VANCOUVER - Nevada King Gold Corp. (TSX-V: NKG; OTCQX: NKGFF) ('Nevada King' or the 'Company') is pleased to announce results from three new vertical RC holes drilled within the historical Atlanta pit collared between holes AT21-066 (released December 1, 2021) and AT21-062.

The Atlanta Mine Project is 100% owned by Nevada King and is located 264km northeast of Las Vegas, Nevada, in the prolific Battle Mountain Trend.

Highlights

The true thickness of the reported intervals are estimated to be in the range of 70% to 85% of reported intervals.

+Denotes hole terminated in mineralization due to lost circulation.

Vertical RC drill hole AT21-063, drilled from within the Atlanta pit, encountered 41.2m averaging 3.94 g/t Au starting at 7.6m depth. The mineralized rock is oxidized and includes a high-grade intercept of 9.1m averaging 9.23 g/t Au starting at 38.1m.

The adjacent vertical RC hole AT21-064 (17 metres to the N of AT21-063) encountered 64m averaging 3.35 g/t Austarting at 3m depth. The mineralized rock is also oxidized and includes a high-grade intercept of 12.2m averaging 6.88 g/t Au starting at 50.3m.

A third adjacent vertical RC hole AT21-065 (17 metres to the N of AT21-064) encountered 48.8m averaging 2.23 g/t Au starting at 3m depth, and is also oxidized.

These three holes are part of a fence of five holes drilled along a 70 metre long north-south line that despite its location at the bottom of the pit had never been drill tested. Holes AT21-066 and ATR-21-062 also drilled on this fence line graded 54.9m averaging 2.62 g/t Au and 54.9m averaging 5.34 g/t Au, respectively.

This newly identified at surface high-grade gold mineralization ties together with known high-grade historical gold intercepts at depth, better confirming the accuracy of high-grade historical intercepts. The Atlanta Mine Fault Zone is now drill defined over a strike length of approximately 1km, extending 550m to the north-northwest of the historical pit where Nevada King drilled AT21-003 (released November 22, 2021) assaying 9.1m averaging 8.26 g/t Au.

This high-grade mineralization is currently open to the north and south where sizeable additional gaps exist in the historical drilling pattern. The 150m gap between AT21-062 and AT21-041B spatially coincides with the zone of shallow subsidence seen at the SW end of the historical pit and is a high priority target for the next phase of drilling.

Similar potential for discovering additional gold resources and with a likely collateral reduction in the strip ratio is seen south of the historical pit, where the combination of Nevada King and historical holes now identifies mineralization that is well outside of the Gustavson resource model, but within the conceptual pit. Furthermore, this mineralization tracks south of the Gustavson conceptual pit, where mineralization remains open.

Cal Herron, Exploration Manager of Nevada King, stated: 'In summary, the Phase I drill program at Atlanta was a smashing success, exceeding our goals and expectations. Given the strong gold mineralization in AT21-062 through AT21-066, the glaring gap south of these holes, as well as the high-grade hit in AT21-003 located 550m to the north-northwest, Nevada King is well on its way towards building a shallow, robust, oxidized resource along the 1km trace of the Atlanta Mine Fault Zone. It is important to remember that while today's high-grade shallow mineralization occurs within the confines of the Gustavson 2020 conceptual pit, it was not included in the Gustavson 2020 NI 43-101 resource model. Our team is working towards finalizing an upcoming 2022 drill program at Atlanta, which will involve a high density drilling component following up on this high-grade corridor.'

Location of Nevada King's 2021 RC drill holes relative to historical drill holes and the 2020 Gustavson gold resource zone and pit perimeter. Current historical open pit shown by black hatched line. Drill section I-I' crosses the length of the historical open pit along trend of the Atlanta Mine Fault Zone and ties the higher grade mineralization seen in the bottom of the pit to the lower grade mineralization extending south of the pit.

Longitudinal section I-I' looking east in the plane of the Atlanta Mine Fault Zone showing gold distribution in the Nevada King RC holes drilled in the bottom of the historical Atlanta open pit. Blue dashed line denotes upward limit of 2020 Gustavson gold resource model while the black dashed line represents the limit of the Gustavson conceptual pit.

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 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 an 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).

Contact:

Collin Kettell

Tel: (301) 744-8744

Email: collin@nevadaking.ca

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.

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