NevGold Corp. announced further oxide, gold results intercepted from surface at the Nutmeg Mountain gold project in Idaho. The Project hosts a 2020 historical mineral resource estimate of 910,000 Indicated ounces of gold (43.5 Mt at 0.65 g/t Au), and 160,000 Inferred ounces of gold (9.1 Mt at 0.56 g/t Au).

A Nevgold Qualified Person has not done sufficient work to classify this historical resource estimate as current mineral resources, and NevGold is not treating the estimate as current mineral resources or mineral reserves. The Company also announces that it is well-advanced on completing a currentMineral Resource Estimate (MRE) at Nutmeg Mountain with targeted completion in early July 2023. Updated Mineral Resource Estimate: The Company has engaged Global Mineral Resource Services from North Vancouver, Canada to complete the MRE at Nutmeg Mountain.

Targeted completion of the MRE is early July 2023. Geology Summary: Hole NMD0004 was a metallurgical drillhole and based on the core logging completed, the hole shows strong oxidation in the mineralized zone. The hole was split into quarters, and part of the hole was sent to McClelland Laboratories in Sparks, Nevada to commence metallurgical testwork.

The focus of the new testwork program is to systematically augment the historical metallurgical data with focus on grinding, comminution, and optimal recovery methods. The remainder of assays from Hole NMD0003 were received. Along with the previously announced 0.72 g/t Au over 79.3 meters from 10.4 meters depth, the hole contained multiple zones of anomalous mineralization with grades up to 0.61 g/t Au.

The textures and alterations logged in the core exhibit positive characteristics and highlight that the Company is vectoring in on the potential high-grade feeder structure at the Project. More core drilling will be incorporated into further drilling at the Project in 2023. Drillhole Orientation Details: Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance: All sampling was conducted under the supervision of the Company’s geologists and the chain of custody from the Project to the independent sample preparation facility, American Assay Labs in Sparks, NV, was continuously monitored.

The samples were crushed, pulverized and sample pulps were analyzed using industry standard fire assay methods. A blank and certified reference material was inserted approximately every 20th sample and duplicates of coarse reject material was analyzed approximately every 20th sample. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results.