Nevada King completes purchase of Silver Park claims

Executive Summary

• Nevada King Gold Corp. has completed the purchase of the Silver Park patented mining claims from Ofor Silver LLC, satisfying all requirements of the option agreement announced in September 2024.
• The acquisition includes three contiguous patented lode mining claims covering approximately 24 hectares, located approximately two kilometers from the Atlanta resource zone.
• The company also clarified a research agreement with Atrium Research Corp. for $40,000 upfront, subject to TSX Venture Exchange approval.

Key Details

• Asset Acquisition: Completed purchase of three contiguous patented lode mining claims known as the "Silver Park" claims.
• Location: Claims cover approximately 24 hectares and are located approximately two kilometres from the Atlanta resource zone.
• Consideration Paid to Ofor Silver LLC:
  • Total cash consideration: $75,000 (U.S.), including the most recent payment.
  • Equity consideration: 100,000 common shares issued on July 30, 2024.
• Exploration Update: The Silver Park target area is now a key focus of the phase III regional exploration program.
• Mineralization Footprint: Gold and silver mineralization has been confirmed over a 450 m by 300 m footprint with clear expansion potential.
• Strategic Value: The patented claims offer significant flexibility from a permitting perspective for potential future development scenarios.
• Research Agreement Clarification:
  • Counterparty: Atrium Research Corp. (arm's-length party, no shareholding).
  • Services: Research reports based on public info/industry data and three recorded interviews with management.
  • Cost: Upfront cash fee of $40,000.
  • Term: Oct. 22, 2025, to Oct. 22, 2026.
  • Extension: Month-to-month at $3,500 per month unless terminated or otherwise agreed.
  • Regulatory Status: Subject to approval of the TSX Venture Exchange.
• Qualified Person: Justin Daley, PGeo, Vice-President of Exploration, reviewed and approved the scientific and technical information.

Notable Quotes

• "Not only has the Silver Park target area become a key focus of our phase III regional exploration program with gold and silver mineralization now confirmed over a 450 m by 300 m footprint with clear expansion potential, but the patented claims acquired offer significant flexibility from a permitting perspective in potential future development scenarios." — John Sclodnick, Chief Executive Officer