NevGold Identifies Multiple Potential High-Grade Vein Structures Over 4 Km At Ptarmigan And Provides 2022 Exploration Plans

VANCOUVER, Feb. 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:
  • 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
  • 1.16 m of 2,315 g/t Ag, 1.64 g/t Au, 1.10% Cu
  • 6.80 m of 452 g/t Ag, 0.52 g/t Au, 0.26% Cu (Figure 5)
  • 3.69 m of 635 g/t Ag, 0.82 g/t Au, 0.33% Cu
  • 6.41 m of 96 g/t Ag, 0.36 g/t Au, 0.20% Cu, 3.70% Pb (Figure 6)
  • 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:
  • 1,171 g/t Ag, 0.96 g/t of Au, 0.30% Cu, 29.7% Pb (Figure 8)
  • 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 have 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 km² 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.

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ON BEHALF OF THE BOARD

"Signed"

Brandon Bonifacio, President & CEO

For further information, please contact Brandon Bonifacio at bbonifacio@nev-gold.com, call 604-337-4997, or visit our website at www.nev-gold.com.

Technical information contained in this news release 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.