NEVADA KING EXPANDS SILVER PARK EAST MINERALIZATION WITH 350M STEP-OUT, INTERCEPTS 0.93 G/T AUEQ OVER 14.6M STARTING AT SURFACE

Rhea-AI Summary

Nevada King (OTCQB: NKGFF) released assays from Silver Park East (SPE), including RAB and RC drilling that intercepted at-surface oxide gold-silver mineralization. Highlights include 0.93 g/t AuEq over 14.6m and confirmation of mineralization across a 300m by 500m footprint, plus surface mineralization 350m south of SPE. Phase 4 is ongoing; 2,100m of a fully funded 20,000m RC program is complete and additional RC assays are due later this month.

Positive

• High-grade intercept of 0.93 g/t AuEq over 14.6m at surface (hole B25-101)
• Confirmed mineralization across a 300m x 500m footprint at SPE
• Surface oxide mineralization intercepted 350m south of main SPE zone
• Phase 4 RC program is fully funded and 2,100m completed of 20,000m

Negative

• Many reported intervals are low-grade mixed oxide with AuEq values near 0.15–0.30 g/t
• RAB drilling is shallow (up to 30m) and outside the 20,000m RC budget
• Current results are exploration-stage and do not constitute a mineral resource estimate

VANCOUVER, BC, Feb. 3, 2026 /PRNewswire/ - Nevada King Gold Corp. (TSXV: NKG) (OTCQB: NKGFF) ("Nevada King" or the "Company") is pleased to announce assay results at the Silver Park East ("SPE") target, located approximately 2km west of the Atlanta Resource Zone ("ARZ"), within the Company's 100% owned 130km² Atlanta Gold Mine Project in eastern Nevada. The results released include assays from four holes drilled directly west of SPE, as well as five holes drilled 350m to the south of SPE. Both areas returned at-surface, oxide gold-silver mineralization.

Highlight oxide gold intervals 350m south of SPE include:

• 0.93 g/t AuEq^* over 14.6m starting at 7.3m depth and ending in mineralization in hole B25-101
• 0.69 g/t AuEq^* over 14.6m starting at surface and ending in mineralization in hole B25-100
• 0.52 g/t AuEq^* over 9.8m starting at 2.4m depth in hole B25-96

These results outline at surface oxide gold-silver mineralization 350m south of the main SPE zone. Mineralization found at both the main SPE zone and in today's holes is hosted along the unconformity, the main control of mineralization at Atlanta, which appears to be shallowing out to the south where it has now been intercepted at surface (see Figure 1).

Highlight oxide gold interval directly west of SPE:

• 0.23 g/t AuEq* over 29.3m starting at surface and ending in mineralization in hole B25-110

Additional drilling released today on the west side of the SPE target extends the main SPE zone a further 50m west and now confirms gold and silver mineralization across a 300m by 500m footprint at SPE, while demonstrating a clear link toward the mineralization encountered at surface a further 350m to the south. Additional drilling is planned to connect these two zones, which would significantly increase the size of the SPE target.

Phase 4 drilling continues at SPE with one reverse circulation ("RC") drill rig currently infilling gaps within the main mineralized footprint to establish continuity. A RAB drill, capable of reaching depths up to 30 metres, was deployed across the Silver Park area to assess shallow geochemical anomalies and gold-silver mineralization beneath post-mineral cover. Highlight holes B25-100 and B25-101, as well as B25-108, all bottomed in mineralization with the shallow RAB drill (see Table 1).

Justin Daley, VP Exploration of Nevada King, commented, "These shallow RAB results confirm that Silver Park East is larger than we initially recognized. Expanding the footprint to 300 metres by 500 metres and identifying surface mineralization 350 metres to the south highlights the scale of the system. Importantly, the mineralization occurs in the same silicified breccia, at the same unconformity, and along the same structural corridor as the Atlanta Resource Zone, reinforcing our view that these are parts of a large-scale system. Our next step is to close the remaining gaps with RC drilling as we work toward defining a continuous oxide gold envelope."

Hole No.	From (m)	To (m)	Interval (m)	Au (g/t)	Ag (g/t)	AuEq* (g/t)
B25-96	2.4	12.2	9.8	0.51	1.5	0.52
B25-97	9.8	21.9	12.1	0.11	9.62	0.17
B25-99	0	7.3	7.3	0.14	1.50	0.15
B25-100^	0	14.6	14.6	0.63	8.35	0.69
B25-101^	7.3	21.9	14.6	0.80	20.28	0.93
B25-108^	24.4	29.3	4.9	0.11	7.40	0.16
B25-109	9.8	17.1	7.3	0.17	10.30	0.24
B25-110	0	29.3	29.3	0.13	14.71	0.23
B25-111	0	4.9	4.9	0.20	14.60	0.30

Table 1. RAB vertical drill holes released today from SPE. *AuEq based on US$2,200/oz Au, US$25/oz Ag, and Au/Ag recovery averages from Phase II metallurgical work. Holes bottomed in mineralization are indicated by ^.

