Evergold Awaits Assays From First-Ever Drilling at Holy Cross Au-Ag Property, Central B.C.

TORONTO, Nov. 09, 2022 - Evergold Corp. ("Evergold" or the "Company") (TSX-V: EVER, OTC: EVGUF, WKN: A2PTHZ). The Company is pleased to report that its maiden drill program on the Company's 100% owned Holy Cross gold-silver property, located in central B.C., has successfully wrapped up, on time and under budget, for a total of 1,556 metres completed in four holes (Figures 1, 2 and 3, below). Drilling targeted geophysical anomalies coincident with soil geochemical anomalies within the footprint of the very large Holy Cross target area, interpreted to be an intact, felsic intrusive-extrusive flow-dome-related, epithermal gold-silver system, with the higher-grade parts of the system lying at depth (see August 4 news release Figure 1). Significant intervals of sulphide-mineralized rhyolite breccia and quartz stockwork veining accompanied by elevated to (locally) strongly elevated values of precious metal pathfinder elements as determined in the field by x-ray fluorescence (XRF), were observed in hole HX22DH02 and particularly in the final hole of the program, HX22DH04, located approximately 600 metres to the west of hole HX22DH02. Assay results will be released when received and evaluated, currently anticipated for the first quarter of 2023.

"We're feeling very good about the prospects for Holy Cross," said Kevin Keough, President & CEO. "As I've stated before, the property has a lot going for it - promising geology, drive-on access, a new powerline under construction crossing Holy Cross to Artemis Gold's 12 million ounce Blackwater deposit, and moderate topography allowing for potential year-round drilling and news flow. We believe it has even more merit now, and look forward to receipt of assay results from this drill program."

Quality Assurance and Quality Control

Charles J. Greig, P.Geo., the Company's Chief Exploration Officer and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this news release.

About Evergold

Evergold Corp. is a Canadian mineral exploration company with three wholly-owned precious metals projects in B.C. (Golden Lion, Holy Cross, Snoball), and a single project under option in Nevada (Rockland). Company management is proven, with a track record of exploration success, most recently the establishment of GT Gold Corp. in 2016 and the discovery (see SEDAR / news, July 25 and Dec. 15, 2017 respectively) of the Saddle South epithermal vein and Saddle North porphyry copper-gold deposits near Iskut B.C., which hold more than 20 million ounces of gold equivalent in all categories (Saddle North NI 43-101 Technical Report, August 20, 2020). GT Gold was acquired in 2021 by Newmont Corp..

For additional information, please contact:

Kevin M. Keough
President and CEO
Tel: (613) 622-1916
www.evergoldcorp.ca
kevin.keough@evergoldcorp.ca

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 Statement Regarding Forward-Looking Information

This news release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Figure 1: Holy Cross Drilling on Silver-in-Soil Geochemistry and Geology
https://www.globenewswire.com/NewsRoom/AttachmentNg/e5a3fd92-127b-43af-89d5-e1b36a795d2f

Figure 2: Holy Cross Property Claim Map Showing Roads, Route of New Power Line, and Drilling Location
https://www.globenewswire.com/NewsRoom/AttachmentNg/1a81fc2d-faaa-4f94-b6e6-c8f633181110

Figure 3: Regional Location of the Holy Cross Property in Relation to Communities, Roads, Powerlines and the Blackwater Gold Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/889d91c7-2f46-4775-990a-cefe7f7d9437