Co. Confirms Big Copper-Gold Potential in Idaho, Exceeding Projections

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NevGold Corp. (NAU:TSX.V; NAUFF:OTC; 5E50:FSE) has reported promising high-grade copper, gold, and silver mineralization at its Zeus Copper Project, located in the Hercules Copper District of southwestern Idaho. Recent surface sampling has returned significant results, reinforcing the potential for a copper porphyry system at Zeus. Key assays include 3.79% copper, 0.412 grams per tonne (g/t) gold, and 18.6 g/t silver from sample ZRS-22, as well as 2.19% copper, 0.393 g/t gold, and 26.1 g/t silver from sample ZNR-05.

The findings draw comparisons to Hercules Metals Corp.'s discovery at the nearby Hercules Project, which shares geological characteristics with Zeus. Similarities include the mineralization footprint and grade distribution seen in early surface sampling.

Highlights from the News Release: 

Positive high-grade copper, gold, and silver surface sampling results validate the significant copper porphyry potential at the Zeus Copper Project:

• ZRS-22: 3.79% Cu, 0.412 g/t Au, 18.6 g/t Ag 
• ZNR-05: 2.19% Cu, 0.393 g/t Au, and 26.1 g/t Ag
• ZRS-23: 1.93% Cu, 0.936 g/t Au, and 24.9 g/t Ag
• APF*: 0.05% Cu, 1.03 g/t Au, 114 g/t Ag, 468.5 g/t Mo
• ZNR-06: 0.71% Cu, 0.106 g/t Au, and 17.3 g/t Ag
• ZRS-12: 0.17% Cu, 1.64 g/t Au, and 3.6 g/t Ag

NevGold has undertaken a systematic exploration approach, including soil sampling over the Thorn Springs and Poseidon target areas, both located on Bureau of Land Management (BLM) land. These targets remain undrilled, and assay results from the soil sampling program are pending. Additionally, the company is advancing plans for geophysical surveys and permitting for drilling activities.

"The initial sampling completed at Zeus has continued to yield exceptional results, and we eagerly await the comprehensive soil survey results," said NevGold CEO Brandon Bonifacio in the company news release. "We are also fortunate that our strongest copper targets to date, Thorn Springs and Poseidon, are on BLM ground, which simplifies and accelerates our permitting for future drilling at Zeus."

Greg French, NevGold's Vice President of Exploration, highlighted the importance of the latest findings, noting that surface geochemical sampling and mapping confirm multiple copper target areas at Zeus. "The rock chip sampling results demonstrate a strong hydrothermal system with copper mineralization and porphyry-style alteration," French said.

NevGold plans to refine its exploration model through continued soil sampling, geological mapping, and geophysical programs in early 2025. Drill targeting will follow, positioning the company for potential resource expansion in the summer field season.

Copper and Gold Market Trends

On January 16, Market Research Future reported that the high-purity copper market was experiencing significant growth due to demand from the electronics, energy, automotive, and aerospace sectors. The report estimated that the market would grow from US$19.41 billion in 2023 to US$28.0 billion by 2032, reflecting a 4.15% compound annual growth rate (CAGR). Copper's superior electrical and thermal conductivity made it essential for semiconductors, electric vehicles (EVs), and renewable energy technologies. However, the report noted that supply chain constraints and sustainability concerns remained challenges for the industry.

Reuters reported on January 20 that Goldman Sachs estimated a 50% probability of a 10% U.S. tariff on copper by the end of the first quarter. Market speculation over tariffs on imported metals contributed to price volatility, with three-month copper on the London Metal Exchange (LME) reaching US$9,167 per metric ton—a one-month high. The report also noted that U.S. trade policies, if enacted, could impact copper's global supply chain and pricing.

The next day, Technavio projected that the global copper market would grow by US$70 billion between 2024 and 2028, with a CAGR of 6.78%. The report highlighted that Asia-Pacific (APAC) accounted for 73% of total copper demand, driven by technological innovations, infrastructure expansion, and increased EV adoption. However, it also warned that fluctuating copper prices remained a key challenge, influenced by economic growth, industrial production, and supply disruptions.

