VANCOUVER, British Columbia, May 4, 2023 (Globe Newswire) — NevGold Corp. (“neb gold” or “company”) (TSXV: NAU) (OTCQ.X: Nauf) (Frankfurt:5E50) is the Nutmeg Mountain Gold Project (“plan”,”Nutmeg Mountain”) in Idaho. The project hosts 2020 Historic Mineral Resource estimates of 910,000 indicated ounces of gold (43.5 Mt @ 0.65 g/t Au) and 160,000 estimated ounces of gold (9.1 Mt @ 0.56 g/t Au). (see Note 1). We are awaiting analytical results from further drilling completed on the project.

major highlights

• hole NMD0004 Captured quartz-veined strongly oxidized silicified sandstone: The signatures and textures intercepted in hole NMD0004 (Figure 1) are similar to other holes drilled in the current program, including NMD0003. (shape 3on sale April 13, 2023) It captured 0.72 g/t Au over a depth of 10.4 meters to 79.3 meters (heap reachable). 2.32 g/t Au or more13.4 from 2 meters5.6 depth meter (heap exudable). A historical drill hole re-recorded in the resource area in 2020 exhibits similar characteristics. (Note 1)
• long intercept from the surface: HALL NMD0004 BLOCKED that’s all 120 meters Sandstone strongly oxidized from the surface and silicified.
• resource growth potential: This project has the potential for a significant increase in resources during attacks and at depth. Over 100 meters of vertical resource potential has been identified outside the 1500 USD/oz Au pit shell used in the 2020 resource. (Note 1) The focus of the 2023 training program is to advance Nutmeg Mountain to the latest Mineral Resource estimates.

neb gold CEO, Brandon Bonifacio,comment: “very positive See our first training program continue the chase on Mount Nutmeg. looking forward to the assay result from hole NMD0004 teeth is currently cut At the American Assay Lab SparksNevada, wi-th Final assay pending. signature what we are seeing or near water surface that is encourage. ○Our technical group develops a deep understanding of regional and local structure and texture. Spent Relog historical drilling for the last 10 months, from each Drillhole Completed in this program. We look forward to serving you further away Future updates weeks and months after the training program.”

Figure 1 – Core photo – NMD0004 from 12.2m to 13.7m (40-45ft), analysis pending.

Figure 2 – Core photo – NMD0004 from 57.3 meters to 60.0 meters (188 to 197 feet), analysis pending.

Figure 3 – Core Photo – Part of Zone, NMD0003 from 31.7m to 34.4m (104-113ft)
13.4 meters were analyzed at 2.32 g/t Au. Released April 13, 2023.

Figure 4 – Top view of Mount Nutmeg, including the location of the drill collar. The yellow line outlines the project boundary, and the green shading defines the patent-free Bureau of Land Management (“BLM”) claims granted through Notices of Exploration. The remaining unshaded areas are claims and private leases, which can be examined in detail based on various guidelines. Minerals contained within the US$1500/oz Au pit shell are circled in red (Note 1).

Note 1: Nutmeg Mountain – 2020 mineral resource estimate

On July 14, 2020, GoldMining Inc. (TSX:GOLD, NYSE:GLDG) (“gold mining”) has published an NI 43-101 technical report on the project titled “”.Technical Report – Almaden Gold Property”, with an effective date of April 1, 2020, which includes the following, which NevGold treats as a Historical Mineral Resource Estimate:

Nutmeg Mountain – Gold Mining 2020 mineral resources estimate

table 1: Mineral Resources in GoldMining’s NI 43-101 Technical Report submitted to SEDAR on July 14, 2020

Historical Mineral Resource estimates are believed to be reliable, relevant, and professionally calculated based on assumptions made in 2020. Nevgold-qualified personnel have not done sufficient work to classify GoldMining’s Mineral Resource estimates as Current Mineral Resources, and NevGold does not treat estimates as Current Mineral Resources. current mineral resources or mineral reserves; His NevGold drilling and geological work to date should be sufficient for NevGold to complete an updated mineral resource estimate for the project.

On behalf of the Board of Directors

“signed”

Brandon Bonifacio, President and CEO

Please contact Brandon Bonifacio for more information. This email address is being protected from spambots. JavaScript must be enabled to view.604-337-5033, or visit www.nev-gold.com.

Sampling methods, chain of custody, quality control and quality assurance: All sampling was conducted under the supervision of our geologists and continuously monitored during processing from the project to an independent sample preparation facility, American Assay Labs in Sparks, Nevada. The samples were crushed, pulverized, and the pulp of the samples analyzed using industry standard fire analysis methods. A blank certified reference material was inserted approximately every 20 samples, and replicates of the coarse exclusion material were analyzed approximately every 20 samples. Data validation of analytical results includes statistical analysis of standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results.

Technical information contained in this news release has been reviewed and approved by Derick Unger of CPG, our Vice President of Exploration, NevGold qualified under National Instrument 43-101 and responsible for technical matters for this release. It has been.

About the company
NevGold is an exploration and development company for large mineral systems in proven districts of Nevada, Idaho and British Columbia. NevGold owns a 100% interest in the Limousine Butte and Cedarwash gold projects in Nevada, the Tarmigan Silver Polymetallic project in southeastern British Columbia, and will acquire a 100% interest in the Nutmeg Mountain gold project in Idaho. have options.

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Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements that are based on our current expectations and estimates. Forward-looking statements often refer to “plans,” “anticipates,” “plans,” “intends,” “believes,” “anticipates,” “estimates,” “proposes,” “implies,” and other statements. Characterized by words such as similar words. Or, a statement that a particular event or condition “may” or “will occur.” Such forward-looking statements involve known and unknown risks, uncertainties and actual events or outcomes that may materially differ from the estimated or anticipated events or outcomes implied or expressed in such forward-looking statements. It includes other factors that may cause different. Any forward-looking statements speak only as of the date they are made and, except as required by applicable securities laws, we do not make any forward-looking statements, whether as a result of new information or not. We disclaim any intention or obligation to update any forward-looking statements. , the future events, results, etc. Forward-looking statements are not guarantees of future performance and, therefore, are subject to inherent uncertainties and undue reliance should not be placed on such statements.