NevGold Intercepts Strongly Oxidized, Silicified Sandstone with Quartz Veining From Surface With Assays Pending

Key Highlights Hole NMD0004 Intercepted Strongly Oxidized, Silicified Sandstone with Quartz Veining: the signatures and textures obstructed in Hole NMD0004 (Figure 1) resemble other holes drilled in the present program consisting of NMD0003 (Figure 3, Released on April 13, 2023) which obstructed 0.72 g/t Au over 79.3 meters from 10.4 meters depth (heap-leachable), consisting of 32 g/t Au over 13.4 meters from 25.6 meters depth (heap-leachable). Historic drillholes in the 2020 resource location that have actually been re-logged likewise exhibit comparable attributes. (Note 1) Long Intercept From Surface: Hole NMD0004 obstructed over 120 meters of highly oxidized, silicified sandstone from surface area. Resource Growth Potential: the Project has considerable resource development capacity along strike and at depth. There is over 100 vertical meters of determined resource capacity beyond the US$ 1500/oz Au pit shell utilized in the 2020 resource. (Note 1) The focus of the 2023 drill program is to advance Nutmeg Mountain to an upgraded Mineral Resource Estimate. NevGold CEO, Brandon Bonifacio, remarks: “It is extremely favorable to see our inaugural drill program continue to track at Nutmeg Mountain. We excitedly wait for assay arise from Hole NMD0004 which is presently cut and at American Assay Lab in Sparks, Nevada, with last assays pending. The signatures that we are seeing at or near surface area are motivating. Our technical group is getting a strong understanding of the local and localized structures and textures having actually invested the previous 10 months re-logging historic drilling, and after each drillhole is finished in this program. We are eagerly anticipating supplying additional updates over the coming weeks and months from the drill program.” Figure 1– Core Photos– NMD0004 from 12.2 meters to 13.7 meters (40 to 45 ft.), assays pending. To see image please click on this link Figure 2– Core Photos– NMD0004 from 57.3 meters to 60.0 meters (188 to 197 ft.), assays pending. To see image please click on this link Figure 3– Core Photos– NMD0003 from 31.7 meters to 34.4 meters (104 to 113 ft.), part of the zone that assayed 13.4 meters at 2.32 g/t Au. Launched on April 13, 2023. To see image please click on this link Figure 4– Plan view map of Nutmeg Mountain with drill collar places. Yellow line lays out the job limit, with green shading specifying the unpatented Bureau of Land Management (“BLM”) declares that have actually been allowed through the Exploration Notice. The staying unshaded locations are trademarked claims and personal leases which can be drilled under various standards. Mineralization consisted of within the US$ 1500/oz Au pit shell is described in red (Note 1). To see image please click on this link Note 1: Nutmeg Mountain– 2020 Mineral Resource Estimate On July 14, 2020, GoldMining Inc. (TSX: GOLD, NYSE: GLDG) (“GoldMining”) released an NI 43-101 technical report on the Project entitled “Technical Report– Almaden Gold Property”, with a reliable date of April 1, 2020, that includes the following, and which NevGold is dealing with as a Historical Mineral Resource Estimate: Nutmeg Mountain– GoldMining 2020 Mineral Resource Estimate Classification Cutoff Grade Au g/tonne Tonnes Gold Grade g/tonne Ounces Gold Indicated 0.30 43,470,000 0.65 910,000 Inferred 0.30 9,150,000 0.56 160,000 Table 1: Mineral Resource from GoldMining’s NI 43-101 technical report submitted on SEDAR on July 14, 2020 The Historical Mineral Resource Estimate is thought to be reputable and pertinent and expert
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