NV Gold Identifies Five New Mercury Vapor Targets at the Slumber Gold Project at Humboldt County, Nevada

VANCOUVER, November 1, 2022 - NV Gold Corp. (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) ("NV Gold" or the "Company") is pleased to announce it has identified five new mercury vapor anomalies, all outside the known mineralized gold zone, at its 100% owned Slumber Gold Project in Humboldt County, Nevada (see Figure 3). ("Slumber").

About the Slumber Gold Project:

• Three drill campaigns have been conducted between August 2019 and early 2022; 29 Reverse Circulation ("RC") holes have been completed, totaling 5,200.9 m (17,063.3 ft).
• The 2019-2022 exploration program encountered significant thicknesses of near-surface, low-grade-oxide gold distributed over an area of 800+ meters by 300+ meters with thicknesses of 100-150 meters. Notable drill intercepts, including 18.3 m @ 0.52 g/t Au in Hole SL-11, and SL-14, intersected 134.2m @ 0.14 g/t Au starting from the collar and was terminated in gold mineralization; most holes bottomed in gold mineralization (see Figure 4).
• Drilling confirmed that a zone of "Resistivity," reflecting hematite bearing and slightly silicified rocks, correlates well with alteration and gold mineralization. The resistivity zone continues to be open and remains untested to the north and northeast (refer to press release September 7^th, 2021).
• The Company has now demonstrated that Slumber hosts a low-grade bulk-tonnage, oxide-gold system, which remains open in multiple directions. Drilling remains widely spaced over this large area, with reasonable expectations of locating structural and lithologically favorable zones of potentially higher grade mineralization (refer to press release May 19^th, 2022).
• A recently conducted mercury vapor survey has identified five new zones (A-E) with potential for concealed gold mineralization under gravel cover (see Figure 3).

Thomas Klein, VP Exploration stated, "I am excited to share the results of a recently completed mercury vapor survey at our Slumber Gold Project in Humboldt County, Nevada. The Company has detected five outstanding mercury vapor anomalies with values over 100 nanograms outside the zone of known gold mineralization (Figure 3). Knowing that mercury vapor can be the oxidation product of concealed gold mineralization at depth, the Company is planning to test some of the anomalies to prove the concept. I have evaluated this technique during my time as exploration geologists on the Carlin Trend, and I can confirm that this is a proven technique to uncover concealed gold systems."

About Mercury Vapor (Quicksilver Systems)

The Quicksilver Systems proprietary technique uses mercury vapor to detect blind mineralization. Exploration for Carlin-type deposits has shown that this approach is effective through 100 to 200 feet of post mineral volcaniclastic sediments, and 300 to 1500 feet of pre-mineral but unaltered sedimentary lithologies. Mercury from oxidizing mineralization is collected on a silver strip. These collectors are analyzed, and the results are mapped. Mercury vapor values exceeding the local background of mercury indicate mineralization at depth. These anomalous areas are used to target drilling for concealed gold mineralization.

About NV Gold Corporation

NV Gold (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) is a well-financed 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, 2022 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 Corp.