NV Gold Corporation Provides Update on 2022 Exploration Activities

NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) ("NV Gold" or the "Company") is pleased to provide an update on its 2022 exploration activity

John Seaberg, Chief Executive Officer stated, "We made significant progress on our 2022 exploration goals and objectives. Our "boots on the ground" approach to collecting the necessary data to identify our highest priority targets is bearing fruit. We are now well positioned to continue our exploration efforts in 2023 to unlock Nevada's next multi-million-ounce gold discovery."

SW Pipe Gold Project, Lander County, Nevada

The SW Pipe Gold Project ("SW Pipe") is in Lander County approximately 6 km (3.7 miles) southwest of the world-class Pipeline gold mine (> 20 million ounces of gold) 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 conducted an extensive soils sampling program and completed a mercury vapor survey on the Property. The target has disseminated high-grade Carlin-type gold mineralization.

Results

• Modeling of 567 new soils samples shows a large and comprehensive zone of overlapping Carlin-type geochemical anomalies highlighting a new target area in a previously untested central-western portion of the Property.
• The New Target is an interpreted Dilational zone, a perfect fluid pathway for gold mineralization, and therefore a prime target location to discover the next multi-million-ounce gold deposit (refer to October 26^th, 2022 press release).
• Next Steps: Waiting for completion of mercury vapor analyses and planning to drill-test established soil target(s).

Triple T Gold Project, Pershing County, Nevada

The Triple T Gold Project ("Triple T") is located in the Humboldt Range 9 kilometers (5.6 miles) east of the Rochester silver-gold operation and 42 kilometers (26.1 miles) southeast of the Florida Canyon gold mine. The Property, comprising 41 unpatented mining claims, is 100%-owned by NV Gold. The Company has recently received the approval of the Triple T "Notice of Intent (NOI)" for 10 additional reverse circulation ("RC") holes and commencement of drilling is projected for Q1 2023 (refer to October 11^th, 2022 press release).

Results (historical)

• Three principal zones of gold mineralization have been identified by earlier exploration and drilling campaigns in 2007 and 2009.
• Triple T gives the Company the opportunity to delineate additional near-surface, oxide-gold ounces by evaluating and following up on gold grades up to 11.7 g/t Au from rock chip sampling and open drill intercepts of 32 meters @ 0.73 g/t Au (Evolving Gold in 2007) and 16.8 meters @ 1.345 g/t Au (NV Gold in 2009)

Next Steps:

• Preparation of new drill sites and commence drilling in Q1 2023

Slumber Gold Project, Humboldt County, Nevada

The Slumber Gold Project ("Slumber") is located approximately 80.5 kilometers (50 miles) northwest of Winnemucca, and 36 kilometers (22.4 miles) west of the Sleeper Gold Deposit in Humboldt County, Nevada. The Property, comprising of 82 unpatented mining claims, is 100%-owned by NV Gold. The Company has conducted a Phase 3 drilling campaign and completed 12 RC holes totaling 2,350 meters (7,710 feet) by the end of Q1 2022. The target is an untested, wide-open zone of resistivity in the northern extent of the property.

Results:

• Our Q4/Q1-2021/22 RC drill program encountered a new zone of alteration and gold mineralization which has not been drill-evaluated in the past. The mineralized zone seems to correlate well with an overlapping resistivity-chargeability anomaly identified by the 2021 IP survey.
• The zone of silicified, oxide-gold mineralization is now distributed over an area more than 800 meters long by 350+ meters wide with remarkable thicknesses of 100-150 meters or more of mineralized material (see Table 1).
• The Company reported that Slumber has now been proven to host a low-grade bulk-tonnage, oxide-gold system, which remains open in multiple directions (refer to May 19^th, 2022 press release).
• A recently conducted mercury vapor survey has identified five new zones (A-E) with potential for concealed gold mineralization under gravel cover (refer to November 1^st, 2022 press release).

Next Steps:

• The Company will follow up on increasing gold grades of 1.5 g/t intercepted in one of our last RC holes (SL-27) and drill-evaluate some of the higher mercury vapor anomalies in the northern and northeastern extent of the Property.

Sandy Gold Project, Lyon County, Nevada

The Sandy Gold Project ("Sandy") is located in the Walker Lane, Lyon County, approximately 22 kilometers (13.7 miles) southeast of the historical Comstock Lode Deposit. The Property, comprising 20 unpatented mining claims, is 100%-owned by NV Gold. The Company has conducted a Phase 2 drilling campaign and completed 4 RC holes totaling 487.7 meters (1,600 feet) by the end of Q3 2022. The target was an untested structure interpreted by the 2021 IP survey (refer to September 28^th, 2021 press release).

