Explorer Strikes High-Grade Gold-Antimony in Nevada With 56.4m of 2.19 g/t AuEq

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NevGold Corp. (NAU:TSX.V; NAUFF:OTC; 5E50:FSE) has released new drill results from its Limousine Butte Project in Nevada, reporting high-grade oxide gold-antimony mineralization from several drillholes at the Resurrection Ridge target. These results are part of the company's 2025 reverse circulation drill program and build upon a growing data set that supports the presence of a large, near-surface mineralized footprint in a key U.S. jurisdiction.

The headline interval came from hole RR03_01, which returned 11.41 grams per tonne gold equivalent (g/t AuEq) over 6.1 meters, including 10.60 g/t gold and 0.18% antimony. This was situated within a broader intercept of 2.19 g/t AuEq over 56.4 meters. Additional holes such as LB010 and LB028 also delivered notable results, with the former intersecting 3.19 g/t AuEq over 26.2 meters and the latter encountering 4.62 g/t AuEq over 6.1 meters.

Gold equivalent calculations used a gold price of US$2,000 per ounce and an antimony price of US$35,000 per tonne, applying recovery rates of 85% for gold and 70% for antimony. These parameters were used to approximate the combined value of the mineralized intervals.

The company has completed eight drillholes in the 2025 campaign to date, with assays pending. According to CEO Brandon Bonifacio in the announcement, "We continue to add to the large oxide gold-antimony mineralization footprint at Limo Butte in Nevada with the objective of rapidly advancing the Project to an initial gold-antimony Mineral Resource Estimate."

NevGold also noted progress on its Phase II metallurgical testwork program, which aims to determine viable processing flowsheets for recovering both gold and antimony. The company reported that multiple viable processing paths have been identified, including acid leaching and sulfidized flotation, and confirmed that antimony recovery has minimal impact on gold recovery in their testing to date.

The project's location in Nevada, a top-tier mining jurisdiction, and the presence of both gold and antimony, an officially designated "critical mineral" by the U.S. government, has increased interest in the site. A recent U.S. Executive Order invoked the Defense Production Act to strengthen domestic critical mineral production and specifically identified antimony as a key priority.

NevGold also highlighted historical production from small-scale antimony mines within the project boundary and geochemical sampling that returned antimony values exceeding 5%, including one sample with 9.6% antimony and visible stibnite.

Gold Rally Extends as Antimony Gains Strategic Focus

In September 2025, the gold sector experienced continued upward momentum, driven by a convergence of technical, macroeconomic, and investor sentiment factors. Gold futures reached new highs, with prices climbing above US$3,790 per ounce, as tracked by multiple market sources. On September 21, Adam Hamilton of Zeal LLC noted that gold's gains from October 2023 through September 2025 had totaled more than 100%, with the metal rising 39.4% year-to-date as of that week. He warned that this extended run had pushed gold into "extreme-overbought territory," as measured by a 1.185x multiple above its 200-day moving average, based on his "Relativity Trading" model. According to Hamilton, "Gold's downside risks at 70% are much higher than at 30%," referring to the elevated positioning of speculative traders in the futures market.

Hamilton also noted that previous instances of such extreme technical readings had preceded either sharp corrections or prolonged sideways trading, known as "high consolidations." He referenced earlier surges, such as in April and October 2024, that were followed by 4% to 8% pullbacks, providing historical context for current conditions.

According to Stockhead on September 23, "Gold bull run continues," with the XGD All Ords Gold index rising 85% year-to-date. This surge contributed to a 2% jump for Australian gold stocks on the same day, supporting broader gains on the ASX 200. The rally was attributed to sustained investor interest in gold as a hedge during periods of economic uncertainty and perceived government instability.

Stewart Thomson, writing on September 23, stated, "It's a golden month and a golden year," pointing to a growing global loss of confidence in fiat currencies and government debt obligations. He described the movement in gold as part of a broader "cyclical inversion," in which seasonal trends were disrupted by macroeconomic shifts. He highlighted that Indian gold demand was also intensifying, noting that "they are now aggressive buyers into the current price strength."

In terms of antimony, the metal continued to demonstrate its rising strategic importance in September 2025 following news that the U.S. government awarded a US$245 million contract for domestic supply to support the national defense stockpile, as reported by Mining.com on September 23. Classified by the U.S. as a critical mineral essential to national and economic security, antimony is used in a range of defense and high-tech applications, including flame-retardant materials, ammunition primers, semiconductors, and superhard alloys.

The metal's relevance has grown in recent years due to its limited domestic availability. The United States has not produced antimony commercially since 2016, making it one of several critical minerals the federal government has prioritized for onshoring. The Department of Defense, through the Defense Logistics Agency, has taken steps to secure a stable antimony supply chain that meets stringent military-grade specifications.

High-Grade Results and Critical Mineral Potential Attract Institutional Support

A June 2025 report by Ivan Lo of The Equedia Weekly Letter described NevGold as a rare junior with both high-grade oxide gold results and critical mineral exposure. He highlighted the scale of the Limousine Butte system, which spans more than five kilometers, and referenced standout drill intercepts including 2.46 g/t AuEq over 86.9 meters and 13.15 g/t AuEq over 3.1 meters as evidence of both grade and continuity. Lo also emphasized the presence of antimony, a designated U.S. critical mineral, as a distinguishing feature that could align the project with domestic supply chain priorities.

Institutional interest has played a key role in advancing the company's exploration plans. NevGold completed a CA$6 million financing in May 2025, led by Clarus Securities. The placement was viewed as a show of confidence from investors experienced in early-stage mining ventures. According to the company, it was fully financed to execute its 2025 exploration program, which included a 5,000-meter reverse circulation drill campaign and metallurgical testwork on a 100-kilogram bulk sample.

A Clear Path Toward Resource Definition

NevGold has outlined several operational milestones for the remainder of 2025 that support the advancement of Limousine Butte toward an initial gold-antimony Mineral Resource Estimate. According to the company's August 2025 investor presentation, these include completing approximately 5,000 meters of reverse circulation drilling, advancing metallurgical testwork, and reassaying an estimated 50 historical drillholes for antimony content.

The company began releasing gold-antimony results earlier this year and has already published over 25 holes, with additional results pending. The current drill campaign is designed to expand mineralized zones at Resurrection Ridge and Cadillac Valley, the project's two main oxide heap-leach targets.

In addition to drilling, metallurgical testwork continues to play a central role. Core and surface samples from both target areas have been analyzed in Phase II testwork, with early results supporting potential recovery of both gold and antimony through several processing methods. The company has indicated that all identified flowsheets will be advanced to the next stage of study.

Surrounded by other exploration and development projects, Limousine Butte benefits from district-scale activity, including Freeport-McMoRan's US$33 million earn-in agreement on a nearby porphyry system and additional earn-in arrangements by Centerra Gold and South32 in the surrounding area.

NevGold aims to deliver the project's first gold-antimony resource estimate by year-end, which could further define its position within Nevada's evolving critical minerals landscape.

Ownership and Share Structure

According to Refinitiv, eight strategic entities own about 31% of NevGold. The No. 1 shareholder is Goldmining Inc. with 21.51%. Insiders include Nonexecutive Chair Giulio T. Bonifacio; President, Chief Executive Officer and Director Brandon Bonifacio; Vice President of Exploration Greg French; and Independent Directors Tim Dyhr and Morgan Hay. The rest is in retail.

NevGold has 114.25 million outstanding shares and approximately 84.33 million free float shares. Its market capitalization is CA$42.84 million, with a 52-week trading range of CA$0.17 to CA$0.43 per share.