Gold Explorer Reports High-Grade Hits in Ontario and Nova Scotia

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NexGold Mining Corp. (NEXG.V:TSXV; NXGCF:OTCQX; TRC1.F:FRA) reported additional drill results from its 25,000-metre diamond drill program at the Goliath Gold Complex in northwestern Ontario. The latest update included 6,355 metres of drilling across 30 holes targeting shallow mineralized zones at the Goliath Deposit, the Eastern Alteration Corridor (EAC) prospect, and the Goldlund Southwest area.

Assay highlights included 13.67 grams per tonne (g/t) gold over 1.75 metres at the Goliath Deposit and 1.05 g/t gold over 21.20 metres in hole TL25710, demonstrating continuity of mineralization in under-drilled zones within the open pit shell. Exploration at the EAC, located approximately one kilometre northeast of Goliath, intersected multiple gold-bearing intervals, including 1.20 g/t gold over 2.50 metres and 2.45 g/t gold over 1.50 metres. At Goldlund Southwest, step-out drilling returned grades such as 4.97 g/t over 0.80 metres, supporting further exploration potential.

Separately, NexGold announced on July 8 that the federal government of Canada had approved an amendment to Schedule 2 of the Metal and Diamond Mining Effluent Regulations for its Goldboro Gold Project in Nova Scotia. The amendment designates specific water bodies within the tailings management footprint as tailings impoundment areas, marking a critical milestone toward construction. The company noted that its Fish Habitat Compensation Plan has already been submitted and is under review by Fisheries and Oceans Canada, with approval expected in the second half of 2025.

On July 10, NexGold released additional results from a recently completed 26,854-metre infill drill program at Goldboro. The program targeted specific areas of the open pit mineral resource with the aim of enhancing geological continuity and upgrading inferred and indicated categories. The latest batch of 36 holes, totaling 5,874 metres, was drilled in the proposed east pit. Notable intercepts included 77.30 g/t gold over 1.25 metres (including 190.50 g/t over 0.50 metres) in hole BR-25-516, and 19.32 g/t over 3.50 metres (including 133.50 g/t over 0.50 metres) in hole BR-25-549. Additional highlights included 56.26 g/t over 1.00 metre in BR-25-545, 70.78 g/t over 0.85 metres in BR-25-492, and 3.44 g/t over 8.00 metres in BR-25-537.

The company has now reported results from approximately 61% of the infill program. According to NexGold, the data continues to validate the existing geological model while identifying localized adjustments where mineralization was either underrepresented or previously unknown. Kevin Bullock, President and CEO, stated in the July 10 news release: “We are very pleased to continue to see high-grade gold assays from the East Goldbrook domain and within the proposed east pit. The additional infill, twinned drilling and numerous gold intercepts within the east pit will help us further refine the Goldboro Mineral Resource model going forward.” He added that Micon International Co. Limited has been selected to complete the upcoming mineral resource update, which will inform revisions to the Goldboro Feasibility Study.

Gold Sector Supported by Demand Trends and Macroeconomic Uncertainty

Gold prices rose significantly in the first half of 2025, driven by persistent geopolitical tensions and investor demand for safe-haven assets. On June 27, Catherine Brock of Yahoo Personal Finance reported that gold futures opened at US$3,341.30 per ounce, representing a 45.5% increase from US$2,296.80 one year earlier. Prices remained near record highs despite intermittent pullbacks. Brock attributed the strength to broad-based economic uncertainty and noted that “gold, silver, and platinum are all up more than 22% so far in 2025.” She also pointed to continued demand for physical bullion, especially among retail buyers of coins and bars, even as equity markets remained resilient.

Additional commentary in early July provided further insights into the sector’s momentum. On July 1, Stewart Thomson of Galactic Updates described gold as “supreme money” and highlighted the U.S. national debt as an ongoing tailwind. He identified a technical formation known as an ascending triangle, with a projected target of US$3,800 per ounce, and noted that several momentum indicators were “poised to flash a thunderous buy signal.” Thomson also referenced rising gold demand in China and India, suggesting that increased accumulation in the East may be influencing sentiment in Western markets.

On July 2, Pretiorates presented an analysis of investor flows, observing that the recent price consolidation since April demonstrated underlying sector resilience. While Chinese institutional investors were noted as net sellers, the report cited renewed Western interest as a key source of support. Rising ETF holdings in the U.S. and Europe were highlighted as confirmation of this trend. According to their Smart Investors Action Indicator, a combination of heavy selling and strong investor engagement has historically preceded upward price movements. The report also pointed to stable silver prices and sustained ETF demand across precious metals, concluding, “It is not the Chinese who are keeping the Gold price up, but increasingly Western private investors.”