• The decision to conduct RAB drilling 350m south of the main SPE zone was guided by a historic drill hole from 2005 which encountered 0.45g/t AuEq over 38.1m from 6.1m depth (dip -58°, azimuth 305°). The historic angle hole targeted strong silicification along a northeast trend between dolomite basement and intrusive rhyolite, in an area with many historic pits, shafts, strong alteration, and important structural features.
  
  
• These initial vertical RAB drill results confirm both the historic intercept and demonstrate structural continuity within the main mineralized SPE zone and potentially between the southern cluster of mineralized holes.
  
  
• Mineralization in both the main SPE zone and the southern RAB drilling cluster is hosted primarily within dense silicified breccia, the same principal host rock as the main Atlanta Resource Zone, along with weakly mineralized volcanics and dolomite basement rock, often starting at or near surface.
  
  
• Previously released drill holes shown in Figure 1 below, can be found in press releases from November 10, 2025, August 19, 2025, and May 1, 2025.

Phase 4 Update

The Company has completed 2,100m of the fully funded 20,000m Phase 4 regional exploration program. The RAB drilling is outside of the 20,000m budgeted program which comprises only RC drilling. Assay results from RC drilling at SPE are expected to be released later this month.

QA/QC Protocols

All RC and Rotary Air Blast (RAB) 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 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 Nevada King VP Exploration, Justin Daley, P.Geo., a non-independent Qualified Person as defined by National Instrument 43-101 ("NI 43-101").

About Nevada King Gold Corp.

Nevada King is focused on advancing and growing its 100% owned, past producing, 130km² Atlanta Gold Mine project located along the Battle Mountain trend in southeast Nevada. The project hosts an NI 43-101 compliant pit-constrained oxide resource of 1,020koz Au in the measured and indicated category (27.7M tonnes at 1.14 g/t) plus an inferred resource of 99koz Au (3.6M tonnes at 0.84 g/t) based on US$2,200/oz Au and US$25/oz Ag. See the NI 43-101 Technical Report titled "Technical Report and Estimate of Gold and Silver Mineral Resources for the Atlanta Project, Lincoln County, Nevada, USA" with an effective date of September 6, 2024, and a report date of July 18, 2025, as prepared by RESPEC (formerly Mine Development Associates) and filed under the Company's profile on SEDAR+ www.sedarplus.ca.

NI 43-101 Mineral Resources at the Atlanta Mine by RESPEC 2025

	Tonnes	Au g/t	Au oz	Ag g/t	Ag oz	AuEq g/t	AuEq oz
Measured	3,430,100	1.55	170,800	16.96	1,870,200	1.65	182,000
Indicated	24,280,200	1.09	848,800	8.73	6,817,200	1.14	887,700
M&I	27,710,300	1.14	1,019,600	9.75	8,687,400	1.20	1,069,700
Inferred	3,638,400	0.84	98,500	2.56	299,500	0.85	99,800

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 to 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. 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, technical, geologic, environmental, regulatory, 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 forward-looking statements should beliefs, opinions, projections, or other factors, change, except as required by applicable securities laws.

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SOURCE Nevada King Gold Corp.

FAQ

What were the key drill highlights reported by Nevada King (NKGFF) on Feb 3, 2026?

The key highlight was 0.93 g/t AuEq over 14.6m at surface in hole B25-101. According to the company, additional results show a 300m by 500m mineralized footprint and surface mineralization 350m south of SPE.

How far did the new Nevada King (NKGFF) drilling extend Silver Park East mineralization?

Drilling extended the main SPE zone 50m west and confirmed mineralization across a 300m x 500m area. According to the company, a link toward mineralization 350m to the south was also intercepted at surface.

What drilling methods and program status did Nevada King (NKGFF) report for SPE on Feb 3, 2026?

Nevada King used RC and shallow RAB drilling, with RAB limited to ~30m. According to the company, Phase 4 is fully funded for 20,000m RC and 2,100m have been completed so far.

Do the Feb 3, 2026 Nevada King (NKGFF) results include an updated resource estimate?

No. The results are exploration drill assays and do not present a mineral resource estimate. According to the company, further RC infill drilling is planned to establish continuity before resource work.

What is the significance of the RAB holes that bottomed in mineralization for Nevada King (NKGFF)?

RAB holes bottoming in mineralization confirm near-surface continuity and historic intercepts. According to the company, these shallow results support structural continuity and guide follow-up RC drilling to connect zones.