Nevada King Gold Corp. announced assay results from four vertical 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. This drilling is designed to expand drill defined gold mineralization eastward and westward from holes drilled in 2021 and early 2022 south of the historical Atlanta pit and connect into the southwestern edge of Gustavson's 2020 resource zone across the Atlanta Mine Fault Zone (‘AMFZ').

Vertical RC hole AT22HG-13 was positioned to confirm a thick high-grade intercept reported by Goldfields from its angle core hole ARC-2, which returned 3.93 g/t Au over 29m. This gold intercept in ARC-2 was substantially higher-grade than any of the surrounding historical holes, suggesting the hole may have cut across a higher-grade, high-angle ‘feeder' fault. Nevada King's AT22HG-13 was collared west of the Goldfields intercept to test for greater thicknesses of higher-grade gold mineralization on the hanging-wall side of the suspected fault.

The hole intersected 82.3m of 3.6 g/t Au, including 4.6m averaging 32.47 g/t Au. As shown in figure 2, AT22HG-13 drilled vertically down through the Atlanta West Fault (‘AWF'), which explains the mineralization in volcanics and sediments above the unconformity and the wide, high-grade intercepts, particularly within the Eureka Quartzite. Understanding the geometry of this high-grade structure will aid in testing mineralization along strike to the north and south.

Based on its current interpretation, the Company also anticipates encountering additional high- grade gold mineralization in the volcanic/sedimentary package and dacite porphyry on the west side of the fault. New drill sites are currently being prepared surrounding AT22HG-13 where potential high-grade mineralization remains untested north, south, and west, as no drilling has been conducted in the immediate vicinity. In between the AWF and the Atlanta King Fault (‘AKF') hole AT22NS-69 returned 45.7m of 1.57 g/t Au while AT22NS-80 returned 48.8m of 1.37 g/t Au.

Uniform in both grade and thickness, the mineralization in these two holes is hosted within the silica breccia horizon that was intruded by a fine-grained tuffaceous porphyritic dacite and by rhyolitic tuff-dikes and tuff- dike breccia. Both intrusive units are variably mineralized and intrude silicified dolomite that overlies the Eureka Quartzite. Gold mineralization does not generally extend very far into the quartzite, but some of the highest gold grades are often found within 10m of the contact.

Gold mineralization occurring east of the AKF is also hosted in silica breccia intruded by rhyolitic tuff-dikes, but the mineralized horizon overlies massive, Ely Springs Dolomite, as opposed to Eureka Quartzite west of the fault. The AKF is a pre-caldera structure that pre-dated mineralization but strongly influenced the north-trending direction of later, caldera-related faults responsible for localizing the Atlanta hydrothermal system. Starting at the East Atlanta Fault (‘EAF'), a series of north-south near vertical faults produced a series of narrow fault blocks progressively down-dropped to the west.

Nevada King's 2021 drilling revealed this step-down fault pattern and a new structural model was developed that is guiding the current drilling program. As part of its program designed to expand the current resource zone, the Company will drill deeper to the west and shallower to the east. Angle hole AT22RC-12 at the east end of Section 22-5N clearly shows both the silica breccia horizon and silicified tuff-dike to be trending eastward along a near-horizontal replacement zone within the dolomite unit, with gold mineralization occurring in the silica breccia and tuff-dike as well as in weakly decalcified dolomite above the tuff-dike sill.

This is a well mineralized hole, averaging 1.38 g/t Au over 57.9m (41m true thickness), exhibiting replacement-type mineralization within the carbonate host. This flat-lying replacement horizon continues east of the EAF but higher up the slope and into the East Ridge Target (‘ERT') - an area that has never been drill-tested but hosts strong gold-in-soil and rock anomalies. The Company is currently preparing to drill this target.