NKG.V · 2022-07-13 12:00:00

Nevada KING Intersects Signature

Exploration Programs

NEVADA KING INTERSECTS SIGNATURE

ALTERATION SUITE MINERALS & ROCKS

FROM DEEP CORE DRILLING PROGRAM

TARGETING LOWER PLATE HOSTED GOLD

AT IRON POINT PROJECT, BATTLE

MOUNTAIN TREND, NEVADA

VANCOUVER, BC

July 13, 2022

/CNW/ -

Nevada King Gold Corp.

(TSX-V: NKG) (OTCQX:

NKGFF) ("

Nevada King

" or the "

Company

") is pleased to provide an update on the deep drilling

campaign at the Company's 100% owned Iron Point Gold Project ("

Iron Point

" or the "

Project

") in

Humboldt County, Nevada

. Two diamond drill core holes planned for the 2022 drill program targeting

Lower Plate hosted gold have been completed and drilling of the third core hole is currently

underway. Iron Point is located at the juncture between the prolific Getchell and

Battle Mountain

gold

trends and represents a district-scale

Carlin

-type gold exploration target.

Deep Drill Program Highlights

January 2022

Nevada King

commenced pre-collar drilling for a

4,000m

, deep drill program at

Iron Point to further test

Carlin

-type gold mineralization hosted in Lower Plate carbonate rocks

beneath the Roberts Mountain Thrust and below a large gold and pathfinder element anomaly in

the Upper Plate defined by more than ten drill campaigns over several decades targeting the

Upper Plate.

The current program is designed to follow up on initial drilling completed in 2019 by the

Company in which a thick sequence of Lower Plate carbonate rocks was encountered in core

hole VM-008C. This hole bottomed in strongly anomalous gold mineralization and associated

pathfinder elements, intercepting

5.8m

grading 0.17 g/t Au.

The diamond drill core tails on the first two holes along the RFZ (Range Front Zone), IP22-004

and IP22-005, have been completed to depths of

916.8m

and

932.7m

, respectively. Drilling of a

third diamond drill core tail is underway at IP22-001 in the Fairway Zone and is currently at

760m

depth.

All three 2022 drill holes have successfully intersected the Lower Plate carbonate section, as

well as alteration styles typically associated with

Carlin

-type gold deposits.

Figure 1.

Diamond drill core rig advancing the IP22-004 core tail along the RFZ. (CNW

Group/Nevada King Gold Corp.)

Figure 2. Detailed map of Iron Point Gold Project showing location of recent and planned exploration

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

Project Background

The Iron Point Gold Project is located 35km east of

Winnemucca, Nevada

, at the intersection of the

Battle Mountain

and Getchell gold belts, and on trend from several world-class gold mines including

Twin Creeks and Turquoise Ridge with a combined gold endowment of 52 Moz Au (Barrick 2020

Annual Report, and Nevada Division of Minerals Feature Layer "Production of Minerals in

Nevada

1987-Present" updated

Oct. 22, 2021

), and

Marigold and Lone Tree

with a reported gold

endowment of 20 Moz (I-80 Gold Corp NI 43-101 Technical Report on

Lone Tree Mine

, and SSR

Mining 2020 Annual Report, and Nevada Division of Minerals Feature Layer "Production of Minerals

Nevada

1987-Present" updated

Oct. 22, 2021

In the Iron Point area, Upper Plate Ordovician Vinini Formation overlies interpreted Lower Plate silty

carbonates, separated by the shallowly west-dipping Roberts Mountain thrust fault. Younger north-

south striking range front faults bounding the Iron Point Mining District's eastern margin cut the

Upper and Lower Plate sequences, forming a down-dropped graben east of the range front that was

subsequently covered by thick alluvium.

Since the mid-1960s, the Iron Point district and surrounding area have been explored by numerous

companies for different commodities, including gold and vanadium, beginning with Newmont in 1966

and continuing to

Miranda Gold

in 2008. Exploration efforts focused almost exclusively on shallow,

Upper Plate hosted gold targets (<

300m

depths). Whereas, deeper potential for a

Carlin

-type gold

deposit in Lower Plate rocks beneath the Roberts Mountain thrust remains virtually untested.

Some of the strongest

Carlin

-type gold pathfinder element geochemistry anomalism known in

Nevada

occurs at Iron Point along a north-trending zone 5 km long that is also anomalous in gold.

Historic drilling encountered multiple intervals of significantly anomalous gold mineralization in Upper

Plate stratigraphy. A small number of historical holes testing shallow Lower Plate stratigraphy

exposed in the northern part of the property within an erosional window beneath the Roberts

Mountain thrust also returned significantly anomalous pathfinder values, including an interval of

Carlin

-type gold mineralization. The Company's 2019 drilling which tested these Lower Plate rocks

encountered an interpreted recumbent Zed-fold that is partially exposed along the range front fault.

