NexGold Mining drills new gold zones with infill drilling at Goldboro Project, Nova Scotia
NexGold Mining Corp. [TSXV: NEXG; OTCQX: NXGCF] provided an update on its ongoing 25,000-metre diamond drill program initially announced on January 22, 2025 at the company’s Goldboro Project in Nova Scotia.
The drill program is primarily designed to infill specific areas of the open pit Mineral Resource identified to improve geological and grade continuity and potentially upgrade certain areas of Inferred and Indicated Mineral Resources. The drilling is progressing well with three diamond drills currently at Goldboro, which have completed approximately 17,000 metres of diamond drilling. The program is anticipated to be completed at the end of Q2.
The company reported highlights for four diamond drill holes (BR-25-473, 479, 498 and 501) which form part the drill program designed to confirm gold mineralization in certain historic diamond drill holes by twinning. These four historic holes, among others, were previously under sampled relative to expected widths of gold mineralization and where the company believes gold mineralization exists between historic samples.
The results confirm the company’s interpretation that broader zones of gold mineralization do exist where only narrow zones of mineralization were previously sampled. Further, gold mineralization was intersected in areas where no samples were previously taken and not previously anticipated, indicating that gold mineralization occurs over broader zones as well as in areas not previously recognised as mineralized.
Kevin Bullock, President and CEO, stated: “The 25,000 metres of diamond drilling focused on specific open pit portions of the deposit, along with drilling from 2023 and 2024, will provide the information to be included in a planned Mineral Resource update for the Goldboro Deposit in 2025, which will ultimately form the basis of an updated Feasibility Study on the Goldboro Gold Project. The drill program is progressing well, and we are pleased with the initial results from twinned historic holes which are included in the 2021 Mineral Resource Estimate but which we believed underrepresented the distribution of gold in specific areas of the deposit. The results from the first four twinned holes confirm that gold mineralization is broader than in the historically under sampled diamond drill core and that there are additional gold intersections in areas of the deposit not previously sampled. We anticipate further results from additional twinned holes throughout the program as well as infill drilling that will additionally inform an updated Mineral Resource Estimate and ultimately an updated Feasibility Study at Goldboro. The 25,000-metre drill program at Goldboro is ongoing as we finalize our Feasibility Study at our advanced stage Goliath Project in Ontario. NexGold is an emerging, advanced, near-term gold developer with its Goldboro and Goliath Projects, and a focus on creating significant value for shareholders, rightsholders and stakeholders.”
Selected drill intercepts from the four diamond drill holes include 1.86 g/t gold over 10.9 metres (from 12.1 to 23.0 metres) including 7.38 g/t gold over 0.6 metres in hole BR-25-501; 2.58 g/t gold over 4.0 metres (from 37.0 to 41.0 metres) in hole BR-25-501; 35.40 g/t gold over 0.7 metres (from 128.0 to 128.7 metres) in hole BR-25-501; 1.03 g/t gold over 18.9 metres (from 52.1 to 71.0 metres) including 5.86 g/t gold over 1.6 metres in hole BR-25-498; 1.31 g/t gold over 8.9 metres (from 91.5 to 100.4 metres) including 10.75 g/t gold over 0.8 metres in hole BR-25-498; 19.45 g/t gold over 0.8 metres (from 127.0 to 127.8 metres) in hole BR-25-498; 2.02 g/t gold over 4.9 metres (from 9.3 to 14.2 metres) including 8.59 g/t gold over 1.0 metre in hole BR-25-473; 1.17 g/t gold over 6.9 metres (from 46.0 to 52.9 metres) in hole BR-25-473; and 0.61 g/t gold over 7.0 metres (from 68.0 to 75.0 metres) in holes BR-25-473.
Diamond drill holes BR-25-473, -479, -498 and -501 were designed to twin or drill close to historic, but under sampled gold mineralization in drill holes BR-88-76 (and -78), BR-85-04, BR-88-92 and BR-88-77, respectively.
The company granted 250,000 options to an officer of the company. The options expire on December 31, 2030, have an exercise price of $0.795 per option and vest one-third on the first, second and third anniversaries of the grant date.
NexGold Mining also changed its auditor from RSM Canada LLP, Chartered Professional Accountants to PricewaterhouseCoopers LLP. At the request of the company, the former auditor resigned effective April 25, 2025, and the Board of Directors appointed the successor Auditor as the company’s auditor effective April 25, 2025, until the next Annual General Meeting of NexGold. The resignation of the Former Auditor as auditor of the Company has been approved by the Audit Committee and Board of Directors.
NexGold Mining is a gold-focused company with assets in Canada and Alaska. NexGold’s Goliath Gold Complex (which includes the Goliath, Goldlund and Miller deposits) is located in Northwestern Ontario and its Goldboro Gold Project is in Nova Scotia. NexGold also owns several other projects throughout Canada, including the Weebigee-Sandy Lake Gold Project JV, and grassroots gold exploration property Gold Rock. In addition, NexGold holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater, southeast Alaska.