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EQS-News: NevGold Corp. / Key word(s): Study/Drilling Result
NevGold Corp.: NEVGOLD ANNOUNCES HIGH-GRADE, OPEN-PIT, HEAP-LEACH GOLD MINERAL RESOURCE INCLUDING 1,006,000 OZS
INDICATED AND 275,000 OZS INFERRED AT NUTMEG MOUNTAIN
2023-08-17 / 13:12 CET/CEST
The issuer is solely responsible for the content of this announcement.
Vancouver, British Columbia - August 16, 2023 - NevGold Corp. ("NevGold" or the "Company") (TSXV:NAU) (OTCQX:NAUFF)
(Frankfurt:5E50) is pleased to announce the Company's initial Mineral Resource Estimate ("MRE") for the Nutmeg Mountain
gold project (the "Project", "Nutmeg Mountain") in southwest Idaho.

Key Highlights
. High-Grade, Open-Pit, Oxide, Heap-Leach Gold Mineral Resource in the Western USA: 1.01Mozs of Indicated
Resources at 0.61 g/t Au (51.7 Mt, 74% of pit-constrained tonnage) and 275kozs of Inferred Resources at 0.48 g/t Au
(17.9 Mt, 26% of pit-constrained tonnage).
. Significant Growth Captured Over Last 12 Months: compared to the 2020 historical resource estimate, the
Company increased the pit-constrained tonnage by over 32%, with further upside identified with high priority drill
targets.
. Mineralization Starts at Surface with Low Strip Ratio: mineralization at Nutmeg Mountain starts at
surface. The strip ratio of the project based on conceptual pit shells is expected to be less than 1:1, which is
extremely low for an open-pit, oxide, heap-leach gold project. The low strip ratio will minimize upfront capital
and development timelines of the Project, providing the opportunity for a future low-cost mining operation with
rapid cash flow.
. Higher Grade Core Within the Resource: increasing the cut-off grade from the base case of 0.30 g/t Au to
0.60 g/t Au, the Project has 560kozs of Indicated Resources at 0.92 g/t Au, and 81kozs of Inferred Resources at
0.87 g/t Au. Exploring for more potential high-grade mineralization will be a key focus as the project is advanced
with further drilling and subsequent resource estimates.
. Low Sensitivity to Gold Price: as seen in Table 2, the Project has low sensitivity to gold price.
Decreasing the cut-off grade from the base case of 0.30 g/t Au to 0.20 g/t Au, the Project has 1.13Mozs of
Indicated Resources at 0.53 g/t Au, and 365kozs of Inferred Resources at 0.39 g/t Au.
. Next Steps: the Company plans to complete further drilling, metallurgical testwork, and an updated MRE to
advance the Project to a Preliminary Economic Assessment ("PEA").

NevGold CEO, Brandon Bonifacio, comments: "This is an important milestone for NevGold and the Nutmeg Mountain gold
project as it further validates our corporate strategy and business model. We are pleased with the results of the MRE,
as it illustrates the size, grade, and simplicity of this robust, at-surface, open-pit, oxide, heap-leach gold project
in the Western USA. Since announcing the transaction on Nutmeg Mountain in 2022, we strongly believed there was
immediate growth potential not captured in the 2020 historical resource. Using the same cut-off grade from the 2020
historical resource of 0.30 g/t Au, we were able to significantly increase the Indicated Mineral Resource to 1.01Mozs,
and the Inferred Mineral Resource to 275kozs. Today's MRE is the first step towards extracting the potential at the
project, and with the mineralization remaining open, we will continue to focus our efforts on further drilling to
expand the resource. As we have stated consistently, there are very few open-pit, oxide, heap-leach gold projects of
scale and grade with mineralization starting at surface in the Western USA, and that is exactly what we are building at
Nutmeg Mountain."

Table 1: Nutmeg Mountain - Open-Pit, Heap-Leach MRE (see notes below)

Classification Cutoff Grade (g/t)   Tonnes   Gold Grade (g/t) Ounces Gold 
Indicated           0.30        51,660,000       0.61         1,006,000 
Inferred           0.30        17,860,000       0.48           275,000 

