NV Gold Announces Exploration Target at its Slumber Gold Project of up to ~450,000 Gold Ounces

Table 1: Exploration Target potential grades and tonnages, with the potential tonnage and grade using a maximum and minimum of 20% increase/decrease to allow for uncertainty.

^{(1) The potential quantity and grade are conceptual in nature. There has not been sufficient exploration drilling to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.}

Exploration Target Summary:

Like nearby epithermal volcanic hosted gold deposits, such as the Sleeper mine (37 kilometers east-northeast) and the Sandman resource (45 kilometers southeast), gold occurs in rhyolitic to rhyodacitic tuffs, breccias, and other volcanic rocks. Alteration consists of silicification, veining, and argillization. Nearly all the mineralization is oxidized. Drilling to-date suggests zones of mineralization can occur in both sub-horizontal stratigraphically hosted deposition, as well as sub-vertical, structurally controlled deposition.

There have been 29 reverse circulation drill holes by NV Gold from 2019 to 2022 and 6 reverse circulation drill holes by Amax Gold Inc. ("Amax Gold") in 1988, both of which were combined for this analysis. Based on the data from both drilling periods, there is not presently sufficient drilling density to calculate an Inferred Resource (as defined in National Instrument 43-101 - Standard for Disclosure for Mineral Projects ("NI 43-101")). An Exploration Target is an identified zone or zones of mineralized rock that potentially could be subsequently converted to a NI 43-101 compliant Inferred Resource with at least one additional drill program. The data currently available does provide an Exploration Target that contains between 35 million tons and 50 million tons, with grades ranging from 0.15 gram per ton to 0.31 gram per ton. The target has been developed and modeled in 3-dimensional and in 2-dimensional sections using the average grade for mineralized intercepts from all holes on or on near-by 50-meter spaced sections. A range of density values from 2.3 g/cm³ to 2.5 g/cm³ was used in the tonnage calculation based on a 2020 geophysical report on the local and regional gravity written by Thomas V Weis and Associates, Inc. This exploration target is based on 29 intervals (25 from the Company and 4 from Amax Gold) of at least 3.1 meters downhole thickness, considered mineralized, covering a surface area of approximately 400 meters east to west, and 700 meters north to south, with the largest distance between the Company's drill holes of approximately 200 meters (see Figure 2).

Thomas Klein, VP Exploration stated, "I am excited by the outcome of this technical update ("Exploration Target") and the potential ounces modeled by Mr. Jesse D. Wellman. NV Gold has successfully delineated a substantial near-surface, oxide gold system at its Slumber property in Humboldt County, Nevada. The gold zone is very homogenous and comprehensive, and preliminary AuCN tests returned potentially high gold recoveries. The gold system remains open in multiple directions and at depth, and last year's mercury vapor survey has identified numerous additional targets to be drill-tested (see Figure 3). I am confident that the Slumber gold system will grow significantly and has potential for higher gold grade (Sleeper-like) structures; and that more drilling could lead to the next oxide gold discovery in Nevada."

Figure 1: Slumber Gold Project General Location Map

Figure 2: Overview Map of the Slumber South-block Drilling

Figure 3. Mercury Vapor Survey

Jesse D. Wellman, CPG stated, "The Slumber project checks most of the boxes of a textbook volcanic hosted epithermal style gold setting. This should be an exciting project exploring and developing the full picture of what appears to be a primarily covered, potentially intact, well mineralized gold system."

Data provided by the Company to Jesse D. Wellman, CPG, for this Exploration Target calculation has not been verified. There is no reason to believe that the information provided and used in this exploration target calculation contains any misrepresentation. It is believed that all work performed, data collected, and reported on, was conducted at or above industry-standard professional-conduct at the time the work was performed.

Qualified Person: The technical information in this news release was complied, reviewed, and approved by Jesse D. Wellman, CPG, an American Institute of Professional Geologists certified Professional Geologist, and a Qualified Person as defined in the NI 43-101. Jesse D. Wellman, CPG, is a consulting Economic Geologist and Qualified Person with over 20-years' experience in precious metals exploration, discovery, and development.

About NV Gold Corporation

NV Gold Corp. is a well-organized exploration company with ~80 million shares issued and no debt. NV Gold has 21 exploration projects in Nevada comprising 639 100%-Company-owned lode mining claims totaling 53.4 square kilometers (20.6 square miles) 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 Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and statements that are based on the beliefs of management and reflect the Company's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company and include, without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things: the potential quantity and grade of mineral resources identified in the Exploration Target and the Company's current expectations regarding future exploration and development plans. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.

SOURCE: NV Gold Corp.