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

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

17.08.2023 / 13:12 CET/CEST
The issuer is solely responsible for the content of this announcement.

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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)

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

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 and Petroleum definitions, as required
    under National Instrument 43-101 ("NI 43-101"). The Mineral Resource
    Statement was 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 required under NI 43-101. Mineral
    Resources are not Mineral Reserves and do not have demonstrated economic
    viability. There is 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-off grades are based on a price of
    US$1750/oz gold, and a number of operating cost and recovery
    assumptions, including a reasonable contingency factor. Metallurgical
    recoveries of 80% were used. Densities based on lithology were assigned.

  5. Ounce (troy) = metric tonnes x grade / 31.10348. All numbers have been
    rounded to reflect the relative accuracy of the estimate.

  6. The quantity and grade of reported Inferred Mineral Resources are
    uncertain in nature and there has not been sufficient work to define
    these Inferred Mineral Resources as Indicated or Measured Mineral
    Resources. It is reasonably expected that many of the Inferred Mineral
    Resources could be upgraded to Indicated Mineral Resources with
    continued exploration, however, there is no assurance that further
    exploration will result in all or any part of 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. Numbers may not total due to rounding.

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

    Cut-Off Grade Classification   Tonnes   Gold Grade Ounces Gold
       Au g/t                                 Au g/t
        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.


Image link:
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=download2_file&code_str=05e3e19f239bb07054566d75981e68da
Image title: 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

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

Most gold mineralization that has been identified at the Project to date
occurs within a north-trending graben, which is where most of the drilling
has been concentrated. The graben is bounded by faults on the east and west,
and sedimentary units change in thickness and character across the bounding
faults. Mineralization is associated with multi-phase hydrothermal
brecciation and veining, strong silicification, acid alteration, and
faulting. Much of the surface alteration is composed primarily of opaline
silica and appears to be replacement of Payette Formation sandstone.

There are four principal zones of mineralization. The Main Zone is the most
significant in size and contains most of the gold in the MRE. Gold
mineralization is hosted primarily in silicified Payette Formation sandstone
that has been subjected to multiple phases of hydrothermal alteration,
brecciation, and veining. The Main Zone mineralization occurs over a
north-south distance of approximately 1,200 meters, a width from 250 to 500
meters, and a vertical thickness of up to 180 meters. Most of the gold in
the MRE is situated in the top 75 meters of this vertical thickness,
creating an opportunity to expand the resource vertically with further
deeper drilling and additional data.

The North Zone underlies the narrow ridge crest at the north end of the
Project, approximately 600 meters northeast of the Main Zone. In the North
Zone, gold occurs as an oval, north-trending, tabular body that is up to 60
meters thick, approximately 335 meters long (N-S) and 150 meters wide. The
Stinking Water Zone lies approximately 400 meters west of the North Zone and
600 meters north of the Main Zone. The Cove Creek Zone is located 600 meters
southeast of, and approximately 170 meters lower than the Main Zone, with
little to no surface expression.

Drillhole Data and QAQC Procedures

Prior to the Company's work, the Project was evaluated by several historical
work programs starting in the 1980s including geological mapping,
geochemical and geophysical surveying, several metallurgical bulk samples
and 934 core, RC, and rotary drill holes totaling 70,254 meters. In early
2023, NevGold completed five core holes totaling 1,371 meters, four of which
were located within the known envelope of mineralization. The data from
these holes have been used in the MRE.

There is minimal documented QA/QC procedures or data available for drill
programs prior to 2008. The Company drill program utilizes full
industry-standard survey control and QAQC programs and is designed to
systematically validate as much of the historical drilling as possible
through collar surveys, re-logging, and re-sampling.

Reasonable Prospects of Eventual Economic Extraction

To support reasonable prospects for eventual economic extraction for the
MRE, GMRS used the estimated block model to generate an optimized pit-shell
using the following assumptions: a gold price of US$1750/oz, mining costs of
US$2.00/tonne moved, processing costs including general and administration
costs of US$8.00/tonne, heap-leach process recovery of 80%, and an overall
pit slope angle of 50 degrees. Mining and processing costs are based on
industry norms for this type of deposit and contemplated mining method.

