Vancouver, British Columbia , Nov. 10, 2022 (GLOBE NEWSWIRE) —

News Release Video:


NevGold completed a short video to explain the drill results which can be seen

here

.

NevGold Corp. (“

NevGold

” or the “

Company

”) (

TSXV:NAU


) (


OTC


Q


X


:NAUFF


) (


Frankfurt:


5E50

) is pleased to announce further assays from the Company’s drill program at the Resurrection Ridge target area at its Limousine Butte Project, Nevada (the “Project”) located on the southern part of the Carlin Trend. Further assays from the Company’s inaugural 10,000 meter drill program at the Project are expected shortly.

Key Highlights

• 
  More
  
  
  Shallow
  
  
  Oxide Gold Mineralization
  
  
  Building the Path to a Near-Term Resource:
  
  Hole RR22-001 intercepted
  
  0.
  
  
  5
  
  
  3
  
  
  g/t oxide Au over
  
  
  74.
  
  
  7
  
  
  meters
  
  
  , including
  
  
  0.
  
  
  8
  
  
  1
  
  
  g/t oxide Au over 1
  
  
  9
  
  
  .
  
  
  9
  
  
  meters from the top of the mineralized zone
  
  
  ;
  
  the hole is an important step-out from LB22-004 which intercepted
  
  2.19 g/t
  
  
  oxide
  
  
  Au
  
  
  over 61.6 meters
  
  including
  
  8.51 g/t
  
  
  oxide
  
  
  Au over 11.6 meters
  
  
  .
  
  (released on February 8, 2022). Additionally, LB21-005 expanded the mineralized footprint at depth with a hole located over 100 meters northeast of LB21-004.
• 
  Large,
  
  
  Open Mineraliz
  
  
  ed
  
  
  Footprint
  
  
  at Resurrection Ridge
  
  
  Continues to Grow
  
  
  :
  
  the current mineralized area at Resurrection Ridge now extends over
  
  70
  
  
  0
  
  
  meters
  
  
  along strike
  
  
  and over
  
  
  350
  
  
  meters
  
  
  laterally
  
  . There is also another
  
  +
  
  
  1.
  
  
  0
  
  
  km of untested strike
  
  
  length
  
  
  to the
  
  
  northeast
  
  of LB21-005 (Figure 1), which will be a key focus of drilling at Resurrection Ridge to further expand the mineralized footprint.
• 
  Near-
  
  
  S
  
  
  urface
  
  
  Mineralization
  
  
  Under
  
  
  Shallow
  
  
  Cover
  
  
  :
  
  mineralization at Resurrection Ridge starts at vertical depth below surface of approximately 20-60 meters.
• 
  Highly Oxidized Mineralization:
  
  oxidized mineralization has been seen in all of the holes drilled to date by the Company at Limousine Butte.

NevGold CEO, Brandon Bonifacio, comments:


“


We are


excited about the


further


positive


results


received from Resurrection Ridge,


along with our recent


ly released


drill


results


from the Cadillac Valley target area. Resurrection Ridge continues to expand


to the northeast


with


a currently defined area of


over 700 meters along strike and over 350 meters laterally,


and has all the signatures of a


near-surface, oxide


, heap-leach


gold


orebody.


With the expansion of mineralization to the northeast, we are


eager


to continue step-out


drilling


as there is also another


further


1.0 kilometers of untested strike length.


We have


significant


ly


expanded the


mineralized footprints at both Resurrection Ridge and Cadillac Valley


in this drill program


and these


two target areas


will form the basis of advancing Limo


usine


Butte to a near-term resource


estimate


.


”

NevGold


VP Exploration


,


Derick Unger


, comments


:


“


Th


is new drilling at Resurrection Ridge both expands the mineralized footprint and confirms our geologic model that


mineralization


continues to the northeast. We consider this area especially prospective because


the outcrops appear to be


older dolomites


that


have been faulted over the favorable Pilot Shale host-rock. No drilling has been completed under the dolomites because the


y serve as


an


impermeable cap that


c


ould


conceal mineralization. Testing areas


with


potential


for


concealed mineralization is the key to unlocking


more value at Limousine Butte and


expanding


the mineralized system


with the objective of driving towards a multi-


million ounce


resource base


.


”




Drill Results

*


Downhole thickness reported; true width varies depending on drill hole dip and


is


approximately


70 to


90% of downhole thickness.




**



Drill results from


core holes


LB21-001


to


LB


2


1


-00


4


w


ere


released on


February 8, 2022.


H


ole LB21-005


was


drilled


with


core


, h


ole RR22-001


was


drilled using reverse


–


circulation


(“RC”)


.

Figure 1


–


Plan view of the drill pad


s with assays released at


Resurrection Ridge


outlin


ing


the mineralized system spanning over


700


meters


northeast to southwest and over


350


meters


laterally


, and the further +1.0 km of untested strike length to the northeast.


Red


outline


represent


s


Au zones of


greater than


0.


1


g/t defined from


current and historical


drilling


.




To view image please click here

Figure 2 –


Long-section


looking


northwest


through


Resurrection Ridge


.


Red


outlines


represent Au zones of


greater than


0.


1


g/t defined from


current and


historical


drilling


.


Orange dashed line represent


s


area with additional mineralization potential.

To view image please click here

Figure


3


–


Plan view of


the


Limousine Butte


project


outlining the key target


areas


and


other projects in the district


owned and operated by


Freeport-McMo


r


an


(


NYSE:FCX


)


,


Centerra


Gold (TSX:CG,


NYSE:CGAU), and Ridgeline Minerals (TSXV:RDG)


.




To view image please click here

ON BEHALF OF THE BOARD

“




Signed




”

Brandon Bonifacio, President & CEO


For further information, please contact Brandon Bonifacio at [email protected], call 604-337-4997, or visit our website at

www.nev-gold.com

.

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 20

^th

sample, and field duplicates were collected and analyzed approximately every 20

^th

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.

Technical information contained in this news release has been reviewed and approved by Derick Unger, CPG, the Company’s Vice President, Exploration, who is NevGold’s qualified person under National Instrument 43-101 and responsible for technical matters of this release.

About




the Company



NevGold is an exploration and development company targeting large-scale mineral systems in the proven districts of Nevada, Idaho, and British Columbia. NevGold owns a 100% interest in the Limousine Butte and Cedar Wash gold projects in Nevada, and the Ptarmigan silver-polymetallic project in Southeast BC, and has an option to acquire 100% of the Nutmeg Mountain gold project in Idaho.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward Looking Statements

This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur


.


Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future


events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.