Nutmeg Mountain Project Commences Drill Program

VANCOUVER - NevGold Corp. reported on the positive progress on the inaugural drill program at Nutmeg Mountain, Idaho, which hosts a 2020 mineral resource estimate 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) with significant resource expansion and exploration upside. The Company has organized all key areas for the program, and drilling has started.

The Company has contracted American Drilling LLC from Spokane, Washington for a core drill rig, and all other key support areas including water, support equipment, and personnel are in place for the program. The drill mobilization is complete and the first hole has commenced. Large portions of the Project are situated on patented mining claims and other privately held ground, which is the initial focus of drilling. The Company has also filed an Exploration Notice permit with the Bureau of Land Management (BLM) to drill on the federal unpatented mining claims at the Project. The permit is currently in the review stage and is tracking to the expected timeline.

The historical drilling at Nutmeg Mountain totaling over 70,000 meters only went to an average depth of approximately 75 meters creating a number of resource expansion and exploration targets. The Company will focus on leveraging the robust historical database which was re-analyzed and re-interpreted by the NevGold team in 2022 to: Expand the 2020 mineral resource to the north and south with near-surface drilling; Test for high-grade feeder structures at depth as shown in the low-sulphidation epithermal model; and Identify parallel structures that host additional near-surface mineralization to the east and west of the 2020 mineral resource.

VP Exploration, Derick Unger, said, “The pace at which our team has moved to organize our inaugural drill program at Nutmeg Mountain is impressive. We closed the Nutmeg Mountain transaction in August-2022 and swiftly moved to complete the core re-logging, surface mapping, geological interpretation, and drill targeting. Through this geological exercise we identified an abundance of high-quality resource expansion and exploration targets that we will begin to test in this program. Our focus at Nutmeg Mountain is two-fold; first to laterally expand the near-surface mineralization, and second to test new exploration targets at depth trying to uncover the high-grade feeder structure. This is a very exciting time as the drill program has started and we expect to start receiving assays as early as March.”