NV Gold Corporation Outlines Its Planned 2023 Drill Priorities and Exploration Activities

VANCOUVER, January 25, 2023 - NV Gold Corp. (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) ("NV Gold" or the "Company") is pleased to provide an exploration activity update for 2023, outlining its highest drill priorities and early-stage project evaluation. Of the Company's seven active projects in Nevada, NV Gold intends to prioritize three projects: (1) SW Pipe Gold Project ("SW Pipe"); (2) Slumber Gold Project ("Slumber"); and (3) Triple T Gold Project ("Triple T"), subject to capital availability. In addition, the Company plans an intensive "boots on the ground" exploration campaign to evaluate over 30 new potentially prospective areas generated through its Data Library Project, a collaborative exercise conducted with GoldSpot Discoveries Corp. ("GoldSpot"), and recent land acquisitions, such as the Gold Bell and Teton projects in the Bell Mining District in Nevada.

Drilling Priorities:

1. SW Pipe Gold Project:

SW Pipe is located in Lander County, approximately 6 km (3.7 miles) southwest of the world-class Pipeline gold mine in the central Cortez gold belt of north-central Nevada. SW Pipe is comprised of 84 unpatented mining claims and 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 (see Company's press releases dated releases October 26, 2022, and December 14, 2022). After the evaluation and analyses of two extensive geochemical surveys (see Company's press releases October 26, 2022, and December 14, 2022), the Company recently submitted a notice of intent to drill-test a potentially multi-million-ounce Carlin-type gold deposit on the SW Pipe project in Q1 of 2023 (see Figures 2 & 3)¹.

2. 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 82 unpatented mining claims, is 100%-owned by NV Gold. In Q1 2022, the Company conducted a Phase 3 drilling campaign and completed 12 reverse circulation ("RC") holes totaling 2,350 meters (7,710 feet). The current target is an untested, wide-open zone of resistivity in the northern extent of the property. The 2023 drill program is scheduled to commence in Q2, subject to capital availability, and consists of 3-6 RC holes to test for a potentially a "sleeper-type" gold deposit.

3. 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 Triple T property, comprising 41 unpatented mining claims, is 100%-owned by NV Gold. The Company has received approval of the Triple T Notice of Intent (NOI) for 10 additional RC holes and commencement of drilling is projected for Q2 2023, subject to capital availability.

Additionally, the Company hopes to add 5-7 new greenfield exploration projects into its project pipeline in 2023 through a detailed analysis of over 30 targets identified by its Data Library Project conducted in collaboration with GoldSpot in 2022. The Company will also evaluate several of its most prospective early-stage properties that are already in its portfolio.

About the Data Library Project:

NV Gold's Data Library consists of multiple data compilations, covering Nevada and elsewhere, including extensive proprietary exploration files created by AngloGold, USMX, Canyon Resources and others. Multiple significant regional geological, geochemical, and geophysical exploration programs generated this data, comprising over 40 years of effort, and at a historical cost of more than US$20 million (refer to press release August 11, 2022). GoldSpot handled the legacy data inventory and identified 31 targets using its proprietary AI technology, which will be field-evaluated in Q1 and Q2 of 2023.

About the Gold Bell and Teton Projects:

NV Gold's previously-acquired Gold Bell and Teton projects are located in the Bell Mining District (Walker Lane), in the immediate neighborhood to Fortitude Gold Corp.'s Golden Mile property in Mineral County, Nevada (see Figure 4). The Golden Mile District is characterized by intrusion-related gold-copper exo- and endoskarn associated with massive replacements of carbonate rocks and shear hosted gold. Historical drill intercepts were reported in the multiple grams up to ounces per ton gold ranges. The Teton project, with potential for near-surface, oxide-gold mineralization, underwent some limited drilling in the 1980s (assays are unknown); while the Gold Bell property, a potential extension of the known Golden Mile high-grade gold mineralization, has never been drill-tested. Evaluation of the Gold Bell and Teton properties will go hand in hand with evaluating the GoldSpot targets in Q1 and Q2 of 2023.

Thomas Klein, VP Exploration stated, "I am excited to enter the new year seeing the gold price rising again and to get started with a new drilling campaign, beginning with our SW Pipe project in Q1, which will be followed by drilling our Slumber and Triple T projects after its successful completion. SW Pipe has prominently-defined geochemistry anomalies suggesting it has the potential to host a Carlin-type gold system at depth. In addition, the Company did its homework by generating multiple new discovery-opportunities through the data Library Project and through continuous land acquisitions. The Company holds strategic land positions throughout the state and is well positioned to kick-off 2023 by making the next multi-million-ounce gold discovery in Nevada".

Figure 1: NV Gold Landholding Map.

Figure 2: SW Pipe Location in Proximity to the Cortez and Pipeline Gold Mines.

Figure 3: SW Pipe Soil Geochemistry and Mercury Vapor Target, and proposed Drill Hole Location.

Figure 4: Gold Bell and Teton Project Locations.

About NV Gold Corporation

NV Gold Corp. (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) is a well-organized and 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, 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 press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbors created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "plans to", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, information with respect to the Company's expectations regarding the prioritization of certain projects, capital availability, exploration campaigns, anticipated schedule of drilling plans and potential results, the ability of the Company to take on new exploration projects, the ability of the Company to evaluate its properties, and the anticipated sequence of events with respect to drilling events and/or priorities.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information.

The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.

Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this

press release to reflect events or circumstances after the date hereof.

¹ The potential quantity and grade of the resources in the SW Pipe project is conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the target being delineated as a mineral resource.

SOURCE: NV Gold Corp.