NEVGOLD ANNOUNCES APPROVAL OF EXPLORATION NOTICE PERMIT AT NUTMEG MOUNTAIN ALLOWING FOR EXPANDED DRILL PROGRAM

[PRESSWIRE] Vancouver, British Columbia– January 31, 2023– NevGold Corp. (“NevGold” or the “Company”) (TSXV: NAU) (OTCQX: NAUFF) (Frankfurt:5 E50) is delighted to reveal the approval of the Exploration Notice (the “Notice”) license by the Bureau of Land Management (the “BLM”) at the Nutmeg Mountain gold job (the “Project”, “Nutmeg Mountain”) in Idaho, which hosts a 2020 mineral resource price quote of 910,000 Indicated ounces of gold (43.5 Mt @ 0.65 g/t Au), and 160,000 Inferred ounces of gold (9.1 Mt @ 0.56 g/t Au) (see Note 1). The approval of the Notice will make it possible for disruption on the federal unpatented mining claims at the Project, which traditionally just saw minimal drilling, as around 85% of the 2020 resource quote is located on the trademarked mining claims and other personal land (see Figure 1). There are a variety of recognized premium resource growth and expedition targets on the unpatented mining claims developing substantial chance for development. Secret Highlights Exploration Notice Permit Approved: the Notice drill license was authorized by the BLM to drill on the federal unpatented mining claims. The Notice authorization opens a big part of the task with really restricted historic drilling. (see Figure 1) Key Resource Expansion and Exploration Targets on Unpatented Claims: just around 15% of the overall historic drilling at the Project was on the unpatented mining claims. After the Company finished the preliminary geological modeling, numerous resource growth and expedition targets were recognized on the unpatented mining claims. These targets will be evaluated in the existing drill program. Existing Drill Program Update: the Company is delighted to reveal that the drill program is underway, and very first samples will be sent out to the assay laboratory imminently. NevGold CEO, Brandon Bonifacio, remarks: “It has actually been a really thorough start to our work at Nutmeg Mountain given that closing the deal in August-2022. Our drill program began on January 18th, and approval of this crucial Exploration Notice allow from the BLM opens big parts of the job that have very little to no historic drilling. The 2022 drill targeting workout at the task recognized numerous crucial resource development and expedition chances on the federal unpatented BLM claims. Obtaining this authorization in a prompt style enables us to begin drilling these targets in the present drill program. The license approval is another de-risking turning point at Nutmeg Mountain and we value the numerous governing bodies who worked favorably and collaboratively with us through the procedure. We stay on track to have preliminary drill assays from Nutmeg Mountain by March.” Figure 1– Plan view map of the Nutmeg Mountain Project. Yellow line lays out the job border, with green shading specifying the unpatented BLM declares that have actually been allowed through the Exploration Notice. The staying unshaded location lays out the trademarked claims and personal leases which can be drilled under various standards. To see image please click on this link Note 1: Nutmeg Mountain– 2020 Resource On July 14, 2020, GoldMining Inc. (TSX: GOLD, NYSE: GLDG) (“GoldMining”) released an NI 43-101 technical report on the
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