Mr. Collin Kettell reports

NEVADA KING MOBILIZES A FOURTH DRILL RIG TO ITS 100% OWNED ATLANTA GOLD MINE PROJECT, BATTLE MOUNTAIN TREND, NEVADA

Nevada King Gold Corp. has provided an update on its 2022 phase II resource expansion and definition drilling at its 5,166-hectare (19.94-square-mile), 100-per-cent-owned Atlanta gold mine project, located in the prolific Battle Mountain trend 264 kilometres northeast of Las Vegas, Nev.

Highlights:

• A fourth drill rig has been mobilized to Atlanta to further accelerate the phase II drilling program. This truck-mounted Schramm 685 reverse circulation (RC) drill has been contracted from Envirotech Drilling LLC out of Winnemucca, Nev., and is capable of drilling to 460-metre depth. The rig will be used for both precollar and deep RC holes.
• The addition of a fourth rig will allow the company to fast-track drilling along six parallel benches cut along the west side of the historical Atlanta open pit. The drill pattern tests the downdip extension of the mineralized Atlanta mine fault zone (AMFZ) immediately west of the north-south fence of holes drilled in 2021 at the bottom of the pit, which returned high-grade intercepts, including 41.2 metres averaging 3.94 grams per tonne gold, 64 metres averaging 3.35 grams per tonne gold and 54.9 metres averaging 5.34 grams per tonne gold, starting at or near surface (see Jan. 20, 2022, news release). These six parallel rows of new holes will better define the average grade and geometry of high-grade gold mineralization downdip along the AMFZ and better assess displacements of downdropped fault blocks across the AMFZ.
• To date, the company has completed 74 RC holes totalling 5,934 metres, 11 RC precollar holes totalling 1,349 metres and 10 core holes totalling 831 metres.
• Seven batches of drill samples, representing 8,323 metres of combined core and RC, have been delivered to American Assay Labs in Reno, Nev. The company reported initial assay results on Sept. 13, 2022, including high-grade intervals of 120.4 metres of 1.49 grams per tonne gold and 57.9 metres of 1.38 grams per tonne gold, located south and southeast of the Atlanta pit. Further assay results are expected shortly.

Exploration manager Cal Herron, PGeo, stated: "Our drills are now stepping into the western target zone, where scattered historical RC and core holes indicate the presence of higher-grade mineralization along the downdip extension of the AFMZ. Drilling is being conducted methodically with a focus on maximizing chip and core recovery. As winter is approaching, adding a fourth rig will ensure sufficient hole density for a more comprehensive understanding of gold grade and geometry across this high-grade target. By increasing the number of deep precollar holes, we will have an opportunity to keep our core drill turning well into the winter in order to supply additional metallurgical core samples and provide QA/QC [quality assurance/quality control] checks on deep RC drill results. With the program running smoothly and drill productivity increasing with the addition of another rig, the Atlanta project is well positioned to meet its 2022 goal of further expanding the mineralized envelope and tying together the numerous bands of high-grade mineralization intersected in historical holes."

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Calvin R. Herron, PGeo, who is a qualified person as defined by National Instrument 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-producing or former-producing gold mines. These project areas were initially targeted based on their potential for hosting multimillion-ounce gold deposits and were subsequently staked following a detailed geological evaluation. District-scale projects in Nevada King's portfolio include: (1) the 100-per-cent-owned Atlanta mine, located 100 kilometres 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 35 kilometres east of Winnemucca, Nev.

The company is well financed with cash of approximately $17-million as of October, 2022.

The Atlanta mine is a historical gold-silver producer with an NI 43-101 compliant pit-constrained resource of 460,000 ounces gold in the measured and indicated category (11.0 million tonnes at 1.3 grams per tonne) plus an inferred resource of 142,000 ounces gold (5.3 million tonnes at 0.83 gram per tonne). See the NI 43-101 technical report on resources titled "Atlanta Property, Lincoln County, NV" with an effective date of Oct. 6, 2020, and a report date of Dec. 22, 2020, as prepared by Gustavson Associates and filed under the company's profile on SEDAR.

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