Nevgold updates MRE for Nutmeg Mountain

Mr. Brandon Bonifacio reports NEVGOLD ANNOUNCES UPDATED OPEN-PIT, HEAP-LEACH GOLD MINERAL RESOURCE INCLUDING 1,186,000 OZS INDICATED AND 548,000 OZS INFERRED AT NUTMEG MOUNTAIN IN IDAHO Nevgold Corp. has an updated mineral resource estimate (MRE) for the Nutmeg Mountain gold project in Idaho. Key highlights: Open-pit, oxide, heap-leach gold mineral resource in the Western United States: 1.19 million ounces (oz) of indicated resources at 0.50 gram per tonne (g/t) gold (Au) (74.2 million tonnes (t)) and 548,000 oz of inferred resources at 0.34 g/t Au (49.8 million t) (see table 1); Higher-grade mineralization within the resource: Increasing the cut-off grade from the base case of 0.20 g/t Au to 0.60 g/t Au, the project has 560,000 oz of indicated resources at 0.92 g/t Au and 85,000 oz of inferred resources at 0.87 g/t Au. The higher-grade mineralization starts at surface and is within the 0.20 g/t Au cut-off grade MRE. To date, the company has not completed any mine scheduling studies on the MRE. Exploring for more potential high-grade mineralization will be a key focus as the project is advanced with further drilling and subsequent resource estimates; Significant growth captured over last 24 months: Compared with the 2023 MRE, the base case pit-constrained indicated tonnage increased by over 18 per cent and inferred by over 100 per cent, 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; Tier 1 jurisdiction: The project is located in southwestern Idaho, which is a favourable mining jurisdiction; Next steps: The company plans to complete further metallurgical testwork to advance the project to a preliminary economic assessment (PEA). Nevgold chief executive officer Brandon Bonifacio comments: "This is another important milestone for Nevgold and the Nutmeg Mountain gold project in Idaho as it further validates the quality of the asset located in a Tier 1 mining jurisdiction. We are pleased with the results of the updated MRE, as it illustrates the size and heap-leach grade of this at-surface, open-pit oxide gold project in the Western USA. The updated MRE also further validates the strong growth potential of mineralization at the project, which remains open in multiple directions. We look forward to drilling the highly prospective targets that we have identified at surface and at depth. After completion of this MRE, we plan to advance to a preliminary economic assessment (PEA) to further advance the project to the next stage of development. We have an extremely favourable macroeconomic situation with the gold price and momentum in the U.S. to advance high-quality, domestic mineral projects." Nutmeg Mountain -- summary Nutmeg Mountain is a low-sulphidation epithermal gold deposit located in southwestern Idaho, approximately 20 kilometres east of Weiser, Idaho, and 120 kilometres northwest of Boise, Idaho. The project is approximately 1,724 hectares in size, comprises 210 federal unpatented claims, 12 patented claims and two private leases. The project has 940 core, reverse circulation (RC) and rotary drill holes totalling over 71,625 metres of drilling. 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. 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 metres 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 continuing exploration. Nutmeg Mountain deposit geology and model Nutmeg Mountain is a low-sulphidation epithermal gold deposit with exploration dating back to the 1980s. The project is host to Miocene-age basalt and tuffaceous sediments, Payette formation sandstone and siltstone, and lacustrine sedimentary rocks of the Pliocene-age Idaho Group. 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 multiphase 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 metres, a width from 250 to 500 metres and a vertical thickness of up to 180 metres. Most of the gold in the MRE is situated in the top 75 metres 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 metres northeast of the main zone. In the north zone, gold mineralization occurs as an oval, north-trending, tabular body that is up to 60 metres thick, approximately 335 metres long (north-south) and 150 metres wide. The Stinking Water zone lies approximately 400 metres west of the north zone and 600 metres north of the main zone. The Cove Creek zone is located 600 metres southeast of, and approximately 170 metres lower than the main zone, with little to no surface expression. Drill hole data and QA/QC (quality assurance/quality control) 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 totalilng 70,254 metres. In early 2023, Nevgold completed five core holes totalling 1,371 metres, 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 utilized full industry-standard survey control and QA/QC programs, and is designed to systematically validate as much of the historical drilling as possible through collar surveys, relogging and resampling. 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 $2,350 (U.S.) per oz, mining costs of $2.20 (U.S.) per tonne moved, processing costs, including general and administration costs, of $5.50 (U.S.) tonne, heap-leach process recovery of 80 per cent and an overall pit slope angle of 50 degrees. Mining and processing costs are based on industry norms and benchmarking 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 alternative 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. Technical report A technical report is being prepared on the updated MRE in accordance with National Instrument 43-101 standards, and will be available on the company's website and on SEDAR+ within 45 days of the date of this news release. The MRE was prepared by independent mining consulting firm GMRS. Qualified person statements Greg Mosher, PGeo, MSc applied, principal 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. Greg French, 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. About Nevgold Corp. Nevgold is an exploration and development company targeting large-scale mineral systems in the proven districts of Nevada and Idaho. Nevgold owns a 100-per-cent interest in the Limousine Butte and Cedar Wash gold projects in Nevada, and the Nutmeg Mountain gold project and Zeus copper project in Idaho. We seek Safe Harbor.