NKG.V · 2022-08-30 12:00:00

Nevada KING Commences 4,500 Metre Drill Program at Its 100% Owned Lewis GOLD Project, Battle Mountain Trend, Nevada

Exploration Programs

NEVADA KING COMMENCES 4,500 METRE

DRILL PROGRAM AT ITS 100% OWNED

LEWIS GOLD PROJECT, BATTLE MOUNTAIN

TREND, NEVADA

VANCOUVER, BC

Aug. 30, 2022

/CNW/ -

Nevada King Gold Corp.

(TSXV: NKG) (OTCQX:

NKGFF)

("Nevada King"

or the "

Company

") is pleased to announce that it has commenced a

4,500-metre, Phase II reverse-circulation ("

") drilling program at its 5,500-hectare, 100%-owned

Lewis Gold Project ("

Lewis Project

", or "

Project

"), located approximately 21km south of

Battle

Mountain, Nevada

, within the heart of the Battle Mountain Gold Trend.

Highlights

The drill program commenced on

August 25, 2022

, and will consist of 25 priority RC holes

averaging

180m

in depth. Placement of 19 secondary holes will depend in large part on assay

results from the first-pass priority drilling (see Figure 2).

Key project objectives include: (1) connecting the Upper Rocky Canyon, Celestine O'Neal, and

Record historical drill targets in order to test a much larger resource area, and (2) drill-define

major structures controlling shallow gold mineralization in Upper Plate rocks that can

subsequently be tracked to depth into the Lower Plate stratigraphy with deep core drilling.

Lower Plate stratigraphy is host to a number of large gold deposits on the Battle Mountain

Trend including Barrick's world-class Pipeline and Cortez mines. Gold mineralization is

commonly found as leakage into the Upper Plate above such large Lower Plate hosted deposits

and following mineralized structures into the Lower Plate has been successfully used in the

discovery of a number of large Lower Plate hosted gold deposits.

Exploration Manager

Cal Herron

, P.Geo., stated: "Lewis is a large, highly prospective land package

located in the heart of Nevada's "elephant" country, hosting unusually strong, widespread gold

mineralization in Upper Plate siliceous rocks. Drilling in 2021 at the Celestine O'Neal target within the

Lewis Project revealed the presence of a strong epithermal gold system with notable intercepts

including

83.9m

grading 1.04 g/t Au

and

54.9m

grading 1.3 g/t Au

. Given the strong, widespread

gold mineralization in Upper Plate rocks, good potential exists for much stronger gold mineralization

in carbonate rocks beneath the Roberts Mountain Thrust. Many past gold explorers in

Nevada

have

recognized this potential at Lewis, but did not know where or how deep to look, and consequently

very few historical holes were drilled to depth. Receipt earlier this year of a re-interpretation of

detailed ground gravity data collected in 2021 offers insights into the deep potential at Lewis for

Lower Plate hosted gold targets. The 2022 drilling will help to define structural controls related to the

shallow gold mineralization that may vector us downward into Lower Plate-hosted mineralization.

Gold in the Lower Plate is the real prize at Lewis, so we should have a much better understanding of

the district's shallow and deep potential upon conclusion of this drill program."

Project Background

Located in

Lander County, Nevada

, about 21km south of

Battle Mountain

(Figure 1), the Lewis

Project adjoins the northwestern end of Barrick's Hilltop Deposit (

oz Au drill indicated) and sits

more or less along the Battle Mountain Trend axis about 23km SE of Newmont's large Phoenix Au

mine (6M+ oz Au) and 26km NW of Barrick's Pipeline (Pipeline, Pipeline South,

Cortez) Au

mine

complex (

20M

oz)

. The property currently encompasses 13,590 acres (5,500 hectares) consisting

of 595 lode claims and 20 patented mining claims owned by

Nevada King

, and a core group of 55

lode claims under a lease-option agreement. The agreement for the leased ground also provided the

Company with a large historical database. Analysis of this database by

Nevada King

has revealed

areas of widespread gold mineralization (>0.10 g/t Au) in drill holes and surface/underground

samples within a 9km

area.

Figure 1. Location of Lewis Project within Battle Mountain Trend. (CNW Group/Nevada King Gold

Corp.)

Figure 2. Locations of 2021 RC drill holes (blue dots) and planned 2022 RC drill holes (red and dark

red dots) relative to major exploration targets and existing roads (black dashed and dotted lines).

Targets as denoted by the purple hatched areas are defined by vectors derived from historical drill

results together with surface sample results. Historical drill holes shown by small white dots. (CNW

Group/Nevada King Gold Corp.)

Summary of 2021 Drilling

Nevada King

initiated its maiden drill program at Lewis in

October 2021

and drilled a total of

1,150m

in 18 RC holes (Figure 2). The program objective focused on: (1) substantiating historical drill results

within the Celestine O'Neal and Rocky Canyon targets, and (2) testing for lateral extensions of gold

mineralization with step-out drilling from mineralized historical holes. The drilling at the Celestine

O'Neal target revealed the presence of a strong epithermal gold system, as evidenced by

Nevada

King's

drill results and historical drill records together with the observed strong micro-veining and

well-banded quartz-carbonate-sulfide veins. The geochemistry and style of sulfide mineralization

appear similar to the gold mineralization reported at Nevada Gold Mines' Robertson deposit, which

is currently in the resource development stage about 7km north of their large Pipeline mine and

22km southeast of the Lewis Project.

