High-grade/Heap-Leach Gold Results Intercepted At Nutmeg Mountain

VANCOUVER - NevGold Corp. announced  high-grade, heap-leach gold results intercepted from surface at the Nutmeg Mountain gold project in Idaho. The Project hosts a 2020 mineral resource estimate of 910,000 Indicated ounces of gold (43.5 Mt @ 0.65 g/t Au), and 160,000 Inferred ounces of gold (9.1 Mt @ 0.56 g/t Au). The initial drill results highlight the potential grade upside and growth potential for the resource which begins at surface and requires minimal stripping. The drill program is advancing on schedule and on budget, and drill results will be continuously released.

High-Grade, Heap-Leachable Gold Intercepted from Surface: the Company intercepted 0.72 g/t Au over 79.3 meters from 10.4 meters depth (heap-leachable), including 2.32 g/t Au over 13.4 meters from 25.6 meters depth (heap-leachable) (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). The mineralization starts at surface with minimal stripping required, and exhibits positive, heap-leach characteristics with both free gold and oxidized material.

High-Grade Potential at Depth: Hole NMD0003 intercepted multiple, large, vein/breccia zones at 251 meters and 469 meters depth, with assays pending, in an entirely untested area of the Project. The average historical hole depth at the Project is only 75 meters, and the Company sees significant resource expansion potential at depth. Hole NMD0003 intercepted a material structure that will require follow up drilling as the quartz textures seen in the core indicate a potential high-grade feeder structure is present at depth.

Open, Near-Surface Mineralization Along Strike: a large step-out 140 meters from the nearest drill collar intercepted significant anomalous mineralization starting at 4.6 meters depth and extending to 93.6 meters depth with grades up to 0.43 g/t Au. (Hole NMD0002) Mineralization is open in all directions and further drillholes are planned in this area to test additional targets identified by geochemical and geophysical data previously collected at the Project.

Current Drill Program Update: the drill program is tracking according to schedule and budget, and drill results will be continuously released.

CEO, Brandon Bonifacio, said, “The initial results from our inaugural drill program at Nutmeg Mountain highlight the exceptional at-surface, heap-leachable gold mineralization at the project. It is very exciting to see thick intercepts of gold starting at surface at a project that boasts a 2020 resource of 910,000 Indicated ounces of gold and 160,000 Inferred ounces of gold. We see significant upside potential from a size and grade standpoint with over 100 vertical meters of resource potential outside of the US$1500/oz Au pit shell used in the 2020 resource . A lot of the material drilled at the project is higher grade with lower strip ratio than many open-pit, heap-leach gold projects that are either in operations or the development phase in the Western. We remain focused on daylighting the value of Nutmeg Mountain by drilling the project with the goal of advancing to a multi-million ounce heap-leach gold resource.”

NevGold VP Exploration, Derick Unger, commented, “Our first drillholes at Nutmeg Mountain exceeded our expectations and demonstrate that the project hosts a strong, continuous gold system that starts essentially at surface. Additionally, this drilling has identified new potential feeder structures at depth that have high-grade potential. It is also noteworthy that this is the first drill program on the project to use oriented core, a technology that is essential to understanding the structures that control the gold mineralization. We are excited to leverage this new oriented core data and our understanding of the stratigraphy to continue to quickly add gold resource ounces. We have completed subsequent drilling and eagerly await further assays from the current drill program.”