Exploration Plan Of Operations For Limousine Butte

VANCOUVER - NevGold Corp. has submitted an Exploration Plan of Operations (EPO) to the Bureau of Land Management (BLM) for its Limousine Butte Project in Nevada. The submission of the EPO is an important milestone for the Project as the process included many key de-risking activities critical to project development. Once approved the permit will allow for significant expansion of drilling around mineralization and into untested areas.

Critical Environmental and Cultural Studies Completed: the EPO required important environmental baseline and cultural studies completed during the 2022 field season. The results from these studies indicate the Project is in an area with low risk of having significant impact on environmental or cultural resources. The completed studies can also be leveraged in future development stages as the project is advanced. EPO Will Significantly Increase Disturbance Allowed For Exploration: the Project currently has an aggregate 15 acres of disturbance under approved Exploration Notice permits. Once approved, the EPO would expand the allowed disturbance up to 200 acres which would permit increased drill programs including resource infill and exploration drilling.

2023 Work Program Update: the geological model at the Project is currently being updated to incorporate the 2022 drill results. The successful 2022 drill program identified numerous drill targets with the potential to infill and expand the mineralized footprints at Resurrection Ridge and Cadillac Valley to advance to a resource estimate. Additionally, exciting new exploration targets have been identified in untested parts of the Project not previously accessible under the Exploration Notice permits. Drilling is planned for 2023 once geologic interpretation and targeting is complete. Increased Activity in the District: the district around Limousine Butte has seen an increased level of activity over the past 12 months with Freeport-McMoran and Centerra Gold actively drilling projects adjacent to Limousine Butte to the southwest and northeast respectively. Limousine Butte is at the epicenter of this emerging Nevada district and controls over 20 kilometers of the total approximate 30 kilometers of strike length that has numerous styles of mineralization and metal types with gold, copper, silver, lead, and zinc.

CEO, Brandon Bonifacio, said, “We are very pleased to announce the submission of our EPO at Limousine Butte in Nevada. The proposed EPO project boundary is 16,488 acres and will allow for up to 200 acres of surface disturbance, which is a large increase from the current disturbance area totaling 15 acres under our Exploration Notices at the project. The 2022 drilling discovered mineralization in many untested project areas and we have identified an abundance of new, high-priority targets to test in follow-up drilling. The EPO submission is another key milestone for the company as the goal of further drilling will be to expand and infill the mineralized footprints and advance to a resource estimate. With the application of a refreshed geological model of the district, we have materially increased the mineralization after only 12 months of being on the project, and it is great to see an increased level of activity with Freeport-McMoran (NYSE:FCX) drilling adjacent to our southwest, and Centerra Gold (TSX:CG, NYSE:CGAU) drilling adjacent to our northeast. We are looking forward to the 2023 exploration program which will include following up on the near-surface high-grade oxide gold results that we drilled in 2022, and starting to test the newly identified targets within our large 67 square kilometer land package.”