NevGold Intercepts Strongly Oxidized, Silicified Sandstone with Quartz Veining From Surface With Assays Pending

Vancouver, British Columbia, May 04, 2023 (GLOBE NEWSWIRE) -- NevGold Corp. (“NevGold” or the “Company”) (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is pleased to announce further drilling has intercepted strongly oxidized, silicified sandstone with quartz veining from surface at the Nutmeg Mountain gold project (the “Project”, “Nutmeg Mountain”) in Idaho. The Project hosts a 2020 historic 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 Company is awaiting assay results from the further drilling completed at the Project.

Key Highlights

• Hole NMD0004 Intercepted Strongly Oxidized, Silicified Sandstone with Quartz Veining: the signatures and textures intercepted in Hole NMD0004 (Figure 1) are similar to other holes drilled in the current program including NMD0003 (Figure 3, Released on April 13, 2023) which intercepted 0.72 g/t Au over 79.3 meters from 10.4 meters depth (heap-leachable), including 2.32 g/t Au over 13.4 meters from 25.6 meters depth (heap-leachable). Historical drillholes in the 2020 resource area that have been re-logged also exemplify similar characteristics. (Note 1)
• Long Intercept From Surface: Hole NMD0004 intercepted over 120 meters of strongly oxidized, silicified sandstone from surface.
• Resource Growth Potential: the Project has significant resource growth potential along strike and at depth. There is over 100 vertical meters of identified resource potential outside of the US$1500/oz Au pit shell used in the 2020 resource. (Note 1) The focus of the 2023 drill program is to advance Nutmeg Mountain to an updated Mineral Resource Estimate.
  
  

NevGold CEO, Brandon Bonifacio, comments: “It is very positive to see our inaugural drill program continue to track at Nutmeg Mountain. We eagerly await assay results from Hole NMD0004 which is currently cut and at American Assay Lab in Sparks, Nevada, with final assays pending. The signatures that we are seeing at or near surface are encouraging. Our technical group is gaining a strong understanding of the regional and localized structures and textures having spent the past 10 months re-logging historical drilling, and after each drillhole is completed in this program. We are looking forward to providing further updates over the coming weeks and months from the drill program.”