NevGold Makes Cadillac Valley South Discovery With 650 Meter Step-Out And Intercepts More Oxide Gold

Vancouver, British Columbia, June 02, 2022 (GLOBE NEWSWIRE) — 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 Cadillac Valley 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 over the coming months.



Key Highlights


  • Cadillac Valley South Discovery Ex


    tends


    Mineralization


    6


    50 Meters


    From


    CV22-002


    :

    CV22-006 intercepted

    0.


    5


    1


    g/t oxide Au over


    7


    3


    .


    1


    meters

    from a drill pad over 650 meters away from CV22-002 (

    0.8


    3


    g/t oxide Au over 12


    6


    .


    2


    meters

    released on April 6, 2022) expanding mineralization along strike to the southwest. (Figure 1)

    Cadillac Valley South

    is an important discovery as it significantly expands the mineralized footprint at Cadillac Valley. The newly discovered area requires follow-up drilling and drillholes have been planned in the current program.

  • Large,


    Open Mineraliz


    ed


    Footprint


    at Cadillac Valley


    Continues to Grow


    :

    the mineralized area at Cadillac Valley now extends over 1.6 km along strike and over 400 meters laterally. There is also another +1.5 km of untested strike length to the southwest of CV22-006. (Figure 3)

  • More Oxide


    Gold


    Mineralization Building


    the Path


    to a


    Near-Term


    Resource:

    Hole CV22-004 intercepted

    0.63 g/t oxide Au over 7


    3.2


    meters


    , including


    1.00 g/t oxide Au over 19.8 meters


    from the


    top of the mineralized zone


    ,

    and was lost in mineralization due to ground conditions.

    Target depth


    of the hole


    extended


    another


    200


    meters


    from terminated depth


    .

    CV22-004 was angled to infill the mineralized footprint around CV22-002 (

    0.8


    3


    g/t oxide Au over 12


    6


    .


    2


    meters

    released on April 6, 2022). More drilling in this area will be required to understand the extents of mineralization and drillholes have been planned in the current program.

  • Highly Oxidized Mineralization:

    oxidized mineralization has been seen in all of the holes drilled to date by the Company at Limousine Butte.

  • Exploration Upside:

    large areas of the 67 km

    2

    Limousine Butte Project are untested and there are various identified targets based on the current Company geological model. (Figure 4) The mineralized system is open and growing as drilling occurs along strike with large step-out holes.


NevGold


CEO, Brandon Bonifacio, comments:





We are


continuing


to build a meaningful, near-surface, high-grade oxide


gold


story at Limousine Butte.


Intercepting


another


thick


, continuous


hole


with a


6


50 meter step out


(


Hole CV22-00


6


)


significant


ly


expands the mineralized footprint at Cadillac Valley.


It is very


encouraging


to see new areas


of


potential


mineralization being identified and


then


confirmed


by drilling


, and we believe this will continue as we apply the same targeting techniques


project wide


.


T


he thesis is building that we have a large


oxide gold


system


with higher


grade material than many


heap-leach


projects


in production or development


in


the


Western USA.


We have remained on


budget and on schedule


with our


10,000 meter


drill program


and expect further assays


shortly


.




NevGold


VP Exploration


,


Derick Unger


, comments


:





We are very


excited about this current batch of results as they further build


momentum around the Cadillac Valley target area.


A


s w


e have highlighted in the past,


our technical team


continues to increase


confidence


in our


geological model


,


which


driv


es


our drill program


.


We are seeing positive reconciliations of expectations against results in terms of thickness


and


grade, and this


trend


will continue


as


we further expand


the mineralized system


.


H


ole


CV22-004


that was lost


in mineralization


due to ground conditions


was targeted to extend another 200 meters in a very prospective


area


.


With the


continuous


reinforcement


of our geological model, we


have also identified


a number of


targets


on


untested ground


t


hat have the potential to


add to the mineralized footprint


.







Drill Results


Hole ID

Length,


m


*

g/t Au

From, m

To, m

Material

Target Area
CV22-001** 175.2 0.86 212.0 387.2 Oxide Cadillac Valley
including 58.2 2.13 212.0 270.2
also including 5.9 12.32 216.6 222.5
including 40.6 0.52 346.6 387.2
CV22-002** 126.2 0.83 127.4 253.6 Oxide Cadillac Valley
CV22-003** 94.4 0.23 60.4 154.8 Oxide Cadillac Valley
CV22-004
73.2

0.63
205.7
278.9**


*
Oxide Cadillac Valley
including
19.


8

1.00
205.7 225.5
CV22-005 45.7 0.52 125.0 170.7 Oxide Cadillac Valley
CV22-006
73.


1

0.51

131.1

204.


2
Oxide Cadillac Valley


*


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 CV22-001


to CV22-003


w


ere


released on April 6, 2022.


Holes CV22-004 to CV22-006 were reverse circulation (“RC”) holes.





***






CV22-004






was lost in mineralization due to






ground






complexities.






Target depth extended another






200






meters.



Figure 1





Plan view of the drill pad


s with assays released at Cadillac Valley


outlin


ing


the large, mineralized system spanning over 1


.6


km northeast to southwest, and over


4


00 meters


laterally


.


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


Cadillac Valley


.


Red


outlines


represent Au zones of


greater than


0.


1


g/t defined from


current and


historical


drilling


.


Orange dashed lines represent areas with additional mineralization potential.




To view image please click here


Figure


3


– Plan view of the


Cadillac Valley target area


with


the


extents of the


current drill


program


,


and


the remaining +1.5


km of un


tested


strike


length


to the southwest.


Red


outline


represent


s


Au zones of


greater than


0.


1


g/t defined from


current and


historical drilling


.


Orange dashed lines represent areas with additional mineralization potential.




To view image please click here


Figure


4





Plan view of


Limousine Butte outlining the key target


areas


within the


larger


, consolidated


67 km


2


project


area


.




To view image please click here



Engagement of Marketing Consultant



The Company has entered into an agreement with TD Media, LLC (“TD Media”) to provide strategic digital media and consulting services. The Company and TD Media act at arm’s length. Under the terms of the agreement, TD Media will provide strategic digital media services including marketing services, news dissemination, data analytics services, content development, media buying and distribution, campaign reporting and optimization. The Company has agreed to pay TD Media a total initial cost of US$100,000 over an expected 3-month period.


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 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.


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.


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