Notable drill intercepts from 2021 drilling at the Celestine O'Neal target include

83.9m

grading 1.04

g/t Au

from 33.5-

117.4m

in hole LS21-015,

including

4.6m

grading 3.37 g/t Au from 44.2-

48.8m

and

9.1m

grading 2.1 g/t Au from 85.4-

94.5m

;

54.9m

grading 1.3 g/t Au

from 9.1-

64.0m

and

4.6m

grading 0.682 g/t Au from 89.9-

94.5m

in hole LS21-002; and

9.1m

grading 1.79 g/t Au from

76.2-

85.4m

, with values up to 3.34 g/t Au and

13.7m

grading 2.50 g/t Au from 154.0-

167.7m

in hole

LS21-008,

including

1.5m

grading 15.73 g/t Au

from 163.1-

164.6m

"The fact that this mineralization is buried beneath a geochemically "dead" limestone unit changes

the game at Lewis. Historical drilling generally concentrated on areas with strong, surficial rock and

soil anomalies while areas lacking gold anomalies were avoided. This blanket of landslide or

detachment debris effectively hides the underlying gold mineralization and opens up a large area for

Nevada King

to explore that was ignored by previous operators. The

1.5m

grading 15.73 g/t in

LS21-008 is particularly intriguing due to the high-grade gold mineralization encountered, and

because this hole stepped out

120m

from the southern-most historical hole at Celestine O'Neal and

tested a part of the property that had not previously been drilled. This interval defines an interpreted

southwest mineralized trend extending from Celestine O'Neal through hole LS21-008 projecting into

an area covered by overburden that also has never been drilled," stated

Cal Herron

Drilling at Rocky Canyon in 2021 encountered intensely fractured rock that created challenging

drilling conditions, and consequently the Company was not able to adequately test its intended

targets. The Rocky Canyon target is bounded on two sides by areas hosting extensive historical

drilling with significant gold mineralization and thus remains a high priority target that the Company

will be testing in its 2022 program.

See

April 28, 2022

release for full table of 2021 drill intercepts and the summary of geology as seen

in outcrop and RC cuttings in the Celestine O'Neal target area.

True vertical thickness of

mineralization reported above is approximately 80% to 90% of hole intercept length.

2022 Exploration Objectives

Nevada King

originally acquired a large land position at Lewis to expand the shallow historical gold

resources hosted in Upper Plate lithologies at Celestine O'Neal, Record, and Rocky Canyon.

However, the possibility of finding deeper mineralization hosted in Lower Plate carbonates beneath

the Roberts Mountain Thrust is very prospective considering how strong and widespread the gold

mineralization is in the Upper Plate rocks. The existence of monster gold deposits at Pipeline and

Cortez only 23km away provides further conviction for looking deep at Lewis. Unfortunately, only six

historical holes within the property exceeded 1000' (

305m

) depth, ranging from 1050 feet (

320m

) to

2000 feet (

610m

). Only 4% of all the historical holes at Lewis exceeded 700' (

213m

) depth so there

is very little drill data available for guiding a deep drilling program.

Nevada King

, therefore, initiated a

detailed ground gravity survey across most of the project area in early 2021. Survey results revealed

a larger, circular gravity low centred in the middle of the project area, with most of the historical

resource zones and strong soil/rock anomalies concentrated around the outer margin of the lower

density zone. In order to better define the gravity anomaly, the Company commissioned air magnetic

and IP surveys in mid-2022. Both surveys are currently in progress and, upon completion, the

magnetic and IP data will be integrated with the gravity interpretation in order to better guide the

drilling program, particularly in covered areas.

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 ("

43-101

").

About Nevada King Gold Corp.

Nevada King

is the third largest mineral claim holder in the

State of Nevada

, behind

Nevada Gold

Mines

(Barrick/Newmont) and

Kinross Gold

. Starting in 2016 the Company has staked large project

areas hosting significant historical exploration work along the

Battle Mountain

trend located close to

current or former producing gold mines. These project areas were initially targeted based on their

potential for hosting multi-million-ounce gold deposits and were subsequently staked following a

detailed geological evaluation. District-scale projects in

Nevada King's

portfolio include (1) the 100%

owned Atlanta Mine, located 100km southeast of

Ely

, (2) the Lewis and Horse Mountain-Mill Creek

projects, both located between Nevada Gold Mines' large

Phoenix

and Pipeline mines, and (3) the

Iron Point project, located 35km east of

Winnemucca, Nevada

The Company is well funded with cash of approximately

$21-million

as of August 2022.

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.sedar.com

NI 43-101 Mineral Resources at the Atlanta Mine

Resource