Nevada Exploration Partnership Update - Seite 2

By integrating the use of its proprietary hydrogeochemistry technology with conventional exploration methods to evaluate the larger Kelly Creek Basin, NGE identified a highly prospective area in the middle of the basin along a portion of a structurally controlled, shallow, covered, bedrock high coincident with highly anomalous gold and associated trace-element chemistry in groundwater.

In 2017, NGE completed a 61-hole, 5,864-metre shallow reverse-circulation drilling program at the Project using its Scorpion drill rig, to collect groundwater, alluvium, and top-of-bedrock geochemistry samples across a large area of the Project. NGE believes the results of the Scorpion drilling program confirmed that the hydrothermal system that was active at the Project is gold-bearing over larger areas than previously known, with discrete zones of enriched gold in groundwater anchored to at least two clusters of >0.1 g/t gold in bedrock covering areas consistent in size with the geochemical footprints of the nearest major gold deposits, Lone Tree (produced 4.60 Moz gold from 1991 to 2015) and Marigold (produced 3.24 Moz gold from 1989 to 2016 and has an indicated mineral resource of 4.98 Moz, with 348.30 Mt at 0.45 g/t).

When combined with the results of earlier drilling, NGE’s updated geologic model suggests that the gold-bearing hydrothermal system at Kelly Creek is likely the northern extension of the system responsible for Lone Tree and Marigold, and is of a size to support major additional mineralization. As the Kelly Creek Project continues to advance, per NI 43-101, 2.3(2), at this stage of development: the Project is an exploration target for which the potential quantity and grade of any mineral resource is still conceptual in nature, there has yet to be sufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in delineating a mineral resource. Mineralization hosted on adjacent and/or nearby projects is not necessarily indicative of mineralization hosted on the Company’s property.

Epithermal Strategic Alliance (Astro Resources NL)

On March 21, 2022, NGE and Astro announced the signing of a Letter of Intent to generate and advance epithermal gold projects in a million-acre area of interest in northern Nevada. Astro has informed NGE that it has decided not to pursue the proposed strategic alliance in order to focus its resources on the acquisition of an Australian IOCG project and its newly acquired lithium interests.