Environmental, Social, and Governance Opportunities

As part of its commitment to environmental, social, and governance (ESG)
practices, the Company has commenced a review of alternate energy potential
near the Project. These alternate sources include geothermal, solar, and
wind power generation. In particular, the Project is in an area of high
geothermal energy potential with two geothermal projects already operating
nearby. There are also a number of solar and wind power generation projects
in Idaho. The Company is actively considering collaboration agreements with
alternate energy partners to assess opportunities to lower the carbon
footprint at the Project.

Next Steps

The Company plans to complete further drilling, metallurgical testwork and,
as appropriate, a further updated MRE to advance the Project towards a PEA
in 2024.

NevGold VP Exploration, Derick Unger, comments "It has been a positive
initial 12 months at Nutmeg Mountain since completing the transaction on the
project in July-2022. We rapidly advanced our field activities including
core re-logging, geochemical sampling, surface mapping, updating the
geological model, and drilling, which has culminated in this exciting MRE.
The MRE highlights the large scale of the outcropping, heap-leachable gold
mineralization at Nutmeg Mountain. It is very encouraging to see the
consistency of mineralization exemplified by the low sensitivity to lower
gold cut-off grades as shown in Table 2. The mineralization remains open in
multiple directions, and we have many high priority drill targets to test in
the next phase of drilling to further unlock the value of the Project. Our
goal is to continue the drilling and metallurgical testwork to potentially
advance the Project to a PEA in 2024."

Qualified Person Statements

Mr. Greg Mosher (P.Geo., M.Sc. Applied), Principle of GMRS is an independent
"Qualified Person" under NI 43-101 and responsible for the MRE. Mr. Mosher
has prepared and approved the scientific and technical information related
to the MRE contained in this news release.

Derick Unger, CPG, the Company's Vice President, Exploration, and a
"Qualified Person" under NI 43-101 has also reviewed and approved the
scientific and technical information contained in this news release.

Technical Disclosure

The Company has filed on SEDAR+ an updated Limousine Butte Technical Report
titled "Technical Report on the Limousine Butte Gold Property", with an
effective date of June 15, 2023. An updated and amended Annual Information
Form ("AIF") has been filed on SEDAR+ and reflects updated disclosure
contained in the Limousine Butte Technical Report mainly related to the
drilling results from 2022 and the consequent new geological interpretations
of the property.

The amended AIF also reflects the Nutmeg Mountain Technical Report filed on
SEDAR+ entitled "Technical Report on the Nutmeg Gold Property", with an
effective date of June 22, 2023 that disclosed an initial Mineral Resource
Estimate for the Project, which is included in this news release.

Full announcement here:
https://nev-gold.com/site/assets/files/7681/2023-08-17_nevgold_announces_high-grade-_open-pit-_heap.pdf

ON BEHALF OF THE BOARD

"Signed"

Brandon Bonifacio, President & CEO

For further information, please contact Brandon Bonifacio at
bbonifacio@nev-gold.com, call 604-337-5033, or visit our website at
www.nev-gold.com.

About the Company

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

Please follow @NevGoldCorp on Twitter, Facebook, LinkedIn, Instagram, and
YouTube.

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. Forward looking statements in this news release include
statements with respect to estimates of mineral resources, the Company's
future exploration plans with respect to the Project, the intention to
complete an updated MRE and a PEA and the timeline for completion, and the
upgrade of inferred mineral resources to indicated mineral resources. 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, which include the dangers
inherent in exploration, development and mining activities; the uncertainty
of mineral resource estimates; not achieving an updated MRE, a PEA and other
exploration goals or estimates; actual exploration or development plans and
costs differing materially from the Company's estimates; obtaining
additional financing from time-to-time to continue operations; compliance
with government regulation; stock market volatility that may adversely
affect the price of the Company's securities; and the ability to obtain and
maintain any necessary permits, consents or authorizations required for
mining activities. 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.


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17.08.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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   Language:       English
   Company:        NevGold Corp.
                   250-200 Burrard Street
                   V6C 3L6 Vancouver, BC
                   Canada
   Internet:       https://nev-gold.com/
   ISIN:           CA6415361071
   WKN:            A3CTE1
   EQS News ID:    1705983

End of News EQS News Service
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1705983 17.08.2023 CET/CEST