NevGold extends Cadillac Valley South Discovery over 100 meters northwest to intercept more gold oxide. Canadian Business Journal

VANCOUVER, British Columbia, October 6, 2022 (GLOBE NEWSWIRE) — NevGold Corp. (“neb gold” or “Company”) (TSXV: NAU) (OTCQ.X: Nof) (Frankfurt:5E50) is pleased to announce further analysis from our drill program at the Cadillac Valley target area of ​​the Limousine Butte Project, Nevada (the “Project”) located south of Carlin Trend. The company has captured more gold oxide in the newly discovered Cadillac Valley South area, extending its mineralized footprint more than 100 meters to the northwest. Further analysis from our first 10,000 meter drill program on the project will be released over the next few weeks.

major highlights

• Cadillac Valley South Discovery Expanded by that’s all 100 meters to the northwest: CV22-007 interception 0.FourFour g/t oxidized Au over 36.6 meters From a drill pad more than 650 meters away from CV22-002 (0.83 g/t Au oxide over 126.2 meters Released on April 6, 2022), CV22-006 (0.51 g/t Au oxide, over 73.1 meters Released June 2, 2022). We know he drilled only two holes at the Cadillac Valley South discovery site. Both holes have many areas open for filling and line drilling, indicating positive and consistent gold oxide intercepts. Cadillac Valley South has high potential as a potential resource growth target.
• big, Opengrowing MineralsEd footprint at the Cadillac Valley: The Cadillac Valley mineralized area has expanded further and now extends over 1.6 km along strike and over 450 meters laterally. Hole CV22-007 was drilled in reverse circulation (“RC”), targeting the area between CV22-002 and CV22-006 to fill the open mineralization footprint. (Fig. 1, Fig. 2) There is also another untested strike length of +1.5 km southwest of Cadillac Valley South. (Fig.3)
• Highly oxidized mineralization: Oxidized mineralization has been seen in every hole the company has drilled to date at Limousine Butte.
• Advantages of Exploration: A large area of ​​67 km² The Limousine Butte project has not been tested and has various targets identified based on the current company geological model. (Fig. 4) Mineralized systems continue to grow as drilling occurs along strikes with large step-out holes.

neb gold CEO Brandon Bonifacio commented: “At Limousine Butte, we continue to build meaningful, near-surface, high-grade gold oxide stories. Two of his holes drilled so far in the newly discovered Cadillac Valley South target area have consistent gold oxide grades above the positive intercept, further expanding the mineralization footprint at the larger Cadillac Valley target. Did. Drilling at Limousine Butte over the past 12 months has shown higher quality material than many heapreach projects in production or development in the western United States. As previously indicated, since the announcement of Nutmeg’s Mountain options contract, which ended on July 5, Limousine will continue to aggressively and systematically pursue short-term resources for his Butte. The remaining assays for our 10,000 meter drill program will be released soon and will be released in the coming weeks.”

neb gold VP Exploration, Derrick Anger,comment: “Hole CV22-007 It further confirms the extent of the Cadillac Valley gold system and speaks to even more potential discoveries at the Limousine Butte Project. in the meantime of drill hole Confirmed to have crossed a major fault in the northeastwas due to an important gold conduit–bearing fluid and show The CSAMT GeophysicsAl Investigation that we inherited of property can identify both Conductive zones associated with faults and resistance zone related in mineralization. T.he is CSAMT Investigation Expand to the south CV22-006 and CV in the holetwenty two-007 Ahnd we are excited to continue testing Cadillac Valley South Area of potential for additional mineralization over the minimum strike length of another 1.5 kilos.”
drill result