A similar geologic setting including recumbent Zed-folding along a range front fault approximately

40km northeast of Iron Point is host to extensive gold-mineralization at Newmont's Twin Creeks mine

and partly based on this model. However, within the property's southern portion, only

Nevada King's

deep core hole VM-008C has to date encountered

Carlin

-type mineralization in rocks conclusively

identified as Lower Plate.

Range Front Zone ("RFZ") Deep Drill Program

Three of the four pre-collars are located close to a deep structural break striking north-south (the

Range Front Zone

" or "

RFZ

") along the eastern margin of Iron Point mining district. As shown in

Figure 2, the mineralized interval in Lower Plate stratigraphy encountered near the bottom of core

hole VM-008C occurs on the west side (upthrown side) of the RFZ, while the three pre-collar holes

are located on the east side within the down-thrown block. A ground-based gravity survey completed

in 2020 provided higher resolution definition of the RFZ and indicated the down-thrown eastern block

extends up to 3.5km eastward from the RFZ. If favourable Lower Plate carbonates are intersected

in this down-dropped block, the target area along and east of the RFZ will be greatly expanded. The

three scout holes in this area are designed to step-out eastwardly from intervals of Lower Plate

hosted gold and pathfinder mineralization intercepted in hole VM-008C and test the down-dropped

fault block on the hanging wall (east) side of the RFZ.

As noted, VM-008C bottomed in

5.8m

grading 0.17g/t Au accompanied by elevated As, Sb, and Hg

in silicified Lower Plate thin-bedded "dirty" limestone sequences, similar in appearance to the

Roberts Mountain Formation, which remains an historic host to high-grade gold deposits on the

Carlin Trend. IP22-004 is located approximately

90m

northwest of historic hole CH-IP88-03 drilled

by Chevron Minerals in 1988 which intersected

7.62m

grading 1.59 g/t Au beginning

353.57m

downhole, including

1.54m

grading 3.68 g/t Au at

355m

IP22-004 was pre-collared and cased to a depth of

332m

, and a core tail extended the hole to a

total depth of

916.8m

. The pre-collar encountered

128m

of alluvial gravels before penetrating

bedrock, then drilled a quartzite dominated Upper Plate sequence to

308m

depth. Difficult ground

conditions between 308-

332m

depth prevented recovery of drill cuttings; it is within this interval that

the interpreted Roberts Mountain thrust was crossed. The core tail began in a thick sequence of

Lower Plate limestone that had been altered to calc-silicate hornfels and marble to a depth of

475m

Two intrusive dikes of intermediate to mafic composition cut the section from 483.4-

490.1m

and

518.2-

519m

; these typically occupy structural zones in nearby drill holes. The limestone section

bracketed by the dikes has been sheared, brecciated, and strongly altered, exhibiting decalcification

and silicification as well as strong calcite-quartz +/- pyrite veining. The alteration is centred around

the lower intrusive, with additional calc-silicate hornfels/marble intervals from 519-

536m

and

547.6-

568m

. The section from 536-

625m

is a thin bedded bioturbated silty limestone, below which

lithology is dominantly micritic limestone to variably calcareous mudstone. A large interval from

653.5-

738m

exhibits multiple structural zones with shears, folds, and brecciation accompanied by

moderate decalcification and silicification, and strong calcite-quartz veining. Below

792m

, bedding is

relatively undisturbed with shallow dips, and weak local decalcification and silicification.

All samples for IP22-004 have been submitted to ALS Global laboratory in

Elko, Nevada

, and

assays are pending.

Figure 3. Cross Section A-A’ across RFZ target area from 2019 Nevada King core hole VM-008C to

1988 Chevron RC hole CH-IP88-03, showing location of completed drill hole IP22-004. (CNW

Group/Nevada King Gold Corp.)

Figure 4. Drill hole IP22-004 from 517-519.5m (1696.5-1704.5ft).

Black carbonaceous micritic

limestone, decalcified and silicified, with strong calcite-quartz-pyrite veining, in hanging wall of

structural zone occupied by a narrow fine-grained intrusive dike (between the red lines). The footwall

contact of the structure is sheared and sulfidized, and the limestone below (to the right of the green

line) has been bleached and altered to marble. (CNW Group/Nevada King Gold Corp.)

Figure 5. Drill hole IP22-004 from 711.5-714.3m (2334.5-2343.5ft). Sheared and brecciated

decalcified micritic limestone, with remobilized carbon seams and graphitic shears on fractures.

