NKG.V · 2022-12-05 12:00:00

Nevada KING Intercepts 3.19 G/T Au over 32M & 2.9 G/T Au over 28.1M Extending Oxide GOLD Mineralization a Further 70M WEST ON South Side of Atlanta Pit; Drills into "Feeder" Structure Hosting Higher Grades

Drill Results

NEVADA KING INTERCEPTS 3.19 G/T AU

OVER 32M & 2.9 G/T AU OVER 28.1M

EXTENDING OXIDE GOLD MINERALIZATION A

FURTHER 70M WEST ON SOUTH SIDE OF

ATLANTA PIT; DRILLS INTO "FEEDER"

STRUCTURE HOSTING HIGHER GRADES

VANCOUVER, BC

Dec. 5, 2022

/CNW/ -

Nevada King Gold Corp.

(TSXV: NKG) (OTCQX:

NKGFF) ("

Nevada King

" or the "

Company

") is pleased to announce assay results from three core

holes and one reverse circulation ("

") hole recently completed at its Atlanta Gold Mine Project

located 264km northeast of

Las Vegas, Nevada

in the prolific Battle Mountain Trend. This drilling

was designed to test the gap between the historical 2020 Gustavson resource zone and gold

mineralization drill-defined by the Company's 2021 program south of the

Atlanta

pit.

Drilling Highlights:

Hole No

From (m)

To (m)

Interval (m)

Au (g/t)

Ag(g/t)

AT22NS-82

102.1

128.0

25.9

2.71

6.1

Includes

120.4

126.5

6.1

8.16

17.1

AT22NS-81T

101.8

129.9

28.1

2.90

8.1

Includes

123.2

128.5

5.3

10.7

21.4

AT22NS-83T

96.6

128.7

32.0

3.19

14.6

Includes

110.4

127.1

16.8

5.35

24.1

AT22MET-2

30.0

62.2

32.2

1.57

22.4

Table 1: Full list of four holes released today.

Denotes PQ-size core hole.

The four vertical holes released today cut across the southern extension of the Atlanta Mine

Fault Zone ("

AMFZ

"), a north-south corridor composed of multiple parallel faults spanning

150m

wide, and drill tested over a length of 1km. These holes indicate the presence of a major, pre-

mineral basement fault now named the

Atlanta

King Fault

AKF

"), located between the East

Atlanta Fault ("

EAF

(previously referred to as Atlanta Fault)

and the West Atlanta Fault

WAF

(previously referred to as West Fault)

(Figure 1).

The presence of higher gold grades within areas of explosive venting activity infilled with banded

quartz veining in and proximal to the AKF strongly point to this being a major deep seated

structure that is likely the main conduit or "feeder" responsible for focusing shallow intrusive

activity, fluid flow and the deposition of higher-grade gold mineralization along the core of the

AMFZ.

As shown in Section F-F', today's holes

extend mineralization

70m

westward

from the

mineralization drilled south of the pit in 2021 and earlier this season, merging it with the

Gustavson resource zone (Figure 2).

Cal Herron

, Exploration Manager of

Nevada King

stated, "Most of

Nevada King's

drilling in 2021 and

through the first half of 2022 was concentrated west of the AMFZ. This drilling indicated a close

spatial relationship between gold mineralization and the AMFZ, and supported the interpretation of a

westward step-down faulting along parallel strands. This earlier drilling did not identify a deeper

plumbing system and potential source of high-grade gold mineralization. Our drilling in the latter half

of 2022 has focused on locating a primary deeper plumbing system for the gold mineralization at

Atlanta

and then targeting this zone for higher-grade gold mineralization.

"We are very pleased that our recent drilling has defined what we now interpret as the primary

conduit for gold mineralization at

Atlanta

. As shown on section F-F', the three new holes fully bridge

across the AMFZ and demonstrate excellent lateral continuity of gold mineralization across this

structure and importantly as noted they define what we have named the

Atlanta

King Fault

AKF

"),

a major fault displacing basement stratigraphy along the axis of the AMFZ that clearly pre-dates

caldera formation in the Oligocene (approx. 32Ma). The gold mineralization at

Atlanta

has been

dated at 29Ma and is directly related to evolution of the host caldera, so the AKF was obviously

reactivated during onset of caldera formation and served as a major conduit for explosive intrusive

activity and related hydrothermal fluids that ultimately deposited the gold at

Atlanta

. As such, it is

also the most likely host for high-grade mineralization.

