NevGold Corp. announced the completion of an updated geological model and 2023 drill targeting at its Limousine Butte Project, Nevada (the "Project") located on the southern part of the Carlin Trend. The Company is also well-advanced in completing an updated NI 43-101 Technical Report for the Project, with targeted completion in July.

Resurrection Ridge: Updated geologic mapping along with 3-D modeling of the 2022 drill results determined that the Exchequer Fault, one of the main hosts of mineralization at the adjacent Cherry Creek Project, has significant right-lateral strike-slip offset along the Cherry Creek Range. The right lateral strike-slip offset is specifically seen immediately south of the historical Golden Butte mine where there is limited gold mineralization. This development in the structural model has identified highly prospective areas southwest of Resurrection Ridge in a new area named the “Connector Zone”, and northeast of Resurrection Ridge in the area leading to the gold mineralization at Coffee Mug.

Another key development at Resurrection Ridge is the identification of dolomite units having been thrust faulted over the more prospective Pilot Shale unit on the northeastern portion of the target. This explains why historical drilling east of the previously mined Golden Butte pit had gold mineralization situated beneath the older dolomite unit. The historical drilling was not followed up on previously because of different interpretations of the faulting in the area.

There are other prospective areas where this may have occurred at the Project, and this remains a new target concept to drill test in the future. Connector Zone (Connection Between Resurrection Ridge and Cadillac Valley): Reinterpretation of the geology in the 2 km gap (Connector Zone) between the Resurrection Ridge and Cadillac Valley zones indicates the Exchequer Fault has created significant right-lateral fault offset between the two target areas. The minimal historical drilling in this area did not take the fault offset into account.

Additional drilling to test both sides of the Exchequer Fault where it is expected to cross-cut favorable host rocks is needed to test for new gold zones between Resurrection Ridge and Cadillac Valley. Cadillac Valley: Cadillac Valley was a key focus of drilling in 2022 and the results uncovered significant mineralization of thick, oxide gold intercepts over a large footprint spanning over 1.6 km northeast to southwest, and over 450 meters laterally. (Figure 3) After interpretation and 3-D modeling of the 2022 results, the Company has identified opportunities to discover new mineralization to the south and east, and within the large, mineralized footprint that has been defined to date.

West Cadillac: At West Cadillac, preliminary drilling in 2022 identified Pilot Shale host rock with anomalous gold values at the north end of Black Mountain Range under barren dolomites. Geologic mapping and modeling of this area indicates the Exchequer Fault intersects northwest striking antithetic faults, which may be prospective for gold mineralization. Northeast Exploration: The Coffee Mug, Ticup, and Epex targets have been re-interpreted due to the new understanding of the orientation of the Exchequer and Black Metals faults and their important role in the formation of the Carlin-type gold deposits at the Project.

Both faults are major hosts and fluid conduits for the mineralization historically mined at the adjacent Cherry Creek Project. The recent work by the Company indicates the right-lateral movement along the Exchequer Fault north of Resurrection Ridge offsets the mineralization east into the Coffee Mug zone and appears to have been the major fault related to the gold mineralization at Epex. Similarly, mineralization at Ticup is formed where the Black Metals Fault cross-cuts and offsets the Pilot Shale.

Limousine Butte 2023 Drill Program: The 2023 drill program will continue to focus on expanding the mineralization at Resurrection Ridge and Cadillac Valley, as well as drilling the preliminary exploration targets including the Connector Zone, Coffee Mug, and some of the other identified property-wide targets. A key aspect of the updated geologic model is modeling the distribution of jasperoid developed in the Pilot Shale and other gold-bearing host rocks. Jasperoid often forms during the gold deposition event and can either be an important host of mineralization or serve as a vectoring tool towards mineralization.

The recently completed mapping and modeling of the jasperoids emplaced at the Project has highlighted numerous important drill targets for the 2023 drill program. Resurrection Ridge continues to show strong potential for expansion of the near-surface, oxide gold mineralized footprint. The 2023 drilling will focus on testing north and east of the currently defined oxide gold mineralization, which remains open.

These areas were previously not properly explored because of the presence of older dolomite rocks, which are not viewed as a prospective host rock for gold mineralization. Detailed mapping has determined these older dolomites were faulted over the top of the favorable Pilot Shale unit, which is an important host of gold in Nevada. Additionally, updated geologic mapping data indicates the potential for right-lateral offset of mineralization along the Exchequer Fault, which is the major gold-bearing fault in the historical Golden Butte mine.

Testing for additional oxide gold mineralization along the Exchequer Fault and under the barren dolomites will form the key targets at Resurrection Ridge. Cadillac Valley has strong potential for further oxide gold discovery. The 2023 drilling will focus on expanding the currently defined mineralized footprint by testing the open ground south and east of the Cadillac Valley South discovery holes (CV22-006 and CV22-007).

CSAMT geophysics data and very limited historical drilling indicates that there is additional discovery potential further south of CV22-006 and CV22-007. Other key targets are the open areas within the defined oxide gold mineralized footprint with the goal of connecting the mineralized zones. There is also up-dip shallow mineralization potential to the east of the defined Cadillac Valley oxide gold mineralization, and West Cadillac is a prospective area with identified Pilot Shale and anomalous gold.