NKG.V · 2022-12-28 12:00:00

Nevada KING Reviews 2022 Achievements at 100%-OWNED Atlanta GOLD MINE Project - Develops a New Geologic Model and Identifies a Number of High Priority Targets FOR 2023

Drill Results Exploration Programs Shareholder Letters & Outlook

NEVADA KING REVIEWS 2022

ACHIEVEMENTS AT 100%-OWNED ATLANTA

GOLD MINE PROJECT - DEVELOPS A NEW

GEOLOGIC MODEL AND IDENTIFIES A

NUMBER OF HIGH PRIORITY TARGETS FOR

2023

VANCOUVER, BC

Dec. 28, 2022

/CNW/ -

Nevada King Gold Corp.

(TSXV: NKG) (OTCQX:

NKGFF) ("

Nevada King

" or the "

Company

") is pleased to review significant advancements at its

100%-owned Atlanta Gold Mine Project resulting from its 2022 exploration campaign. The 2022

program followed on from the Company's 2021 inaugural drill program, which returned significant

intervals of high-grade gold mineralization within the historic pit, and more importantly discovered

high-grade gold mineralization in a new target area approximately

560m

north of the pit. This review

is followed by a discussion of a new geologic model and associated high priority targets, starting on

page 4 of this release.

Atlanta Exploration Highlights:

The 2021 work led to significant advancements in the understanding and modelling of the gold

distribution at

Atlanta

, a process that continued to progress through 2022 as a result of over

1,800 metres of diamond drilling and 24,260 metres of reverse circulation drilling by

Nevada

King

As a result, a number of significant target areas and potential zones for resource growth at

Atlanta

have been identified that expands gold mineralization well beyond the footprint of the

existing resource area (Figure 1). Further, mineralization in these newly identified target areas is

generally open along strike and to depth and will be the primary focus of the 2023 drill program.

Atlanta Gold Zones Identified and 2023 Targets:

Intercepts of

5.34 g/t over

54.9m

, 3.35 g/t Au over

64.1m

, and 2.65 g/t Au over

50.3m

, all

in oxide material and starting at surface,

from within the

Atlanta

pit, (see

January 12, 2022

and

January 20, 2022

releases). This was followed up by a parallel fence of holes with oxide

intercepts of

3.41 g/t Au over

54.9m

, 2.65 g/t Au over

50.3m

, and 2.23 g/t Au over

51.8m

(see

October 18, 2022

release)

(Atlanta Pit Zone)

Extension and strengthening of gold mineralization moving south of the

Atlanta

pit

with

oxide intervals of

1.49 g/t Au over

120.4m

and

1.38 g/t Au over

57.9m

(see

September 13, 2022

release). Additional results in this zone include 0.62 g/t Au over

77.7m

0.82 g/t Au over

42.7m

, 0.86 g/t Au over

56.4m

, 1.71 g/t Au over

25.9m

, and 1.77 g/t Au over

30.5m

. (South Extension Target)

Expanded mineralization to over

600m

north of the Atlanta Pit,

increasing the footprint of

the North Extension Target ("

NET

"), with intercepts of 1.77 g/t Au over

19.8m

, 1.67 g/t Au over

24.4m

, and 0.71 g/t Au over

44.2m

. Should the NET mineralization tie into the existing resource,

it would

double the overall gold resource footprint at

Atlanta

(see

November 23, 2022

and

December 20, 2022

releases). (North Extension Target)

Identified the potential feeder structure for the high-grade gold at

Atlanta

with the

Atlanta

King Fault,

intercepting 3.19 g/t Au over

32m

and 2.9 g/t Au over

28.1m

, (see

December 5, 2022

release). (

Atlanta

King Fault)

The Northwest High-grade Target

NWT

") and the

East Ridge Target

ERT

") represent

significant target areas ripe for expansion, where drill holes are pending release and being

planned.

Corporate Highlights:

Drilled 29,125 metres across three projects –

Atlanta

(

20,500m

), Iron Point (

5,400m

), and

Lewis (

3,225m

), with results pending at all three projects.

Continued to add to its strategic landholdings along the Battle Mountain Trend via

staking.

The Company will make an announcement in the New Year updating its mineral claim

tenure.

Raised

$15.75 million

in 2022 in two financings at a price of

$0.45

per share

, with the

Company ending 2022 with over

$10 million

in cash.

Founder & CEO

Collin Kettell

participated in the financings for

$6.75 million

and bought

$742,000

in stock through open market purchases throughout the year.

Appointed

Gary Simmons

as metallurgical consultant and

demonstrated average gold

cyanide solubility of 86.7% across 986 samples

covering the

Atlanta

project (see

July 5, 2022

release).

