NexGold Mining Corp. reported new high-grade results from its ongoing 26,854-metre infill drill program at the Goldboro Open Pit Gold Project in Nova

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NexGold Mining Corp. (NEXG.V:TSXV; NXGCF:OTCQX; TRC1.F:FRA) announced additional high-grade assay results from its recently completed 26,854-metre diamond drill program at the Goldboro Open Pit Gold Project in Nova Scotia. The program, launched in January 2025, was designed to infill select areas of the current Mineral Resource to improve geological and grade continuity, with the goal of potentially upgrading Inferred and Indicated Resources.

The latest results cover 14 diamond drill holes (BR-25-551 to 559 and BR-25-561 to 565), totaling 3,347 metres across the project’s East and West pit areas. Notable intercepts include 50.73 grams per tonne (g/t) gold over 6.65 metres in hole BR-25-559, including 253.00 g/t over 1.00 metre and 115.30 g/t over 0.60 metre, as well as 5.28 g/t gold over 19.20 metres in hole BR-25-562, including 56.00 g/t over 1.00 metre.

Additional highlights from the release include:

• 59.60 g/t gold over 0.85 metres in BR-25-565

• 22.21 g/t gold over 1.80 metres in BR-25-553

• 9.35 g/t gold over 3.00 metres in BR-25-559

• 1.84 g/t gold over 11.10 metres in BR-25-555

• 2.34 g/t gold over 12.85 metres in BR-25-559

• 1.36 g/t gold over 25.60 metres in BR-25-559

The company has now reported results for approximately 71% of the drill program, with 100 holes released. According to NexGold, the ongoing assays continue to align with the existing geological model for the Goldboro deposit. In some cases, mineralization was intersected in areas where none was previously modeled or where historic drilling was limited in scope.

“We are very pleased to continue to see high-grade gold assays from both the East and West Goldbrook open pit domains and that the assays continue to be generally consistent with our Mineral Resource model at Goldboro,” said President and CEO Kevin Bullock in a company news release. “The additional drill intercepts within the east and west pits will help us further refine the model going forward. We have begun the update to the Mineral Resource for Goldboro, which will form the basis for an updated Goldboro Feasibility Study.”

An updated Mineral Resource Estimate is expected in the second half of 2025, and will incorporate all new assay data to refine the model ahead of project development.

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According to a July 4 report from the World Gold Council (WGC), central banks increased their net gold purchases to 20 tonnes in May, up from 16 tonnes in April. While still below the 12-month average of 27 tonnes, the uptick was attributed in part to geopolitical uncertainty. “Fresh tensions in the Middle East may have reinforced the strategic appeal of gold for central banks looking to safeguard reserves against geopolitical shocks,” said Marissa Salim, Senior Research Lead for APAC.

Poland remained the top gold buyer of 2025 so far, while Kazakhstan and Turkey also added to their reserves. Singapore led the month’s sales, trimming its holdings by 5 tonnes. Salim noted that emerging and developing economies showed the strongest intent to increase reserves in the WGC’s 2025 Central Bank Gold Reserves Survey, with 43% of respondents planning to add gold. That's up from 29% in 2024.

Gold prices held firm above US$3,300 per ounce in mid-July. Kitco News reported on July 9 that the Federal Reserve’s decision to hold interest rates steady in June gave gold continued support, with minutes indicating that some policymakers were open to cuts “as soon as at the next meeting” if inflation trends cooperate. Jeffrey Roach, Chief Economist at LPL Financial, added that “despite headwinds, the economy continues to trudge along, giving policymakers time to assess the projected impact from tariffs.”

On July 11, Yahoo Finance reported that spot gold rose to US$3,321.68 as Treasury yields and the U.S. dollar declined. “Gold bounced off a technical support level and also, the broader dollar declined,” said Nicholas Frappell of ABC Refinery. A weaker dollar and lower yields tend to boost gold’s appeal as a safe-haven asset.

A Stockhead article published July 18 highlighted that gold prices rose 26% in the first six months of 2025, outperforming every major asset class tracked by the WGC. The price spike earlier this year—driven by U.S. tariffs and Middle East conflict, briefly pushed bullion to a record US$3,500/oz in April. While prices have since settled, the WGC’s mid-year review emphasized strong investor demand and continued ETF inflows, with total global gold ETF holdings reaching 3,616 tonnes, their highest month-end level since August 2022.

“Gold – through its fundamentals – remains well positioned to support tactical and strategic investment decisions in the current macro landscape,” the WGC report stated.

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.”

Advancing Toward Feasibility With Multi-Million-Ounce Resource

NexGold's 2022 feasibility study for Goldboro outlined an after-tax NPV (5%) of CA$328 million and a 25.5% IRR at a US$1,600/oz gold price. The study projected average annual gold production of 100,000 ounces over an 11-year mine life, with an all-in sustaining cost of US$849/oz and a 95.8% gold recovery rate. The company noted the project’s after-tax NPV could exceed CA$556 million at US$1,920 gold.

Goldboro hosts a combined Measured and Indicated resource of 2.58 million ounces and 484,000 ounces in the Inferred category. The deposit remains open at depth and along strike, and recent drilling has extended mineralization west toward the historic Dolliver Mountain mine.

As of July 3, 2025, NexGold had a market cap of CA$129.2 million and a share price of CA$0.75, with a pro forma cash balance of approximately CA$21 million. Key provincial permits, including the Environmental Assessment and Crown Land Lease, are in place.

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.