Nevgold Makes Cadillac Valley South Discovery with 650 Meter Step-Out and Intercepts More Oxide GOLD
NEVGOLD MAKES CADILLAC VALLEY SOUTH DISCOVERY WITH 650 METER
STEP-OUT AND INTERCEPTS MORE OXIDE GOLD
Vancouver, British Columbia – June 2 , 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. Further assays from the Company’s inaugural
10,000 meter drill program at the Project are expected over the coming months.
Key Highlights
• Cadillac Valley South Discovery Extends Mineralization 650 Meters From CV22-002: CV22-
006 intercepted 0.51 g/t oxide Au over 73.1 meters from a drill pad over 650 meters away from
CV22-002 ( 0.83 g/t oxide Au over 12 6.2 meters released on April 6, 2022) expanding
mineralization along strike to the southwest. (Figure 1) Cadillac Valley South is an important
discovery as it significantly expands the mineralized footprint at Cadillac Valley . The newly
discovered area requires follow-up drilling and drillholes have been planned in the current program.
• Large, Open Mineralized Footprint at Cadillac Valley Continues to Grow : the mineralized
area at Cadillac Valley now extends over 1.6 km along strike and over 400 meters laterally. There
is also another +1.5 km of untested strike length to the southwest of CV22-006. (Figure 3)
• More Oxide Gold Mineralization Building the Path to a Near-Term Resource: Hole CV22-
004 intercepted 0.63 g/t oxide Au over 73.2 meters, including 1.00 g/t oxide Au over 19.8 meters
from the top of the mineralized zone , and was lost in mineralization due to ground conditions .
Target depth of the hole extended another 200 meters from terminated depth. CV22-004 was
angled to infill the mineralized footprint around CV22-002 (0.83 g/t oxide Au over 126.2 meters
released on April 6, 2022). More drilling in this area will be required to understand the extents of
mineralization and drillholes have been planned in the current program.
• 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 is open and growing 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. Intercepting another thick, continuous hole with a 650
meter step out (Hole CV22-006) significantly expands the mineralized footprint at Cadillac Valley. It is
very encouraging to see new areas of potential mineralization being identified and then confirmed by
drilling, and we believe this will continue as we apply the same targeting techniques project wide. The
thesis is building that we have a large oxide gold system with higher grade material than many heap-leach
projects in production or development in the Western USA. We have remained on budget and on schedule
with our 10,000 meter drill program and expect further assays shortly.”
NevGold VP Exploration, Derick Unger, comments: “We are very excited about this current batch of
results as they further build momentum around the Cadillac Valley target area. As we have highlighted in
the past, our technical team continues to increase confidence in our geological model, which drives our
drill program. We are seeing positive reconciliations of expectations against results in terms of thickness
and grade, and this trend will continue as we further expand the mineralized system. Hole CV22-004 that
was lost in mineralization due to ground conditions was targeted to extend another 200 meters in a very
prospective area. With the continuous reinforcement of our geological model, we have also identified a
number of targets on untested ground that have the potential to add to the mineralized footprint.”
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 Cadillac Valley
* 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. Holes CV22-004 to CV22-006 were
reverse circulation (“RC”) holes.
*** CV22-004 was lost in mineralization due to ground complexities. Target depth extended another 200 meters.
Figure 1 – 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 400 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 2 – Long-section looking northwest through Cadillac Valley. Red outlines represent 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 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
Engagement of Marketing Consultant
The Company has entered into an agreement with TD Media, LLC (“TD Media”) to provide strategic digital
media and consulting services. The Company and TD Media act at arm’s length. Under the terms of the
agreement, TD Media will provide strategic digital media services including marketing services, news
dissemination, data analytics services, content development, media buying and distribution, campaign
reporting and optimization. The Company has agreed to pay TD Media a total initial cost of US$100,000
over an expected 3-month period.
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 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 ma terially 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 re liance should not be put on such statements due to the inherent uncertainty
therein.