Nevada King drills 3.19 g/t gold over 32 metres at Atlanta project, Nevada

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Nevada King Gold Corp. [NKG-TSXV; NKGFF-OTCQX] reported assay results from three core holes and one reverse circulation (RC) hole recently completed at its Atlanta Gold Mine Project located 264km northeast of Las Vegas, Nevada in the prolific Battle Mountain Trend. This drilling was designed to test the gap between the historical 2020 Gustavson resource zone and gold mineralization drill-defined by the Company’s 2021 program south of the Atlanta pit.

Highlights include drill hole AT22NS-82 that returned 25.9 metres of 2.71 g/t gold and 6.1 g/t silver, including 6.1 metres of 8.16 g/t gold and 17.1 g/t silver. AT22NS-81T returned 28.1 metres of 2.90 g/t gold and 8.1 g/t silver, including 5.3 metres of 10.7 g/t gold and 21.4 g/t silver. AT22NS-83T returned 32.0 metres of 3.19 g/t gold and 14.6 g/t silver, including 16.8 metres of 5.35 g/t gold and 24.1 g/t silver. AT22MET-2 returned 32.2 metres of 1.57 g/t gold and 22.4 g/t silver.

Cal Herron, Exploration Manager, stated, “Most of Nevada King’s drilling in 2021 and through the first half of 2022 was concentrated west of the AMFZ. This drilling indicated a close spatial relationship between gold mineralization and the AMFZ, and supported the interpretation of a westward step-down faulting along parallel strands. This earlier drilling did not identify a deeper plumbing system and potential source of high-grade gold mineralization. Our drilling in the latter half of 2022 has focused on locating a primary deeper plumbing system for the gold mineralization at Atlanta and then targeting this zone for higher-grade gold mineralization.

“We are very pleased that our recent drilling has defined what we now interpret as the primary conduit for gold mineralization at Atlanta. As shown on section F-F’, the three new holes fully bridge across the AMFZ and demonstrate excellent lateral continuity of gold mineralization across this structure and importantly as noted they define what we have named the Atlanta King Fault (AKF), a major fault displacing basement stratigraphy along the axis of the AMFZ that clearly pre-dates caldera formation in the Oligocene (approx. 32Ma). The gold mineralization at Atlanta has been dated at 29Ma and is directly related to evolution of the host caldera, so the AKF was obviously reactivated during onset of caldera formation and served as a major conduit for explosive intrusive activity and related hydrothermal fluids that ultimately deposited the gold at Atlanta. As such, it is also the most likely host for high-grade mineralization.

“From a global perspective, hydrothermal systems localized along reactivated basement structures tend to be associated with significant deposits, so we look forward to drill results coming in as we systematically fence-drill the length of the AMFZ. We know from recently drilled holes north and northwest of Section F-F’ that the AKF follows the AMFZ, so our holes planned for the next two months will concentrate along this major structure in order to extend the high-grade mineralization northward toward the North Extension Target (NET) area.”

Drill hole AT22-RC1 returned 39.6 metres of 0.55 g/t gold and 4.5 gg/t silver. AT22-RC3 returned 7.6 metres of 6.79 g/t gold and 0.9 g/t silver. AT22-RC 5 returned 35.1 metres of 1.57 g/t gold and 13.2 g/t silver. AT21-046 returned 12.2 metres of 1.78 g/t gold. ARC-02 returned 26 metres of 4.34 g/t gold and 23.8 g/t silver. DHR1-11-10C returned 39.6 metres of 1.75 g/t gold and 23.1 g/t silver.

Nevada King is the third largest mineral claim holder in 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 the 100%-owned Atlanta Mine, located 100km southeast of Ely, the Lewis and Horse Mountain-Mill Creek projects, both located between Nevada Gold Mines’ large Phoenix and Pipeline mines, and the Iron Point project, located 35km east of Winnemucca, Nevada.

The company is well funded with cash of approximately $12 million as of December 2022.

The Atlanta Mine is a historical gold-silver producer with a NI 43-101 compliant pit-constrained resource of 460,000 oz gold 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).

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