Nevgold Assays High-Grade Silver up to 3,188 G/T AG (93 OZ/St AG) ON Surface at Ptarmigan and Expands Copper Trend to +9 Kilometers

NEVGOLD ASSAYS HIGH-GRADE SILVER UP TO 3,188 G/T AG (93 OZ/ST AG) ON

SURFACE AT PTARMIGAN AND EXPANDS COPPER TREND TO +9 KILOMETERS

Vancouver, British Columbia – March 28, 2023 – NevGold Corp. (“NevGold” or the “Company”)

(TSXV:NAU) ( OTCQX:NAUFF) ( Frankfurt:5E50) is pleased to announce results from the

Company’s 2022 surface exploration program at its district scale 93 km2 Ptarmigan project located

in southeast British Columbia (the “Project”). The 2022 work program was focused on advancing

the Project to the “drill ready” stage.

Key Highlights

• High Grade Silver Mineralization (up to 3,188 g/t A g) Over 140 Meters South of Previous

Drilling: samples of 3,188 g/t Ag (and 0.22% Cu, 29.4% Pb) and 492 g/t Ag (and 0.2% Cu ,

4.6% Pb, 1.4% Zn) were collected at surface over 140 meters and 250 meters respectively from

the historical drill collars. (Figure 2) These samples identif ied additional surface mineralization

south of the historical mine workings and define a mineralization trend of nearly 2 kilometers.

Historical drilling occurred in a tightly constrained area of less than 1 km2 with results including:

o 3.65 m of 2,455 g/t Ag, 1.00 g/t Au, 0.91% Cu

▪ Includes 0.33 m of 22,945 g/t Ag, 5.75 g/t Au, 8.24% Cu

o 1.16 m of 2,315 g/t Ag, 1.64 g/t Au, 1.10% Cu

o 6.80 m of 452 g/t Ag, 0.52 g/t Au, 0.26% Cu

o 3.69 m of 635 g/t Ag, 0.82 g/t Au, 0.33% Cu

o 6.41 m of 96 g/t Ag, 0.36 g/t Au, 0.20% Cu, 3.70% Pb

• Copper Surface Anomaly Extends Over 9 Kilometers: additional surface sampling has located

anomalous copper values over 2.3 kilometers northwest of historical drilling in an area not

previously sampled. The established copper anomaly now stretches over 9 kilometers, nearly the

entire length of the property. (Figure 3)

• Additional High-Grade Drill Targets I dentified: the 2022 field work identified a number of

exciting high-grade drill targets both on trend from previous drilling and in new areas

corresponding with geochemical and geophysical anomalies. Future drill programs will be planned

to target both polymetallic (silver, lead, zinc) and copper mineralization.

• Current Strategic Review of Ptarmigan: with NevGold’s increased platform of high -grade,

oxide, heap -leach gold in the Western USA , the Company is reviewing various strategic

alternatives for Ptarmigan after receiving many expressions of interest from external parties over

the past 12 months. Ptarmigan has material value that is not currently being recognized in NevGold

creating an opportunity to extract value for NevGold shareholders. The Company is open to

further expressions of interest from external parties.

NevGold CEO, Brandon Bonifacio, comments: “Although NevGold has been laser focused on

establishing ourselves as a “go-to” oxide, heap-leach gold resource development company in the

Western USA, we have applied our technical skillset to systematically advan ce Ptarmigan to the

drill-ready stage . Ptarmigan is a n extremely high-grade, polymetallic district scale project in

southeast British Columbia, and when we inherited the project as part of the public listing of the

company back in 2021, it was clear the project had material value to unlock. Ptarmigan has over

14,000m of historical drilling, robust geochemical and geophysical analysis, and other critical

data layers completed. We have supplemented the initial geological database with our 2022 field

program and the project is now “drill-ready” with a number of high-quality drill targets. We are

advancing our highly anticipated inaugural drill program at Nutmeg Mountain in Idaho

according to schedule, and first assays are expected shortly.”

NevGold VP Exploration , Derick Unger , comments : “It is exciting to identify additional

surface expressions of high-grade mineralization at Ptarmigan. The consistent high-grade silver

values that we see on surface and in the historical drillholes indicate the presence of a robust

mineralizing system. Our systematic exploration program over the past year and a half has focused

on advancing the project by developing additional drill targets with high-grade potential. The

recognition that there is a large trend of anomalous copper in surface samples along with the

high-grade silver, lead, zinc mineralization is an exciting development that we will continue to

explore.”

Figure 1 – Location of the Ptarmigan Project. To view image please click here

Figure 2 – Plan map showing 2022 rock chip samples along with historical rock chip samples and historical drill collars in the

area around the past-producing Ptarmigan mine. Rock chips samples define a trend of outcropping mineralization that extends

nearly 2-kilometers with only a small portion having been tested with drilling. To view image please click here

Figure 3 – Property wide map showing the newly defined 9-kilometer copper trend in rock chip samples collected by NevGold

and prior operators. To view image please click here

2022 Field Program Summary

The focus of the 2022 field exploration program was to test for new areas of mineralization not

identified by previous operators. The combination of field mapping and sampling, reinterpretation

of geophysics data, and compilation of historical data including drilling data identified new targets

and confirmed the existence of large trends of high-grade mineralization on the Project.

