Nevgold Extends Mineralization to 0.74 G/T Au over 66.8 Meters from Surface, Including 1.40 G/T Au over 11.3 Meters from 10 Meters Depth at Nutmeg Mountain
NEVGOLD EXTENDS MINERALIZATION TO 0.74 G/T AU OVER 66.8 METERS FROM
SURFACE, INCLUDING 1.40 G/T AU OVER 11.3 METERS FROM 10 METERS DEPTH
AT NUTMEG MOUNTAIN
Vancouver, British Columbia – November 30, 2023 – NevGold Corp. (“NevGold” or the “Company”)
(TSXV:NAU) ( OTCQX:NAUFF) ( Frankfurt:5E50) is pleased to announce further oxide, gold drill
results for drillhole NMD00 04 which intercepted mineralization from surface at the Nutmeg Mountain
project (the “ Project”, “ Nutmeg Mountain”) in Washington County, Idaho. The Project has a 2023
Mineral Resource Estimate (“MRE”) of 1,007,000 Indicated ounces of gold (51.7 Mt @ 0.61 g/t Au), and
275,000 Inferred ounces of gold (17.9 Mt @ 0.48 g/t Au) (see Note 1).
Key Highlights
• Gold Intercepted From Surface That Suggests The Project Will Be Amenable To Heap Leach
Processing: final assays indicate hole NMD0004 intercepted a total of 0.74 g/t Au over 66.8
meters from Surface (oxide), including 1.40 g/t Au over 11.3 meters from 9.8 meters depth
(oxide) (partial assays were released from this hole on June 22, 2023 ). The new assays included
screen fire assays which show strong correlation with the original assays and indicate significant
coarse gold is not present, suggesting the project will be amenable to heap leaching.
• Positive, Phase I Drilling Program : other drill results released from the 2023 Phase I drill
program include 0.72 g/t Au over 79.3 meters from 10.4 meters depth ( oxide), including 2.32
g/t Au over 13.4 meters from 25.6 meters depth (oxide) (Hole NMD0003), and 0.56 g/t Au over
23.9 meters from 24.1 meters depth, including 0.89 g/t Au over 11.4 meters from 25.6 meters depth
with 4.33 g/t Au intercepted near the bottom of the hole (Hole NMD0001, hole was lost in
mineralization) (See news release from April 13, 2023).
• Metallurgical Testwork To Commence With Hole NMD0004 : t he Company has engaged
McClelland Laboratories out of Sparks, Nevada and has delivered samples for NMD0004 for
metallurgical testwork.
• Recent Washington County, Idaho District Activity: with the recent copper porphyry
discovery made by Hercules Silver Corp. (“Hercules”, TSXV:BIG, News Release Link ) and
strategic investment of approximately C$23 million into Hercules by Barrick Gold Corp.
(TSX:ABX, NYSE:GOLD, News Release Link), there has been an increased level of activity in
Washington County in Western Idaho. (see Figure 4) The Company has a strong position in this
emerging precious and base metals district with Nutmeg Mountain and will continue to
advance strategic opportunities to leverage our technical and operating expertise in the area.
NevGold CEO, Brandon Bonifacio, comments : “The further results from our drill ing at Nutmeg
Mountain continue to highlight t he at-surface, oxide gold mineralization building on the recently
announced 2023 M RE at the Project . Since completion of the 2023 MRE, we have been focused on
identifying areas to expand the mineralization laterally and at depth , and w e have generated many high
priority drill targets for Phase II drilling. We have made rapid progress at Nutmeg Mountain over the past
12 months, and the near-term focus is further drilling and metallurgical testwork with the goal of advancing
the Project to the next stage of development. It is also exciting to see the high level of interest and activity
in this emerging district in Washington County, Idaho with the recent copper porphyry discovery made by
Hercules Silver (TSXV:BIG), and subsequent strategic investment completed by Barrick Gold (TSX:ABX,
NYSE:GOLD). The Hercules copper porphyry discovery and strategic investment by Barrick are important
validations of this part of Idaho and highlight the underexplored nature of the area and its geological
potential. We strongly believe that we have similar potential at Nutmeg Mountain which we will continue
to explore, and we will look to leverage our technical and operating expertise in the area to unlock value
for our shareholders.”
NevGold VP Exploration, Derick Unger, comments: “The recently completed MRE at Nutmeg Mountain
was an important milestone for the Company, and with that completed, the focus shifts back to further
drilling and metallurgical testwork. Our technical group has identified numerous high priority drill targets
with the potential to expand the mineralization laterally and at depth. The resource at Nutmeg Mountain
exhibits strong continuity and we are confident additional mineralization can be found with further
exploration at the Project. It is also very encouraging to see the recent increase in exploration activity in
Western Idaho. Over the course of our w ork at Nutmeg Mountain, we have gained a very strong
understanding of the local geology which we will look to leverage in this emerging new trend.”
Drill Results
Hole ID Length, m* g/t Au From, m To, m Comment
NMD0001** 23.9 0.56 24.1 48.0 hole terminated in mineralization
including 11.4 0.89 25.6 37.0
NMD0001a** 53.3 0.20 29.0 82.3 poor core recovery
NMD0001a** 24.2 0.28 135.2 159.4 poor core recovery
NMD0002** 10.0 0.16 4.8 14.8 intercepted up to 0.43 g/t Au down to 93.6m
NMD0003** 79.3 0.72 10.4 89.6
including 13.4 2.32 25.6 39.0
NMD0004*** 66.8 0.74 0.0 66.8
including 11.3 1.40 9.8 21.0
and 4.0 0.31 77.4 81.4
and 4.6 0.41 150.6 155.1
* Downhole thickness reported; true width varies depending on drill hole dip and is approximately 70% to 90% of downhole
thickness. All holes were completed with core drilling. Any apparent errors in arithmetic are due to rounding.
