NexGold Mining Corp. has reported new assay results from its ongoing 25,000-metre drill program at the Goliath Gold Complex in northwestern Ontario

1. NexGold is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of NexGold
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
4.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

NexGold Mining Corp. (NEXG.V:TSXV; NXGCF:OTCQX; TRC1.F:FRA) has reported new assay results from its ongoing 25,000-metre drill program at the Goliath Gold Complex in northwestern Ontario, with recent drilling returning gold mineralization from several zones including the Goliath Deposit, the Eastern Alteration Corridor (EAC) prospect, and the Goldlund Southwest target. The company also announced the receipt of a key federal regulatory approval for its Goldboro Gold Project in Nova Scotia.

Recent drilling at the Goliath Deposit focused on shallow areas within the open pit shell and intersected 13.67 grams per tonne (g/t) gold over 1.75 metres in hole TL25698, including 34.20 g/t over 0.68 metres. Additional shallow intercepts included 1.05 g/t gold over 21.20 metres in hole TL25710, with localized higher grades such as 16.20 g/t over 0.70 metres. The 6,355-metre campaign consisted of 30 holes, including four at the nearby EAC prospect, which is located one kilometre northeast of Goliath. Hole TL25714 at the EAC intersected multiple zones of gold mineralization, including 1.20 g/t over 2.50 metres and 2.45 g/t over 1.50 metres.

At Goldlund Southwest, 12 holes were drilled over 3,613 metres to test for mineralized extensions of the granodiorite sill that hosts the Goldlund Deposit. Notable intercepts include 4.97 g/t gold over 0.80 metres in hole GSW-25-04 and 0.69 g/t over 1.73 metres in hole GSW-25-12. These results add to NexGold’s ongoing exploration efforts to assess near-pit expansion opportunities at both projects.

In a separate development, NexGold received an amendment to Schedule 2 of the federal Metal and Diamond Mining Effluent Regulations (MDMER), officially designating seven water bodies at Goldboro as part of the project's tailings impoundment system. This amendment, published in the Canada Gazette on July 2, 2025, marks a major milestone tohttps://nexgold.com/nexgold-receives-schedule-2-amendment-approval-for-goldboro-gold-project/ward construction readiness. The company has already submitted a fish habitat compensation plan as required by the MDMER and awaits final Fisheries Act Authorization, expected in the second half of 2025.

NexGold President and CEO Kevin Bullock stated in the press release, “The approval of the Schedule 2 amendment for Goldboro is another significant step towards a construction decision and is the culmination of significant effort by the NexGold team.” On the drill program, he added, “We are also excited by the results from the EAC prospect immediately adjacent to the Goliath Deposit.”

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.

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.