NEVADA KING FURTHER EXPANDS PHASE II DRILLING PROGRAM TO 20,000M AT ITS 100% OWNED ATLANTA GOLD MINE PROJECT & NOW PLANS TO DRILL THROUGH WINTER MONTHS

VANCOUVER, BC, Nov. 15, 2022 /CNW/ – Nevada King Gold Corp. (TSXV: NKG) (OTCQX: NKGFF) (“Nevada King” or the “Company“) is pleased to announce a further increase to its 2022 Phase II resource expansion and definition drilling program at its 5,166 hectare (19.94 square mile), 100% owned Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend 264km northeast of Las Vegas, Nevada.

• On November 1, 2022, the Company announced a 20% expansion to its Atlanta Mine Phase II drill program, from the originally planned 13,100m (100 holes) to 16,000m of combined core and reverse-circulation (“RC“) drilling.
• Drilling productivity has exceeded expectations with the Company having now completed 16,450m (138 holes).
• Based on assay results received to date, drill hole logging and ongoing geological interpretation based on this work, target areas at Atlanta continue to grow and the Company has decided to again expand the Phase II program another 25% to 20,000m, and to extend the program into the winter months.
• A track-mounted RC drill capable of accessing and drilling in harder to reach areas is being added to the program, with this rig scheduled to arrive on site within the next two weeks. Utilizing equipment already on-site, including the recent addition of water tank heaters, infrastructure is now in place to keep the drill program running into the winter months, with at least two rigs active.
• To date, the Company has reported assays from 2,455m of drilling, while assay results from 13,995m of drilling are currently pending.

Exploration Manager Cal Herron, P.Geo., stated: “Since our last update two weeks ago, the drills have advanced down the west pit wall stepping closer to the high-grade zone hit in last year’s drilling along the pit floor. Expanding the program and running it into the winter months will allow us to maintain our current momentum targeting further definition and expansion of the high-grade gold mineralization targets defined so far which remain open in all directions, as well as to test target areas not drilled to date. We are continually surprised by the complicated faulting and rapidly changing alteration patterns revealed with each step-out exploration hole. When examined in detail, the Atlanta gold system is proving to be very complex and difficult to decipher, which in itself is a hallmark of many large deposits. We anticipate a flurry of assays to start arriving shortly, which will allow us to update our modelling and continue to fine tune the targeting in on-going drilling program leading to an updated resource estimate.”

• The Company reported initial assay results on September 13, 2022 and October 18, 2022. The results included high-grade oxide-hosted intervals of 120.4m of 1.49 g/t Au and 57.9m of 1.38 g/t Au, located south and southeast of the Atlanta pit, and 54.9m of 3.41 g/t Au, 50.3m of 2.65 g/t Au, and 51.8m of 2.23 g/t Au, starting from surface at the bottom of the Atlanta pit.
• Drilling continues to target high-grade gold mineralization along the Atlanta Mine Fault Zone (“AMFZ“), westward and southwestward from last year’s drilling. Assays from these target areas returned high-grade intercepts including 41.2m of 3.94 g/t Au, 64m of 3.35 g/t Au, and 54.9m of 5.34 g/t Au, also starting at surface from within the Atlanta pit (see January 20, 2022, news release).

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 (“NI 43-101“).

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 Company is well funded with cash of approximately $14.5 million as of November 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 Pit-Constrained Mineral Resources at the Atlanta Mine

Please see the Company’s website at www.nevadaking.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operations and activities of Nevada King, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this news release relate to, among other things, exploration plans and the Company’s ability to potentially expand mineral resources and the impact thereon. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Nevada King, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete proposed exploration work given the global COVID-19 pandemic, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Nevada King does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

SOURCE Nevada King Gold Corp.

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