Nevada King Intercepts 1.74 G/t Au Over 114.3m, 1.05 G/t Au Over 89.9m, And 1.09 G/t Au Over 61m, Extends West Atlanta Graben At Atlanta

VANCOUVER, Aug. 22, 2023 - Nevada King Gold Corp. (TSXV: NKG) (OTCQX: NKGFF) ("Nevada King" or the "Company") is pleased to announce assay results from 11 vertical and angle reverse circulation ("RC") holes recently completed at its Atlanta Gold Mine Project located 264km northeast of Las Vegas, Nevada, in the prolific Battle Mountain Trend. Holes reported today were sited to tie the mineralization at the north end of the historical pit together with mineralization hosted in the West Atlanta Graben ("WAG") further to the west and are plotted on a newly released Section 22-14N (Figures 1 & 2).

• 1.74 g/t Au over 114.3m in AT23WS-34 is a 14m step-out from historical hole DHRI-15-LRC1 that cut 1.66 g/t Au over 102.1m and bottomed in mineralization, thus extending mineralization 12m deeper while also confirming the Au/Ag grades reported in DHRI-15-LRC1.
  
  
• 1.09 g/t Au over 61m in AT23NS-105 is an 8m step-out from historical hole DHRI-11-MRC4 (3.27 g/t Au over 22.9m), which bottomed in mineralization. We now know mineralization within this fault block is around 60m thick and the Company is planning an additional hole to be drilled on the east side of DHRI-11-MRC4 to see if grade increases moving toward the nearby fault.
• Of the three holes drilled along the West Atlanta Fault #1 ("WAF1"), AT22WS-11 showed the best result, averaging 1.05 g/t Au over 89.9m, while the adjacent holes AT22WS-6 and 7 intercepted 0.56 g/t Au over 111.3m and 0.59 g/t Au over 94.5m, respectively. Historical core hole DHRI-11-7C, located 19m east of WS-7, reported 90.2m at 0.97 g/t Au, demonstrating consistency in thickness and grade all across this 50m-wide fault block to DHRI-15-LRC1 on the east side.
• Drilled between the West Atlanta Fault ("WAF") and the WAF1, AT23WS-10A picked up 29m grading 0.685 g/t Au, indicating the presence of mineralization that needs to be further defined with additional drilling to the east and west where the bounding faults may provide higher grades.

Cal Herron, Exploration Manager of Nevada King, commented, "Our holes reported along Section 22-14N repeat the same pattern of mineralization seen 30m northward along Section 22-15N (released April 27, 2023). Gold values and thicknesses along the Atlanta Mine Fault Zone between the East Atlanta and WAF are decreasing northward from the pit, while at the same time values and thicknesses west of the WAF within the WAG are increasing. We are therefore currently pushing our drilling along Section 22-14N westward to the West Atlanta Fault #2 and beyond into areas devoid of historical drilling in an effort to find new faults that may have pumped higher grade mineralization into what is turning out to be a very large, gold/silver blanket-like mineralized horizon."

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Calvin R. Herron, P.Geo., who is a Qualified Person as defined by National Instrument 43-101 ("NI 43-101").

Nevada King is the third largest mineral claim holder in the State of Nevada, behind Nevada Gold Mines (Barrick/Newmont) and Kinross Gold. Starting in 2016 Company has staked large project areas hosting significant historical exploration work along the Battle Mountain trend located close to current or former producing gold mines. These project areas were initially targeted based on their potential for hosting multi-million-ounce gold deposits and were subsequently staked following a detailed geological evaluation. District-scale projects in Nevada King's portfolio include (1) the 100% owned Atlanta Mine, located 100km southeast of Ely, (2) the Lewis and Horse Mountain-Mill Creek projects, both located between Nevada Gold Mines' large Phoenix and Pipeline mines, and (3) the Iron Point project, located 35km east of Winnemucca, Nevada.

The Company is well funded with cash of approximately $17 million as of August 2023.

The Atlanta Mine is a historical gold-silver producer with a NI 43-101 compliant pit-constrained resource of 460,000 oz Au in the measured and indicated category (11.0M tonnes at 1.3 g/t) plus an inferred resource of 142,000 oz Au (5.3M tonnes at 0.83 g/t). See the NI 43-101 Technical Report on Resources titled "Atlanta Property, Lincoln County, NV" with an effective date of October 6, 2020, and a report date of December 22, 2020, as prepared by Gustavson Associates and filed under the Company's profile on SEDAR+ (www.sedarplus.ca).

NI 43-101 Mineral Resources at the Atlanta Mine

Please see the Company's website at www.nevadaking.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operations and activities of Nevada King, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this news release relate to, among other things, the Company's exploration plans and the Company's ability to potentially expand mineral resources and the impact thereon. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Nevada King, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete proposed exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Nevada King does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

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SOURCE Nevada King Gold Corp.