Gold prices held steady in early July amid ongoing geopolitical concerns and market uncertainty surrounding the expiration of a 90-day pause on U.S. reciprocal tariffs. On July 7, gold futures opened at US$3,344.50 per ounce, up 0.4% from the prior close and 2.4% higher than the June 30 open of US$3,265.90, according to Yahoo Finance. Since the announcement of proposed new tariff rates on April 2—ranging from 10% to 70%—gold futures have risen 7%, reflecting the metal’s continued role as a hedge against policy risk and macroeconomic volatility.

NexGold Progresses Goliath Drilling and Goldboro Resource Amid Q3 Milestone Timeline

In a May 20 research note, Red Cloud Securities analyst Ron Stewart characterized NexGold's latest drilling activity as "slightly positive," highlighting broad mineralized zones in underexplored areas. Notable intercepts included 1.86 grams per tonne (g/t) gold over 10.9 meters, with a subinterval of 7.38 g/t over 0.6 meters, and 1.03 g/t over 18.9 meters, including 19.45 g/t over 0.8 meters.

Stewart noted that approximately 17,000 meters of NexGold’s planned 25,000-meter drill program had been completed by mid-May, with the remainder expected during the current quarter. He also referenced the company’s global resource estimate at Goldboro, which includes 21.6 million tonnes at 3.72 g/t gold for 2.6 million ounces in the measured and indicated category, and 3.2 million tonnes at 4.73 g/t gold for approximately 0.5 million ounces in the inferred category.

Red Cloud maintained a "Buy (Speculative)" rating on NexGold and assigned a target price of CA$4.00 per share, based on a discounted cash flow model that incorporates both the Goldboro and Goliath projects.

Jay Taylor of Gold, Energy & Tech Stocks has provided consistent updates on NexGold’s development progress and exploration results. In his June 27 commentary, Taylor highlighted the company’s ongoing drill efforts, stating: “NexGold Mining Corp.'s 25,000m diamond drill program continues to intersect additional gold mineralization in areas where no mineralization was previously known or predicted. . .mineralized solids will be adjusted, where necessary, to account for local variations in the model, and any impact due to additional assay data gathered during the drill program will be investigated during the forthcoming mineral resource estimate planned during H2/25.”

Earlier, on June 20, Taylor reported on permitting advancements at the company’s Nova Scotia asset: “NexGold Mining Corp. announced that the government of Nova Scotia has deemed the company's application for an industrial approval of a surface gold mine to be complete for NexGold's 100%-owned Goldboro gold project. . .the application will now undergo a final review, with an expected date of completion within 60 days of the notice.”

Project Advancement Drivers

NexGold’s advancement strategy is centered on its two flagship projects, Goliath and Goldboro, both of which have completed environmental assessments and are approaching full permitting. The Goliath Gold Complex is supported by a February 2023 Prefeasibility Study outlining a 13-year mine life with average annual production of over 100,000 ounces of gold in the first nine years. The project includes a 6.5-kiloton-per-day gravity and carbon-in-leach processing plant and demonstrated after-tax net present value (NPV) of US$336 million at a base case gold price of US$1,750 per ounce.

The Goldboro Project in Nova Scotia is backed by a 2022 Feasibility Study outlining a phased open-pit development plan and average gold production of 100,000 ounces annually over 11 years. The project shows an after-tax NPV of US$328 million using a gold price of US$1,600 per ounce. NexGold’s phased development approach at Goldboro includes planned underground development beginning in year six.

In addition to the permitting progress and drilling results, the company maintains a cash position of approximately US$21 million as of March 31, 2025, following a recent private placement. NexGold has also secured royalty agreements, including one with Sprott, and continues to build its financial and technical foundation for long-term production readiness.

Ownership and Share Structure

The company notes that management and insiders own 2.7% of NexGold.  

Institutions own 26.5%.   

Strategic investors own 31.1%. Frank Guistra owns 7.0%, Sprott owns 6.3%. Extract owns 7.8%. First Mining owns 1.8%. Matrix owns 0.9%, and Teck owns 0.9%.    

NexGold had 157.6 million shares issued and outstanding and a market cap of CA$129.2 million, following the closing of its recent CA$10 million bought deal private placement financing.