Nevgold Expands Cadillac Valley South Discovery BY over 100 Meters to the Northwest and Intercepts More Oxide GOLD
NEVGOLD EXPANDS CADILLAC VALLEY SOUTH DISCOVERY BY OVER 100
METERS TO THE NORTHWEST AND INTERCEPTS MORE OXIDE GOLD
Vancouver, British Columbia – October 6, 202 2 – NevGold Corp. (“NevGold” or the “Company”)
(TSXV:NAU) ( OTCQX:NAUFF) ( Frankfurt:5E50) is pleased to announce further assays f rom the
Company’s drill program at the Cadillac Valley target area at its Limousine Butte Project , Nevada (the
“Project”) located on the southern part of the Carlin Trend. The Company has intercepted more oxide gold
at the newly discovered Cadillac Valley South area expanding the mineralized footprint by over 100 meters
to the northwest. Further assays from the Company’s inaugural 10,000 meter drill program at the Project
are expected to be released over the coming weeks.
Key Highlights
• Cadillac Valley South Discovery Has Expanded by Over 100 Meters to the Northwest: CV22-
007 intercepted 0.44 g/t oxide Au over 36.6 meters from a drill pad over 650 meters away from
CV22-002 ( 0.83 g/t oxide Au over 126.2 meters released on April 6, 2022) and expands
mineralization over 100 meters to the northwest of CV22-006 (0.51 g/t oxide Au over 73.1 meters
released on June 2, 2022). The Company has only drilled two holes at the Cadillac Valley South
discovery and both holes have shown positive, consistent, oxide gold intercepts with many areas
open for infill and delineation drilling. Cadillac Valley South is a high potential resource growth
target.
• Large, Open, Growing Mineralized Footprint at Cadillac Valley : the mineralized area at
Cadillac Valley has further increased and now extends over 1.6 km along strike and over 450 meters
laterally. Hole CV22-007 was drilled with reverse circulation (“RC”) to target an area between
CV22-002 and CV22-006 to infill the open mineralized footprint. (Figure 1, Figure 2) There is also
another +1.5 km of untested strike length to the southwest of Cadillac Valley South. (Figure 3)
• Highly Oxidized Mineralization: oxidized mineralization has been seen in all of the holes drilled
to date by the Company at Limousine Butte.
• Exploration Upside: large areas of the 67 km2 Limousine Butte Project are untested and there are
various identified targets based on the current Company geological model. (Figure 4) The
mineralized system continues to grow as drilling occurs along strike with large step-out holes.
NevGold CEO, Brandon Bonifacio, comments: “We are continuing to build a meaningful, near-surface,
high-grade oxide gold story at Limousine Butte. The two holes that we have drilled to date at the newly
discovered Cadillac Valley South target area have had consistent oxide gold grades over positive intercepts
and have further expanded the mineralized footprint at the larger Cadillac Valley target. The drilling at
Limousine Butte over the past 12 months has shown higher grade material than many heap-leach projects
in production or development in the Western USA. As previously indicated since the announcement of our
option agreement on Nu tmeg Mountain which closed on July 5, we will continue to aggressively and
systematically advance Limousine Butte to a near -term resource. The remaining assays from our 10,000
meter drill program are expected shortly and will be released over the coming weeks.”
NevGold VP Exploration, Derick Unger, comments: “Hole CV22-007 further confirms the extents of
the gold system at Cadillac Valley and speaks to the broader potential for discovery at the Limousine Butte
project. While the drillhole crossed the major northeast striking fault, it confirms the fault was an important
conduit for the gold-bearing fluids and shows that the CSAMT geophysical surveys that we inherited with
the property can identify both the conductive zones associated with the faults and the resistive zones
associated with the mineralization. The CSAMT surveys extend to the south of holes CV22-006 and CV22-
007 a nd we are excited to continue to test the Cadillac Valley South area which has the potential for
additional mineralization over a minimum strike length of another 1.5 kilometers.”
Drill Results
Hole ID Length, m* g/t Au From, m To, m Material Target Area
CV22-001** 175.2 0.86 212.0 387.2 Oxide Cadillac Valley
including 58.2 2.13 212.0 270.2
also including 5.9 12.32 216.6 222.5
including 40.6 0.52 346.6 387.2
CV22-002** 126.2 0.83 127.4 253.6 Oxide Cadillac Valley
CV22-003** 94.4 0.23 60.4 154.8 Oxide Cadillac Valley
CV22-004** 73.2 0.63 205.7 278.9*** Oxide Cadillac Valley
including 19.8 1.00 205.7 225.5
CV22-005** 45.7 0.52 125.0 170.7 Oxide Cadillac Valley
CV22-006** 73.1 0.51 131.1 204.2 Oxide CV-South
CV22-007 36.6 0.44 146.3 182.9 Oxide CV-South
including 10.7 0.99 164.6 175.3
* Downhole thickness reported; true width varies depending on drill hole dip and is approximately 70 to 90% of downhole
thickness.
** Drill results from core holes CV22-001 to CV22-003 were released on April 6, 2022. Drill results from reverse circulation
(“RC”) holes CV22-004 to CV22-006 were released on June 2, 2022.
*** CV22-004 was lost in mineralization due to ground complexities. Target depth extended another 200 meters.
Figure 1 – Cross-section looking northeast through Cadillac Valley. Orange dashed lines represent areas with additional
mineralization potential with a large area of untested ground to the southeast. The Cadillac Valley South discovery remains open
and there are a number of infill and delineation drillholes planned. To view image please click here
Figure 2 – Plan view of the drill pads with assays released at Cadillac Valley outlining the large, mineralized system spanning
over 1.6 km northeast to southwest, and over 450 meters laterally. Red outline represents Au zones of greater than 0.1 g/t defined
from current and historical drilling. To view image please click here
Figure 3 – Plan view of the Cadillac Valley target area with the extents of the current drill program, and the remaining +1.5 km
of untested strike length to the southwest. Red outline represents Au zones of greater than 0.1 g/t defined from current and
historical drilling. Orange dashed lines represent areas with additional mineralization potential.
To view image please click here
Figure 4 – Plan view of Limousine Butte outlining the key target areas within the larger, consolidated 67 km2 project area.
To view image please click here
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 methods. A blank and certified reference material was inserted approximately every 20th sample,
and field duplicates were collected and analyzed approximately every 20th sample. Data verification of the
analytical results included a statistical analysis of the standards and blanks that must pass certain parameters
for acceptance to ensure accurate and verifiable results.
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 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.