Hall ID	length, meters*	g/t Au	from, meters	to meters	material	Target area
CV22-001**	175.2	0.86	212.0	387.2	oxide	cadillac valley
include	58.2	2.13	212.0	270.2
including	5.9	12.32	216.6	222.5
include	40.6	0.52	346.6	387.2
CV22-002**	126.2	0.83	127.4	253.6	oxide	cadillac valley
CV22-003**	94.4	0.23	60.4	154.8	oxide	cadillac valley
CV22-004**	73.2	0.63	205.7	278.9***	oxide	cadillac valley
include	19.8	1.00	205.7	225.5
CV22-005**	45.7	0.52	125.0	170.7	oxide	cadillac valley
CV22-006**	73.1	0.51	131.1	204.2	oxide	CV-South
CV22-007	36.6	0.4Four	146.3	182.9	oxide	CV-South
include	10.7	0.99	164.6	175.3

* Downhole thickness reported.The true width is the drill hole dip and teeth about 70～ 90% of downhole thickness.
** drill result from Core hole CV22-001 to CV22-003 wEh Released on April 6, 2022. Drilling Results from Reverse Circulation (“RC”) Holes CV22-004 to CV22-006 Released June 2, 2022.
*** CV22-004 Mineralization was lost by ground complexity. Target depth has been further extended 200 m.

Figure 1 – Cross section looking northeast into Cadillac Valley. Dashed orange lines represent areas of potential for further mineralization When a Large area of ​​untested ground Southeast. Discovery of Cadillac Valley South continuesThere is n number of Infill and depiction DrillHall schedule. Click here to view image

shape 2 – Top view of drill padAssay released in Cadillac Valley outlineis doing A large mineralization system spanning 1.6 km northeast to southwest FourFive0 meters Sideways. red Overview represents Au zone of greater than 0.1 defined from g/t present and history excavation. Click here to view image

shape 3 – top view of Cadillac Valley coverage area When of range of current drill program, When +1.5 remaining unit of kilotested attack length Southwest. red Overview represents Au zone of greater than 0.1 defined from g/t present and historic excavation. Dashed orange lines represent potential areas of additional mineralization.
Click here to view image

shape Four – Plan view Limousine Butte outlining key targets area Within bigLinking 67 kilos²business range.
Click here to view image

On behalf of the Board of Directors

“signed”

Brandon Bonifacio, President and CEO

Please contact Brandon Bonifacio for more information. [email protected]604-337-4997 or visit our website at www.nev-gold.com.

Sampling methodology, chain of custody, quality control and quality assurance: All sampling was performed under the supervision of company geologists, with continuous oversight of project management to an independent sample preparation facility, American Assay Labs (Sparks, Nevada). The samples were crushed, ground, and the sample pulp analyzed using industry standard fire analysis methods. Blank certified reference materials were inserted approximately every 20 times.^th Samples, and duplicates of the field were collected and analyzed approximately every 20.^th sample. Data validation of analytical results included statistical analysis of standards and blanks that had to pass certain parameters for acceptance to ensure accurate and verifiable results.

The technical information contained in this news release was prepared by Derick Unger of CPG, our Vice President of Exploration, NevGold qualified under National Instrument 43-101 and responsible for the technical matters of this release. Confirmed and approved.

about Company
NevGold is an exploration and development company for large mineral systems in proven districts of Nevada, Idaho and British Columbia. NevGold owns a 100% interest in the Limousine Butte and Cedar Wash gold projects in Nevada and the Ptarmigan silver polymetallic project in southeastern BC, and acquired a 100% interest in the Nutmeg Mountain gold project in Idaho. have the option to

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Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements that are based on our current expectations and estimates. Forward-looking statements include “plans,” “expects,” “anticipates,” “intends,” “believes,” “anticipates,” “estimates,” “suggests,” “suggests.” It is often characterized by the termor a statement that a particular event or condition “may” or “will occur”. Such forward-looking statements involve known and unknown risks, uncertainties and actual events or outcomes of estimated or anticipated events implied or expressed in such forward-looking statements. or other factors that may cause results to differ materially. Forward-looking statements speak only as of the date they are made, and the Company disclaims any intention or obligation to update any forward-looking statements, except as required by applicable securities laws. deny. as a result new information, future event or result or other. Forward-looking statements are not guarantees of future performance and due to the inherent uncertainties, undue reliance should not be placed on such statements.

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