NevGold Corp. (TSX-V:NAU) (OTCQB:NAUFF) (Frankfurt:5E50) is pleased to announce further assays from the Company’s drill program at the Cadillac Valley target area at its Limousine Butte Project, Nevada located on the southern part of the Carlin Trend. Further assays from the Company’s inaugural 10,000 meter drill program at the Project are expected regularly for the remainder of the first half of 2022.

Key Highlights

• Building a High-Grade, Oxide Gold Resource: CV22-001 intercepted 0.86 g/t oxide Au over 175.2 meters (the first portion of CV22-001 was released on March 8, 2022, and included 2.13 g/t oxide Au over 58.2 meters including 12.32 g/t oxide Au over 5.9 meters), and CV22-002 intercepted 0.83 g/t oxide Au over 126.2 meters at a location over 700 meters from CV22-001.
• Large, Open Mineralized Footprint: the mineralized area at Cadillac Valley extends over 1 km along strike and over 400 meters laterally, defining a large, oxide, mineralized footprint (Figure 1). There are numerous further targets that will be tested in the current drill program.
• Mineralization Trends Up-Dip and Shallower: as expected based on the Company’s geological interpretation and model, holes CV22-002 and CV22-003 confirm mineralization trends up-dip and shallower further south at the Cadillac Valley target area. (See Figure 2) The assays received to date have been important data points to vector in on new areas of potential mineralization.
• Highly Oxidized Mineralization: assay results from all of the holes received at Cadillac Valley reported oxidized mineralization. Oxidized mineralization has been seen in all of the holes drilled to date by the Company at Limousine Butte.

NevGold CEO, Brandon Bonifacio, comments: “Building on the initial assays released from Cadillac Valley on March 8, we have received the remaining assays from CV22-001, along with holes CV22-002 and CV22-003. These results have started to confirm the large extent of the mineralized footprint at Cadillac Valley, which extends over 1 km northeast to southwest, and over 400 meters laterally. It is becoming clear there is a large, oxide gold system at this important target area at the project. As we highlighted in our previous disclosure, it is also promising to see the geological model being validated with the up-dip trend of mineralization as we work further south at Cadillac Valley. We will remain consistent with assays over the coming months from the 10,000 meter drill program at Limousine Butte.”

NevGold Chief Geologist, Derick Unger, comments: “We are very encouraged by this further data from Cadillac Valley, which is becoming a large target area based on these results. We are gaining a strong understanding of the structural characteristics, which is helping us refine the drill program as data is received from the assay lab, which is occurring in an expedited fashion. The remaining assays from CV22-001 have confirmed a thick, high-grade interval of oxidized gold mineralization. We also expected mineralization to trend up-dip and shallower as we drilled further south at Cadillac Valley, and it is exciting to see this interpretation validated based on the results seen in CV22-002 and CV22-003. We have completed subsequent holes at both Resurrection Ridge and Cadillac Valley and expect further assays shortly.”

Drill Results

*Downhole thickness reported; true width varies depending on drill hole dip and is approximately 70 to 90% of downhole thickness.
**First portion of hole CV22-001 from 212.0 meters to 270.2 meters was released on March 8, 2022.

Figure 1 – Plan view of the drill pads with assays released at Cadillac Valley showing the large, mineralized system spanning over 1 km northeast to southwest, and over 400 meters laterally. Red outline represents Au zones of greater than 0.1 g/t defined from historical drilling.

 Figure 2 – Long-section looking northwest through Cadillac Valley. Red outlines represent Au zones of greater than 0.1 g/t defined from historical drilling. Orange dashed lines represent areas with additional mineralization potential.

About NevGold

NevGold is an exploration and development company targeting large-scale mineral systems in the proven districts of Nevada 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 Southeast BC.