NEVADA KING MOVES FORWARD ON ITS PHASE 3 REGIONAL DRILL PROGRAM, RECEIVES APPROVAL FROM BUREAU OF LAND MANAGEMENT FOR MODIFICATION TO ITS PLAN OF OPERATION AT ATLANTA

Rhea-AI Summary

Nevada King Gold Corp. (TSXV: NKG) (OTC: NKGFF) has received a Finding of No Significant Impact (FONSI) from the U.S. Bureau of Land Management for a minor modification to its existing 45km2 Plan of Operations at the Atlanta Gold Mine Project. This approval paves the way for the company's Phase III regional drill program, which includes:

1. A 59-hole program testing 12 regional targets
2. New road construction along the South Quartzite Ridge Target (SQRT)
3. Ten drill pads to test the northern portion of the 2.5km long SQRT
4. Sixteen additional drill sites along the west side and southern extent of the SQRT

The SQRT recently yielded a discovery of 6.28 g/t Au over 54.9m at its northern end. This campaign marks the first comprehensive drilling of this target, which is located along trend of the Atlanta resource zone and coincides with a major anticline believed to be important in the area's mineralization.

Positive

• Received FONSI approval for Plan of Operations modification, enabling Phase III regional drill program
• Planning 59-hole program testing 12 regional targets
• Recent discovery of 6.28 g/t Au over 54.9m at the northern end of SQRT
• First comprehensive drilling of the 2.5km long SQRT target
• Expanded understanding of the Atlanta gold system formation

Negative

• None.

VANCOUVER, BC, Oct. 16, 2024 /PRNewswire/ - Nevada King Gold Corp. (TSXV: NKG) (OTC: NKGFF) ("Nevada King" or the "Company") is pleased to announce it has received a Finding of No Significant Impact, or "FONSI", from the U.S. Bureau of Land Management (BLM) for a minor modification to its existing 45km² Plan of Operations, a critical step towards commencing its Phase III regional drill program at the 100%-owned Atlanta Gold Mine Project along the prolific Battle Mountain Trend 264km northeast of Las Vegas, Nevada.

Highlights:

• With the FONSI in place, Nevada King is currently posting an increase to the Atlanta reclamation bond and, upon acceptance, expects to receive a final Approval Letter for the modification to its Plan of Operation.
  
  
• The Company is planning a 59-hole, Phase III regional drilling program (Figure 1) testing 12 regional targets throughout the district (released September 17, 2024, and October 3, 2024). This is in addition to ongoing drilling at the Wild West Target (4.67 g/t Au over 42.7m, including 7.94 g/t Au over 18.3m, (August 19, 2024 release), located adjacent to the Atlanta resource zone.
  
  
• New road construction will begin along portions of the South Quartzite Ridge Target ("SQRT") upon receipt of the final Approval Letter from the BLM. Construction, which will include three road extensions on the east face of the SQRT, is expected to take 8-12 weeks to complete. 
  
  
• Ten pads along the new roads are designed to test a northern portion of the 2.5km long SQRT, following up on the Company's recent discovery of 6.28 g/t Au over 54.9m at the northern end, (released July 23, 2024). Sixteen additional drill sites are planned along the west side and along the southern extent of the SQRT that will be accessed by existing roads. The SQRT is located along trend of the Atlanta resource zone and coincides with a major anticline that is thought to have played a major part in the mineralizing events at Atlanta. This drill campaign represents the first time this target has been drilled, aside from two shallow historical holes at the southern end that averaged just 56m in depth.

Cal Herron, Exploration Manager of Nevada King, stated: "We initially acquired Atlanta for its district-scale potential as evidenced by widespread gold mineralization spanning 6km across the district. Its caldera setting was certainly important, as calderas are known to host very large deposits, as witnessed by Kinross' world-class Round Mountain Mine. After three years of extensive drilling and field work combined with an array of detailed geophysical data, we now possess a fundamental understanding of how the Atlanta gold system formed and how the various geological environments hosting mineralization within and around the resource zone can be identified using geochemical and geophysical methods. Armed with this knowledge, we are excited to step further out into the surrounding district with our Phase III program and start chasing target types that were unknown to previous explorers and in areas that have yet to be drilled."

QA/QC Protocols

All Reverse Circulation (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 1. 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 is the significance of the FONSI approval for Nevada King Gold Corp (NKGFF)?

The FONSI approval allows Nevada King Gold Corp to proceed with its Phase III regional drill program at the Atlanta Gold Mine Project, enabling the company to test 12 regional targets and expand exploration activities.

How many holes are planned for Nevada King Gold Corp's (NKGFF) Phase III drilling program?

Nevada King Gold Corp is planning a 59-hole Phase III regional drilling program to test 12 regional targets throughout the Atlanta Gold Mine Project district.

What was the recent gold discovery at the South Quartzite Ridge Target (SQRT) for Nevada King Gold Corp (NKGFF)?

Nevada King Gold Corp recently discovered 6.28 g/t Au over 54.9m at the northern end of the South Quartzite Ridge Target (SQRT) at the Atlanta Gold Mine Project.

How long is the South Quartzite Ridge Target (SQRT) that Nevada King Gold Corp (NKGFF) plans to drill?

The South Quartzite Ridge Target (SQRT) that Nevada King Gold Corp plans to drill is 2.5km long, located along trend of the Atlanta resource zone.