NEVADA KING INTERCEPTS 9.1M OF 4.32 G/T AU EXTENDING MINERALIZATION 420 METRES WEST OF PIT AT WILD WEST ZONE, INITIATES PHASE III DRILL PROGRAM AT ATLANTA

Rhea-AI Summary

Nevada King Gold Corp. (TSXV: NKG) (OTC: NKGFF) has commenced its Phase III drill program at the Atlanta Gold Mine Project in Nevada. The company reported significant gold mineralization in the Wild West Target (WWT), with hole AT24WS-84 intercepting 4.32 g/t Au over 9.1m. This extends mineralization 420 metres west of the previously known extent.

Key highlights include:

• AT24WS-84 represents the westernmost high-grade gold intercept at Atlanta
• The hole bottomed in mineralization, suggesting potential for deeper gold zones
• 11 initial drill pads prepared to test WWT further 500m west
• WWT area currently defined as 500m long and 200m wide, open to the west
• Company plans to mobilize a second drill rig for regional exploration

Positive

• Significant gold intercept of 4.32 g/t Au over 9.1m in hole AT24WS-84
• Extension of mineralization 420 metres west of previous extent
• Commencement of Phase III drill program with potential for further expansion
• Preparation of 11 new drill pads to test Wild West Target 500m further west
• Plans to mobilize a second drill rig for regional exploration of 12 targets

Negative

• Hole AT24WS-84 bottomed in mineralization due to drill rig depth limitations

VANCOUVER, BC, Oct. 21, 2024 /PRNewswire/ - Nevada King Gold Corp. (TSXV: NKG) (OTC: NKGFF) ("Nevada King" or the "Company") is pleased to announce commencement of its Phase III drill program with the mobilization of a reverse-circulation ("RC") drill to conduct drilling across the recently discovered Wild West Target ("WWT") (August 19, 2024 release) at its 5,166 hectares (51.6km²), 100%-owned Atlanta Gold Mine Project along the prolific Battle Mountain Trend 264km northeast of Las Vegas, Nevada.

Wild West Zone Highlights:

Hole No.	From (m)	To (m)	Interval (m)	Au (g/t)	Ag (g/t)
AT24WS-84*	446.6	458.8	12.2	3.48	12.6
Includes	448.2	457.3	9.1	4.32	14.2

Table 1.

Hole released today. Mineralization occurs along a sub horizontal mineralized horizon with true mineralized thickness estimated to be 85% to 95% true thickness. *Denotes hole that bottomed in mineralization.

• Today's AT24WS-84 (4.32 g/t Au over 9.1m) was sited 60m west of previously released AT24WS-83 (4.67 g/t Au over 42.7m), and represents the westernmost intercept of high-grade gold mineralization to date at the Wild West Zone and at the Atlanta Project. AT24WS-84 bottomed in mineralization, encountering 10m of mineralized rock, before the drill rig reached its maximum depth capabilities.
  
  
• As seen in Table 2 below, AT24WS-83 successfully recovered in both the upper and lower high-grade zones, resulting in higher average grade and much greater thickness, while today's AT24WS-84 penetrated the upper high-grade zone but was lost at the top of the intervening lower high-grade zone.

Hole No.	Gold Zone	From-To (m)	Length (m)	Au (g/t)
AT24WS-83	Upper	388.7-396.3	7.6	2.80
	Intervening	396.3-405.5	9.1	1.62
	Lower	405.5-428.4	22.9	6.98
AT24WS-84	Upper	448.2-457.3	9.1	4.32
	Intervening	457.3-458.5	1.5	1.49
	Lower	Not Deep Enough

Table 2. Comparison between gold intercepts in today's released hole and nearby AT24WS-83.

• The Company is mobilizing a Schramm 685 drill rig, a powerful drill capable of greater depth penetration, to chase the mineralization seen in AT24WS-84 further westward and to greater depth across the WWT. As shown in Figure 1 below, 11 initial drill pads have been prepared that are designed to test the WWT a further 500m west of its current drilled extent.
  
