NEVADA KING (NKG.V): COMMENCES 13,100 METRE PHASE II DRILL PROGRAM TARGETING HIGH-GRADE GOLD AT ITS 100% OWNED ATLANTA GOLD MINE, NEVADA

VANCOUVER, BC, June 13, 2022 – Nevada King Gold Corp. (TSX-V: NKG; OTCQX: NKGFF)  (“Nevada King” or the “Company”) is pleased to announce the commencement of a 13,100 metre (“m”), core and reverse circulation (“RC”) drill program at its 5,166 hectare (20 sq. mile), 100% owned Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend, 264km northeast of Las Vegas, Nevada.

Highlights:

• Phase II drilling with a RC rig commenced on June 9, 2022. Two additional rigs are en route and expected to start drilling in early July.
• Nevada King’s initial 2022 drill campaign at Atlanta is designed to expand: (1) the known high-grade mineralization into areas of low historical drill density to the west of the current resource envelope on the strike extension of the Atlanta Mine Fault Zone; and (2) the foot print of the gold mineralization into untested areas east and southward of the existing resource.

Cal Herron, Exploration Manager of Nevada King stated: “Results from the 2021 Phase I drill program at Atlanta far exceeded our expectations, and our interpretation provides a clear road map for further value generation by extending the drilling to test the limits of gold mineralization. Currently, gold mineralization remains open in all directions with a clear high-grade core that demands further definition and tracing. At the end of this current Phase II drill program, we will have drilled approximately 20,000m during the 2021/2022 exploration seasons and will have significantly increased our geological modelling and understanding of the distribution and styles of  gold mineralization at the Atlanta Mine area. A CSAMT (Controlled-source Audio-frequency Magnetotellurics) survey is also underway that will help build a district-scale geologic model and early results have already defined a number of additional drill targets.”

2022 Phase II Drill Campaign

The 2022 drill pattern (see Figure 1) along the western margin of the historical Atlanta open pit will test the down-dip extension of shallow, oxidized high-grade mineralization discovered last year by five RC holes drilled in the bottom of the pit (Table 1). These high grade hits are particularly important because they occur in  zones characterized as waste in the Gustavson National Instrument 43-101 (“NI 43-101”) 2020 resource (Table 2). The westward step-out drilling will investigate potential for connecting the shallow, high-grade mineralization in the pit to deeper high grades zones previously defined by historical drilling that are part of the 2020 Gustavson resource.

Nevada King’s more closely spaced 2022 Phase II drill pattern optimizes the chances of increasing the average grade and tonnage by tying together these various higher grade strands across wide gaps currently present within the resource model and achieving better core recovery. These holes also seek to extend this higher grade mineralization northwest of the pit (and north of the Gustavson resource) into an area with sparse historical drill data that extends 500m north to Nevada King’s 2021 high grade discovery hole AT21-003.

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 through to the present day 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). 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 NI 43-101.

The Company is well capitalized with cash in excess of $27-million to support expansion and drilling.

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

For more information, contact Collin Kettell at [email protected] or (301) 744-8744.

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.

Cautionary Statements Regarding Forward Looking Information

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, the Company’s 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.