NevGold reports some of the highest grade oxide gold-antimony results to date at the Limousine Butte Project, Nevada
NevGold Corp. [TSXV: NAU; OTCQX: NAUFF; FSE: 5E50] reported further significant oxide gold-antimony drill results at its Limousine Butte Project, Nevada. The company continues to expand the substantial gold-antimony potential of the project, highlighting its promising prospects for further exploration and development in Nevada, one of the world’s prolific mining jurisdictions.
Highlights: Some of the highest oxide gold-antimony grades seen to date at Resurrection Ridge including: LB21-004: 9.68 g/t AuEq over 11.6 metres (8.92 g/t Au and 0.17% Sb), within 2.85 g/t AuEq over 60.3 meters (2.27 g/t Au and 0.13% Sb).
RR03_06: 1.55 g/t AuEq over 19.8 metres (0.88 g/t Au and 0.15% Sb) within 1.24 g/t AuEq over 65.5 metres (0.52 g/t Au and 0.16% Sb).
LB020: 1.20 g/t AuEq over 33.9 metres (0.35 g/t Au and 0.19% Sb) within 0.85 g/t AuEq over 58.2 metres (0.25 g/t Au and 0.13% Sb).
Gold equivalents (AuEq) are based on assumed metals prices of US$2,000/oz of gold and US$35,000/tonne of antimony (~30% discount to current spot prices), and assumed metals recoveries of 85% for gold and 70% for antimony.
Drillholes at Resurrection Ridge are drilled with spacing showing strong potential to advance the Project to an initial gold-antimony Mineral Resource Estimate in 2025 (MRE). High-grade areas at the eastern part of the Resurrection Ridge target area will be tested as part of the 2025 drilling.
Metallurgical testwork program continues to advance with results expected over the coming weeks.
Limo Butte Planned 2025 Activities/Status Update –
NevGold will continue its active exploration program at Limo Butte including: evaluate the historical geological database with focus on gold and antimony (in progress); re-analyze historical drilling with focus on gold and antimony (in progress); advance metallurgical testwork (in progress, results in coming weeks); and drill test gold-antimony targets (in planning phase, expected start in July).
NevGold CEO, Brandon Bonifacio, commented: “These recent results have some of the highest oxide gold-antimony grades that we have seen to date at Limo Butte. Resurrection Ridge is starting to build the drill-hole spacing and volume of holes to advance the project to an initial gold-antimony Mineral Resource Estimate (MRE). Our main focus is to continue to release oxide gold-antimony results as we prepare for the upcoming 2025 drill program, with the objective of advancing the Project to the MRE within 2025. Our metallurgical testwork program also continues to advance positively and we expect to have results in the coming weeks. The environment is optimal to continue to advance and unlock the gold-antimony potential at Limo Butte as there is a clear commitment from the United States to advance high-quality, domestic, mineral projects.”
A review of historical geochemical and drilling data at the Limousine Butte Project has identified multiple areas with strong gold-antimony potential. These zones correlate closely with outcrops of the Devonian Pilot Shale, the primary host rock for Carlin-type gold mineralization in the area. Positive gold grade at Limousine Butte is typically associated with silicification and the formation of jasperoid breccias within the Pilot Shale, an alteration feature also observed in the positive antimony results.
Through the Project data review, the company uncovered reports detailing two small-scale historic mining operations at the Nevada Antimony Mine and Lage Antimony Prospect within the Limo Butte Project boundary. The Nevada Antimony Mine featured two prospect pits that extracted stibnite (formula: Sb2S3) from a hydrothermal breccia. The Lage Antimony Prospect reported historical additional prospect pits extracting antimony.
Historical geochemical rock chip sampling within the past-producing Golden Butte pit from a Brigham Young University (BYU) Thesis study produced numerous results that exceeded 1% antimony in jasperoid breccias. Several results were greater than 5% antimony, including a sample of 9.6% antimony with visible stibnite and stibiconite.
The also reported the recent, sweeping U.S. Executive Order to strengthen American mineral production and reduce U.S. reliance on foreign nations for its mineral supply. Antimony (Sb) has been identified as an important Critical Mineral in the United States essential for national security, clean energy, and technology applications, yet no domestically mined supply currently exists.
The Executive Order invokes the use of the Defense Production Act as part of a broad United States (“US”) Government effort to expand domestic minerals production on national security grounds.
Antimony is considered a Critical Mineral by the United States based on the U.S. Geological Survey’s 2022 list (U.S.G.S. (2022)).
Globally, approximately 90% of the world’s current antimony supply is produced by China, Russia, and Tajikistan. Beginning on September 15, 2024, China, which is responsible for nearly half of all global mined antimony output and dominates global refinement and processing, announced that it will restrict antimony exports.
In December 2024, China explicitly restricted antimony exports to the United States citing its dual military and civilian uses, which further exacerbated global supply chain concerns.
NevGold owns a 100% interest in the Limousine Butte and Cedar Wash gold projects in Nevada, and the Nutmeg Mountain gold project and Zeus copper project in Idaho.