Next Steps: The Company is planning a Phase 2 drilling campaign to continue with the evaluation of this extensive gravity high and to test the newly identified mercury vapor and chargeability anomalies. The Company's goal is to drill through the barren sulfide halo into high-grade McCoy-Cove/Carlin-type gold mineralization, which is expected to be hosted in the intrusive underlying carbonate rocks. The Pickhandle Gold Project is located 35 kilometers (21.7 miles) south of the Discovery Bay project and 46 kilometers (25.6 miles) southwest of Nevada Gold Mines operating Cortez and Pipeline Gold Mines in Lander County, Nevada.

The Property, comprising of 34 unpatented mining claims, is 100%-owned by NV Gold. The Company conducted the first drilling at Pickhandle and completed 4 RC holes totaling 842.8 meters (2,765 feet) at the end of Third Quarter 2022. The target is Carlin-type gold mineralization in Edna Mountain Formation and/or other time-equivalent rocks.

Results: Most RC holes have intercepted short portions of the targeted Edna Mountain Formation before entering the underlying Valmy Quartzite at about 100 meters (304 feet). The upper carbonates and siltstones were altered and oxidized. However, the first hole (PH-1) intercepted approximately 30.48 metres (100 feet) of continuously altered, carbon-rich, silicified, and weakly gold-bearing rock (10-20 ppb Au) at the end of the hole.

Some assays are still pending and are expected to be received within the next 6-8 weeks. Next Steps: The Company will evaluate and balance the Pickhandle drill results with other priorities. The Company needs a significant amount of additional data at Pickhandle to justify a Phase 2 drilling campaign ahead of higher priority targets.

Therefore, the Company plans a mercury vapor test in the first quarter of 2023 prior to deciding the Project's future.