Elevation Gold Mining Corporation (TSX-V: ELVT) (OTCQX: EVGDF) is pleased to report assay results for four reverse circulation holes that were drilled in the Reynolds Pit area and the ROM Pad Ramp area (see Table 1).

Highlights

• AR23-663R in the Reynolds Pit area intersected 47.2 meters grading 0.38 g/T Au, 1.69 g/T Ag, and 60.9 meters grading 0.33 g/T Au, 1.96 g/T Ag, respectively. See Figure 1 for collar locations and Figure 2 for the cross-section.
• AR23-663R extends the newly identified mineralization zone in the Reynolds Pit area that appears to be a north dipping structure. It was collared 87 meters southeast of and on a line 63 meters east of AR23-662R, which intersected 225.6 meters of mineralization grading 0.56 g/T Au and 2.77 g/T Ag (see Figure 3 for cross-section and see press release dated April 26, 2023), which in-turn was collared 80.5 meters northeast of AR22-656R which intersected 110.6 meters of mineralization grading 0.50g/T Au, 1.93 g/T Ag (see Figure 4 for repeat of cross-section first shown in press release dated March 16, 2023).
• Results were received for AR23-661R, also in the Reynolds Pit area, which intersected 44.2 meters grading 0.35 g/T Au, 1.58 g/T Ag and 7.62 m grading 0.35 g/T Au, 1.29 g/t Ag and 7.62m grading 0.85 g/T Au and 9.04 g/T Ag. See Figure 3 for cross section.

Tim Swendseid, Chief Executive Officer of Elevation Gold stated: “The final results from our reverse circulation program that ended earlier this year have now been received, and the mineralized zone intercepted by AR23-662R (reported April 26, 2023) has been confirmed to continue both to the east and west, by hole AR23-663R to the east, and hole AR23-656R to the west, with grades well above our operating cutoff grade of 0.31g/T Au.  This zone is located approximately ½ km from our active West Pit, in an area fully permitted for mining, and the potential for continuation even further to the east and west will be tested by additional drilling.  We anticipate the identification of these additional mineralized areas will extend the operational time period of the Moss mine.

Reynolds Pit Area

Assay results for two RC holes drilled on two lines in the Reynolds pit area are reported in this press release (Figure 1 shows collar locations).  AR23-661R was drilled to the north-northeast into the Moss vein and associated structures, and AR23-663R was drilled to the south-southeast across the north-dipping structures.  Both holes intersected gold and silver mineralization.  AR23-663 expands the zone of known mineralization in the southern Reynolds pit area to the east by about 62.5 meters.

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

ROM Pad Ramp

Two holes were drilled between the Center pit and the crusher on the haul truck road that connects the West pit with the East pit.  These holes were drilled to test for hanging wall mineralization between the crusher and the Center pit.  Both holes collared on the same drill pad, and both holes intersected gold and silver mineralization, highlighted by 65.53 meters with average grade of 0.33 g/T au and 3.43 g/T Ag, including 33.53 meters with average grade 0.44 g/T Au, 4.68 g/T Ag (AR23-664R).

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.

Unless otherwise indicated, the technical disclosure contained within this press release that relates to the Company’s operating mine has been reviewed and approved by Tim J. Swendseid, P.E., MBA, CFA, Chief Executive Officer of the Company and a Qualified Person for the purpose of National Instrument 43-101.

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.