Elevation Gold Mining Corporation (TSXV: ELVT) (OTCQX: EVGDF) is pleased to provide initial results from its recent reverse circulation resource definition and expansion drilling program at Moss Mine and provide an update on its recent greenfields exploration core drilling program. (See Figure 1: Map of Drill Project Locations)

Highlights

• Twenty-two RC holes totaling 4,906m have been completed into three different near-mine targets (Mordor, Reynolds Pit, and ROM Pad Ramp; Figure 2: Near-Mine RC Drill Locations).
• Assay results for fourteen RC holes have been received, all of which intersected significant zones of gold mineralization.
• Significant zones of gold mineralization have been intersected in the Reynolds Pit area, where previously only historic drilling existed.
• Five diamond core holes totaling 3,141 meters have been drilled on greenfields targets in the Florence Hill, Grapevine and McCullough Patents areas. Core samples have been shipped to independent laboratories with assay and geochemical results expected in Q2 2023.

Tim Swendseid, Chief Executive Officer of Elevation Gold stated: “The results we have seen to date from our recent near-mine drilling campaign are exceptional.  The bulk of this drilling was conducted in the Reynolds pit area, which returned thicker-than-expected zones of mineralization with higher-than-expected gold grades that are similar to or higher than our last published resource grades of 0.38 g/t.  (Please refer to the Company’s website: https://elevationgold.com/site/assets/files/1061/mossfinaldraft-tr-21oct21-conformed.pdf).  Permitting is already in place for this area which is located approximately half a kilometer to the west of our active West Pit.  In particular I draw your attention to Figure 5, which shows  some impressive continuity to the mineralization.”

Near-mine RC Drilling Results

The three targets of interest for this near-mine program include the area immediately west of the West pit (Mordor area), the area between the Center pit and the crusher (ROM Pad Ramp), and the Mid-West Extension (Reynolds Pit).  (See Figure 2 for displays of the areas in map view).  Assay results for twelve holes have been received for the Mordor and Mid-West Extension areas and are being reported in this news release.  Assay results for ten holes from the ROM Pad Ramp area and the Mid-West Extension area remain outstanding.

Mordor area

Three holes were drilled from a single drilling platform in a north-south fan immediately west of the West pit (See Figure 3: cross-section through Mordor area showing recent drill results).  All three holes intersected gold mineralization, both near-surface and at depth.  This drilling is intended to extend the West pit westward as mining progresses down the hillside.  For details on drillholes and significant intersections see Table 1, highlights include:

• 7.62m grading 0.69 g/t Au, 0.46 g/t Ag, and 3.05m grading 0.38 g/t Au, 1.50 g/t Ag and 19.81m grading 0.38 g/t Au, 0.89 g/t Ag (AR22-642R)
• 7.62 m grading 0.56 g/t Au, 0.76 g/t Ag, and 6.10m grading 0.88 g/t Au, 3.38 g/t Ag, and 54.86m grading 0.38 g/t Au, 0.75 g/t Ag, including 7.62m grading 0.62 g/t Au, 1.52 g/t Ag, and including 4.57m grading 1.15 g/t Au, 1.07 g/t Ag (AR22-643R)

Reynolds Pit

In the early 1990’s Reynolds Metals drilled several holes in this area.  The holes were drilled vertically and only reached depths of approximately 122 meters.  Most of these holes intersected low-grade gold mineralization associated with hanging-wall stockworks veining.  Elevation’s Mine Plan of Operation that was approved in March 2020 includes a permitted mine pit and stockpile in this area.  This discovery could extend Elevation’s active mining area more than 500 meters to the west.

Elevation’s program consisted of seventeen inclined holes (up to -45 degrees), drilled both to the north and the south, perpendicular to the structures hosting gold mineralization.  This drilling has been quite successful with most holes intersecting thick zones of gold mineralization associated with the south dipping Moss vein structure and hanging wall stockworks.  A previously untested north dipping vein and stockworks structure approximately 150 meters south of the Moss vein structure was also tested.  New drilling results indicate this structure could host vein and stockworks zones up to 80 meters thick (true width) with gold grades as high as 0.92 g/t over 10.67 meters (AR22-656R).  (See Figure 4 for a close-up map of the area with the Moss vein structure and the newly tested north dipping vein and stockworks structures labeled).  (Figure 5 displays an accompanying cross-section through the Reynolds Pit area with updated drill results).  Assay results for eleven of the seventeen holes have been received.  See table 1 for drillhole details and significant intersections, highlights include:

• 92.96m grading 0.46 g/t Au, 1.76 g/t Ag, including 16.76m grading 1.32 g/t Au, 3.68 g/t Ag (AR22-648R)
• 100.58m grading 0.50 g/t Au, 1.93 g/t Ag, including 4.57m grading 2.23 g/t Au, 5.73 g/t Ag, and including 6.10m grading 1.09 g/t Au, 2.85 g/t Ag (AR22-654R)
• 108.20m grading 0.36 g/t Au, 2.94 g/t Ag, including 10.67m grading 0.92 g/t Au, 4.01 g/t Ag, and including 6.10m grading 0.82 g/t Au, 9.73 g/t Ag, and including 3.05m grading 0.92 g/t Au, 10.10 g/t Ag

ROM Pad Ramp

Two RC holes have been completed in the area between the crusher and the Center pit.  These holes are designed to test the shallow area between the areas and were drilled to depth to the deeper extents of the Ruth and Moss veins in this area.  Samples have been shipped to an independent laboratory for testing, and assay results are expected in Q2 2023.

Table 1: Assay Results from Elevation’s Recent Near Mine Exploration Drilling at the Mordor, Reynolds Pit and ROM Pad Ramp Areas

Update on Greenfields Core Drilling Program

Five diamond core holes have been completed for approximately 3,141 meters.  These holes tested a broad hydrothermal alteration zone at the Florence Hill and Grapevine exploration areas and several epithermal quartz-calcite vein systems including the Hardy vein and the potential extension of the West Oatman vein/Gold Road vein structure (Figure 6: Diamond Drill Core Collar Location Map).  All drill core has been logged and sampled in detail and samples have been shipped to several independent laboratories for assay analysis and multi-element geochemistry.  Longer than expected turn-around times at the laboratories have delayed assay and geochemical results until Q2 2023.

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, P.Geo, 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 Projects.

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.  Elevation Gold’s common shares are listed on the TSX Venture Exchange in Canada and on the OTCQX 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.