Nevgold Announces Approval of Exploration Notice Permit at Nutmeg Mountain Allowing FOR Expanded Drill Program
NEVGOLD ANNOUNCES APPROVAL OF EXPLORATION NOTICE PERMIT
AT NUTMEG MOUNTAIN ALLOWING FOR EXPANDED DRILL PROGRAM
Vancouver, British Columbia – January 31, 202 3 – NevGold Corp. (“NevGold” or the “Company”)
(TSXV:NAU) ( OTCQX:NAUFF) ( Frankfurt:5E50) is pleased to announce the approval of the
Exploration Notice (the “Notice”) permit by the Bureau of Land Management (the “BLM”) at the Nutmeg
Mountain gold project (the “Project”, “Nutmeg Mountain”) in Idaho, which hosts a 2020 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) (see Note 1). The approval of the Notice will enable disturbance on the federal
unpatented mining claims at the Project, which historically only saw limited drilling , as approximately
85% of the 2020 resource estimate is situated on the patented mining claims and other private land
(see Figure 1). There are a number of identified high-quality resource expansion and exploration targets
on the unpatented mining claims creating significant opportunity for growth.
Key Highlights
• Exploration Notice Permit Approved: the Notice drill permit was approved by the BLM to drill
on the federal unpatented mining claims. The Notice permit opens a large portion of the project
with very limited historical drilling. (see Figure 1)
• Key Resource Expansion and Exploration Targets on Unpatented Claims: only approximately
15% of the total historical drilling at the Project was on the unpatented mining claims. After the
Company completed the initial geological modeling, many resource expansion and exploration
targets were identified on the unpatented mining claims. These targets will be tested in the current
drill program.
• Current Drill Program Update: the Company is pleased to announce th at the drill program is
underway, and first samples will be sent to the assay lab imminently.
NevGold CEO, Brandon Bonifacio, comments: “It has been a very diligent start to our work at Nutmeg
Mountain since closing the transaction in August-2022. Our drill program started on January 1 8th, and
approval of this important Exploration Notice permit from the BLM opens up large portions of the project
that have minimal to no historical drilling. The 2022 drill targeting exercise at the project identified many
key resource growth and exploration opportunities on the federal unpatented BLM claims. Attaining this
permit in a timely fashion allows us to start drilling these targets in the current drill program. The permit
approval is another de-risking milestone at Nutmeg Mountain and we appreciate the various governing
bodies who worked positively and collaboratively with us through the process. We remain on track to have
initial drill assays from Nutmeg Mountain by March.”
Figure 1 – Plan view map of the Nutmeg Mountain Project. Yellow line outlines the project boundary, with green shading
defining the unpatented BLM claims that have been permitted through the Exploration Notice. The remaining unshaded area
outlines the patented claims and private leases which can be drilled under different guidelines. To view image please click here
Note 1: Nutmeg Mountain – 2020 Resource
On July 14, 2020, GoldMining Inc. (TSX:GOLD, NYSE:GLDG) (“GoldMining”) published an NI 43-101
technical report on the Project titled “Technical Report – Almaden Gold Property”, with an effective date
of April 1, 2020, which includes the following , and which NevGold is treating as a Historical Mineral
Resource Estimate:
Nutmeg Mountain – GoldMining 2020 Mineral Resource Estimate
Classification Cutoff Grade
Au g/tonne Tonnes Gold Grade
g/tonne Ounces Gold
Indicated 0.30 43,470,000 0.65 910,000
Inferred 0.30 9,150,000 0.56 160,000
Table 1: Mineral Resource from GoldMining’s NI 43-101 technical report filed on SEDAR on July 14, 2020
A Nevgold Q ualified Person has not done sufficient work to classify GoldMining’s Mineral Resource
Estimate as current mineral resources, and NevGold is not treating the estimate as current mineral resources
or mineral reserves.
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.
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, Idaho, 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,
and has an option to acquire 100% of the Nutmeg Mountain gold project in Idaho.
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 eve nts 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 appl icable 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.