Intersection Of High-Grade Oxide Gold 600m North of Atlanta Pit

Intersection Of High-Grade Oxide Gold 600m North of Atlanta Pit

VANCOUVER – Nevada King Gold Corp. reported on the 25 vertical, reverse circulation (RC) holes recently completed in the North Extension Target at its at its 5,166 hectare (51.6km2) Atlanta Gold Mine Project, located in the Battle Mountain Cal Herron, Exploration Manager. said, “In early 2021, our geologic mapping revealed several northerly-trending high-angle faults that progressively down-dropped the basement stratigraphy and gold mineralization moving westward across the pit area. After recognizing this stair-like, downdropped fault pattern and its relationship to mineralization, we went back through the historical drill data looking for similar basement offsets that might provide vectors for extending the known mineralization. A good possibility for such a structure was seen in the NET between two historical holes, Goldfields hole AR-7 (24.4m @ 0.73 g/t Au) and Kinross hole KN98-12 (27.5m @ 0.77 g/t Au), where a 50m to 80m displacement down to the west was evident. Nevada King’s AT21-3, the third hole drilled in 2021, was positioned in the middle between these two historical intercepts and hit the high-grade AMFZ, returning 18.3m grading 4.64 g/t Au. This “discovery” hole prompted follow- up drilling in the vicinity of A21-3 that eventually outlined the higher-grade core along the East Atlanta Fault, thereby revealing the potential of the NET target. Today’s drilling continues to outline this growing zone, which now covers a 330m x 350m size area, that is not included in the existing Atlanta resource. Our evolving geological model played prominently into the discovery of the NET and now allows us to better explore for additional blind zones within the Atlanta caldera as we continue along our discovery process.”

Highlight interval of 9.72 g/t Au over 9.1m within 2.57 g/t Au over 47.3m is the best interval recorded to date within the North Extension Target (NET), a shallow, strongly oxidized gold zone located approximately 600m north of the Atlanta pit that is not included within the 2020 National Instrument 43-101 (NI 43-101) resource. The NET formed along the northern extension of the Atlanta Mine Fault Zone (AMFZ) was originally identified by historical drilling, but intercepted grades and thicknesses were too low to maintain interest in the target. It was Nevada King’s high-grade intercept of 8.26 g/t Au over 9.1m within 4.64 g/t Au over 18.3m in AT21-3that opened up the NET’s potential, while later intercepts of 1.67 g/t Au over 24.4m in AT22NS-13 and 1.83 g/t Au over 21.3m in AT22NS-15 further expanded the higher-grade “core” mineralization localized along the AMFZ.

Recent drilling more than doubles the footprint of NET from the previously reported 175m N-S x 300m E-W to an area that now spans 330m N-S by 350m E-W. The 25 holes discussed are plotted on eight separate cross sections together with 25 previously released Nevada King holes and 18 historical holes. Mineralization occurs along a gently west-dipping horizon developed at the contact between basal Ordovician age dolomite and overlying Tertiary age volcanics. This silicified contact is vertically displaced 60m to 80m across the northerly-trending AMFZ with the west side down, similar to what is seen all along the AMFZ.

The highest grade intervals are found proximal to the AMFZ along a 50m-wide corridor centred on the fault zone, as demonstrated by previously released hole AT23NS-112 grading 4.08 g/t Au over 21.3m. Gold grades tend to gradually decrease westward and eastward from the AMFZ, although high-grade does occur outside of this corridor, including previously released hole AT23NS-109 grading 3.69 g/t Au over 13.7m, located 100m west of the AMFZ. The distribution of both grade and thickness for Nevada King’s reported holes shows the thicker, higher-grade mineralization is concentrated along the AMFZ and also along a WNW-trending fracture zone that intersects the AMFZ, where the highest grades are found. The gradual decrease in grade and thickness moving eastward from the AMFZ is evident, but to the west both thickness and grade remain fairly uniform from hole to hole over a large area, albeit at greater depth.