With the significant exploration success supported by this significant funding the

Atlanta

2022 program was expanded from an initial

13,100m

20,000m

(see

November 15, 2022

release). The Company has now exceeded

20,000m

and is planning to

provide guidance on a further increase in early January.

Added

William Hayden

, a highly experienced geologist with significant involvement in the

Ivanhoe group of companies since 1994, to the Board of Directors

, as well as bolstered its

Technical Team with the addition of former Newmont geologists

Lewis Teal

and

Mac Jackson

Figure 1 provides the current geological modelling, the new discoveries, and the high priority 2023

targets at

Atlanta

. In summary, drilling to date has significantly increased the Company's confidence

in the potential for additional high-grade gold discoveries along the Atlanta Mine Fault Zone

AMFZ

"), with the potential of adding to the existing resource as well as upside from testing new

targets.

Collin Kettell

, Founder & CEO of

Nevada King

, stated: "2022 has proven to be a pivotal year for

Nevada King

with the successive exploration accomplishments unfolding at

Atlanta

. Today's release

of the updated working model and description of the associated target areas provide a roadmap to

potential resource expansion and future exploration success. While detailed, I encourage everyone

to read the overview of this new geologic model starting on page 4 below."

Regarding the outlook for 2023, Mr. Kettell stated: "As we enter the new year, we will take the

findings from our 2021 and 2022 drilling, and continue to apply them in our search for gold. An oxide

gold system in the world's number 1 mining jurisdiction is a rarity and we believe that we are in the

midst of such a discovery. As such, I believe that the market is only starting to value the impact of

these recent successes.

Nevada King

is looking forward to an even brighter 2023, and on behalf of

Management and the Board, I would like to thank our entire team, with special thanks to Exploration

Manager

Cal Herron

in his tireless effort to unlock the potential of

Atlanta

Figure 1. Atlanta Gold Mine Project map including footprint of the Gustavson 2020 NI 43-101

resource, historical drill holes, and Nevada King drill holes. See below detailed description of target

zones 1-4. (CNW Group/Nevada King Gold Corp.)

Atlanta History, Geologic Model & Target Description

Historical Overview

Prior to

Nevada King's

2021 exploration program, there was only one obvious exploration target at

Atlanta

, this being the Gustavson 2022 Resource Zone ("

GRZ

"), which is shown as the surface

projection in Figure 1. Other than drilling many long angle holes west of the

Atlanta

pit in order to

track the historically mined Atlanta Fault down-dip to the west, very little historical effort was made

to expand known mineralization to the north, east, and south. Widely spaced holes were drilled by

previous operators north of the pit in what is now the North Extension Target ("

NET

") but the results

were disappointing and the area's resource potential was considered too low to pursue further work.

In like manner, the area south of the

Atlanta

pit was considered to have limited potential due to the

prevailing idea that the mineralization was cut off to the south by an E-W fault that bounds the

southern end of the pit. Any mineralization occurring east of the pit was dismissed as being remnant

"scraps" left over from the 1975-1985 mining operation, while surface gold anomalies occurring

further east along the ridge (now

Nevada King's

East Ridge Target or ("

ERT

")) were interpreted as

thin scabs produced by shallow, supergene gold enrichment. Consequently, significantly mineralized

historical drill intercepts along the southern rim of the pit were not followed southward into what is

now the South Extension Target ("

SET

") and the ERT was never drill-tested.

Historical Gold Mineralization Model at

Atlanta

Prior to

Nevada King's

involvement, most of the previous explorers believed that the gold

mineralization at

Atlanta

relied on a single, 45 degree west-dipping fault called the Atlanta Fault, that

served as both the main conduit for Au-bearing fluids and main host for mineralization. All previous

explorers at

Atlanta

adhered to this model, planning their drill holes and interpreting the results

based on a single fault along which mineralizing fluids were introduced into the silicified fault breccia

zone separating intrusive and volcanic rocks in the hanging wall from dolomite and quartzite in the

footwall. Thicker versus thinner zones of mineralization were explained as simple pinch and swell

along the fault, while fluctuations in dip were attributed to "rolling" down the fault plane. Aside from

higher grades attributed to an east-west trending fault at the SE end of the pit, the existence of

multiple fluid conduits with potential for localizing higher grade mineralization along the silica breccia

zone was generally considered insignificant at best. The target was simple, and the hit-or-miss drill

results obtained along strike and down-dip in spite of a relatively high hole density ultimately yielded

a relatively small and low grade deposit within the GRZ, while the surrounding gold potential was

discounted and either sparsely drilled or never tested.

