding 21 g/t Au equivalent were encountered in multiple locations in the drilling. These elevated high-grade intercepts are scattered throughout the target resource area but tend to occur along or immediately adjacent to high-grade feeder faults. These holes tend to cluster along NW trends that may indicate very localized hydrothermal boiling within dilational zones that opened up at acute angles to the predominant northerly trending feeder-faults. Ongoing drilling will focus on close-spaced step-outs around these elevated high-grade intercepts with the objective of growing them into larger bodies that could be included as discreet high-grade zones in the upcoming resource model. In the process of doing so and based on our current interpretation we anticipate a strong likelihood of encountering additional high-grade "jewelry boxes" along and between the major fault strands."