Elevation Gold Mining Corporation (TSXV: ELVT) (OTCQX: EVGDF) is pleased to report assay results for four reverse circulation holes that were drilled in the Reynolds Pit area, including AR23-662R, which intersected 225.6 meters of nearly continuous gold mineralization with an average grade of 0.56 g/T gold, with several higher grade internal zones highlighted by 12.2 meters grading at 1.30 g/T gold.

Highlights

• AR23-662R, collared 80.5 meters northeast of AR22-656R (previously reported), on a line 37.5 meters east of AR22-656R (see Figure 1 for collar locations).
• AR22-656R intersected 108.2 meters grading 0.36 g/T Au and 2.94 g/T Ag (see press release dated March 16, 2023).
• AR23-662R intersected 225.6 meters with an average grade of 0.56 g/T Au and 2.77 g/T Ag (see Figure 2 for cross section displaying down hole gold grades).
• Assay results are pending for AR23-663R which was collared approximately 87.2 meters southeast of AR23-662R on a line 62.5 meters east of AR23 (see Figure 1 for collar location).

Tim Swendseid, Chief Executive Officer of Elevation Gold stated: “The outstanding intercept of hole AR23-662R practically speaks for itself, and I’ll only add that the average grade of the intercept is 24% higher than our reserve grade of 0.45 g/t and is in an area already fully permitted for mining! My hearty congratulations to our Chief Geologist, Mr. Christopher White, for drilling in a southerly direction and finding an unexpected mineralized zone.”    

Ron Kieckbusch, exploration geologist and consultant to the Company added: “These results clearly show the value of continued near-mine exploration”.

Reynolds Pit Area

Assay results for four RC holes drilled on two lines in the Reynolds pit area are reported in this press release (Figure 1 shows collar locations). Three of the holes were drilled to the north-northeast into the Moss vein and associated structures. All three intersected gold and silver mineralization. The fourth hole (AR23-662R) was drilled to the south-southwest into the newly identified north-dipping structures. AR23-662R intersected 225.6 meters of nearly continuous gold and silver mineralization with an average grade of 0.56 g/T Au and 2.77 g/T Ag. Figure 2 displays a cross section through the area with downhole gold grades displayed.

AR23-662R was drilled on an azimuth of 188 degrees with a dip of -39 degrees and a total depth of 274.3 meters. It was drilled to test a series of surface quartz vein and stockworks surface outcrops displaying a northerly dip, conjugate to and beginning approximately 120 meters south of the Moss vein system. Variable amounts of free quartz with very low pyrite content were identified and logged in the RC chips during drilling, signifying the presence of a structure hosting a low-sulfide, epithermal stockworks and vein system. Assay results have verified that AR23-662R intersected a significant gold and silver bearing system (Table 1 and Figure 2).

Table 1: Significant assay intersections reported in this press release.

AR23-662R is one of three RC holes across three lines drilled over an apparent strike length of approximately 104.2 meters to test the north dipping structures. AR22-656R, which also intersected significant gold and silver mineralization, was drilled on a line approximately 37.5 meters west of AR23-662R. Results for RC hole AR22-656R were reported on March 16, 2023, highlighted by 108.2 meters grading at 0.36 g/T Au and 2.94 g/T Ag. The third hole drilled to test the north dipping structures is AR23-663R. It was drilled on a line approximately 62.5 meters east of AR23-662R. RC chips logged from AR23-663R also display variable amounts of free quartz with very little pyrite. Assay results for AR23-663R are expected in early May. Only approximately 1/3 of the potential strike length of the potential north dipping structures have been tested, and the untested strike length extends to both the east and west of the tested strike length (Figure 3).

Qualified Persons

Unless otherwise indicated, the technical data contained in this press release that relates to geology, exploration and mineral resources has been reviewed and approved by Ron Kieckbusch, CPG., Consultant to Elevation Gold. Mr. Kieckbusch is a Qualified Person as defined by National Instrument (“NI”) 43-101 and is responsible for the Moss regional and Hercules Exploration Properties.

About Elevation Gold Mining Corporation

Elevation Gold is a publicly listed gold and silver producer, engaged in the acquisition, exploration, development and operation of mineral properties located in the United States.  The Company’s principal operation is the 100% owned Moss Mine in the Mohave County of Arizona. Elevation also holds the title to the Hercules exploration property, located in Lyon County, Nevada.