Nevgold Intercepts 2.19 G/T Oxide Au over 61.6 Meters, Including 8.51 G/T Oxide Au over 11.6 Meters at Limousine Butte
NEVGOLD INTERCEPTS 2.19 G/T OXIDE AU OVER 61.6 METERS,
INCLUDING 8.51 G/T OXIDE AU OVER 11.6 METERS AT LIMOUSINE BUTTE
Vancouver, British Columbia – February 8, 202 2 – NevGold Corp. (“NevGold” or the “Company”)
(TSXV:NAU) (OTCQB:NAUFF) (Frankfurt:5E50) is pleased to announce that is has received assays
from the first four holes of the drilling program at its Limousine Butte Project , Nevada (the “Project”)
located on the southern part of the Carlin Trend . The initial holes are part of the Company’s inaugural
10,000 meter drill program at the Project and further assays from the program are expected shortly. Drill
results will continue to be released for the remainder of the first half of 2022.
Key Highlights
• Defining a Near-Surface, High-Grade, Oxide Gold Resource: the drill program is focused on
building a near -surface oxide gold resource while expanding the mineralization laterally along
strike and at depth. The results received to date , including 2.19 g/t oxide Au over 61.6 meters
including 8.51 g/t oxide Au over 11.6 meters, and 1.30 g/t oxide Au over 44.4 meters including
3.11 g/t oxide Au over 11.1 meters , have confirmed the near-surface, high-grade oxide gold
mineralization at Limousine Butte.
• Highly Oxidized Mineralization: assay results from Holes 1 -4 report near -surface oxidized
mineralization throughout all of the drill holes completed.
• Open Mineralization: mineralization is open along strike and at depth with numerous untested
targets that will be drilled in current and future drill programs.
• Improved Geological Model: utilizing a core rig has improved confidence in the geological model
as the Company advances towards an updated mineral resource estimate for the Project.
• Second Drill Rig Added: as per the News Release on January 19, 2022, the Company currently
has two drill rigs on site, one core rig and one Reverse Circulation rig (“RC”). The RC rig was
recently added to expedite the drill program and drill both the Resurrection Ridge and Cadillac
Valley targets simultaneously.
NevGold CEO, Brandon Bonifacio, comments: “The initial assays from our inaugural drill program at
Limousine Butte highlight the near -surface oxide gold nature of mineralization at the project. It is very
exciting to see thick intercepts of multi -gram oxide gold material, which is a key indicator of a strongly
mineralized system. We are advancing to a near-surface oxide gold resource, which remains open in all
directions. The remaining drilling will continue to test the various deposits within our large, 66.5 square
kilometer land package with the goal of driving towards a multi-million ounce oxide gold resource base.
We eagerly await results from further drilling and thank our Nevada Team for their hard work delivering
on the drill program in a safe, expedited fashion.”
NevGold Chief Geologist, Derick Unger, comments: “We are very encouraged by this initial data from
our drill program at Limousine Butte and expect similar results from the remaining holes over the coming
months. Exploration is very active in Nevada, and we are fortunate to have received these results in such a
timely manner. The information provided by these core holes has greatly improved the geological model at
Limousine Butte. We see many areas with strong mineralization potential that have not been given a proper
look using modern exploration methods and applying the latest geologic knowledge. The current program
will test the boundaries of mineralization, initially focusing on the Resurrection Ridge and Cadillac Valley
targets, which will drive advancement towards a near-surface oxide gold mineral resource estimate.”
Drill Results
Hole ID Length, m* g/t Au From, m To, m Material Target Area
LB21-001 44.4** 1.30 23.3 67.7 Oxide Resurrection Ridge
including 11.1 3.11 26.7 37.8
LB21-002 78.9 0.65 39.3 118.3 Oxide Resurrection Ridge
including 25.0 1.45 49.7 74.7
LB21-003 37.8 1.17 44.8 82.6 Oxide Resurrection Ridge
including 11.3 2.99 68.6 79.9
LB21-004 61.6 2.19 81.7 143.3 Oxide Resurrection Ridge
including 11.6 8.51 116.7 128.3
*Downhole thickness is reported; true width varies depending on drill hole dip and is generally 70% to 90% of downhole
thickness.
**Interval includes 2.9 meters of no core recovery.
Figure 1 – Cross-section looking north-northwest through the Resurrection Ridge area at Limousine Butte. Red dashed lines
represent Au zones of 0.1 g/t defined from historical drilling. Orange dashed lines represent areas where limited historical
drilling indicates the potential for the discovery of additional mineralization. To view image please click here
Figure 2 – Plan view of the Resurrection Ridge area at Limousine Butte. Red dashed lines represent Au zones of 0.1g/t
defined from historical drilling. Limited historical drilling outside these zones indicates the potential for additional
mineralization. To view image please click here
Figure 3 – Photo of oxidized jasperoid breccia from LB21-004, interval 394 - 398 feet (120.1 - 121.3 meters) returned a
value of 17.3 g/t Au, surrounding intervals ranged from 8.6 - 12.8 g/t Au. To view image please click here
Figure 4 – Plan view of the Limousine Butte district, including other active exploration projects. Both the Resurrection Ridge
and Cadillac Valley areas are currently being drilled as per the January 19, 2022 news release. To view image please click here
Engagement of IR Consultant and Grant of Stock Options
The Company has engaged Paradox Public Relations Inc. (“Paradox”) based in Montreal to provide investor
relations services. The agreement has a term of up to 36 months, effective February 8, 2022 and may be
terminated at any time without charge by either party by giving 30 days’ notice in writing. Paradox will be
paid a monthly fee of C$10,000 and will be granted 260,000 options with a three year term vesting in four
equal quarterly tranches over twelve months, in accordance with the Company’s stock option plan and
Policy 3.4 of the TSX-V. The options will be priced in the context of the market. The Investor Relations
Agreement and granting of stock options are subject to TSX Venture approval.
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 duplicates of course reject material was analyzed approximately every 2 0th 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 rel ease has been reviewed and approved by Derick Unger,
CPG, the Company’s Chief Geologist, 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 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.
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.