Clarification: NV Gold Identifies Four Gold Targets Based on Positive Mercury Vapor Test Results at the SW Pipe Gold Project

NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) ("NV Gold" or the "Company") is pleased to announce it has identified four gold targets based on positive mercury vapor test results and potentially Carlin-type gold targets at its 100%-owned SW Pipe Gold Project in Lander County, Nevada (see Figure 1 & 2). ("SW Pipe or the "Property

About the SW Pipe Gold Project:

The SW Pipe Gold Project is in Lander County approximately 6 km (3.7 miles) southwest of the world-class Pipeline gold mine in the central Cortez gold belt of north-central Nevada. The Property, comprising 84 unpatented mining claims, is 100%-owned by NV Gold. Historical drilling established a near-surface, oxide-gold zone characterized by multiple intercepts of 15 m+ @ 0.5-1.0 g/t Au. The Company has recently finalized the analyses of an extensive mercury vapor survey on the Property.

Results (see Figure 2):

• Modeling the results of 567 mercury vapor collector stations has identified four mercury vapor anomalies and target areas for a Carlin-type gold system on the Property (see Figure 2).
• The "A-anomaly" confirmed mercury leakage along two interpreted faults and a dilation zone previously identified by mapping and an earlier conducted soil geochemistry survey (refer to October 26^th, 2022, press release).
• The "B-anomaly" reflects the known near-surface, oxide gold mineralization, which was established through numerous historical drilling campaigns.
• The "C- and D-anomalies" are new target zones which have never been drill-evaluated.

Patty Rehn of Quicksilver Systems stated, "Based on my experience and the mercury vapor surveys I have conducted throughout my scientific and professional career, I believe there is a high probability that these excellent mercury vapor survey results are an indication that there could be a covered high-grade mineralization".

Thomas Klein, VP Exploration stated, "I am excited to share the results of a recently completed mercury vapor survey at our SW Pipe Gold Project, which is just four miles from the world class Pipeline gold project along the Cortez gold belt in Lander County, Nevada. The Company has detected four outstanding mercury vapor anomalies with values up to 500 nanograms (see Figure 2).(Note: 500 nanograms are the upper limits of mercury vapor detection). I personally favor the A-anomaly being the most encouraging target since it confirms a previously established soil geochemistry target (refer to October 26^th, 2022, press release). I have worked extensively with Patty Rehn and experienced her talent on the Carlin Trend in the past and I am more than confident that her patented technique is the number one tool to identify and uncover concealed gold systems. NV Gold is planning to drill-test the mercury vapor A-anomaly (Magmatic Feeder Plume target) in Q1 of 2023"

About NV Gold Corporation

NV Gold (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) is a well-organized and well-managed exploration company with ~80 million shares issued and no debt. The Company is based in Vancouver, British Columbia, and Reno, Nevada and is focused on delivering value through mineral discoveries in Nevada, USA. Leveraging its expansive property portfolio, its highly experienced in-house technical team, and its extensive geological data library, 2023 promises to be highly productive for NV Gold.

Damir Cukor, P.Geo. is a Qualified Person pursuant to National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.

On behalf of the Board of Directors,

John Seaberg, Director, and CEO

For further information, visit the Company's website at www.nvgoldcorp.com or contact:

NV Gold Corporation at 1-888 363-9883

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

This news release includes certain forward-looking statements or information. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include regulatory issues, market prices, availability of capital and financing, general economic, market or business conditions, timeliness of government or regulatory approvals, The Company disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as otherwise required by applicable securities legislation.

SOURCE: NV Gold Corporation