NevGold Intercepts Strongly Oxidized, Silicified Sandstone with Quartz Veining From Surface With Assays Pending - Seite 2

Figure 1 – Core Photos – NMD0004 from 12.2 meters to 13.7 meters (40 to 45 ft.), assays pending.
To view image please click here

Figure 2 – Core Photos – NMD0004 from 57.3 meters to 60.0 meters (188 to 197 ft.), assays pending.
To view image please click here

Figure 3 – Core Photos – NMD0003 from 31.7 meters to 34.4 meters (104 to 113 ft.), part of the zone
that assayed 13.4 meters at 2.32 g/t Au. Released on April 13, 2023.
To view image please click here

Figure 4 – Plan view map of Nutmeg Mountain with drill collar locations. Yellow line outlines the project boundary, with green shading defining the unpatented Bureau of Land Management (“BLM”) claims that have been permitted through the Exploration Notice. The remaining unshaded areas are patented claims and private leases which can be drilled under different guidelines. Mineralization contained within the US$1500/oz Au pit shell is outlined in red (Note 1). To view image please click here

Note 1: Nutmeg Mountain – 2020 Mineral Resource Estimate
On July 14, 2020, GoldMining Inc. (TSX:GOLD, NYSE:GLDG) (“GoldMining”) 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, and which NevGold is treating as a Historical Mineral Resource Estimate:

Nutmeg Mountain – GoldMining 2020 Mineral Resource Estimate

Classification	Cutoff Grade Au g/tonne	Tonnes	Gold Grade g/tonne	Ounces Gold
Indicated	0.30	43,470,000	0.65	910,000
Inferred	0.30	9,150,000	0.56	160,000

Table 1: Mineral Resource from GoldMining’s NI 43-101 technical report filed on SEDAR on July 14, 2020

The Historical Mineral Resource Estimate is believed to be reliable and relevant and professionally calculated under the assumptions made in 2020. A Nevgold Qualified Person has not done sufficient work to classify GoldMining’s Mineral Resource Estimate as current mineral resources, and NevGold is not treating the estimate as current mineral resources or mineral reserves. The current NevGold drilling and geological work should be sufficient to allow for NevGold to complete an updated Mineral Resource Estimate at the Project.