NV Gold begins drilling Slumber project

Dec 17, 2020

2020-12-17 10:21 ET – News Release

Mr. Peter Ball reports

NV GOLD COMMENCES DRILLING AT SLUMBER GOLD PROJECT AND TERMINATES OPTION ON EXODUS GOLD PROJECT

Drilling is now under way at NV Gold Corp.’s 100-per-cent-controlled and fully permitted Slumber gold project located approximately 50 miles northwest of Winnemucca, Humboldt county, Nevada. Drilling at Slumber will encompass up to 2,500 m in up to 10 RC drill holes. For additional information on the Slumber Gold Project, please refer to NV Gold’s press releases, dated September 25th, October 27th, 2020 and November 25th, 2020. In addition, the Company has completed its geological review of the Exodus Gold Project in British Columbia and decided to terminate its option to acquire an interest in it.

"Drilling has commenced at the Slumber Gold Project during the week of December 6th, targeting a potential buried high-grade gold vein system," commented Peter A. Ball, President and CEO of NV Gold. "The Company has also completed its due diligence review of the optioned Exodus Gold Project and has determined the project not to be a property of merit that fits into NV Gold's exploration strategy and focus. NV Gold's management team is always focused on minimizing dilution and preserving capital when related to exploring or acquiring new gold opportunities."

NV Gold completed a due diligence review of the Exodus property from August through October 2020. The project was re-interpreted from an orogenic lode gold target to a distal mineral gold occurrence that was small, discontinuous and likely related to localized intrusions. The extensive glacial till cover, proximity to nearby main tributaries and farmland and also not being able to form an Early Engagement Agreement with the local First-Nations group limited further property exploration.

The Company has determined that, based on its interpretation of the size of the system and the lack of any material results from NV Gold's exploration to-date, the Exodus Gold Project does not merit further expenditure under the terms of the current option agreement. The deal structure of the Exodus property option ensured that a preliminary geological review could be completed with minimal initial cash and share payments to the property vendors during the first six month option period (refer to the Company's press release dated July 6, 2020).

About NV Gold Corporation

NV Gold (TSXV: NVX; OTCQB: NVGLF) is a well-financed junior exploration company based in Vancouver, British Columbia that is focused on delivering value through mineral discoveries in North America, leveraging its highly experienced in-house technical knowledge, and identifying and drilling 2-3 priority projects per year.

We seek Safe Harbor.

https://www.nvgoldcorp.com/