EVER.V · 2024-05-13 12:00:00

Evergold - CSAMT Survey Over DEM1 Prospect, B.C., Reveals Large Target Extending Across All Lines and to Depth Below Reconnaissance Drill Holes

Exploration Programs

evergoldcorp.

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NEWS RELEASE

Evergold - CSAMT Survey Over DEM1 Prospect, B.C., Reveals Large Target

Extending Across All Lines and to Depth Below Reconnaissance Drill Holes

Toronto, Ontario - May 13, 2024 - Evergold Corp. (TSX-V: EVER, WKN: A2PTHZ) (“Evergold” or the “Company”) is pleased to

report, further to highly encouraging reconnaissance drill results released earlier this year (news January 15, 2024, recapped below),

the completion of a 5 line-km CSAMT (Controlled Source Audio-frequency Magneto-tellurics) deeper-looking geophysical survey

directly over the DEM1 target (Figure 1). The survey has revealed (Figures 2 to 6) a large-scale resistivity-low anomaly coincident with

high Induced Polarization (IP) chargeability, suggestive of the presence of abundant sulphides, extending across all lines, a north-

south distance of 500 metres, and to beyond the 400-metre depth limit of the survey. The anomaly approximates 400 metres in width,

presenting a highly attractive target for follow-up drilling this season, details of which will be forthcoming.

“The DEM1 target below and lateral to where we first hit it in last fall’s short program, really looks terrific’, said Kevin Keough, President

& Chief Executive Officer. “It is a large, deep-seated target within a considerably larger general target area and we already know, from

the reconnaissance drill results, that the system is richly mineralized, having already delivered broad intercepts of low-grade gold and

silver from surface and, within that broad envelope, local high grades of an impressive spectrum of high-value elements, including

precious and strategic metals and a high-level porphyrytic intrusion hosting molybdenum and gold. Recall that our team’s massive

Saddle discovery some years ago for GT Gold took more holes and considerably more metres to really get on to than just the 3

reconnaissance holes and 947 metres we have managed to put into the DEM prospect so far. We believe the DEM1 system is capable

of delivering much better results than we've seen to date.”

January 15, 2024 News Recap: Highlight Intercepts, DEM1 Target, Fall 2023 Reconnaissance Drill Program. (Note: For cost-

saving purposes the three holes were only partially sampled. Priority intervals were determined by visual and XRF analysis of

mineralization intensity. Pads and casing were left in place with a view toward possible re-use for follow-up drilling):

Drill Pad 1: DEM23-01: Partially delineated system envelope — from surface

e 135 metres of 0.12 g/t Au and 2 g/t Ag from 6 to 141 metres

Drill Pad 1: DEM23-02: First intercept of high-grade veining within porphyritic intrusive

e High-grade molybdenum (0.82%) with gold (1.2 g/t), silver (8 g/t), rhenium (3.7 g/t) from 299 to 300 metres

Drill Pad 2 located 450 metres from Pad 1: DEM23-03, deeper test, partially delineated system envelope:

e 48.2 metres of 0.58 g/t Au and 11 g/t Ag from 303 to 351.2 metres

o Including: high-grade gold: 11.98 g/t Au and 24 g/t Ag from 339 to 340.5 metres

Te from 340 to 340.5 metres

About the DEM Project

The 12,728-hectare DEM property is ideally located in moderate terrain only 40 kms northwest of Fort St. James in central B.C.. The

project area lies toward the south end of the Nation Lakes porphyry camp and within the Quesnel terrane, the latter of which hosts

large deposits and long-life mines including the Mount Milligan mine (50 kms to the northeast of DEM) and Lorraine deposit and, farther

south, the Mt. Polley, Afton, Copper Mountain, and Brenda mines, in addition to the Highland Valley mines and deposits. Located

central to the DEM property is the DEM1 prospect, a roughly 4km? target area defined by alteration and mineralogy suggestive of the

presence of a porphyry system, by a multi-element soil geochemical signature, by compelling high-relief magnetic, |P-chargeability

and CSAMT resistivity anomalies, and by the presence of nearby regional scale structures. Extensive logging in the area and

associated forest service roads provide drive-on access directly to the DEM1 prospect. All of these factors, combined with the results

of a reconnaissance drilling program carried out in October and November, 2023, indicate excellent discovery potential for a precious

and strategic metals-enriched epithermal vein system, or systems, associated with porphyry intrusions. Further details on the DEM

prospect may be found on the Company’s website at www.evergoldcorp.ca/projects/dem-property/ and in a NI 43-101 technical report

dated August 30, 2023, posted thereon and on the Company's issuer profile at SEDAR+.

Qualified Person

Charles J. Greig, M.Sc., P.Geo., the Company’s Chief Exploration Officer and a Qualified Person as defined by NI 43-101, has reviewed

and approved the technical information in this news release.

Figure 1: DEM1 Target - Controlled-Source Audio-frequency Magneto-tellurics (CSAMT) Survey Lines on Total Magnetic Intensity

(TMI)

Scale 1:10000

DEM1 Target

CSAMT lines on Total

icicorp. Magnetic Intensity

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Figure 2: DEM1 Target, Responses Compared: CSAMT vs. IP, Line 68000

DEM! Target

Responses Compared: CSAMT vs. IP, Line 68000

West East

400 metres

Left: deeper-looking CSAMT,

showing pronounced resistivity

low with,

Below left: Strong IP chargeability

high coincident with CSAMT

resistivity low, suggestive of the

presence of abundant sulphides

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900 900

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800 800 ii

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400 metres

Figure 3: DEM1 Target - CSAMT Resistivity Section, Line 67800

_t tl Ltttttpepttes itt i=

DEM‘ Target — | ne =

400 metres

CSAMT

resistivity-

low anomaly,

CSAMT line

67800

7800

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Figure 4: DEM1 Target - CSAMT Resistivity Section, Line 67900 with Reconnaissance Drill Hole DEM23-03. Note: hole partially

sampled only. Unsampled intervals are highlighted in blue on the hole trace.

gt % i tf | | ¢ — EF F F Ft FE Y Io

DEM1 Target — =n

Reconnaissance

drill hole DEM23-03

on CSAMT

resistivity-low

anomaly, CSAMT

line 67900. Note:

Hole partially

sampled only. Non-

sampled intervals

highlighted in blue

on the hole trace

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Figure 5: DEM1 Target - Line 68000 CSAMT Resistivity Section

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i tt | i i =e

DEM! Target ol

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rant

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WEST | d metres

CSAMT

resistivity-

low anomaly,

line 68000

0 metres

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Figure 6: DEM1 Target - Line 68100 CSAMT Section with Reconnaissance Drill Holes DEM23-01 and DEM23-02. Note: holes

partially sampled only. Unsampled intervals are highlighted in blue on the hole trace.

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DEM1 Target I} 4 | lech

400 metres

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| => drill holes DEM23-

01 and undercut

DEM23-02 on

CSANT resistivity-

low anomaly,

CSAMT line 68100.

Note: Holes

partially sampled

only. Non-sampled

intervals

highlighted in blue

on the hole trace

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