Atlanta Gold Mine Program Advance Resource Definition Drilling

VANCOUVER - Nevada King Gold Corp. reported progressive success of its exploration and definition drilling that began in 2021 as part of its Phase I drill program at the Atlanta Gold Mine Project. This was followed by its Phase II program in 2022 and expanded Phase II program in 2023.  The 2023 drilling program both advanced resource definition drilling in established zones and leveraged off new geologic modeling to discover several significant new high-grade zones.

The 2023 program generated a significant amount of drill results which, along with ongoing updated interpretation. The Atlanta drill results and accompanying cross sections and plan maps provided a developing narrative over an expanding mineralized footprint including numerous thick and high-grade mineralized drill intercepts.

In early 2023, the Company stepped further westward from the AMFZ into the Atlanta caldera, revealing the existence of a 150m-wide graben hosting gold mineralization both within Tertiary volcanics and along the unconformity separating volcanics from underlying Paleozoic sediments. Termed the West Atlanta Graben Zone (WAGZ), this area is characterized by long drill intercepts that can exceed 150m in thickness and range in average grade from 0.5 g/t to 1.5 g/t Au. Examples include 2.31 g/t Au over 71.7m in AT22WS-2, 1.03 g/t Au over 181.4m in AT22SE-4 and 0.98 g/t Au over 163.1m in AT22SE-42, and 2.74 g/t Au over 89m in AT22HG-8T. Once the WAGZ's structural setting was drill-defined, Nevada King was quick to recognize the strong potential within this this down-dropped volcanic basin for significantly adding tonnage to the Atlanta system.

Drilling throughout 2023 continued to test mineralization along the AMFZ and within the WAGZ while concurrently discovering and testing major feeder structures controlling both mineralized zones. The boundary between these zones coincides with the West Atlanta Fault (WAF) and adjacent West Atlanta Fault #1 (WAF1), both of which appear to be major controlling structures for the Atlanta deposit with respect to localizing shallow intrusive activity and serving as the main hydrothermal feeders for the epithermal system. Drilling along the WAF and WAF1 encountered several instances of high-grade gold and silver mineralization including 1084 g/t Ag and 5.27 g/t Au over 10.7m in AT22HG-18.

Looking to 2024, Nevada King's Atlanta resource expansion and definition program will focus on closely spaced drilling along major structures to test and expand the very high-grade zones (or "jewelry boxes") recently discovered towards the end of 2023. These are the most gold rich hole ever recorded at Atlanta with 11.64 g/t Au over 108.3m, including 37.16 g/t Au over 29m, intercepted in the northwest portion of the resource area within the WAGZ. This was followed by another record intercept of 6.55 g/t Au and 100.8 g/t Ag over 82.3m, intersected along a different structure within the AMFZ. These bonanza-grade zones, although relatively restricted in size, are very high-grade and could lead to a boost in the overall grade at Atlanta.

As the 2024 year progresses, exploration drilling will continue southward from the resource zone along the South Quartzite Ridge Target and eastward up onto the East Ridge Target. Reconnaissance drilling will commence in early summer to follow-up on the many geophysical and geochemical anomalies identified in 2023 throughout the Atlanta District. With a far better geological/geochemical/geophysical model for the Atlanta deposit in hand, the Company is now much better equipped to cost-effectively look for other Atlanta-type targets within a 31 km2 prospective region that is almost completely covered by post-mineral volcanics, caldera moat sediments, and thick alluvium.

The strong, high-grade mineralization encountered within the Atlanta deposit is connected to a large and relatively long-lived hydrothermal system formed along the caldera's margin, boding well for identifying similar deposits around or adjacent to the caldera margin.