NKG.V · 2023-01-12 12:00:00

Nevada KING Intercepts 9.9 G/T Au over 27.4M Including 17.6 G/T Au over 12.2M at Atlanta, Within a Broad Interval of Oxide GOLD Averaging 3.6 G/T Au over 82.3M

Drill Results

NEVADA KING INTERCEPTS 9.9 G/T AU OVER

27.4M INCLUDING 17.6 G/T AU OVER 12.2M

AT ATLANTA, WITHIN A BROAD INTERVAL OF

OXIDE GOLD AVERAGING 3.6 G/T AU OVER

82.3M

VANCOUVER, BC

Jan. 12, 2023

/CNW/ -

Nevada King Gold Corp.

(TSXV: NKG) (OTCQX:

NKGFF) ("

Nevada King

" or the "

Company

") is pleased to announce assay results from four vertical

reverse circulation ("

") holes recently completed at its Atlanta Gold Mine Project located 264km

northeast of

Las Vegas, Nevada

, in the prolific Battle Mountain Trend. This drilling is designed to

expand drill defined gold mineralization eastward and westward from holes drilled in 2021 and early

2022 south of the historical

Atlanta

pit (Figure 1) and connect into the southwestern edge of

Gustavson's 2020 resource zone across the Atlanta Mine Fault Zone ("

AMFZ

").

Drilling Highlights From RC Holes:

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

AT22HG-13

109.8

192.1

82.3

3.60

11.0

Including

147.8

175.3

27.4

9.92

30.9

Including

161.6

173.8

12.2

17.59

33.0

Including

167.6

172.2

4.6

32.47

50.0

AT22NS-69

89.9

135.7

45.7

1.57

8.5

AT22NS-80

80.8

129.6

48.8

1.37

6.6

AT22RC-13

19.8

0.99

7.4

Table 1: All holes released today. The Company has not yet estimated true widths for individual intercepts.

Vertical RC hole AT22HG-13 was positioned to confirm a thick high-grade intercept reported by

Goldfields from its angle core hole ARC-2, which returned 3.93 g/t Au over

29m

(Table 2). This

gold intercept in ARC-2 was substantially higher-grade than any of the surrounding historical

holes, suggesting the hole may have cut across a higher-grade, high-angle "feeder" fault.

Nevada King's

AT22HG-13 was collared west of the Goldfields intercept to test for greater

thicknesses of higher-grade gold mineralization on the hanging-wall side of the suspected fault.

The hole intersected

82.3m

of 3.6 g/t Au

including

4.6m

averaging 32.47 g/t Au.

As shown in Figure 2, AT22HG-13 drilled vertically down through the Atlanta West Fault

AWF

"), which explains the mineralization in volcanics and sediments above the unconformity

and the wide, high-grade intercepts, particularly within the Eureka Quartzite. Understanding the

geometry of this high-grade structure will aid in testing mineralization along strike to the north

and south.

Based on its current interpretation, the Company also anticipates encountering additional high-

grade gold mineralization in the volcanic/sedimentary package and dacite porphyry on the west

side of the fault. New drill sites are currently being prepared surrounding AT22HG-13 where

potential

high-grade mineralization remains untested north, south, and west

, as no drilling

has been conducted in the immediate vicinity (Figure 1).

In between the AWF and the

Atlanta

King Fault ("

AKF

") hole AT22NS-69 returned

45.7m

1.57 g/t Au

while AT22NS-80 returned

48.8m

of 1.37 g/t Au

. Uniform in both grade and

thickness, the mineralization in these two holes is hosted within the silica breccia horizon that

was intruded by a fine-grained tuffaceous porphyritic dacite and by rhyolitic tuff-dikes and tuff-

dike breccia. Both intrusive units are variably mineralized and intrude silicified dolomite that

overlies the Eureka Quartzite. Gold mineralization does not generally extend very far into the

quartzite, but some of the highest gold grades are often found within

10m

of the contact.

Gold mineralization occurring east of the AKF is also hosted in silica breccia intruded by rhyolitic

tuff-dikes, but the mineralized horizon overlies massive, Ely Springs Dolomite, as opposed to

Eureka Quartzite west of the fault. The AKF is a pre-caldera structure that pre-dated

mineralization but strongly influenced the north-trending direction of later, caldera-related faults

responsible for localizing the

Atlanta

hydrothermal system. Starting at the East Atlanta Fault

EAF

"), a series of north-south near vertical faults produced a series of narrow fault blocks

progressively down-dropped to the west.

