Intercepts At The Lewis Project In Battle Mountain Trend

VANCOUVER - Nevada King Gold Corp. on the drilling program at its 5,500 hectare Lewis Gold Project, located approximately 21km south of Battle Mountain, Nevada. The Company initiated its maiden drill program at Lewis in October 2021 and drilled a total of 1,150m in 18 RC holes with the primary objectives of (1) substantiating historical drill results within the Celestine O'Neal and Rocky Canyon targets, and (2) testing for lateral extensions of gold mineralization with step-out drilling. Seven holes successfully tested the Celestine O'Neal target, confirming historical drill grades and intersect lengths and extending mineralization southward. Highlights utilizing a 0.3 g/t Au external cutoff grade, include: Angle hole LS21-015 - Intercepted 83.9m averaging 1.04 g/t Au, including two distinct zones of gold mineralization: 15.2m of 1.55 g/t Au from 33.5m to 48.8m, and 62.5m of 1.02 g/t from 54.9m to 117.4m; 2Vertical hole LS21-008, located 240m south of the Celestine O'Neal target area, intersected two mineralized zones: 9.1m averaging 1.79 g/t Au from 76.2m to 85.4m, and 13.7m averaging 2.50 g/t Au from 154.0m to 167.7m. This also included 1.5m grading 15.73 g/t Au from 163.1m to 164.6m; The 1.5m grading 15.73 g/t in LS21-008 is particularly interesting due to the high-grade gold mineralization encountered and the 120m distance from the closest southern most historical hole at Celestine O'Neal, an area that had not previously been drilled. Drill testing for gold mineralization in this southwest direction under the overburden cover is a priority of Nevada King's 2022 program; and Drilling at Rocky Canyon encountered intensely fractured rock that created challenging drilling conditions and, consequently, the Company was not able to adequately test its intended targets in this phase of drilling. The Rocky Canyon target is bounded on two sides by areas hosting extensive historical drilling with significant gold mineralization and thus remains a high priority target that the Company will be testing in its 2022 program. Historical drilling completed by Cameco intercepted significant gold mineralization such as 24m averaging 1.06 g/t Au, 33m averaging 1.48 g/t Au including 1.52m averaging 24.15 g/t Au, and 46m averaging 0.59 g/t Au, (see November 9, 2021 release for full details of historical intercepts).

Cal Herron, Exploration Manager, said, "The Lewis Project was originally acquired due to its strategic location along the Battle Mountain gold trend within the heart of Nevada's gold country. The property is surrounded by a number of major producing gold deposits. With its prime location and the presence of widespread, well-mineralized historical drill holes on it, the Company sees Lewis as a rare opportunity to leverage off this substantial historical work and believes it offers an outstanding risk/reward proposition for potential discovery. The historical data package for Lewis includes assay data for over 250 drill holes, as well as surface sample results and summary reports. Utilizing this large amount of data the Company has interpreted a strongly mineralized gold system at Lewis that is open in multiple directions.  

In spite of inclement weather starting in November of last year and challenging drilling conditions, the program successfully confirmed historical results in the Celestine O'Neal target with LS21-001, 002, 003, and 015, while step-out hole LS21-008 demonstrated continuity of mineralization southward from the historical Celestine O'Neal resource zone. The Company is very encouraged by the long intervals of consistent gold mineralization encountered in the recent drilling that incorporate areas of high-grade gold. This drilling confirms the Company's interpretation based on extensive historical work that the Lewis property encompasses a strong gold mineralizing system. Results of the recent work has refined targets in several priority areas that will be tested in 2022 with an expanded phase of drilling."