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Notes: 1. Effective date of this mineral resource estimate is June 22, 2023. 2. All mineral resources have been estimated in accordance with Canadian Institute of Mining, Metallurgy andPetroleum definitions, as required under National Instrument 43-101 ("NI 43-101"). The Mineral Resource Statementwas prepared by Greg Mosher, P. Geo (Global Mineral Resource Services, "GMRS") in accordance with NI 43-101. 3. Mineral Resources reported demonstrate a reasonable prospect of eventual economic extraction, as requiredunder NI 43-101. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Thereis no certainty that all or any part of the estimated Mineral Resources will be converted into Mineral Reserves.The potential development of the Mineral Resources may be materially affected by environmental, permitting, legal,marketing, and other relevant issues. 4. Mineral Resources are reported at a cut-off grade of 0.30 g/t Au for an open-pit mining scenario. Cut-offgrades are based on a price of USUSD1750/oz gold, and a number of operating cost and recovery assumptions, includinga reasonable contingency factor. Metallurgical recoveries of 80% were used. Densities based on lithology wereassigned. 5. Ounce (troy) = metric tonnes x grade / 31.10348. All numbers have been rounded to reflect the relativeaccuracy of the estimate. 6. The quantity and grade of reported Inferred Mineral Resources are uncertain in nature and there has notbeen sufficient work to define these Inferred Mineral Resources as Indicated or Measured Mineral Resources. It isreasonably expected that many of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resourceswith continued exploration, however, there is no assurance that further exploration will result in all or any partof the Inferred Mineral Resources being converted into Indicated Mineral Resources. 7. Tonnages and ounces in the tables are rounded to the nearest thousand and hundred, respectively. Numbersmay not total due to rounding.

Table 2: Nutmeg Mountain Open-Pit Constrained Resource Sensitivity by Gold Cut-Off Grades

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Cut-Off Grade                            Gold Grade 
Au g/t     Classification    Tonnes     Au g/t   Ounces Gold 
1.00         Indicated    5,430,000     1.31        230,000 
1.00         Inferred      590,000      1.36         26,000 
0.80         Indicated    10,060,000    1.12        362,000 
0.80         Inferred     1,260,000     1.11         45,000 
0.60         Indicated    19,020,000    0.92        560,000 
0.60         Inferred     2,920,000     0.87         81,000 
0.50         Indicated    26,320,000    0.81        689,000 
0.50         Inferred     5,360,000     0.72        124,000 
0.40         Indicated    37,020,000    0.71        842,000 
0.40         Inferred     9,440,000     0.60        182,000 
0.30         Indicated    51,660,000    0.61      1,006,000 
0.30         Inferred     17,860,000    0.48        275,000 
0.25         Indicated    59,930,000    0.56      1,079,000 
0.25         Inferred     23,660,000    0.43        327,000 
0.20         Indicated    66,920,000    0.53      1,130,000 
0.20         Inferred     28,890,000    0.39        365,000 

===
Technical Overview

Details of the MRE are provided in a technical report entitled "Technical Report on the Nutmeg Gold Property" with an effective date of June 22, 2023, prepared in accordance with NI 43-101 standards, which is filed under the Company's SEDAR+ profile. The MRE was prepared by independent mining consulting firm GMRS.

Nutmeg Mountain - Summary

Nutmeg Mountain is a low-sulphidation epithermal gold deposit located in southwest Idaho, approximately 20 kilometers east of Weiser, Idaho, and 120 kilometers northwest of Boise, Idaho. The Project is approximately 1,724 hectares in size, which is comprised of 210 federal unpatented claims, 12 patented claims, and 2 private leases.

In July 2022, NevGold executed an option to acquire Nutmeg Mountain from GoldMining Inc. (TSX:GOLD, NYSE:GLDG). At the time, the Project had 934 core, reverse circulation ("RC"), and rotary drill holes totaling over 70,254 meters of historical drilling. In early 2023, NevGold completed five core holes totaling 1,371 meters, and the data from these holes was used to complete the MRE at the Project.

Nutmeg Mountain - Additional Exploration Potential

The work completed to date by the Company has identified several high priority drill targets for future drilling. Historical drilling was mainly focused on the outcropping and near-surface disseminated mineralization, which is primarily located on the patented mining claims and other privately owned ground. (Figure 1) NevGold has identified numerous additional near-surface gold targets on the unpatented mining claims surrounding the private ground. Additionally, the average drill hole depth at the Project is less than 75 meters, and to date the potential high-grade feeder veins typically associated with low-sulphidation epithermal gold systems have yet to be identified. Discovering additional near-surface disseminated gold mineralization and the potential high-grade feeder structures will continue to be the focus of NevGold's ongoing exploration.

Figure 1 - Plan view map of Nutmeg Mountain gold project. Orange line outlines the project boundary, with orange shading defining the unpatented Bureau of Land Management (BLM) claims that have been permitted through an Exploration Notice. The remaining unshaded areas are patented claims and private leases which can be drilled with a notice to the state of Idaho and do not have limitations on disturbance acreage allowed. Red outline shows mineralization defined by the MRE block model at a 0.20 Au g/t cutoff. Gold dashed lines represent areas with additional mineralization potential. To view image please click here

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