In terms of gold, on January 22, Robert Sinn of Goldfinger Capital observed that gold prices were continuing their upward trend into the new year, approaching all-time highs in U.S. dollar terms. He noted that after a disappointing fourth quarter in 2024, the gold mining sector was beginning to show "green shoots," with certain miners outperforming the broader market. Sinn highlighted companies such as Collective Mining, IAMGOLD, and Perpetua Resources, which had doubled in value over the past year due to key project advancements. He also pointed out that the sector was poised to deliver record free cash flow generation in the upcoming earnings season, adding, "The profitability outlook for the sector has never been better."

Stockhead's Barry FitzGerald reported on January 24 that gold priced in Australian dollars was nearing AU$4,400 per ounce, significantly enhancing the economic viability of Australian gold projects. He referenced the Minyari Dome project, stating that its post-tax net present value (NPV) was estimated at AU$598 million at an AU$3,000 per ounce gold price but could rise to AU$1.5 billion if prices reached AU$4,500. FitzGerald noted that this surge in gold prices had increased market interest in the project, potentially positioning it for acquisitions or strategic partnerships.

In a January 28 report, Stewart Thomson of 321Gold analyzed gold's recent price movement, stating that the market had pulled back from highs of US$2,790 per ounce, a move he described as "expected and normal" from a technical perspective. He noted that investors were bracing for key economic events, including a Federal Reserve meeting, U.S. GDP data, and inflation reports, which could influence short-term price movements. Thomson suggested that gold's long-term outlook remained strong, with technical patterns indicating the potential for a rally toward US$3,000 per ounce.

On January 30, Dominic Frisby of Flying Frisby reported that central bank purchases were playing a significant role in gold's ongoing strength. He highlighted that hundreds of tonnes of gold had moved from London to the United States ahead of potential tariffs under the Trump administration. He further noted that China had imported 124 tonnes of gold in November 2024 alone, bringing its total purchases since the Russian asset freeze to over 1,050 tonnes. According to Frisby, gold now comprised 20% of global central bank reserves, a figure that had doubled over the past decade. He stated that central banks were "obviously preparing for a multipolar world in which the dollar's role as a reserve asset will be gently reduced."

Factors Driving NevGold Forward

NevGold's investor presentation outlines several near-term catalysts that could enhance the Zeus Copper Project's value. The company is in the process of finalizing geophysical programs, including Induced Polarization (IP) and magnetic surveys, to define subsurface anomalies indicative of copper porphyry mineralization. These surveys are scheduled for the first quarter of 2025, providing critical data for refining drill targets.

Additionally, the company plans to submit a Notice of Intent (NOI) for drilling at Zeus, focusing on high-priority targets like Thorn Springs and Poseidon. The project's location on BLM land is expected to streamline the permitting process, reducing potential delays in advancing to the drill stage.

NevGold's broader exploration strategy includes drill target generation at Zeus, with the objective of validating a large-scale mineralization system comparable to the Hercules Project. The company has emphasized that the strong copper and gold results, combined with the geological characteristics observed, position Zeus as a promising asset within Idaho's Hercules Copper Trend.

As the company moves into 2025, further sampling, geophysical surveys, and the completion of its drilling permit are expected to provide continued exploration momentum for the Zeus Copper Project.

Ownership and Share Structure

GoldMining Inc. holds 28.3% of the company on an undiluted basis and McEwen Mining Inc. 

The company said about 30% is held by management and insiders. According to Refinitiv, these include Non-Executive Chairman Giulio T. Bonifacio with 4.2%, CEO Brandon Bonifacio with 3.46%, Independent Director Gregory French with .85%, and Independent Director Timothy Dyhr with .70%, Refinitiv said.

About 10% is held by institutions, and the rest is in retail.

As for its share structure, NevGold has 94.25 million outstanding shares and 57.43 million free-float traded shares. Its market cap is CA$17.8 million. Its 52-week trading range is CA$0.18 and CA$0.50 per share.