TORONTO, May 16, 2025 (GLOBE NEWSWIRE) -- NexGold Mining Corp. (TSXV: NEXG;OTCQX: NXGCF) (“NexGold” or the “Company”) is pleased to provide 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 (“Goldboro”). 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 is also pleased to provide the 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 (Figure 1). 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 (Figure 1). 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 (Figure 1).
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 are provided in Table 1 and 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.
Twinning of Historic Drill Holes
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.
Figure 1: A plan map showing the location of the four diamond drill holes
Figure 1: A plan map showing the location of the four diamond drill holes
Table 1: Highlighted drill intersections from four diamond drill holes designed to twin historic diamond drill holes at Goldboro
Drill hole
From (m)
To (m)
Interval (m)
Gold (g/t)
BR-25-473
9.3
14.2
4.9
2.02
including
9.3
10.3
1.0
8.59
and
17.5
19.5
2.0
1.28
including
18.5
19.0
0.5
3.85
and
37.5
38.5
1.0
3.56
including
37.5
38.0
0.5
6.65
and
46.0
52.9
6.9
1.17
including
47.0
47.7
0.7
3.51
and
68.0
75.0
7.0
0.61
including
71.0
72.0
1.0
1.67
and including
74.0
75.0
1.0
1.66
and
103.4
104.7
1.3
1.62
including
103.4
104.0
0.6
2.45
and
109.0
112.7
3.8
0.72
including
111.0
112.0
1.0
1.61
and
115.2
116.8
1.6
0.43
BR-25-479
12.0
13.0
1.0
0.51
and
38.6
39.1
0.5
1.42
and
51.0
52.0
1.0
0.52
and
56.0
57.0
1.0
0.77
and
59.5
60.5
1.0
3.00
including
59.5
60.0
0.5
5.79
and
63.0
64.0
1.0
0.59
and
66.0
68.5
2.5
0.78
including
67.0
67.5
0.5
1.68
and
74.6
77.3
2.7
0.87
including
76.6
77.3
0.7
2.92
BR-25-498
10.6
13.0
2.4
0.49
24.0
27.0
3.0
0.97
Including
25.0
26.0
1.0
2.36
40.3
41.0
0.8
0.94
52.1
71.0
18.9
1.03
Including
53.4
54.9
1.6
5.86
and
56.6
57.4
0.8
1.50
and
70.2
71.0
0.8
2.79
78.0
83.6
5.6
0.59
91.5
100.4
8.9
1.31
Including
94.0
94.7
0.8
10.75
105.7
106.4
0.6
1.67
127.0
127.8
0.8
19.45
BR-25-501
12.1
23.0
10.9
1.86
Including
15.0
15.6
0.6
7.38
37.0
41.0
4.0
2.58
Including
38.0
39.0
1.0
9.78
47.0
51.6
4.6
0.46
Including
50.0
51.6
1.6
1.06
56.0
57.0
1.0
0.81
63.9
68.0
4.1
1.43
Including
64.5
65.1
0.6
6.63
and
67.0
68.0
1.0
1.46
71.4
72.6
1.1
2.66
76.8
77.8
1.0
0.70
86.8
88.5
1.7
0.46
96.2
98.6
2.4
1.06
Including
96.2
97.1
0.8
2.60
108.1
110.9
2.8
4.20
Including
108.7
109.9
1.2
7.63
128.0
128.7
0.7
35.4
130.7
133.0
2.3
0.68
Including
131.2
132.0
0.8
1.81
Notes:
Reported intervals are drilled core lengths and do not indicate true widths. True widths are estimated at between 70-100% of core length. For duplicate samples, the original sample assays are used to calculate the intersection grade. All grades are uncapped.
Drill holes are presented here as part of a group of holes designed to twin historic diamond drill holes and were part of a larger diamond drill program designed to infill the deposit. Holes are not presented in order in which they were drilled and may be out of numerical sequence depending on when the holes were drilled and when assays are received.
Issuance of Equity Securities
The Board of Directors has approved the grant of 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.
Change of Auditors
NexGold Mining Corp. (“NexGold”) also announces that it has changed its auditor from RSM Canada LLP, Chartered Professional Accountants (the “Former Auditor”) to PricewaterhouseCoopers LLP (the “Successor Auditor”). At the request of the Company, the Former Auditor resigned as the auditor of the Company effective April 25, 2025, and the Board of Directors of the Company appointed the Successor Auditor as the Company’s auditor effective April 25, 2025, until the next Annual General Meeting of NexGold.
