NKG.V · 2021-12-14 12:00:00

Nevada KING Drilling Discovers Near- Surface GOLD Mineralization Northeast of Atlanta Pit Demonstrating Potential FOR Expansion of the Resource Model 200M to the East

Drill Results

NEVADA KING DRILLING DISCOVERS NEAR-

SURFACE GOLD MINERALIZATION

NORTHEAST OF ATLANTA PIT

DEMONSTRATING POTENTIAL FOR

EXPANSION OF THE RESOURCE MODEL

200M TO THE EAST

VANCOUVER, BC

Dec. 14, 2021

/CNW/ -

Nevada King Gold Corp.

(TSXV: NKG) (OTCQX:

NKGFF) ("

Nevada King

" or the "

Company

") is pleased to announce results from 14 additional

reverse circulation ("

") holes recently completed at its 100% owned Atlanta Gold Mine Project,

located 264km northeast of

Las Vegas, Nevada

, in the prolific Battle Mountain Trend.

Highlights

Highlight assays from these 14 RC holes include intercepts of

29m

grading 1.1 g/t Au

in 60

degree angle hole AT21-18A starting at

16.8m

depth and

10.7m

grading 0.97 g/t Au in vertical

hole AT21-011 starting at surface.

These 14 holes (see Figure 1) stepped out eastward from the 2020 Gustavson Associates pit-

constrained resource model

and tested a

200m

-wide zone that is currently classified as waste

in the Gustavson model (see Figure 2).

Nevada King's

holes have clearly discovered new near

surface gold mineralization that can potentially be added to the existing resource with additional

definition drilling.

More importantly, these holes confirm near-horizontal replacement-type mineralization within the

dolomitic host rocks east of the Gustavson resource model. The eastward extension of this

mineralized, silicified horizon has never been drill tested. An early objective of the Company's

2022 exploration program will involve scout drilling east of the pit along a

1000m

length of

strongly anomalous gold in outcrop to add near surface gold mineralization, within and adjacent

to the Gustavson conceptual pit.

Drill holes in this release confirm and expand upon the mineralization identified in the few

historical holes drilled north of the open pit between 1990-2013. Gold mineralization is hosted

within the same, near-horizontal silicified zone that

Nevada King

encountered along sections A-

A' (

released

November 16, 2021

) and B-B' (

released

November 22, 2021

) and clearly continues

northward and eastward from Section G-G' (see Figure 4).

Cal Herron

, P.Geo., Exploration Manager of

Nevada King

stated, "Upon receipt of the 2020

Gustavson pit-constrained resource model, it was immediately clear that the top of the known

resource zone started

170m

below the surface. Low drill hole density and lower grades seen in

historical holes did not adequately test the potential for shallow, up dip extensions of gold

mineralization that could convert material that would have to be stripped as waste into potentially

economic mineralization. We are very pleased that our recent drilling has intersected shallower gold

mineralization with good potential to both add to the overall resource and reduce the strip ratio.

Mineralization in several of the historical holes along the northeast side of the

Atlanta

pit did not

exceed 0.3 g/t gold, however these were drilled within an uplifted block where the mineralization was

eroded away. Our interpretation indicated that westward-directed angle holes could identify possible

down-thrown mineralization that was mapped in exposure along the pit wall (see Figure 3). Results

from this drilling have now confirmed this interpretation.

Historically, widespread gold mineralization east of the pit was considered to be inconsequential due

to enrichment at the surface during weathering. However, RC Hole AT21-04 confirms gold

mineralization at surface as previously identified by by Golden Chief Mines in 1996. Figures 3 and 4

show the mineralization to be near-horizontal, following silicified beds within the dolomite. The

Company now sees good potential for further expanding the 2020 Gustavson resource model

eastward and linking the resource to the mineralization described

350m

to the north in the area of

Section B-B'."

*Refer to detail in the "About Nevada King" section below.

Figure 1. Location of Nevada King’s 2021 RC drill holes relative to historical drill holes and the 2020

Gustavson gold resource zone and pit perimeter. Current historical open pit shown by red hatched

line. New holes drilled north of Section C-C’ further extend mineralization 150m north of the historical

open pit and 200m east of the 2020 Gustavson resource model. (CNW Group/Nevada King Gold

Corp.)

Figure 2.

Drill section used in the 2020 Gustavson pit-constrained resource model that corresponds

to Section F-F’ in Figure 3 below. Hole 88-8 marks the eastern limit of the resource model. Depth to

top of resource zone is 170m. Mineralization shown east of hole 88-8 was not included in the model

due to low grade and excessive spacing on drill holes to north and south of section. (CNW

Group/Nevada King Gold Corp.)

Figure 3. Cross section F-F’ showing gold distribution in the Nevada King RC holes drilled along the

northern rim of the historical Atlanta open pit and east of the 2020 Gustavson gold resource model.

Historical holes labeled in red. Gold mineralization occurs within strongly silicified Laketown Dolomite

beneath monzonite porphyry and rhyolitic tuff-dike sills and within decalcified portions of the

underlying Ely Springs Dolomite. (CNW Group/Nevada King Gold Corp.)

Figure 4. Cross section G-G’ showing gold distribution in the Nevada King RC holes drilled 100m

north of the historical Atlanta openpit and east of

the 2020 Gustavson gold resource model. Gold

mineralization occurs within strongly silicified Laketown Dolomite beneath monzonite porphyry and

rhyolitic tuff-dike sills and within silicified portions of the underlying Ely Springs Dolomite. (CNW

Group/Nevada King Gold Corp.)

Northern Extension Drill Results

Assay results from

Nevada King's

drilling program north of the historical

Atlanta

pit are reported

below. Intercept lengths for the vertical holes are close to true thickness given the low dip angle of

mineralized zones being tested. Intercept lengths are reported as averaged, down-hole lengths

utilizing a 0.30 g/t external cut-off grade.

Table 1.

Drill

Hole ID

From (m)

To (m)

Averaged

Length (m)

Average

Grade g/t

AT21-015

24.4

42.7

0.669

AT21-018

48.8

<0.300

AT21-018A*

16.8

42.7

1.103

AT21-018B*

73.2

<0.300

AT21-019

67.1

<0.300

AT21-020

45.7

<0.300

AT21-024

70.1

<0.300

AT21-025

39.6

<0.300

AT21-009A

51.8

6.1

0.37

AT21-010

13.7

15.2

1.5

0.98

AT21-011

19.8

10.7

0.973

AT21-013

53.4

67.1

13.7

0.816

AT21-014

24.4

0.353

AT21-016

1.5

7.6

6.1

0.438

*Denotes angle holes

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 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 Atlanta Mine is a historical gold-silver producer with an 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 Au) plus

an inferred resource of 142,000 oz Au (

5.3M

tonnes at 0.83 g/t Au). 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

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 given the global COVID-19 pandemic, 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.

SOURCE

Nevada King Gold Corp.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/December2021/14/c4404.html

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For further information:

Collin Kettell, [email protected], (301) 744-8744.

CO: Nevada King Gold Corp.

CNW 07:30e 14-DEC-21

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