NevGold Commences 20,000 Meter Drill Program at Antimony-Gold Limo Butte Project, Nevada; Streamlined Focus on Resource Building, Expansion, and New Discoveries
Rhea-AI Summary
NevGold (OTCQX:NAUFF) started a 20,000 meter drill program at its antimony-gold Limo Butte project in Nevada, focused on Mineral Resource conversion, expansion, and new discoveries around the Bullet Zone, Armory Fault, and historical antimony mines.
The company also plans to settle $555,208.33 of accrued original issue discount on a prior $3.5M convertible security in 227,544 common shares at $2.44, subject to TSXV approval, and is advancing a maiden oxide antimony-gold Mineral Resource Estimate targeting potential production by 2027.
AI-generated analysis. Not financial advice.
Positive
- 20,000 meter drill program, largest at Limo Butte since 2021 acquisition
- All 2025 Bullet Zone drillholes intercepted significant oxide Au-Sb mineralization
- Preserved Pilot Shale extends over 1 kilometer east of prior drilling
- Maiden oxide antimony-gold Mineral Resource Estimate advancing toward 2027 production target
- Debt of $555,208.33 converted into 227,544 shares at $2.44, reducing cash outlay
Negative
- Debt settlement requires TSX Venture Exchange approval before share issuance
- Original issue discount of $650,000 continues to accrue over 24 months
- Equity settlement of $555,208.33 adds 227,544 common shares, diluting existing holders
News Market Reaction – NAUFF
On the day this news was published, NAUFF gained 3.95%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia, May 21, 2026 (GLOBE NEWSWIRE) -- NevGold Corp. (“NevGold” or the “Company”) (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) has commenced a 20,000 meter drill program at its antimony (“Sb”) and gold (“Au”) Limousine Butte Project (the “Project”, “Limo Butte”) in Nevada. The drill program will be focused on Mineral Resource conversion and expansion, expanding mineralization around the 2025 discovery of the high-grade antimony-gold Bullet Zone and Armory Fault, and new project-wide discoveries utilizing the NevGold geological model of the Project.
Key Highlights
- NevGold will start with two Reverse Circulation (“RC”) drill rigs for the 20,000 meter program
-
- One drill rig has commenced drilling, with the second drill rig to mobilize by June/July
- The Company will consider adding more drill rigs as the current program is established
- CSAMT geophysics was completed in Q1-2026 covering the 2025 Bullet Zone and Armory Fault discoveries; preliminary results further support the NevGold geological model at the Project (see Figure 2, Figure 3); a number of high priority drill targets have been identified in this area
-
- All 2025 drillholes at “Bullet Zone” discovery intercepted significant oxide gold-antimony mineralization
- The Bullet Zone is the eastern expansion area at Resurrection Ridge, which has over 1 kilometer of untested potential (see Figure 1, Figure 2, Figure 3)
- Project-wide target testing below the older thrusted upper dolomite unit, following up on the new geological modeling that was successful in the NevGold 2025 drilling
- NevGold will drill test the historical Nevada Antimony Mine and Lage Antimony Mine area (see Figure 2) which mined high-grade antimony in the World War II era
-
- Significant, near-surface, antimony potential exists
- The area was not drilled in 2025 due to access constraints; drill road construction is advancing (see Figure 3)
- The Drill Program is covered under the Advanced Plan of Operations (“PoO”) Permit: this is a continuation of the 2025 drill program, which was the first drill program at the Project under the approved PoO permit. (see NevGold News Release from November 27, 2024) The expanded area of the PoO covers many untested targets on the property, providing significant antimony-gold mineralization expansion potential.
- Maiden antimony-gold MRE on the historical gold leach pads and larger project area, including Resurrection Ridge and Cadillac Valley, is rapidly progressing; critical step in the development path toward antimony production by 2027
NevGold CEO, Brandon Bonifacio, comments: “After completing the
Figure 1 – Limo Butte Project and identified target areas. A number of high priority targets have been defined focused on Resource Building, Expansion, and New Discoveries across the large, consolidated 67.5 square kilometer land package. NevGold maintains a continuous drill target pipeline at the Project, which will be advanced with the largest drill program that the Company has drilled since acquiring Limo Butte in 2021.
To view image please click here
Figure 2 – Cross section outlining the pre-2025 mineralization footprint at Resurrection Ridge, 2025 expansion area including the discovery of the Bullet Zone on the eastern side of Resurrection Ridge, and the key focus of further 2026 expansion. To view image please click here
Figure 3 – Focused view of Resurrection Ridge and Bullet Zone. CSAMT geophysics has been completed across the 2025 discovery at the Bullet Zone; preliminary results further support the NevGold geological model of the Project.
To view image please click here
Figure 4 – Drone picture of drill rig adjacent to northeastern edge of historical Golden Butte pit.
