Mineralization Intercepted From Surface At Nutmeg Mountain Project

VANCOUVER - NevGold Corp. reported further oxide, gold drill results for drillhole NMD0004 which intercepted mineralization from surface at the Nutmeg Mountain project in Washington County, Idaho. The Project has a 2023 Mineral Resource Estimate (MRE) 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).

Gold Intercepted From Surface That Suggests The Project Will Be Amenable To Heap Leach Processing: final assays indicate hole NMD0004 intercepted a total of 0.74 g/t Au over 66.8 meters from Surface (oxide), including 1.40 g/t Au over 11.3 meters from 9.8 meters depth (oxide). The new assays included screen fire assays which show strong correlation with the original assays and indicate significant coarse gold is not present, suggesting the project will be amenable to heap leaching.

Other drill results released from the 2023 Phase I drill program include 0.72 g/t Au over 79.3 meters from 10.4 meters depth (oxide), including 2.32 g/t Au over 13.4 meters from 25.6 meters depth (oxide) (Hole NMD0003), and 0.56 g/t Au over 23.9 meters from 24.1 meters depth, including 0.89 g/t Au over 11.4 meters from 25.6 meters depth with 4.33 g/t Au intercepted near the bottom of the hole (Hole NMD0001, hole was lost in mineralization).

CEO, Brandon Bonifacio, said, “The further results from our drilling at Nutmeg Mountain continue to highlight the at-surface, oxide gold mineralization building on the recently announced 2023 MRE at the Project. Since completion of the 2023 MRE, we have been focused on identifying areas to expand the mineralization laterally and at depth, and we have generated many high priority drill targets for Phase II drilling. We have made rapid progress at Nutmeg Mountain over the past 12 months, and the near-term focus is further drilling and metallurgical testwork with the goal of advancing the Project to the next stage of development. It is also exciting to see the high level of interest and activity in this emerging district in Washington County, Idaho.”