NKG.V · 2022-08-02 12:00:00

Nevada KING Provides Update ON Drilling at Its 100% Owned Atlanta GOLD MINE Project, Battle Mountain Trend, Nevada

Exploration Programs

NEVADA KING PROVIDES UPDATE ON

DRILLING AT ITS 100% OWNED ATLANTA

GOLD MINE PROJECT, BATTLE MOUNTAIN

TREND, NEVADA

VANCOUVER, BC

Aug. 2, 2022

/CNW/ -

Nevada King Gold Corp.

(TSXV: NKG) (OTCQX:

NKGFF) ("

Nevada King

" or the "

Company

") is pleased to announce an update on resource

expansion and definition drilling at its 5,166 hectare, 100% owned Atlanta Gold Mine Project, located

in the prolific Battle Mountain Trend 264km northeast of

Las Vegas, Nevada

Highlights:

To date in its initial 2022 program

Nevada King

has completed 35 reverse circulation ("

holes totaling 1,985 metres, plus five reverse circulation pre-collar holes totaling 290 metres.

Core drilling is underway with three core tails totaling 225 metres now completed and a fourth in

progress (see Figure 1).

Two batches of drill samples have been delivered to American Assay Labs in

Reno, Nevada

Assay results from the initial batch covering the first 14 holes are expected shortly.

RC drilling is currently underway within the historic pit where a fence of holes is testing the

eastern edge of the mineralized Atlanta Mine Fault Zone ("

AMFZ

"), parallel to and eastward

from last year's drilling, which returned high-grade intercepts including

41.2m

averaging 3.94

g/t Au,

64m

averaging 3.35 g/t Au,

and

54.9m

averaging 5.34 g/t Au

, starting at or near

surface, (

see

January 20, 2022

release

). This new fence of holes will help to establish the

eastern margin of gold mineralization, will better define the dip on the main AMFZ, and will

assist in tracking the higher-grade mineralization down-dip to the west.

Meanwhile, the first three core tails are targeting the AMFZ at the southern and northern ends

of the historical pit and will provide structural and stratigraphic information, particularly within the

Tertiary volcanic section above the mineralized zone. As further drilling steps out westward from

the high-grade holes drilled at the bottom of the pit in 2021, vertical core and RC holes will

gradually build a detailed picture of the mineralized zone's geometry and gold grade distribution.

A series of shallow RC holes has been drilled to sample waste dumps north and west of the pit

in areas where several scattered historical holes together with two of

Nevada King's

2021 RC

holes returned intervals of gold mineralization. In the north dump area,

Goldfield's

1990 RC hole

AR-05 hit

19m

at 0.466 g/t Au starting at

and NKG's RC hole AT21-010 returned

11m

2.297 g/t starting at surface. In the central dump area, Meadow Bay's 2011 core hole DHRI-11-

07C hit

17m

at 0.81 g/t starting at surface. Many of the historical core and RC holes did not

sample the dumps, so the 2022 program incorporates a grid arrangement of shallow RC holes

designed to evaluate the potential for incorporating portions of the waste dump material into the

overall gold resource.

Exploration Manager

Cal Herron

stated: "Our 2022 season is off to a good start. Assay results for

the first 14 RC holes are expected within the next couple weeks, at which time we can start planning

resource expansion drilling south of the pit along the southern extension of the AMFZ. Additionally, in

the coming weeks, resource expansion RC drilling will test the East Ridge Target (Figure 1) several

hundred metres east of the pit where rock and soil samples indicate a large area of previously un-

tested, gold mineralization in silicified dolomite. Results from this round of drilling will certainly assist

in defining the high-grade portions of the AMFZ and expand the gold mineralization outward from the

2020 Gustavson Resource Zone in all directions."

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

RC drill holes relative to historical drill holes and the 2020 Gustavson gold resource zone and pit

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

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

$23-million

as of August 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