Identification Of Undrilled Outcropping Vein With Visible Gold At Nutmeg Mountain

VANCOUVER - NevGold Corp. has identified an undrilled +6 meter wide banded low-sulphidation epithermal vein outcropping at surface over 650 meters away from the main resource body at the Nutmeg Mountain Project in Idaho. The Company also identified visible gold in previously assayed historical core during a detailed core relogging campaign completed. The core relogging and surface mapping campaign is now complete, and the project has been advanced to the drill-ready stage by identifying multiple resource expansion and exploration targets.

Untapped Lateral Resource Expansion Potential: identification of a large epithermal vein outcropping at surface with no historical drilling over 650 meters south of the main 2020 resource at Nutmeg Mountain opens meaningful lateral resource expansion potential and could be the high-level portion of a high-grade feeder zone. The outcropping vein has a width of over 6 meters and over 100 meters of exposed strike length with no historical drilling. Geochemical and textural signatures indicate it is near the top of the epithermal system, above the expected gold-silver zone.

High Grade Opportunity: the Company has identified a large, structurally controlled, high-grade core in the 2020 resource. Most of the historical drilling completed at the project has been vertical and the extents of the higher-grade portions of the orebody have not been fully tested at depth or along strike. This is an immediate opportunity to increase the size and grade of the resource. Visible gold was observed in historically drilled core starting at 45.4 meters depth.

Phase 1 Core Relogging and Surface Mapping Completed, Project is Drill-Ready: the Company has diligently completed an initial geological mapping and relogging program focused on the historical work completed on the project. There are many untapped opportunities identified, which will be the focus of the initial program at the project.

CEO, Brandon Bonifacio, said, “Although we just closed the transaction on July 5, our team has diligently worked to get Nutmeg Mountain to the drill-ready stage. Through the field and core relogging program, we have identified a number of positive developments that were not initially expected after completion of our due diligence on the project. The identification of an outcropping vein at surface over 650 meters away from the main 2020 resource boundary, with all the telltale signatures of a strong epithermal gold system has become an outstanding growth target. To our pleasant surprise we also found un-assayed core in the historical core yard with visible veining occurring outside of the 2020 resource boundary. We are confident that we have built a cost-effective, streamlined work program to deliver value from Nutmeg Mountain to both expand the gold resource and discover new ore in the district.”