** Assays released on April 13, 2023.
*** Partial assays from NMD0004 were released on June 22, 2023.
Figure 1 – Cross-section looking north through Nutmeg Mountain with US$1750/oz Au pit shell and block model at a 0.1 g/t Au
cutoff from the 2023 Mineral Resource Estimate. To view image please click here
Figure 2 – Plan view map of Nutmeg Mountain with drill collar locations. Yellow line outlines the project boundary, with orange
shading defining the unpatented Bureau of Land Management (“BLM”) claims that have been permitted through an Exploration
Notice. The remaining unshaded areas are patented claims and private leases which can be drilled without a permit from the
BLM. Mineralization contained within the US$1750/oz Au pit shell from the 2023 Mineral Resource is outlined in red (Note 1).
To view image please click here
Figure 3 – Core Photos – NMD0004 from 54.3 meters to 57.3 meters (178 to 188 ft.) exhibiting strongly oxidized sandstone with
up to 2.7 g/t Au. To view image please click here
Figure 4 – Nutmeg Mountain District Map – the recent porphyry copper discovery made by Hercules Silver (TSXV:BIG) is
approximately 35 km to the northwest of Nutmeg Mountain within Washington County, Idaho. To view image please click here
Technical Summary
Hole NMD0004 was a metallurgical drillhole and b ased on the core logging completed, the hole shows
strong oxidation in the mineralized zone. The hole was split into quarters, and part of the hole was sent to
McClelland Laboratories in Sparks, Nevada to commence metallurgical testwork. The focus of the new
testwork program is to systematically augment the historical metallurgical data with focus on grinding,
comminution, and optimal recovery methods.
Drillhole Orientation Details
Hole ID
Azimuth
degrees
Dip
degrees
Total Depth
feet
Total Depth
meters
NMD0001 95 55 157.5* 48.0*
NMD0001a 95 55 1498.5* 456.7*
NMD0002 85 45 587 178.9
NMD0003 130 70 1656.5 504.9
NMD0004 350 80 599 182.6
* Did not reach target depth.
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 duplicates of coarse reject material was analyzed approximately every 20th sample.
Selected samples were also analyzed for coarse gold by completing screen fire assays using a 150 mesh
screen size coarse and fine size fractions. 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.
Note 1: Nutmeg Mountain – 2023 Mineral Resource Estimate
Details of the MRE are provided in a technical report entitled “ Technical Report on the Nutmeg Gold
Property” with an effective date of June 22, 2023, prepared in accordance with NI 43-101 standards, which
is filed under the Company’s SEDAR+ profile.
Classification Cutoff Grade (g/t) Tonnes Gold Grade (g/t) Ounces Gold
Indicated 0.30 51,660,000 0.61 1,006,000
Inferred 0.30 17,860,000 0.48 275,000
Notes:
1. Effective date of this mineral resource estimate is June 22, 2023.
2. All mineral resources have been estimated in accordance with Canadian Institute of Mining, Metallurgy and
Petroleum definitions, as required under National Instrument 43-101 (“NI 43-101”). The Mineral Resource
Statement was prepared by Greg Mosher, P. Geo (Global Mineral Resource Services, “ GMRS”) in
accordance with NI 43-101.
3. Mineral Resources reported demonstrate a reasonable prospect of eventual economic extraction, as required
under NI 43 -101. Mineral Resources are not Mineral Reserves and do not have demonstrated economic
viability. There is no certainty that all or any par t of the estimated Mineral Resources will be converted into
Mineral Reserves. The potential development of the Mineral Resources may be materially affected by
environmental, permitting, legal, marketing, and other relevant issues.
4. Mineral Resources are reported at a cut -off grade of 0.30 g/t Au for an open -pit mining scenario. Cut -off
grades are based on a price of US$1750/oz gold, and a number of operating cost and recovery assumptions,
including a reasonable contingency factor. Me tallurgical recoveries of 80% were used. Densities based on
lithology were assigned.
5. Ounce (troy) = metric tonnes x grade / 31.10348. All numbers have been rounded to reflect the relative
accuracy of the estimate.
6. The quantity and grade of reported Inferred Mineral Resources are uncertain in nature and there has not been
sufficient work to define these Inferred Mineral Resources as Indicated or Measured Mineral Resources. It
is reasonably expected that many of the Inferred Mineral Resources could be upgraded to Indicated Mineral
Resources with continued exploration, however, there is no assurance t hat further exploration will result in
all or any part of the Inferred Mineral Resources being converted into Indicated Mineral Resources.
7. Tonnages and ounces in the tables are rounded to the nearest thousand and hundred, respectively. Numbers
may not total due to rounding.
ON BEHALF OF THE BOARD
“Signed”
Brandon Bonifacio, President & CEO
For further information, please contact Brandon Bonifacio at [email protected], call 604-337-
5033, 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 and Idaho. NevGold owns a 100% interest in the Limousine Butte and Cedar Wash gold
projects in Nevada, and has an option to acquire 100% of the Nutmeg Mountain gold project in Idaho.
Please follow @NevGoldCorp on Twitter, Facebook, LinkedIn, Instagram, and YouTube.
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. Forward looking statements in this news release include
statements regarding planned further exploration activities at the P roject. 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.