NevGold Corp. (NAU:TSX.V; NAUFF:OTC; 5E50:FSE) has reported additional high-grade oxide gold-antimony mineralization from the Cadillac Valley area at its Limousine Butte Project in Nevada. The latest drill results build on previous findings and demonstrate the project's expanding footprint, with mineralization now confirmed along a 5-kilometer strike between Cadillac Valley and Resurrection Ridge.
Highlighted drill intercepts from Cadillac Valley include hole LB22-007, which returned 1.70 grams per tonne (g/t) gold equivalent (AuEq) over 169.2 meters, including 2.85 g/t AuEq over 54.4 meters and 13.15 g/t AuEq over 3.1 meters. These intervals include both gold and notable amounts of antimony, a critical mineral identified by the U.S. Geological Survey. The AuEq calculations were based on metal prices of US$2,000 per ounce gold and US$35,000 per tonne antimony, with assumed recoveries of 85% for gold and 70% for antimony.
Drillhole LB22-006 also produced 1.34 g/t AuEq over 124.7 meters, including 2.23 g/t AuEq over 24.3 meters. Additional intersections from Resurrection Ridge continue to validate the region's mineral potential, such as LIM-40's 4.07 g/t AuEq over 54.9 meters, including 6.60 g/t AuEq over 12.2 meters.
NevGold has been re-analyzing historical drill core that had previously been subject to an upper detection limit of 1% antimony. Many intervals exceeded this threshold and are now undergoing re-assay at the American Assay Lab in Reno, Nevada, without the prior analytical constraints. This approach could unlock previously unrecognized value in the data set.
The Cadillac Valley and Resurrection Ridge targets sit within a permitted area approved under the Plan of Operations since November 2024, allowing NevGold to proceed with further drilling. According to CEO Brandon Bonifacio in the news release, "The oxide gold-antimony grades, near-surface mineralization, and hole thickness highlight the significant gold-antimony potential that we have at the Project."
The development of this project aligns with recent U.S. government policy. On March 20, 2025, the Biden administration issued an executive order invoking the Defense Production Act to accelerate domestic mineral production, explicitly citing antimony's strategic importance. The order included mechanisms for expedited permitting and access to financial support through a new federal minerals investment fund. The U.S. currently has no domestic source of mined antimony, and approximately 90% of global supply comes from China, Russia, and Tajikistan — countries subject to rising geopolitical tensions.
NevGold's project data also includes evidence of historical small-scale antimony mining within the Limo Butte boundary, with samples reportedly exceeding 9% antimony content. These findings were supported by archived reports from the Nevada Bureau of Mines and a Brigham Young University thesis.
Gold's Stability and Strategic Demand Drive Recent Momentum
Gold continued to reinforce its reputation as a reliable safe-haven asset in April, with multiple market developments and policy shifts contributing to its strength. On April 8, 321Gold described the market's resilience, noting that "gold looks fantastic," especially following a move from the US$2,956 support level. Stewart Thomson explained that large-scale investors typically use price zones, not individual trades, to accumulate gold, stating that "no soldier goes into a major war expecting to win it with just one battle. Gold market investors need to think less like stock market price chasers do."
April 9 saw gold surge past US$3,100 per ounce before closing at US$3,079.40, marking its best day since October 2023. According to Reuters that day, the rally was driven by escalating U.S.-China trade tensions and investor concerns over inflation. Bart Melek, head of commodity strategies at TD Securities, said, "Ultimately, gold continues to be seen as a hedge against instability here," pointing to rising yields and tariff fears as catalysts for the surge. The article noted that gold had already risen more than US$400 in 2025, hitting a record high of US$3,167.57 on April 3.
Maund told Streetwise, "With more good discovery news out of the company this morning and the sector recovering after the shakeout of a few days back as the dollar craters, this looks like an excellent point to buy NevGold.
The same day, Kitco reported that the U.S. market reaction to a temporary tariff suspension contributed to a 3.39% rise in gold futures, with the June contract closing at US$3,099.80. The price increase recovered over half of gold's recent losses.
The report also highlighted inflows into gold-backed exchange-traded funds (ETFs), with 226.5 metric tons (or approximately US$21.1 billion) added in Q1 2025, the largest quarterly total in three years. These ETF inflows, alongside geopolitical uncertainty, continued to support the sector.
