Phase II Drill Program At Lewis Gold Project

VANCOUVER - Nevada King Gold Corp. reported the completion of its 2022 Phase II drilling program at its 5,500-hectare Lewis Gold Project, located approximately 21km south of Battle Mountain, Nevada. The Company completed eighteen reverse circulation ("RC") holes totaling 3,228m to an average depth of 180m. The program was completed on November 13, 2022, with the onset of winter weather impeding further progress. Nine holes were completed in the Record Target, a high-priority, shallow target historically defined by a strong surface gold signature and long, low grade drill intercepts. This target was not drilled during the 2021 Phase I program due to adverse winter weather. Six drill holes were completed in the Upper Rocky Canyon Target area where widely-spaced historical holes indicated shallow, strongly anomalous gold mineralization.  The Company was also unable to drill this target in 2021 due to adverse weather. One of the 2022 holes was sited to test a high-priority anomaly in the gap between the Upper Rocky and Celestine O'Neal targets identified in the recently completed Induced Polarization ("IP") survey.

Two holes were drilled in the Celestine O'Neal Target area and serve as 50m and 90m step-outs from 2021 drillhole LS21-008, which intercepted 9.1m grading 1.79 g/t Au from 76.2-85.4m, with values up to 3.34 g/t Au, and 13.7m grading 2.50 g/t Au from 154.0-167.7m, including 1.5m grading 15.73 g/t Au from 163.1-164.6m. One additional hole was completed approximately 450m north of the Celestine O'Neal Target to test another high-priority IP anomaly within an area devoid of historical drilling.

Cal Herron, Exploration Manager, said, "We eagerly await the results from this year's program at Lewis, where the Company is pursuing two different types of gold targets: (1) a shallow, upper plate-hosted system like Barrick's nearby Hilltop and Robinson gold deposits, and (2) a more conceptual lower plate-hosted system akin to the nearby, world-class Pipeline and Cortez mines. The shallow RC holes drilled during this Phase II program tested a much larger area compared to the Company's 2021 program and will allow us to better assess the potential for tying together and expanding the shallow, upper plate-hosted gold resources defined by historical drilling at the Celestine O'Neal and Rocky Canyon targets. Because this Phase II program covered a much larger area, we will also be in a much better position once assays are received to define deeper targets in lower plate rocks that can be tested during a Phase III program in 2023."