VANCOUVER, BC - Nevada King Gold Corp. (TSX-V: 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 to 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.'
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).
For more information, contact Collin Kettell at collin@nevadaking.ca or (845) 535-1486.
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.
NEVADA KING GOLD CORP. 
