NevGold Announces 100% Acquisition of Nutmeg Mountain After Final Share Issuance Payment To GoldMining

Vancouver, British Columbia, Jan. 19, 2024 (GLOBE NEWSWIRE) -- NevGold Corp. (“NevGold” or the “Company”) (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) announces the issuance (the “Share Issuance Payment”) of 10,000,000 NevGold common shares to GoldMining Inc. (TSX:GOLD, NYSE:GLDG) (“GoldMining”) pursuant to the Nutmeg Mountain Option Agreement dated June 13, 2022 (see June 14, 2022 News Release). The total Share Issuance Payment of 10,000,000 shares equates to $3.0 million issued at $0.30 per share representing the 30-day VWAP share price as of market close on December 18, 2023.

NevGold has now exercised the option under the Nutmeg Mountain Option Agreement to acquire 100% of the Nutmeg Mountain Gold Project in Washington County, Idaho (the “Project”, “Nutmeg Mountain”, see Figure 1). NevGold announced a Mineral Resource Estimate (“MRE”) at the Project on August 17, 2023 (News Release Link) of 1,007,000 Indicated ounces of gold (51.7 Mt @ 0.61 g/t Au), and 275,000 Inferred ounces of gold (17.9 Mt @ 0.48 g/t Au) (see Note 1).

NevGold CEO, Brandon Bonifacio, comments: “Completing the acquisition of 100% of Nutmeg Mountain from GoldMining is a monumental milestone for the Company. We have diligently advanced our efforts since closing the transaction on Nutmeg Mountain in August-2022. After less than 12 months of working on the project we released our initial Mineral Resource Estimate in August-2023, where we delivered an open-pit, oxide, heap-leachable gold Indicated Mineral Resource of 1.01Mozs and Inferred Mineral Resource of 275kozs. We will continue to focus our future efforts on drilling the many high priority drill targets both on the private ground and fully permitted Bureau of Land Management (“BLM”) unpatented claims to unlock further value at the Project. We are fortunate to now own 100% of one of the very few open-pit, oxide, heap-leach gold projects of scale and grade with mineralization starting at surface in the Western USA. Nutmeg Mountain’s location in Western Idaho (Washington County) also offers many benefits as it is a premier mining jurisdiction with excellent infrastructure in place, which will allow for rapid project advancement.”