NevGold Corp. announced further drilling has intercepted strongly oxidized, silicified sandstone with quartz veining from surface at the Nutmeg Mountain gold project (the "Project", "Nutmeg Mountain") in Idaho. The Project hosts a 2020 historic Mineral Resource Estimate of 910,000 Indicated ounces of gold (43.5 Mt @ 0.65 g/t Au), and 160,000 Inferred ounces of gold (9.1 Mt @ 0.56 g/t Au).

The Company is awaiting assay results from the further drilling completed at the Project. Key Highlights: Hole NMD0004 Intercepted Strongly Oxidized, Silicified Sandstone with Quartz Veining: the signatures and textures intercepted in Hole NMD0004 are similar to other holes drilled in the current program including NMD0003 which intercepted 0.72 g/t Au over 79.3 meters from 10.4 meters depth (heap-leachable), including 2.32 g/t Au over 13.4 meters from 25.6 meters depth (heap-leachable). Historical drillholes in the 2020 resource area that have been re-logged also exemplify similar characteristics.

Long Intercept From Surface: Hole NMD0004 intercepted over 120 meters of strongly oxidized, silicification from surface. Resource Growth Potential: the Project has significant resource growth potential along strike and at depth. There is over 100 vertical meters of identified resource potential outside of the USD 1500/oz Au pit shell used in the 2020 resource.

The focus of the 2023 drill program is to advance Nutmeg Mountain to an updated Mineral Resource Estimate.