A New Evolving Model for

Atlanta

Nevada King

was initially interested in

Atlanta

because of the district-scale potential for a larger

deposit within a resurgent caldera environment largely covered by post-mineral volcanics and

sediments. Potential for expanding the GRZ looked limited based on historical exploration and the

prevailing model. Ground exploration started in early

March 2021

with district-scale soil and rock

sampling, which included the

Atlanta

pit and surrounding area, but the Company's work largely

focused on defining new targets outside of the GRZ within the much larger, surrounding mineral

district.

Mineralization is well exposed across the eastern half of the

Atlanta

pit, but gaining access to the old

benches for sampling and mapping was difficult. However, adhering to an important exploration

axiom – 'go where others won't' – Company field crews sampled and mapped the eastern benches

in detail, which revealed gold mineralization in densely silicified, near-horizontal carbonate beds cut

by northerly striking, near vertical faults hosting heterolithic, explosive tuff breccia and rhyolite dikes.

Assay results showed the higher grades to be concentrated along the high-angle faults and adjacent

silicified collapse breccia developed in the carbonate section. The Company saw no evidence for a

west-dipping Atlanta Fault as posited by the historical structural model, nor did it see any sign of

the E-W fault that supposedly cut off mineralization south of the pit.

Nevada King

did however see

good evidence for multiple fluid pathways along high-angle faults cutting the silicified breccia zone.

Based on these observations, the Company decided to drill a limited number of shallow RC holes

east of the pit and along the southern extension of the high-angle mineralized faults observed in the

pit wall. From the intial holes, a pattern of down-faulted blocks moving westward across the pit

became apparent, corroborating the Company's geologic mapping in the pit. From there, the

program was extended and holes were drilled westward across the southern end of the pit in an

effort to find the Atlanta Fault.

The Company also focused drilling north of the pit to follow the pattern of steeply dipping faults

toward the low grade historical holes in the NET, now looking for the step-down pattern of fault

blocks that seemed to be important for introducing hydrothermal fluids into the silica breccia contact

and adjacent carbonates. Historical holes indicated a

50m

80m

vertical offset somewhere

between clusters of holes drilled by Kinross, located west of the county road, and a cluster drilled by

Meadow Bay, located east of the county road.

Nevada King

drilled two fences of holes across this

gap between the two historical hole clusters and hit high-grade mineralization within the fault offset

zone in AT21-003. This added new life to the NET and proved that the down-drop fault model

applies to the entire

Atlanta

deposit, not just to the pit area. As the understanding of the major

controls to the gold mineralization developed, the potential increased for finding more gold

mineralization in areas previously thought to lack potential. Another important exploration axiom –

'don't get model-bound' – certainly applies to

Nevada King's

experience at

Atlanta

and will continue

to do so in the ongoing interpretive work.

Current exploration targets being actively explored at

Atlanta

are summarized below.

1 – Gustavson Resource Zone ("GRZ") and Northwest High-Grade Target

("NWT")

The Gustavson 2020 NI 43-101 resource model relies on the historical

Atlanta

model and includes

holes that in some cases have poor drill recovery and uncertain collar locations. As such, the

Company was certain the model needed to be re-visited. This decision was catalyzed by the five

high grade holes drilled in the bottom of the

Atlanta

pit and reported on

January 12, 2022

and

January 20, 2022

, which included intercepts of 5.34 g/t Au over

54.9m

, 3.35 g/t Au over

64.1m

, 3.94

g/t Au over

41.2m

, and 2.32 g/t Au over

48.8m

. Following these results, the Company began looking

closely at the distribution of high-grade gold intercepts within the Gustavson resource model and

noted numerous gaps that might be explained by: (1) failure to fully penetrate the high-grade silica

breccia zone or (2) angle holes that missed the mineralization by drilling through a fault plane that

had down-dropped the breccia horizon, essentially juxtaposing weakly mineralized hanging-wall

volcanics next to the barren dolomite footwall that underlies the sub-horizontal breccia horizon. This

evaluation set the stage for the current 2022 drilling program that seeks to accomplish two goals: (1)

to increase both grade and tonnage throughout the GRZ by defining individual fault blocks and

identifying the high-angle feeder structures (the fluid pathways) responsible for higher grade

mineralization and (2) to put the northern and southern extensions of the AMFZ together with the

ERT into the resource category.

As shown in Figure 1, the Company's drilling within the GRZ has defined three major, northerly

trending, steeply dipping fault strands comprising the AMFZ – the East Atlanta Fault ("

EAF

"), the

central

Atlanta

King Fault ("

AKF

"), and the West Atlanta Fault ("

WAF

"). The central ("

AKF

") is a

major, pre-caldera district-scale structure that vertically displaced the Paleozoic basement hundreds

of meters, juxtaposing older quartzite on the west from younger dolomite on the east. This deep

structure focused explosive intrusive activity and associated mineralizing fluids following formation of

the early Tertiary-age caldera that contains the entire

Atlanta

District.