To view image please click here
NevGold Geological Model Summary and 2025 Discovery of Bullet Zone and Armory Fault
The Devonian Pilot Shale (“Pilot Shale”, “Pilot”) is the principal local host to Carlin-type mineralization at Limousine Butte. At Limousine Butte, positive gold grades commonly coincide with silicification and jasperoid breccias within the Pilot Shale, and this alteration style is also host to elevated antimony.
NevGold’s 2021–2025 work included integrating historical drilling, new mapping, and surface sampling which produced an updated district model and refined property-wide controls on mineralization. At Resurrection Ridge, Devonian–Silurian dolomite is exposed immediately east of known gold-antimony mineralization. Earlier explorers inferred that the overlying Pilot Shale had been eroded in this area, and they did not test eastward, despite shallow high-grade intercepts in the easternmost holes drilled at Resurrection Ridge. The new model indicates the older dolomite was thrust over the prospective Pilot Shale unit (see Figure 5), creating structural preparation and a fluid trap that preserves the favorable host at depth, the classic architecture for a Carlin-type system.
The 2025 drill program validated the new NevGold geological model. Holes collared in dolomite, passed through the upper thrust plate, and intersected gold and antimony at multiple horizons within the underlying Pilot Shale validating the new geological model and materially expanding the potential mineralization footprint at the Project.
The preserved Pilot Shale extends more than one kilometer east of prior drilling at Resurrection Ridge (see Figure 6).
Figure 5 – Comparison of historical geological model (left) and new NevGold geological model (right) outlining the thesis that the older dolomite unit was thrust over the prospective Pilot Shale unit. The preserved Pilot Shale unit extends more than 1 kilometer east of prior drilling at Resurrection Ridge. To view image please click here
Property-wide, the updated model outlines multiple Au–Sb target corridors that track outcrops and projected subsurface positions of the Pilot Shale, where repeated faulting and thrusting provided fluid pathways and focused mineralization. NevGold’s 2026 drill program will continue to test these high-priority targets.
Figure 6 – Large cross section at the Project outlining the strong expansion potential between Resurrection Ridge and Crashed Airplane Valley, which spans +2.5 kilometers. To view image please click here
Historical records within the project boundary document two small-scale antimony prospects—the Nevada Antimony Mine and the Lage Antimony Mine (Figure 1). The Nevada Antimony Mine extracted stibnite (Sb₂S₃) from a hydrothermal breccia via shallow pits; the Lage prospect similarly reports limited antimony production. Complementing these records, rock-chip sampling from the Golden Butte pit (Brigham Young University thesis) returned numerous assays exceeding
Together, these datasets support a district-scale interpretation in which thrust repetition preserves the Pilot Shale at depth east of Resurrection Ridge and focuses Au–Sb mineralization along structurally prepared horizons, establishing multiple high-priority targets for step-out drilling and follow-up work.
Debt Settlement
The Company announces that it intends to settle accrued original issue discount on the Company’s convertible security (the “Convertible Security”) with Mercer Street Global Opportunity Fund II, LP, managed by C/M Global GP, LLC (“Mercer”) in the amount of
ON BEHALF OF THE BOARD
“Signed”
Brandon Bonifacio, President & CEO
For further information, please contact Brandon Bonifacio at bbonifacio@nev-gold.com, call 604-337-4997, or visit our website at www.nev-gold.com.
Sampling Methodology, Quality Control and Quality Assurance
NevGold QA/QC protocols are followed on the Project and include insertion of duplicate, blank and standard samples in all drill holes. Drill, surface, and test pit samples are sent to ISO 17025 certified American Assay Labs in Reno, Nevada. A 30g gold fire assay and multi-elemental analysis ICP-OES method were completed.
The test pit sampling was conducted by Greg French, the Company’s Vice President, Exploration, who is NevGold’s Qualified Person (“QP”) under National Instrument 43-101.
Technical information contained in this news release has been reviewed and approved by Greg French, CPG, the Company’s Vice President, Exploration, who is NevGold’s Qualified Person (“QP”) under National Instrument 43-101 and responsible for technical matters of this release.
About the Company
NevGold is an exploration and development company targeting large-scale mineral systems in the proven districts of Nevada and Idaho. NevGold owns a
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur. Forward-looking statements include, but are not limited to, the proposed work programs at Limousine Butte, the exploration potential at Limousine Butte, and future project milestones such as the potential gold-antimony Mineral Resource Estimate (“MRE”), and potential near-term antimony production by 2027 from the historic gold leach pads at the Project. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such risks include, but are not limited to, general economic, market and business conditions, and the ability to obtain all necessary regulatory approvals. There is some risk that the forward-looking statements will not prove to be accurate, that the management’s assumptions may not be correct or that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