"From a global perspective, hydrothermal systems localized along reactivated basement structures

tend to be associated with significant deposits, so we look forward to drill results coming in as we

systematically fence-drill the length of the AMFZ. We know from recently drilled holes north and

northwest of Section F-F' that the AKF follows the AMFZ, so our holes planned for the next two

months will concentrate along this major structure in order to extend the high-grade mineralization

northward toward the North Extension Target ("

NET

") area as indicated by the red arrow in Figure

1."

Figure 1. Location map for holes reported in this news release along section F-F’ relative to the

perimeter of the historical Atlanta Pit and 2020 Gustavson pit shell. (CNW Group/Nevada King Gold

Corp.)

Figure 1. Location map for holes reported in this news release along section F-F'

relative to the perimeter of the historical Atlanta Pit and 2020 Gustavson pit

shell.

Figure 2. Cross section F-F’ looking north across the southern extension of the AMFZ about 50m

south of the historical Atlanta pit. (CNW Group/Nevada King Gold Corp.)

Figure 2. Cross section F-F' looking north across the southern extension of the

AMFZ about

50m

south of the historical

Atlanta

pit.

Hole No

From (m)

To (m)

Interval (m)

Au (g/t)

Ag(g/t)

AT22-RC1

48.8

88.4

39.6

0.55

4.5

AT22-RC3

9.1

16.8

7.6

6.79

0.9

AT22-RC5

30.5

65.6

35.1

1.57

13.2

AT21-046

7.6

19.8

12.2

1.78

ARC-02

158.5

184.5

4.34

23.8

AC-04

167.7

224.1

56.4

1.32

8.7

DHRI-11-10C

74.7

114.3

39.6

1.75

23.1

Table 2: Other holes used in Section F-F' or referenced in text.

Hole drilled by Nevada King in 2021 and 2022 and previously reported.

Historical hole.

Detailed Discussion

The AKF is a major basement fault juxtaposing Eureka Quartzite on the west against Ely

Springs Dolomite on the east. The dolomite stratigraphically overlies the quartzite, which means

the eastern block has been significantly downdropped hundreds of meters. The mineralized

Tertiary-age volcanic sequence unconformably overlies both the Paleozoic-age quartzite and

dolomite, so the vertical displacement seen across the AKF pre-dates Tertiary-age caldera

formation and later gold mineralization. However, the close spatial association of higher gold

grades with phreatomagmatic explosive activity and banded quartz veining seen in holes

proximal to the AKF strongly point to this major basement structure as being the main conduit

(or feeder structure) for the shallow sub-volcanic intrusive bodies and coeval gold mineralization.

As such, this feeder structure may well be the key to unlocking the high-grade potential at

Atlanta

. It appears to occupy the central axis of the AMFZ, so the Company has realigned its

drilling pattern to concentrate along the NNW strike of this

70m

wide zone in order to better

define strike, dip, width, and gold grade distribution.

The WAF is another major fault where the mineralization and quartzite block have been down-

dropped

70m

on the west side. Historical holes and

Nevada King's

recent holes across this

down-dropped block show the silica breccia zone on top of the quartzite to be thinning

westward, while the bulk of gold mineralization occurs in volcanic and volcaniclastic rocks above

the silica breccia, unlike the mineralization further eastward that is largely hosted in the silica

breccia zone. This fault also appears to be an important feeder structure, so the Company has

dedicated one drill for following it along strike. Historical drill data suggest the fault extends

750m

northward into the NET (Figure 1).

Hole AT22MET-2 is a twin hole of vertical RC hole AT22-RC5 and was drilled primarily for

metallurgical testing but also checked the validity of the Company's RC drilling. AT22MET-2

returned

32.2m

grading 1.57 g/t Au while 22-RC5 hit

35.1m

averaging 1.57 g/t Au. These

results are very close, confirming good RC sample recovery and no evidence of down-hole

contamination.

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 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

$12 million

as of December 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