Nevada King's

2021 drilling revealed this step-down

fault pattern and a new structural model was developed that is guiding the current drilling

program.

As part of its program designed to expand the current resource zone, the Company will drill

deeper to the west and shallower to the east. Angle hole AT22RC-12 at the east end of Section

22-5N clearly shows both the silica breccia horizon and silicified tuff-dike to be trending

eastward along a near-horizontal replacement zone within the dolomite unit, with gold

mineralization occurring in the silica breccia and tuff-dike as well as in weakly decalcified

dolomite above the tuff-dike sill. This is a well mineralized hole, averaging

1.38 g/t Au over

57.9m

(

41m

true thickness), exhibiting replacement-type mineralization within the carbonate

host. This flat-lying replacement horizon continues east of the EAF but higher up the slope and

into the East Ridge Target ("

ERT

") – an area that has never been drill-tested but hosts strong

gold-in-soil and rock anomalies (see Figure 1). The Company is currently preparing to drill this

target.

Cal Herron

, Exploration Manager of

Nevada King

, stated, "This latest group of holes, together with

the four holes released last week along Section 22-6N, provide us with a much more complete

picture of the Atlanta Mine Fault Zone's internal structure and of the controls on the gold

mineralization. AT22HG-13 is a very important hole since it not only pegs the location of the AWF,

which is rapidly shaping up as the main gold control at

Atlanta

, but with a core intercept of

averaging 37.45 g/t Au (1.2 oz/t) we now see potential for finding multi-ounce gold mineralization.

Nevada King's

high-grade intercept also validates several historical drill holes that reported intervals

exceeding 32g/t Au, so we now have several other locations within the resource zone in which to

intiate a search for high-grade mineralization. Our exploration strategy will be the same – step out

gradually to define geometry, then follow the interpreted trend. We have a great starting point on the

AWF with AT22HG-13, and now we'll simply follow the high-grade mineralization

700m

northward to

the Company's 2021 high-grade hit in AT21-3 within the North Extension Target. This same high-

grade potential may possibly extend southward as well, but additional drilling is needed to test this.

It is important to remember that the AWF more or less bisects the Gustavson 2020 resource zone,

so establishing a cohesive, higher-grade corridor through the middle of this resource zone

should have a strong impact on future resource evaluations.

"The

Atlanta

target envelope is now open in more directions and over greater dimensions than at any

time in the past, with drilling showing mineralization continuing westward to depth and eastward

toward the large ERT. At the same time, the Company continues to see significant increases in both

grade and thickness compared to historical drill results. As such,

Nevada King

will continue to follow

its current strategy. The team is excited by the progress and looks forward to further unravelling the

Atlanta

model, and to the next assay results."

Figure 1. Location map for holes reported in this news release along Section 22-5N relative to the

perimeter of the historical Atlanta Pit and the footprint of the Gustavson 2020 Resource. (CNW

Group/Nevada King Gold Corp.)

Figure 2. Cross Section 22-5N looking north across the southern portion of the AMFZ. Shallow

intrusive activity and closely associated gold mineralization are localized within the volcanic and

sedimentary sequence along the western side of the AWF. Significant down-drop across the AWF is

evident. (CNW Group/Nevada King Gold Corp.)

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

AT21-41B

38.1

73.2

1.173

11.3

AT21-43A

19.8

33.5

13.7

1.9

18.6

ARC-2

155.5

184.5

29.0

3.932

27.5

AT22RC-12

57.9

1.38

14.0

Table 2: Other holes used in Section22-5N. The AT21/22 series holes were drilled by Nevada King. ARC series

of core holes were drilled by Goldfields in 1990.

Denotes hole that bottomed in mineralization.

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

. In 2016 the Company began staking 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 the 100%

owned Atlanta Mine, located 100km southeast of

Ely

, the Lewis and Horse Mountain-Mill Creek

projects, both located between

Nevada Gold Mines'

large

Phoenix

and Pipeline mines, and the Iron

Point project, located 35km east of

Winnemucca, Nevada

The Company is well funded with cash of approximately

$10.2-million

as of January 2023.

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