Nevada King Gold Corp. announced silver assays from 31 holes drilled during its inaugural Phase I, 2021 drill program at its Atlanta Gold Mine Project located 264km northeast of Las Vegas, Nevada, in the prolific Battle Mountain Trend. These 2021 series holes were initially assayed only for gold while assays for silver and multi-elements were performed on an intermittent basis.

However, after the silver assays were received and a detailed review of the drill core was completed, the presence of silver mineralization was wider spread than initially thought. Consequently, the Company has decided to assay all drill samples for gold, silver and multi-elements going forward. Atlanta historically produced approximately 110,000 ounces of gold and 800,000 ounces of silver from 1,500,000 tons between 1975 and 1985 with a recoverable silver grade of about 17 g/t. Geologically, most of the higher grade portions of silver were mined around the East Atlanta Fault and immediately to the east of this fault.

Almost all of Nevada King's 2021 holes were drilled east of the East Atlanta Fault within lower grade extensions of the historically mined deposit and also peripheral to the Gustavson 2020 resource model. The 31 holes listed in Table 2 and shown in Figure 1 were drilled immediately adjacent to the mined-out area, and an overall average of the entire mineralized hole lengths yields 21 g/t Ag based on length-weighted averaging according to the formula: average Ag grade = (SUM (intercept average x intercept length))/total intercept length of the 31 holes. Because this average is not based on a block calculation the Company can use the information only qualitatively for a general idea of silver grade within the silica breccia horizon east of the Atlanta Mine Fault Zone ("AMFZ").

While initial 2021 Nevada King drilling was designed to investigate potential for an eastward extension of the Gustavson 2020 pit-constrained gold resource, the discovery of high-grade gold hits in holes AT21-062 through AT21-065 at the bottom of the pit in late 2021 re-focused the Company's attention further westward on the AMFZ going into the 2022 drilling season. Drill access to the three strands comprising this fault zone was finally achieved in late 2022 and initial assays show significantly higher silver grades within the AMFZ between the East Atlanta Fault and West Atlanta Fault compared to the areas drilled in 2021 east of the East Atlanta Fault. It is important to bear in mind that this 100-150m wide structural zone was largely untouched by historical mining, with only minor production occurring along the East Atlanta Fault.