Nevgold eyes gold-antimony resource estimate in Nevada

Nevgold Inc. [NAU-TSXV, NAUFF-OTC QX, 5E50-Frankfurt] has announced further positive oxide antimony-gold drill results at its Limousine Butte Project in Nevada. The company said an initial antimony-gold mineral resource estimate (MRE) is on schedule for the second half of 2026. It said the MRE is a key step in the development of Limo Butte with the objective of achieving near-term antimony production from the historical gold leach pads at the project.

Limousine Butte is a brownfield site, hosting a previously mined open-pit, heap leach gold operation from the late 1980s. It is located in White Pine County in eastern Nevada, northeast of Ely.

“We continue to validate that we have one of the highest grade antimony projects in North America that is near-surface and oxide, which is exemplified by Hole LB25-024, which intercepted a thick, consistent zone of 4.91 g/t gold equivalent (AuEq) over 27.4 metres  (1.09% Sb and 0.67 g/t gold),” said Nevgold CEO Brandon Bonafacio.

“Most of the global antimony projects are sulphide and narrow vein-type systems that require underground mining to produce an antimony concentrate, which adds significant complexities to the operation, cost structure and concentrate marketing,’’ he said. “At Limo Butte we have defined a large, near-surface footprint of oxide antimony mineralization which is amenable to leaching, and we have the opportunity to produce antimony metal at the project site. Being able to produce antimony metal at the project site removes reliance on downstream refining at a concentrator.’’

Antimony is considered a “Critical Mineral’’ by the United States based on the U.S. Geological Survey’s 2022 list and due to its importance in natural security. Antimony is utilized in a number of military applications, including the manufacturing of armor piercing bullets, night vision goggles, infrared sensors, precision optics, laser sighting, explosive formulations and hardened lead for bullets. Globally, approximately 90% of the world’s current antimony supply is produced by China, Russia and Tajikistan.

China is responsible for nearly half of all global mined antimony output and dominates global refinement and processing. In December 2024, China explicitly restricted antimony exports to the U.S. citing its dual military and civilian units.

NevGold owns a 100% interest in the Limousine Butte and Cedar wash gold projects in Nevada, and the Nutmeg gold project and Zeus copper project in Idaho. The company said it will continue its active exploration program at Limo Butte. Having completed 5,000 metres in 30 drill holes, the company said a further 20,000 metres is planned in 2025, focused on the Bullet Zone and Armory Fault discoveries.

NevGold said it will advance the crushed and run of mine leach pads to near-term antimony production.

NevGold shares were active Thursday, easing 13.1% or $0.15 to 99 cents. The shares trade in a 52-week range of $1.41 and 25 cents.