Previous operators focused on outcrop exposure at surface and defined a strong, high -grade

mineralized system. The focus of NevGold’s exploration program was filling in gaps in the data,

and more importantly, sampling lower elevation areas with thick forest cover. While these forested

areas are more difficult to explore, they represent the best opportunities for new discoveries, which

was confirmed by the success of the Company’s first field season at the Project.

Figure 4 – Sample PT22RS-001 highlighting abundant galena weathering out in float at the top of a ridge. Galena is likely

proximal to its source, being located at a topographic high. To view image please click here

Figure 5 – A high-angle fault is visible in the cliff face, with abundant massive galena weathering in large chunks. A stockwork of

quartz and galena veinlets can be observed in both the hanging wall and footwall host rock. This is the possible surface exposure

of a silver-base metal vein system. To view image please click here

Figure 6 – Sample PT22RS-032 with massive galena weathered out of the fault seen in Figure 5. To view image please click here

2022 Rock Chip Sample Table

Sample

ID

Easting Northing Ag ppm Cu ppm Pb ppm Zn ppm

PTRS22-001 542102 5593358 492.0 2,005.7 46,062.0 14,299.0

PTRS22-004 542407 5598899 6.0 24.6 624.0 231.0

PTRS22-007 542263 5598870 1.5 7.3 113.0 37.0

PTRS22-008 542220 5598866 0.6 1.2 83.0 24.0

PTRS22-009 542198 5598865 (0.3) 0.9 64.0 19.0

PTRS22-010 542174 5598871 1.5 12.6 137.0 54.0

PTRS22-011 542168 5598860 0.4 24.5 43.0 23.0

PTRS22-012 542025 5598866 (0.3) (0.5) 36.0 22.0

PTRS22-013 541808 5598802 2.0 38.0 234.0 139.0

PTRS22-014 541794 5598853 0.5 10.7 43.0 59.0

PTRS22-016 540376 5596944 (0.3) (0.5) 26.0 26.0

PTRS22-017 540380 5596963 (0.3) 1.1 26.0 34.0

PTRS22-018 540424 5597017 3.2 1,684.9 22.0 44.0

PTRS22-019 540483 5597036 (0.3) 87.2 48.0 24.0

PTRS22-020 540503 5597047 (0.3) 87.2 29.0 204.0

PTRS22-021 540547 5597128 (0.3) 605.2 18.0 59.0

PTRS22-022 540555 5597179 (0.3) 27.5 30.0 50.0

PTRS22-023 540502 5597273 (0.3) 4.5 15.0 9.0

PTRS22-024 540380 5597158 0.4 141.9 15.0 144.0

PTRS22-026 539773 5600496 (0.3) (0.5) 19.0 15.0

PTRS22-028 539706 5600447 (0.3) 19.1 18.0 4.0

PTRS22-029 539689 5600432 (0.3) 5.3 25.0 77.0

PTRS22-030 539516 5600353 (0.3) 6.6 48.0 10.0

PTRS22-032 542041 5593472 3,188.0 2,163.9 293,503.0 399.0

PTRS22-035 540356 5596533 20.5 12.2 3,842.0 12.0

PTRS22-036 540437 5596608 3.8 1.8 750.0 13.0

PTRS22-037 540455 5596603 11.0 27.1 2,105.0 23.0

PTRS22-038 540538 5596594 1.1 5.3 204.0 28.0

PTRS22-039 540566 5596597 0.7 1.4 143.0 15.0

PTRS22-040 540635 5596615 0.8 197.8 114.0 117.0

PTRS22-041 540639 5596613 19.2 973.6 3,039.0 34.0

PTRS22-042 540668 5596594 13.3 35.9 2,320.0 111.0

PTRS22-043 540689 5596587 0.6 5.5 88.0 23.0

PTRS22-044 540776 5596598 0.4 9.4 69.0 39.0

Table 1 – Selected rock chip samples from NevGold’s 2022 field season with silver, copper, lead and zinc analysis. A full suite of

multi-element analysis was completed for each sample to test for trace-elements as well as commodity metals. Note: all

coordinates are in WGS84 UTM meters Zone 11U, analysis values in parentheses represent values that are below detection limit.

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.

Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance: All

sampling was conducted under the supervision of the Company’s geologists and the chain of

custody from the Project to the independent sample preparation facility, American Assay Labs in

Sparks, NV, was continuously monitored. The samples were crushed, pulverized and sample pulps

were analyzed using industry standard fire assay and multi-element analysis methods.

Technical information contained in this news release has been reviewed and approved by Derick

Unger, CPG, the Company’s Vice Preside nt, 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 events 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 applicable 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.