There were no modifications in the Former Auditor’s reports in connection with the two most recently completed fiscal years-ended December 31, 2024, and 2023 and there are no reportable events between NexGold and the Former Auditor as defined in National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51- 102”). The resignation of the Former Auditor as auditor of the Company has been approved by the Audit Committee and Board of Directors.
Technical Disclosure and Qualified Persons
QA / QC
The Company has implemented a quality assurance and quality control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted in accordance with the CIM Exploration Best Practices Guidelines. The NQ diameter drill core is sawn in half with one-half of the core sample dispatched to ALS Canada Ltd. (ALS) preparation facility in Moncton, New Brunswick and the other half of the core retained for future assay verification and/or metallurgical testing. Following preparation, the pulp is then sent to an ALS facility in Vancouver for gold by fire assay (30 g) with an AA finish. For fire assays reported over 10.0 g/t gold the samples are analyzed via gravimetric finish. All assays in this press release are reported as fire assays only.
For samples analyzing greater than 0.5 g/t Au via 30 g fire assay, these samples will be re-analyzed at Eastern Analytical Ltd. (Eastern) in Springdale, Newfoundland via total pulp metallics. For the total pulp metallics analysis, the entire sample is crushed to -10mesh and pulverized to 95% -150mesh. The total sample is then weighed and screened to 150mesh. The +150mesh fraction is fire assayed for Au, and a 30 g subsample of the -150mesh fraction analyzed via fire assay. A weighted average gold grade is calculated for the final reportable gold grade. Total pulp metallics assays for drill holes sited within this press release may be updated in a future news release. Check assays are conducted at Eastern following the completion of a program.
Other QA/QC procedures include the regular insertion of blanks and CDN Resource Laboratories certified reference standards. The laboratory also has its own QA/QC protocols running standards and blanks with duplicate samples in each batch stream for all analysis.
Paul McNeill, P.Geo., VP Exploration of NexGold, is considered a “Qualified Person” for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and has reviewed and approved the scientific and technical disclosure contained in this news release on behalf of NexGold.
About NexGold Mining Corp.
NexGold Mining Corp. 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 located 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 in southeast Alaska. NexGold is committed to inclusive, informed and meaningful dialogue with regional communities and Indigenous Nations throughout the life of all our Projects and on all aspects, including creating sustainable economic opportunities, providing safe workplaces, enhancing of social value, and promoting community wellbeing.
Further details about NexGold, including a Prefeasibility Study for the Goliath Gold Complex and a Feasibility Study for the Goldboro Gold Project, are available under the Company’s issuer profile on www.sedarplus.ca and on NexGold’s website at www.nexgold.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Cautionary Note Regarding Forward-Looking Information
This news release contains or incorporates by reference “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of applicable U.S. securities laws. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking information including, but not limited: to information as to the Company’s strategic objectives and plans; timing and results of drilling activities; potential for upgrading mineral resources; expected initiatives to be undertaken by management of the Company in identifying exploration opportunities; and timing of advancement and completion of technical studies. Generally, forward-looking information is characterized by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “is projected”, “anticipates” or “does not anticipate”, “believes”, “targets”, or variations of such words and phrases. Forward-looking information may also be identified in statements where certain actions, events or results “may”, “could”, “should”, “would”, “might”, “will be taken”, “occur” or “be achieved”.
Forward-looking information involve known or unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those projected by such forward-looking statements. Such factors include, among others: the plan for, and actual results of, current exploration activities; expectations relating to future exploration, development and production activities as well as growth potential for NexGold’s operations; risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; reliance on third-parties, including governmental entities, for mining activities; the ability of NexGold to complete further exploration activities, including drilling at the Goliath Gold Complex and Goldboro deposits; the ability of the Company to obtain required approvals; the results of exploration activities; risks relating to mining activities; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of mineral resource, production and cost estimates; health, safety and environmental risks; worldwide demand for gold and base metals; gold price and other commodity price and exchange rate fluctuations; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; changes in legislation, including but not limited to tax laws, royalties and environmental regulations; and those factors described in the respective Annual Information Forms for the year ended December 31, 2023 of the Company and Signal Gold Inc. and in the Company’s and Signal Gold’s most recent disclosure documents filed under their respective SEDAR+ profile at www.sedarplus.ca. Although management of the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented to assist shareholders in understanding the Company’s the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information contained herein, except in accordance with applicable securities laws.