Meanwhile, the shallow, historical underground and open pit Atlanta Mine was centered on the EAF

where mineralization is confined to the relatively flat-lying silica breccia contact zone separating the

Tertiary volcanics from underlying Paleozoic dolomite. The EAF focused higher-grade mineralization

where it cut the silica breccia horizon, which was mined underground in the early days.

Unlike the EAF, mineralization associated with the AKF and WAF is completely blind at the surface

and was not discovered until Goldfields and Kinross drilled deeper exploration holes in 1989-1999.

Meadow Bay confirmed this deeper mineralization with its 2011-2015 drilling program and extended

it into the Northwest High-Grade Target ("

NWT

"), but all three explorers experienced the same

technical problems: failure to fully reach or penetrate the mineralized zone, thereby missing higher

grade material.

Nevada King

has also experienced these problems with its own drilling, but the 2022

program has been utilizing vertical, deeper, and more closely spaced holes in order to achieve better

sample recovery and determine depths to top and bottom of the mineralized horizon.

In contrast to the shallow mineralization along the EAF, the style of gold mineralization changes west

of the AKF. Quartzite forms the footwall for the sub-horizontal silica breccia contact, and

mineralization extends upward into the overlying volcanic sequence, which is not seen east of the

fault. This is particularly apparent west of the AWF where gold-bearing fluids travelled upward along

the fault and produced a "plume" of mineralization within the volcanic section extending

100m

200m

above the silica breccia zone. This plume-like mass of mineralization is most apparent in the

NWT where several deep holes drilled by Meadow Bay in 2011-2015 encountered anomalously thick

low grade mineralization punctuated by narrow high-grade intervals. Meadow Bay partially closed-off

this mineralization further to the west of the target area but did not effectively follow the

mineralization to the north, east, and south – in part due to holes that did not go deep enough to hit

the high grade zones.

Nevada King's

initial holes within the NWT established the presence of deeper

mineralization, so our current program is now drilling deeper, gradually expanding the mineralized

envelope in all three open directions with the objective of tying it into the NET to the north and into

the main GRZ along the AMFZ where higher gold grades are anticipated.

2 – North Extension Target ("NET")

The northward extension of the AMFZ projects into a completely covered area that was historically

tested with widely spaced holes drilled by Goldfields, Kinross, and Meadow Bay.

Nevada King's

2021 program tested a gap within the historical drill patterns that turned out to be the AMFZ, where

significantly higher gold grades were encountered compared to the adjacent historical holes (see

November 22, 2021

, release). These initial results prompted additional holes in 2022 and results

received to date extend the mineralization in all directions with a possible exception along the

target's northern boundary where a fault has either terminated or laterally displaced mineralization.

As with the mineralization observed along the EAF in the pit area, gold mineralization occurs within

the sub-horizontal silica breccia horizon at the contact between dolomite in the footwall and un-

mineralized volcanics in the hanging wall. Drilling within the target will resume in early 2023 to further

expand and better define the zone.

3 – East Ridge Target ("ERT")

The ERT was initially identified by Kinross in grid soil and rock sampling conducted in 1998, but for a

number of reason all previous explorers considered the target to have little if any mineral potential.

Consequently, the zone was not historically drilled.

Nevada King

confirmed the Kinross surface

anomalies with its own soil and rock sampling in early 2021 and found mineralized explosive tuff

dikes cutting up through the carbonate sequence as seen in the

Atlanta

pit. Drilling by the Company

in 2021 along the eastern side of the

Atlanta

pit showed gold mineralization continuing eastward into

and underneath the East Ridge, and at that point the ERT area took on a new significance. This

target area is large, measuring roughly

120m

wide by

700m

long, and hosts significant potential if

gold mineralization does indeed extend eastward from the pit as suggested by drilling to date. The

Company plans to initiate drilling this target area in early 2023.

4 – South Extension Target ("SET")

The Company's 2021 drilling extended gold mineralization

200m

southward from the

Atlanta

pit along

the AMFZ and the mineralization remains open to the south where it is obscurred by a thick cover of

landslide and colluvial debris. The first holes drilled in 2022 further widened the target zone and hit

much higher grade mineralization (see

September 13, 2022

, release along Sections A-A' and B-B').

This zone remains open to the south where the Company is currently planning new hole fences that

will be drilled in early 2023.

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 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