Mr. John Seaberg reports

NV GOLD ANNOUNCES EXPLORATION TARGET AT ITS SW PIPE GOLD PROJECT OF UP TO ~70,000 NEAR SURFACE OXIDE GOLD OUNCES

NV Gold Corp. has provided an exploration update for the company's 100-per-cent-owned SW Pipe gold project located in Lander county, approximately six kilometres (3.7 miles) southwest of the Pipeline gold mine in the central Cortez gold belt of north-central Nevada. The environmental update has identified an estimated exploration target of 35,000 to 70,000 oxide ounces of gold.

Exploration target summary

NV Gold's SW Pipe project is about six km (3.7 miles) southwest of the Pipeline/Gold Acres/Robertson Battle Mountain-Cortez trend complex. The SW Pipe project has near-surface oxide gold mineralization hosted in sandstone, chert, shaly siltstone, greenstone and slate rock types. Past reports describe these rocks as presumed to be a part of the western facies associated with the Roberts Mountain thrust.

There have been at least seven historical drilling programs, resulting in 49 reverse circulation drill holes available for use in modelling. Based on drill holes with Au assay values available, there is not presently sufficient drilling density to calculate an inferred resource. The data currently available do provide an exploration target that contains between five million and six million tons, with grades ranging from 0.25 to 0.40 gram per tonne. The target has been developed on 2-D sections 70 metres apart, using the mean grade of each intercept, and a range of plus/minus 25 per cent. Density values ranged from 2.45 grams/cubic centimetre to 2.55 g/cubic centimetre, though at the nearby Battle Mountain trend gold deposits, values mentioned can range from 1.27 g/cubic centimetre to 3.45 g/cubic centimetre. This exploration target contains 26 mineralized zones at least three metres down hole, in a zone at least 1.3 km in a northwest-southeast trend, and 0.6 km wide.

Qualified person: The technical information in this document was compiled, reviewed and approved by Jesse D. Wellman, CPG, an American Institute of Professional Geologists certified professional geologist, and a qualified person as defined in National Instrument 43-101. Mr. Wellman, CPG, is a consulting economic geologist and qualified person with over 20 years experience in precious metals exploration, discovery and development.

Thomas Klein, vice-president, exploration, stated: "I am excited by the outcome of this new technical update and the potential ounces modelled by Mr. Jesse D. Wellman. NV Gold has successfully delineated a substantial near-surface oxide gold system at its SW Pipe property in Lander county, Nevada. This area of gold mineralization can be interpreted as possible leakage from a larger target at depth, emplaced through structural conduits. Given the favourable setting proximal to several large gold deposits, the modest deposit is further support for deeper exploration."

SW Pipe exploration update

On May 10, 2023, the company commenced drilling its initial drill hole at SW Pipe. Due to challenging ground conditions and in an effort to preserve capital, the company has terminated the existing hole and relocated the drill rig to its Triple T gold project.

John Seaberg, NV Gold chief executive officer, stated: "SW Pipe remains a high-priority target for the company but the encountered ground conditions and expected depth of the drill holes requires a larger budget to adequately test the target at depth. In an effort to allocate our capital in a disciplined manner, we have elected to move the drill rig to the Triple T gold project where the holes are shallower and much less expensive. As such, crews have been mobilized to begin an approximately 1,000-to-1,500-metre RC drill campaign that will entail 10 to 15 drill holes designed to exploit the property's near-surface, high-grade oxide gold potential. Triple T is 100 per cent owned by NV Gold and is fully permitted."

The Triple T project comprises of 41 claims and is located in the Humboldt Range nine kilometres (5.6 miles) east of the Rochester silver-gold operation and 42 kilometres (26.1 miles) southeast of the Florida Canyon gold mine.

About NV Gold Corp.

NV Gold is a well-organized exploration company with approximately 89 million shares issued and no debt. NV Gold has 21 exploration projects in Nevada comprising 639 100-per-cent-company-owned lode mining claims totalling 53.4 square kilometres (20.6 square miles) The company is based in Vancouver, B.C., and Reno, Nev., and is focused on delivering value through mineral discoveries in Nevada, United States. Leveraging its expansive property portfolio, its highly experienced in-house technical team and its extensive geological data library, 2023 is expected to be highly productive for NV Gold.

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