  
• As currently defined, the recently identified WWT area is 500m long in a north-south direction and 200m wide, remaining open to the west. The target is located on the west side of the West Atlanta Fault #2 ("WAF2") in an area previously thought to be unmineralized, but where recent drilling has revealed thick, high-grade mineralization extending well west of the Atlanta Resource Zone.
  
  
• As mentioned above, AT24WS-84 did recover through the upper high-grade zone. Hole AT24WS-81 (released August 19, 2024), drilled 100m to the northwest, did not reach the mineralized zone, but did encounter elevated Au-Ag-As-Mo, similar to that seen above the gold zones in nearby holes. The down-hole tracer element gradients seen in both AT24WS-84 and AT24WS-81 strongly suggests mineralization extends further to the west.
  
  
• The Company plans to mobilize a second drill rig to Atlanta in the coming weeks to begin a 59-hole regional pass of 12 regional drill targets, previously laid out in its September 17, 2024 and October 3, 2024 releases.

Cal Herron, Exploration Manager of Nevada King, stated, "The WWZ is situated along a major east-west basement lineament interpreted from gravity data that projects approximately 3 kilometres eastward from the Silver Park, Mustang, and Outlaw Targets (Figure 2) through the centre of the Wild West Target and into the Atlanta resource zone where it connects to the North Fault, which is an important structural control associated with high-grade mineralization immediately northwest of the pit. Nevada King holes AT23WS-44 (11.64 g/t Au over 108.2m, including 37.16 g/t Au over 29.0m released October 2, 2023), AT23WS-22 (5.63 g/t Au over 42.7m, including 28.57 g/t Au over 7.6m released April 27, 2023) and AT24WS-83 (4.67 g/t Au over 42.7m released August 19, 2024) all occur along this trend.

"A second, NW-trending deep gravity-inferred structure cuts through the centre of the WWZ where it intersects the E-W gravity trend and then continues down the axial plane of the South Quartzite Ridge Target to the southeast. Generally speaking, structural intersections commonly provide favourable loci for metals concentration, so the conjunction of major structures we see in the WWT is a good sign, particularly since it coincides with a strong CSAMT low resistivity zone interpreted as a shallow intrusive body. Hydrothermal fluids associated with shallow, low-resistivity intrusions are closely associated with gold mineralization throughout the current resource area, along the East Ridge Target (released July 16, 2024), and at the northern end of the South Quartzite Ridge Target (released July 23, 2024). As we continue to move westward with deeper holes into previously untested territory, we look forward to seeing what Mother Nature has in store for us."

QA/QC 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 weighted 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. 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).

Resource Category	Tonnes (000s)	Au Grade (ppm)	Contained Au Oz	Ag Grade (ppm)	Contained Ag Oz
Measured	4,130	1.51	200,000	14.0	1,860,000
Indicated	6,910	1.17	260,000	10.6	2,360,000
Measured + Indicated	11,000	1.30	460,000	11.9	4,220,000
Inferred	5,310	0.83	142,000	7.3	1,240,000

Table 3. 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.

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.

FAQ

What were the results of Nevada King's latest drill hole AT24WS-84 at the Atlanta Gold Mine Project?

Drill hole AT24WS-84 intercepted 4.32 g/t Au over 9.1m, extending mineralization 420 metres west of the previously known extent at the Wild West Target.

How far does Nevada King plan to extend drilling at the Wild West Target?

Nevada King has prepared 11 initial drill pads designed to test the Wild West Target a further 500m west of its current drilled extent.

What is the current size of the Wild West Target area at Nevada King's Atlanta project?

The Wild West Target area is currently defined as 500m long in a north-south direction and 200m wide, remaining open to the west.

What are Nevada King's plans for regional exploration at the Atlanta Gold Mine Project?

Nevada King plans to mobilize a second drill rig in the coming weeks to begin a 59-hole regional pass of 12 regional drill targets at the Atlanta Gold Mine Project.

What is the stock symbol for Nevada King Gold Corp. on the OTC market?

Nevada King Gold Corp. trades under the symbol NKGFF on the OTC market.