Nevada King Intersects 53.8m Of 4.10 G/t Au, 35.1m Of 3.59 G/t Au And 24.4m Of 1.76 G/t Au With 440.6 G/t Ag At Atlanta

VANCOUVER, Sept. 23, 2024 - Nevada King Gold Corp. (TSXV: NKG) (OTC: NKGFF) ("Nevada King" or the "Company") is pleased to announce assay results from twenty reverse circulation ("RC") holes and one core hole recently completed at its Atlanta Gold Mine Project located 264km northeast of Las Vegas, Nevada, in the prolific Battle Mountain Trend. Today's holes are plotted in plan and along sections 22-10N(4), 22-11N(3), 22-12N, and 22-13N, (Figures 1-5).

Highlights:

• Shallow high-grade mineralization (4.10 g/t Au over 53.8m) in core hole AT23NS-120C begins just 15.4m beneath the pit floor along the eastern boundary of the Atlanta Mine Fault Zone ("AMFZ") and is being used for ongoing Phase II metallurgical test work (Figure 2).
  
  
• AT23NS-171 and AT23NS-172 (Figures 3 and 4) were sited to fill in drill gaps along the AMFZ and intersected 3.59 g/t Au over 35.1m and 1.76 g/t Au over 24.4m, respectively. Strong silver values of 440.6 g/t Ag accompany the gold intercept in AT23NS-172. These holes confirm that mineralization is relatively flat-lying across the central portion of the AMFZ, with higher-grade mineralization hosted in silicified rhyolitic intrusions that moved laterally eastward from the West Atlanta Fault ("WAF") along a gently west-dipping erosional unconformity.
  
  
• AT23NS-164 (2.25 g/t Au over 41.2m) and AT23NS-165 (1.29 g/t Au over 50.3m) were positioned across a drill gap on the eastern edge of the West Atlanta Graben Zone ("WAGZ") just west of the WAF. Mineralization is largely hosted within silicified rhyolitic intrusive rock occurring along the hanging wall side of the steeply-dipping WAF, although strongly silicified Paleozoic basement rock beneath the silicified intrusive hosts mineralization as well.
  
  
• Both types of strong silicification had previously been lumped into the silica breccia unit, but the Company's relogging campaign at Atlanta has now shown most of the silica breccia unit to consist of rhyolitic intrusive breccia based on trace element enrichment in chromium coupled with depletion of titanium and magnesium. This is important because these intrusions appear to have played a major role in decalcifying carbonate host rocks and subsequently depositing Au/Ag throughout the Atlanta deposit, which has significant implications as the Company looks for new mineralized zones within the carbonate-dominated regional targets recently identified north and east of the resource zone (released September 17, 2024).

Cal Herron, Exploration Manager of Nevada King, stated, "Drilling completed in and around the Atlanta resource zone continues to inform our understanding behind the genesis of gold deposition at Atlanta. Throughout the West Atlanta Graben Zone and up on the East Ridge Target, we know that rhyolitic intrusions related to gold mineralization show up in the CSAMT data as low resistivity zones. The Company has identified numerous additional CSAMT low resistivity zones scattered throughout the Atlanta district where other such intrusive activity may have occurred.

"Based on our ongoing relogging program, we now recognize that there are two distinct types of intrusive or silica breccia units ("SBX") found at Atlanta - one associated with altered dolomite that rarely hosts gold mineralization outside of the resource zone and the second related to rhyolitic intrusions, which does often host gold mineralization. As the regional drilling begins, this distinction between these two SBX units will play an important role. SBX found to be high in chromium and low in titanium/magnesium will indicate that we are near to a rhyolitic event and with more searching, can reasonably expect to find gold mineralization. On the other hand, SBX encountered with elevated magnesium and low chromium values can be quickly tagged as altered dolomite and disregarded if no anomalous gold is present. Armed with this new exploration model, we feel added confidence in our regional exploration program as we rely on CSAMT signatures, looking for additional (and in many cases larger) intrusive-related mineralized zones."

QAQC Protocols

All RC samples from the Atlanta Project are split at the drill site and placed in cloth and plastic bags utilizing a nominal 2kg sample weight. CRF standards, blanks, and duplicates are inserted into the sample stream on-site on a one-in-twenty sample basis, meaning all three inserts are included in each 20-sample group. Samples are shipped by a local contractor in large sample shipping crates directly to American Assay Lab in Reno, Nevada, with full custody being maintained at all times. At American Assay Lab, samples were weighed then crushed to 75% passing 2mm and pulverized to 85% passing 75 microns in order to produce a 300g pulverized split. Prepared samples are initially run using a four acid + boric acid digestion process and conventional multi-element ICP-OES analysis. Gold assays are initially run using 30-gram samples by lead fire assay with an OES finish to a 0.003 ppm detection limit, with samples greater than 10 ppm finished gravimetrically. Silver samples that run greater than 100ppm are also finished gravimetrically. Every sample is also run through a cyanide leach for gold with an ICP-OES finish. The QA/QC procedure involves regular submission of Certified Analytical Standards and property-specific duplicates.

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").

About Nevada King Gold Corp.

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).

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.

Cautionary Statements Regarding Forward Looking Information

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.