NKG.V · 2022-11-30 12:00:00

Nevada KING Completes Phase Ii Drill Program at Lewis GOLD Project- Tests 4 High Priority Targets

Drill Results Exploration Programs

NEVADA KING COMPLETES PHASE II DRILL

PROGRAM AT LEWIS GOLD PROJECT-

TESTS 4 HIGH PRIORITY TARGETS

VANCOUVER, BC

Nov. 30, 2022

/CNW/ -

Nevada King Gold Corp.

(TSX-V: NKG) (OTCQX:

NKGFF) ("

Nevada King

" or the "

Company

") is pleased to announce the completion of its 2022

Phase II drilling program at its 5,500-hectare, 100% owned Lewis Gold Project ("

Lewis Project

" or

Project

"), located approximately 21km south of

Battle Mountain, Nevada

Highlights:

The Company completed eighteen reverse circulation ("

") holes totaling

3,228m

(Figure 1) to

an average depth of

180m

. The program was completed on

November 13, 2022

, with the onset

of winter weather impeding further progress.

Nine holes were completed in the Record Target, a high-priority, shallow target historically

defined by a strong surface gold signature and long, low grade drill intercepts. This target was

not drilled during the 2021 Phase I program due to adverse winter weather.

Six drill holes were completed in the Upper Rocky Canyon Target area where widely-spaced

historical holes indicated shallow, strongly anomalous gold mineralization. The Company was

also unable to drill this target in 2021 due to adverse weather. One of the 2022 holes was sited

to test a high-priority anomaly in the gap between the Upper Rocky and Celestine O'Neal

targets identified in the recently completed Induced Polarization ("

") survey.

Two holes were drilled in the Celestine O'Neal Target area and serve as

50m

and

90m

step-

outs from 2021 drillhole LS21-008, which intercepted

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

including

1.5m

grading 15.73 g/t Au

from 163.1-

164.6m

One additional hole was completed approximately

450m

north of the Celestine O'Neal Target to

test another high-priority IP anomaly within an area devoid of historical drilling.

Cal Herron

, Exploration Manager of

Nevada King

, stated: "We eagerly await the results from this

year's program at Lewis, where the Company is pursuing two different types of gold targets: (1) a

shallow, upper plate-hosted system like Barrick's nearby Hilltop and Robinson gold deposits, and (2)

a more conceptual lower plate-hosted system akin to the nearby, world-class Pipeline and Cortez

mines (Figure 2). The shallow RC holes drilled during this Phase II program tested a much larger

area compared to the Company's 2021 program and will allow us to better assess the potential for

tying together and expanding the shallow, upper plate-hosted gold resources defined by historical

drilling at the Celestine O'Neal and Rocky Canyon targets. Because this Phase II program covered a

much larger area, we will also be in a much better position once assays are received to define

deeper targets in lower plate rocks that can be tested during a Phase III program in 2023."

Figure 1. Location of Nevada King’s 2022 completed drill holes as well as Nevada King’s 2021 drill

holes relative to historical drill holes and target areas at Lewis. (CNW Group/Nevada King Gold

Corp.)

Sampling Methodology and QA/QC Procedures

All sampling was conducted under supervision of the Company's project geologists. Chain of custody

is maintained from the Project area to the ALS Global (ALS) laboratory in

Elko

, Nevada. Following

crushing and pulverization of samples, Au is analyzed by fire assay with AA finish, overlimit samples

are assayed by fire assay with gravimetric finish, and multielements are analyzed by ICP-AES

following four-acid digestion.

Nevada King

inserts CRM pulp standards, coarse blank samples, and

duplicate samples into the sample stream at a regular interval rate of one per ten samples.

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

$14.5 million

as of November 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 Pit-Constrained Mineral Resources at the Atlanta Mine

Resource