NAU.V · 2022-02-23 12:00:00

Nevgold Identifies Multiple Potential High-Grade Vein Structures over 4 Km at Ptarmigan and Provides 2022 Exploration Plans

Exploration Programs

NEVGOLD IDENTIFIES MULTIPLE POTENTIAL HIGH-GRADE VEIN STRUCTURES

OVER 4 KM AT PTARMIGAN AND PROVIDES 2022 EXPLORATION PLANS

Vancouver, British Columbia – February 23, 2022 – NevGold Corp. (“NevGold” or the “Company”)

(TSXV:NAU) (OTCQB:NAUFF) (Frankfurt:5E50) is pleased to provide the following update on the

100%-owned Ptarmigan Project, British Columbia (the “Project”). After recent completion of the historical

data compilation and interpretation, the Company has identified possible extensions spanning over 4

kilometers to the known high-grade parallel vein structures based on historical drilling, soil and rock chip

sampling, and geophysics. Historical drilling intercepted grades up to 22,945 g/t Ag, 37 g/t Au, 8.24% Cu,

and 3.70% Pb. The Project also has indications of Carbonate Replacement style mineralization (“CRD”)

with elevated levels of silver, lead, and zinc seen in historical drilling, underground workings, and sampling.

NevGold will advance the project to an active field program including drilling starting in Q2-2022.

Key Highlights

• Historical High-Grade Drill Intercepts: Ptarmigan has over 14,000 meters of historical diamond

drilling, with key high-grade intercepts 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 (Figure 5)

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 (Figure 6)

o 4.90 m of 120 g/t Ag, 3.22% Pb (Figure 7)

• Historical High-Grade Geochemical Sampling: Ptarmigan has a large database of historical

sampling including:

o 1,171 g/t Ag, 0.96 g/t of Au, 0.30% Cu, 29.7% Pb (Figure 8)

o 2,210 g/t Ag, 1.8 g/t Au, 1.4% Cu (Figure 9)

• Data Compilation Completed: the extensive historical data sets have been compiled into a modern

digital format including drill holes, soil and rock chip sampling, geophysics, and geologic mapping.

• Geophysics Reprocessing Completed: the large suite of geophysics data was determined to be

high-quality. Reprocessing and reinterpretation has identified multiple exploration targets and areas

for expansion of the known mineralized zones.

• Drill Targets Identified: drill targets have been identified for the initial exploration program to

begin Q2-2022 subject to positive issuance of permits.

• Permit Application Submitted: the Company has submitted a Notice of Work application for

planned 2022 exploration activities including drilling.

NevGold Chief Geologist, Derick Unger, comments: “We are very excited to be pushing forward our

work at Ptarmigan. Historical drilling encountered spectacular high -grades up to 22,945 g/t Ag, yet the

drilling only tested a small portion of the land package. We ha ve the benefit of a large data set generated

by previous operators that we have successfully compiled and used to generate a geologic model that will

drive our planned exploration programs. The high-grade mineralization at Ptarmigan hints at the presence

of a much larger mineralized system, including both high -grade, epithermal silver-gold-copper-lead-zinc

veins, and wide zones of silver-lead-zinc CRD style mineralization. We are confident additional work can

fully unlock the value of the district to find additional high-grade mineralization.”

NevGold is advancing the high-grade silver -gold-copper-lead-zinc Ptarmigan Project toward a

comprehensive exploration program starting in Q2-2022. The 93 km 2 district scale project is located in

southeast British Columbia approximately 30 km west of Radium, BC (Figure 1) . The last active

exploration at the Project was from 2010 to 2014.

The Company commenced work last year to compile the extensive dataset generated by prior exploration

programs into a modern digital database. This work identified numerous exploration targets and areas for

further data generation (Figure 2). The previous drilling concentrated on defining mineralization in a small

area around the historical mine workings (Figure 3) and left a large portion of the property untested.

Additionally, the data compilation identified the need to reprocess and reinterpret existing geophysics data

(Figure 4), which generated a number of new exploration targets with no historical drilling.

Figure 1 – Location of the Ptarmigan Project