Elevation Gold Provides Exploration Results for Reynolds Pit Area and Announces

VANCOUVER, BC, Feb. 27, 2024 /CNW/ – Elevation Gold Mining Corporation (TSXV: ELVT) (OTCQB: EVGDF) (the “Company” or “Elevation Gold”) is pleased to report assay results for 33 reverse circulation (“RC”) holes that were drilled in the Reynolds Pit area and 2 RC holes that were drilled in the Mordor Pit area (see Table 1).

• 35 RC holes totaling 3,796 m have been completed at two different near-mine targets (Reynolds Pit, Mordor)

• Assay results for 35 RC holes have been received, 21 of which intersected significant zones of gold mineralization (Table 1: Significant Intersections).

• This drilling intersected significant zones of mineralization in the Reynolds Pit area, where hole AR23-662R (press release dated March 16, 2023) intersected 225m of 0.56g/t Au.

• Hole AR23-674R in the Reynolds Pit area intersected 88.4 meters grading 0.59 g/T Au and 3.68 g/T Ag; Including 54.9 meters grading 0.65 g/T Au and 4.49 g/T Ag.

• Hole AR23-678R in the Reynolds Pit area intersected 59.4 meters grading 0.62 g/T Au and 2.37 g/T Ag.

• Hole AR23-682R in the Reynolds Pit area intersected 51.4 meters grading 0.55 g/T Au and 1.76 g/T Ag.

See Figure 1 for collar locations and Figure 2, Figure 3 and Figure 4 for cross-sections displaying some of the holes drilled.

Tim Swendseid, Chief Executive Officer of Elevation Gold stated:  “In the second half of last year, we completed approximately 3,796 meters of exploration drilling in the Reynolds Pit and Mordor areas, providing a much  clearer understanding of the mineralized zone we discovered earlier in the year at the Reynolds Pit area (see press releases dated May 24, 2023, April 26, 2023 and March 16, 2023).  This new mineralized zone is South dipping versus North dipping as previously envisioned.  All the assays have now been received, and a large number of the intercepts in holes that crossed the new zone have average gold grades well above our reserve grade of 0.45 g/T, which is very encouraging, especially since this new zone could extend further to the east and the west.   We intend to complete an update of our NI43-101 during the first half of this year which will incorporate information from these new holes.  As a recap:

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• Most intercepts in the new mineralized zone have higher grade than Moss’s average reserve grade of 0.45 g/T.

• These intercepts indicate a zone striking roughly east-west and dipping to the south. This is consistent with the trace of the Moss Vein, which is north of this zone.

• Continuity along strike is demonstrated on three sections approximately 20 m apart, and from other, wider spaced drilling, it appears to extend much further east and west, plus it remains open on both sides and down-dip.

• The center of the area as we know it is only 1 km from the crusher and 0.1 km to the nearest active haul road.

• Importantly, all newly identified mineralization is located on permitted ground!

Later this year, we hope to drill additional holes to better define the extent and depth of economic mineralization, and we are immediately incorporating this area into our current mining plans.”

Ron Kieckbusch, CPG, exploration geologist and consultant to the Company added: “These are very encouraging drill results. It appears that a zone enriched in gold may exist at depth in the southern portion of the explored area. The shoulder of the Magnetic high seen in the geophysics completed by Elevation Gold is similar to that seen in the Moss Pit area.”

Reynolds Pit Area

Assay results for 33 RC holes drilled in the Reynolds Pit area are reported in this press release (Figure 1 shows collar locations).

Table 1. Significant Intersections