Results:

• All four RC holes encountered a new zone of alteration and gold mineralization and confirmed the predicted IP target, which has not been drill-evaluated in the past. The mineralized zone seems to correlate well with an overlapping resistivity-chargeability anomaly which widens and stays open to the northeast (see Figure 2).
• Gold Intercepts 2022
• SD-18: 39.62m @ 0.128 g/t Au from30.48m
• SD-19: 36.58m @ 0.293 g/t Au from 30.48m(incl. 6.1m @ 0.89 g/t at 30.48m)
• SD-20: 60.96m @ 0.071 from 60.96m
• SD-21: 35.05m @ 0.171 g/t Au from 41.15m (incl. 6.10m @ 0.491 g/t Au at 44.20m)
• This new zone of gold mineralization is more of disseminated-type nature with potential to grow much larger. (Note that some assays are still pending and expected to be received within the next 6-8 weeks)

Next Steps:

• The IP survey conducted in 2021 was limited in budget and therefore incomplete. Based on the successful encounter of a new, open gold zone, the Company is intending to extend the IP survey in 2023.
• Sandy's northeastern part of a square kilometer-sized, higher-level alteration exposure remains untested and will be further evaluated in 2023.
• Having most of Sandy's surface covered with gravel, a mercury vapor test will be used to test the remaining unknown potential.

Discovery Bay Gold Project, Lander County

The Discovery Bay Project is located 14.5 kilometers (9 miles) southeast of the McCoy-Cove Gold Deposits in Lander County, Nevada. The Company has expanded its position to 107 unpatented mining claims and has performed several geophysical and geochemical surveys since the land was acquired in June 2021. The target is McCoy-Cove-style/Carlin-type gold mineralization.

Results:

• The conducted ground gravity and ground magnetic surveys identified a 6 kilometers (3.7 miles) long zone of a structurally controlled, north-south-oriented gravity high, which is interpreted to reflect Triassic McCoy-Cove host lithologies (see Figure 3).
• In addition, a 2021 IP survey has detected a zone of elevated chargeability suggesting that the anomaly in correlation with other interpreted structures could be sourced by hydrothermal activity on the property
• A mercury vapor survey study in early-2022 has identified two more potential targets.

Next Steps:

• The Company is planning a Phase 2 drilling campaign to continue with the evaluation of this extensive gravity high and to test the newly identified mercury vapor and chargeability anomalies.
• The Company's goal is to drill through the barren sulfide halo into high-grade McCoy-Cove/Carlin-type gold mineralization, which is expected to be hosted in the intrusive underlying carbonate rocks!

Pickhandle Project, Lander County, Nevada

The Pickhandle Gold Project is located 35 kilometers (21.7 miles) south of the Discovery Bay project and 46 kilometers (25.6 miles) southwest of Nevada Gold Mines operating Cortez and Pipeline Gold Mines in Lander County, Nevada. The Property, comprising of 34 unpatented mining claims, is 100%-owned by NV Gold. The Company conducted the first drilling at Pickhandle and completed 4 RC holes totaling 842.8 meters (2,765 feet) at the end of Q3 2022. The target is Carlin-type gold mineralization in Edna Mountain Formation and/or other time-equivalent rocks.

Results:

• Most RC holes have intercepted short portions of the targeted Edna Mountain Formation before entering the underlying Valmy Quartzite at about 100 meters (304 feet). The upper carbonates and siltstones were altered and oxidized.
• However, the first hole (PH-1) intercepted approximately 30.48 metres (100 feet) of continuously altered, carbon-rich, silicified, and weakly gold-bearing rock (10-20 ppb Au) at the end of the hole.
• Some assays are still pending and are expected to be received within the next 6-8 weeks.

Next Steps:

• The Company will evaluate and balance the Pickhandle drill results with other priorities.
• The Company needs a significant amount of additional data at Pickhandle to justify a Phase 2 drilling campaign ahead of higher priority targets. Therefore, the Company plans a mercury vapor test in the first quarter of 2023 prior to deciding the Project's future.

Thomas Klein, VP Exploration stated, "I am excited about the results NV Gold has achieved since our drilling campaign started in late-October 2021. The Company drilled four of our Active Projects (Slumber, Discovery Bay, Pickhandle & Sandy) and completed an extensive soil sampling and mercury vapor program at SW Pipe and at Slumber. The geochemical results and interpretations, which have delineated five more drill targets at Slumber and identified an outstanding new Carlin-type anomaly at our SW Pipe Project, are more than encouraging. Doing our homework right and spending investors' money most efficiently is the key to success. Continuation of professionalism, optimism, and having the Goldspot (AI) targets, and the Triple T and other Exploration Pipeline Projects standing in line to be explored is a fundamental advantage for NV Gold to make the next multi-million-ounce discovery in Nevada".

About NV Gold Corporation

NV Gold is a well-supported 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.

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:
Freeform Communications at 604.245.0054

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