NV Gold Significantly Enlarges Epithermal Gold Mineralization at its Slumber Project, Nevada

Hole SL-27 Returns 112m @ 0.26 gpt, Hole SL 25 Returns 47m @ 0.32 gpt

VANCOUVER, May 19, 2022 - NV Gold Corp. (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) ("NV Gold" or the "Company") The Company reported an update today on its 2021-2 Slumber Project in Nevada, USA.

NV Gold is pleased to announce positive results from the successful completion of the 2021-22 drilling program at its 100%-owned Slumber Project. In addition to enlarging the footprint of the epithermal mineralizing system, this recent program intersected higher grades in certain areas and indicates mineralization remains open laterally and to depth.

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Figure 1: Location of Slumber project and nearby mining operations, past and present.

Slumber Gold Project, Humboldt County, Nevada

Three drill campaigns have been conducted between August 2019 and early 2022; 29 RC holes (reverse circulation) have been completed, totaling 5,200.9 m (17,063.3 ft).

The initial two drilling campaigns focused on a bonanza-style model and targeted a tightly-confined, silicified, and mineralized area in the central part of the Property. While the early drilling did not encounter the desired high-grade structures, it did intercept significant zones of low-grade-oxide gold along the northern limits of the initial drill area. In 2021 NV Gold reinterpreted this zone of mineralized silicification, using CSAMT data and IP-Resistivity to evaluate a wide-open resistivity zone illuminating its correlation with gold mineralization to the north. As a result, most of the 2021-2022 drill holes did encounter significant thicknesses of low-grade-oxide gold distributed over an area of 800+ meters by 350+ meters with thicknesses of 100-150 meters or more (see figures 2-5). Most 2021-2022 holes bottomed in gold mineralization. While drilling was depth-limited by ongoing equipment breakdowns, labor challenges and ground water, the results were highly encouraging.

The Company reports that Slumber has now been demonstrated to host a low-grade bulk-tonnage, oxide gold system, which remains open in multiple directions. Drilling remains very widely-spaced over this large area, with reasonable expectations of locating structural and lithologically favorable zones of stronger grades.

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Figure 2 - Rock types at Slumber (Trf and Trx are the main host rocks for gold while Tra and Pz are mostly barren).

"NV Gold has successfully delineated a substantial near-surface, oxide-gold mineralized gold system on its Slumber property in Humboldt County, Nevada. The gold zone is very homogenous and continuous, and preliminary AuCN tests returned potentially high gold recoveries. The gold system remains open in multiple directions and at depth. The northern part of the Property and most of the southern part remain untested. However, having mostly gold values of around 0.2 g/t Au compels NV Gold to test for better grades and thicker intercepts. Recently received assays of up to 1.5 g/t Au in SL-27 are indicators that higher grades can be present in the area. More fieldwork and results from the undertaken Mercury-vapor and biochemistry surveys will assist pinpointing higher-grade structures with the goal of enhancing Slumber to economic grade levels. The property now appears to have good potential for a +million-ounce target. While the grades encountered so far are sub-economic at current conditions, the drill-spacing is wide and good upside remains for more favorable zones of structural preparation or favorable lithologies", stated Thomas Klein, VP Exploration, NV Gold.

Drill Intercepts:

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Table 1 - Slumber 2019-2022 significant drill intercepts.

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Figure 3 - Drill hole locations with gold intercepts (Au >100 ppb) and cross-sections.

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Figure 4 - Cross-section A-A' with gold intercepts (Au >100 ppb) on interpreted geology

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Figure 5 - Cross-section B-B' with gold intercepts (Au >100 ppb) on interpreted geology.

NV Gold CEO, John Watson commented - "These encouraging results have extended our understanding of this large, oxide gold system, elevating our expectations for an ultimate economic discovery. Oxide gold discoveries have been rare in Nevada over the past 15+ years despite intensive exploration efforts by many companies. Slumber remained undiscovered primarily because of its setting, largely obscured by recent sediments and volcanics. Its lateral and vertical extent remains open and compelling. The sheer size of the mineralized system is important, given the implications of a large, new, gold system in a relatively unexplored part of Nevada. The next program at Slumber will be a modest core program, designed to twin and deepen two of our existing reverse circulation holes. The goal is to further extend the mineralization and identify any potential RC sampling loss of values. We look forward to the next phases for Slumber, looking to extend the system both laterally and at depth. As drill density adds understanding, we can target zones of higher grades, such as demonstrated in hole SL-27."

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 E. Watson
President & 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. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Company's planned exploration activities, the interpretation of the resistive blanket as having come from higher grade feeder structures and a continuation of the gold system identified in the UVP, the appearance that previous drilling only peripherally intercepted the southwestern edges of two much larger, potentially mineralized resistor zones, the interpretations of the mapping exercise and the dimensions of the strike length and width are forward-looking statements that involve various risks and uncertainties. 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 lack of continuity of mineralization, the extent to which mineralized structures extend on to the Company's Projects and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. 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 Corp.