NevGold Announces Approval Of Exploration Notice Permit At Nutmeg Mountain Allowing For Expanded Drill Program

Vancouver, British Columbia, Jan. 31, 2023 (GLOBE NEWSWIRE) -- NevGold Corp. (“NevGold” or the “Company”) (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is pleased to announce the approval of the Exploration Notice (the “Notice”) permit by the Bureau of Land Management (the “BLM”) at the Nutmeg Mountain gold project (the “Project”, “Nutmeg Mountain”) in Idaho, which hosts a 2020 mineral resource estimate of 910,000 Indicated ounces of gold (43.5 Mt @ 0.65 g/t Au), and 160,000 Inferred ounces of gold (9.1 Mt @ 0.56 g/t Au) (see Note 1). The approval of the Notice will enable disturbance on the federal unpatented mining claims at the Project, which historically only saw limited drilling, as approximately 85% of the 2020 resource estimate is situated on the patented mining claims and other private land (see Figure 1). There are a number of identified high-quality resource expansion and exploration targets on the unpatented mining claims creating significant opportunity for growth.

Key Highlights

• Exploration Notice Permit Approved: the Notice drill permit was approved by the BLM to drill on the federal unpatented mining claims. The Notice permit opens a large portion of the project with very limited historical drilling. (see Figure 1)
• Key Resource Expansion and Exploration Targets on Unpatented Claims: only approximately 15% of the total historical drilling at the Project was on the unpatented mining claims. After the Company completed the initial geological modeling, many resource expansion and exploration targets were identified on the unpatented mining claims. These targets will be tested in the current drill program.
• Current Drill Program Update: the Company is pleased to announce that the drill program is underway, and first samples will be sent to the assay lab imminently.
  
  

NevGold CEO, Brandon Bonifacio, comments: “It has been a very diligent start to our work at Nutmeg Mountain since closing the transaction in August-2022. Our drill program started on January 18th, and approval of this important Exploration Notice permit from the BLM opens up large portions of the project that have minimal to no historical drilling. The 2022 drill targeting exercise at the project identified many key resource growth and exploration opportunities on the federal unpatented BLM claims. Attaining this permit in a timely fashion allows us to start drilling these targets in the current drill program. The permit approval is another de-risking milestone at Nutmeg Mountain and we appreciate the various governing bodies who worked positively and collaboratively with us through the process. We remain on track to have initial drill assays from Nutmeg Mountain by March.”