Intense stockwork calcite-quartz veins. Note the small-scale folds visible in the upper row of the core

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

Recently completed RFZ drill hole IP22-005, situated

600m

to the NNE of drill hole VM-008C, is a

265m

step-out of mineralization encountered in 2019 drill hole EG-001C. Grade-thickness contours

of nearby historic drill holes indicate an ENE orientation to Au mineralization in the Upper Plate

siliciclastic rocks, thus forming a vector that coincides with a pronounced shoulder in the gravity

dataset. EG-001C intersected the following zones of low-grade gold mineralization:

25.9m

grading 0.198 g/t Au from 22.9-

48.8m

downhole associated with brecciated quartzite,

strong sulfide veining, and intrusive dikes

10.7m

grading 0.303 g/t Au and 50.4 g/t Ag, from 172.2-

182.9m

downhole hosted in quartzite

with intrusive dikes, breccia, and quartz-sulfide veining

18.3m

grading 0.309 g/t Au from 358.1-

376.4m

downhole hosted in granodiorite and endoskarn

IP22-005 was pre-collared and cased to a depth of

322.8m

, and a core tail extended the hole to a

total depth of

932.7m

. A sequence of alluvial gravels and Upper Plate quartzite was drilled in the

pre-collar. In the core tail, the quartzite section continued to a depth of

432m

depth and was cut by

a number of intrusive dikes, as well as a zone of thick red-brown fault gouge from 327.8-

339.2m

Granodiorite bodies extend from 432-

501m

and 546.8-

667.8m

, with the intervening zone being

dominantly skarnoid or biotite hornfels. A steeply-dipping sheared contact at

667.8m

with fault

gouge, milled clasts and local hydrothermal breccias separates the granodiorite above from the

Lower Plate carbonate section below. The structural zone extends to

755.6m

, with additional zones

of brecciated, sheared, and folded beds present from 775.2-

778.8m

, 788.4-

791.4m

, 802.5-

856m

and 892.6-

926m

. Alteration is variable with weak to moderate decalcification and silicification.

Overall, the bedding is steeply dipping and lithology is dominantly micritic limestone. The interval

from 906.2-

932.7m

has been recrystallized to a sparry limestone, with local marble intervals centred

around an injection dike of intermediate to mafic composition at 919.3-

920m

with milled intrusive

clasts and subangular to subrounded limestone fragments.

All samples for IP22-005 have been submitted to ALS Global laboratory in

Elko, Nevada

, and

assays are pending.

Figure 6. Cross Section B-B’ across RFZ target area from 2019 Nevada King

core hole EG-001C to

recently completed core hole IP22-005. (CNW Group/Nevada King Gold Corp.)

Figure 7. Drill hole IP22-005 from 689.9-695.9m (2263.5-2283ft). Interval consists of strongly

brecciated/milled clasts of silicified limestone, set in carbonaceous groundmass with fine-grained

“sooty” sulfides. The interval is located in a structural zone below the contact with the overlying

granodiorite intrusive body. (CNW Group/Nevada King Gold Corp.)

Figure 8. Drill hole IP22-005 from 478.8-478.9m (1571-1571.5ft).

Calcite-quartz-pyrite-stibnite-

sphalerite vein at contact between granodiorite and younger intrusive dike. Magnified photo on the

left shows closeup view of the stibnite. Stibnite is an antimony sulfide commonly associated with

Carlin-type gold deposits. (CNW Group/Nevada King Gold Corp.)

Fairway Zone Deep Drill Program

During 2021,

Nevada King's

geologists compiled and integrated extensive datasets including new

(2020), separate geophysical surveys for Bouguer gravity, resistivity (CSAMT), and

aeromagnetics, along with historic soil and drill results, resulting in identification of a profound NNW-

trending structural corridor, referred to as the "Fairway Zone" (Figure 2). This zone displays

alteration and gold mineralization centered along an interpreted intrusive complex which extends over

a distance of 4.5km, projecting under the post-mineral basalt flows to the north. Prospective Lower

Plate stratigraphy is expected to be encountered in this area.

Drill hole IP22-001, collared 2.2km NNW of VM-008C, is the initial test of this target area. The pre-

collar has been drilled and cased to a depth of

245m

. Drilling of the diamond core tail is presently

underway; bit depth is

760m

at this time, and the planned total depth for the drill hole is

approximately

915m

. Multiple zones of quartz veining, decalcification, and silicification have been

encountered in the pre-collar and core tail indicating the presence of a hydrothermal system.

Figure 9.

IP22-001 from 468.6-471.5m (1537.5-1547ft). Decalcified and silicified carbonaceous

micrite with stockwork quartz veins. (CNW Group/Nevada King Gold Corp.)

Sampling Methodology and QA/QC Procedures

All Project diamond drill core samples are logged, cut and sampled at Nevada King's processing

facility in

Winnemucca, Nevada

, under supervision of the Company's geologists. Chain of custody is

maintained throughout the process from the Project area to the ALS Global laboratory in

Elko,

Nevada

. Au is analyzed by fire assay with AA finish, overlimit samples are assayed by fire assay

with gravimetric finish. Multielements are analyzed by ICP-AES following four-acid digestion.

Nevada

King

inserts CRM pulp standards and coarse blank samples into the sample stream at a regular

interval rate of one per twenty 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 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