NevGold Intercepts 0.53 g/t Oxide Au over 74.7 Meters at Resurrection Ridge

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NevGold Corp. [TSXV-NAU, OTCQX-NAUFF, Frankfurt-5E50] is pleased to announce further assays from the Company’s drill program at the Resurrection Ridge target area at its Limousine Butte Project, Nevada (the “Project”) 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 shortly.

Key Highlights

  • More Shallow Oxide Gold Mineralization Building the Path to a Near-Term Resource: Hole RR22-001 intercepted 0.53 g/t oxide Au over 74.7 meters, including 0.81 g/t oxide Au over 19.9 meters from the top of the mineralized zonethe hole is an important step-out from LB22-004 which intercepted 2.19 g/t oxide Auover 61.6 meters including 8.51 g/t oxide Au over 11.6 meters. (released on February 8, 2022). Additionally, LB21-005 expanded the mineralized footprint at depth with a hole located over 100 meters northeast of LB21-004.
  • Large, Open Mineralized Footprintat Resurrection Ridge Continues to Growthe current mineralized area at Resurrection Ridge now extends over 700 meters along strike and over 350 meters laterally. There is also another +1.0 km of untested strike length to the northeast of LB21-005 (Figure 1), which will be a key focus of drilling at Resurrection Ridge to further expand the mineralized footprint.
  • Near-Surface Mineralization Under Shallow Covermineralization at Resurrection Ridge starts at vertical depth below surface of approximately 20-60 meters.
  • Highly 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: We are excited about the furtherpositive results received from Resurrection Ridge, along with our recently releaseddrill results from the Cadillac Valley target area. Resurrection Ridge continues to expand to the northeast with a currently defined area of over 700 meters along strike and over 350 meters laterally and has all the signatures of a near-surface, oxide, heap-leachgold orebody. With the expansion of mineralization to the northeast, we are eager to continue step-out drilling as there is also another further 1.0 kilometers of untested strike length. We have significantly expanded the mineralized footprints at both Resurrection Ridge and Cadillac Valley in this drill program and these two target areas will form the basis of advancing Limousine Butte to a near-term resourceestimate.

NevGold VP ExplorationDerick Unger, comments: This new drilling at Resurrection Ridge both expands the mineralized footprint and confirms our geologic model that mineralization continues to the northeast. We consider this area especially prospective because the outcrops appear to be older dolomites that have been faulted over the favorable Pilot Shale host-rock. No drilling has been completed under the dolomites because they serve as an impermeable cap that could conceal mineralization. Testing areas with potential for concealed mineralization is the key to unlocking more value at Limousine Butte and expanding the mineralized system with the objective of driving towards a multi-million-ounce resource base.

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