In its April 10 analysis, GoldFix cited Goldman Sachs' revised 2025 gold price targets, which now included a base case of US$3,300 per ounce, a high-end target of US$3,520, and a tail-risk scenario of up to US$4,500. According to the report, central bank purchases were a key driver, with a new forecast of 70 tonnes per month in official sector buying. The analyst emphasized the structural nature of this demand, particularly from emerging markets, noting that "the geopolitical hedging motive has gained relevance since the freezing of the Russian central bank assets in 2022."
Goldman's report also referenced a recent Chinese policy change allowing insurance firms to invest up to 1% of assets under management in gold - equivalent to an estimated 280 tonnes. While flows from this policy had yet to materialize fully, the bank expected this latent demand to act as a stabilizing force during price pullbacks.
Stockhead on April 11 framed gold as a proven safe-haven asset, particularly during periods of economic turmoil. Analysts from TD Cowen observed that "gold equities outperformed the broader market by 16–24% in economic shocks since the year 2000," including the COVID-19 period and the Bear Stearns collapse. The report also noted that while investor exposure to gold equities remained below historic highs, there had been a recent uptick in generalist interest. TD's analysts stated, "We view investors as underweight precious metals but we have seen a marked uptick in generalist interest evaluating greater allocation of capital back into the space."
Positive Technical Setup Draws Analyst Attention to NevGold
The same day, Maund told Streetwise, "With more good discovery news out of the company this morning and the sector recovering after the shakeout of a few days back as the dollar craters, this looks like an excellent point to buy NevGold after its reaction back of the past couple of weeks from a peak at CA$0.42 to CA$0.29 on light volume to its rising 200-day moving average, which followed a bullish runup on strong volume in the middle of March. A chart has been saved, which we will look at on the site later this morning."
Maund noted that NevGold's trading action on April 10 reflected this renewed momentum, with the stock closing at CA$0.31 (US$0.231), up roughly 7% after earlier gains of 12%. He pointed to the company's recent recovery and its positioning within a rising trend as indicators of technical strength.
Upcoming Catalysts at Limousine Butte
NevGold's 2025 exploration program at Limousine Butte includes a series of value-driven initiatives focused on expanding its oxide gold-antimony footprint. According to its April 2025 investor presentation, the company is currently re-assaying approximately 20 historical holes for both metals, targeting results that could support the project's first combined gold-antimony mineral resource estimate.
A second-phase reverse circulation drill campaign is planned, spanning roughly 5,000 meters across high-priority targets at Cadillac Valley and Resurrection Ridge. The mineralization at these zones remains open in multiple directions, and the existing data suggests lateral and vertical extension potential.
Historical production at Limousine Butte dates back to 1989–1990 when approximately 91,000 ounces of oxide gold were mined at the Golden Butte pit. A historical resource estimate from 2009 outlined 241,000 ounces of gold (measured and indicated) at an average grade of 0.78 g/t and an additional 51,000 ounces inferred at 0.70 g/t. While not classified under current NI 43-101 standards, the estimate provides context for the site's long-term potential.
Streetwise Ownership Overview*
NevGold Corp. (NAU:TSX.V; NAUFF:OTC; 5E50:FSE)
In parallel with its Nevada work, NevGold continues advancing its Nutmeg Mountain project in Idaho and the Zeus copper project, also in Idaho. According to the company's April 2025 investor presentation, the Nutmeg Mountain asset hosts an indicated gold resource of 1.01 million ounces and an inferred resource of 275,000 ounces based on a 0.30 g/t cutoff. The Zeus copper project, located on the Hercules Copper Trend, shows early signs of strong porphyry copper potential and has entered geophysical and permitting stages ahead of first-phase drilling.
Ownership and Share Structure
Strategic investors include GoldMining Inc., which 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 4.56%, CEO Brandon Bonifacio with 3.46%, Independent Director Gregory French with 0.85%, and Independent Director Timothy Dyhr with 0.70%, 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 57.25 million free-float traded shares. Its market cap is CA$28.33 million. Its 52-week trading range is CA$0.17 and CA$0.50 per share.
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Important Disclosures:
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of NevGold Corp.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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