Nevgold Corp Stock Price, News & Analysis

Vancouver, British Columbia, Jan. 31, 2023 (GLOBE NEWSWIRE) -- NevGold Corp. (TSXV:NAU, OTCQX:NAUFF) has received approval for an Exploration Notice permit from the Bureau of Land Management for its Nutmeg Mountain gold project in Idaho. This project has a 2020 mineral resource estimate of 910,000 Indicated ounces and 160,000 Inferred ounces of gold. The permit allows disturbance on federal unpatented mining claims, where 85% of the resource estimate is located. The ongoing drill program aims to explore high-quality resource expansion targets on these claims.

NevGold Corp. has initiated its inaugural drilling program at Nutmeg Mountain, Idaho, targeting significant mineralization. The project boasts a 2020 resource estimate of 910,000 indicated ounces and 160,000 inferred ounces of gold. Drilling has commenced with American Drilling LLC contracted for core drilling. The company plans to expand resources to the north and south, explore high-grade feeder structures at depth, and identify near-surface mineralization parallel to existing resources. Assay results are anticipated by March. The project is underpinned by a strong historical drilling database and patented claims.

NevGold Corp. (TSXV:NAU, OTCQX:NAUFF) has issued 3,658,536 common shares to GoldMining Inc. as part of the Share Issuance Payment related to the Nutmeg Mountain Gold Project in Idaho. This issuance is valued at $1.5 million, with shares priced at $0.41 each, representing the 30-day VWAP as of December 19, 2022. After the issuance, GoldMining holds approximately 17.6% of NevGold's outstanding shares. The payment is pending final approval from the TSX Venture Exchange and is subject to a four-month hold period, ending May 2, 2023.

NevGold Corp., based in Vancouver, announces further positive drill results from its Limousine Butte Project in Nevada, specifically at the Resurrection Ridge target area. The ongoing 10,000-meter drilling program aims to enhance gold mineralization. Key highlights include:

• Hole RR22-001: 0.53 g/t Au over 74.7 meters
• Expansion of the mineralized area to over 700 meters along strike
• Oxidized mineralization across all drilling

This development is a crucial step toward a near-term resource estimate, underpinning the potential of the Limousine Butte Project.

NevGold Corp. announced promising drill results from its Limousine Butte Project in Nevada, specifically at the Resurrection Ridge target area. Notable highlights include hole RR22-001, intercepting 0.53 g/t oxide Au over 74.7 meters. The mineralized area extends over 700 meters along strike and 350 meters laterally, with additional 1.0 km of untested strike length to the northeast. The results indicate potential for a near-surface, oxide, heap-leach gold orebody, enhancing the path to a near-term resource estimate. Future drilling aims to further expand this promising footprint.

NevGold Corp. has announced significant developments from its Limousine Butte Project in Nevada, specifically at the Cadillac Valley target area. Recent assays show an expansion of over 100 meters in the mineralized footprint at Cadillac Valley South, with hole CV22-007 intercepting 0.44 g/t oxide gold over 36.6 meters. The total mineralized area now measures over 1.6 km along strike and 450 meters laterally. The company is optimistic about further expansion, with more assay results expected to follow from its 10,000-meter drill program.

On September 8, 2022, NevGold Corp. announced the discovery of a significant +6 meter wide low-sulphidation epithermal vein at the Nutmeg Mountain Project in Idaho, located over 650 meters from the existing resource. This find could lead to considerable resource expansion, building on the 2020 estimate of 910,000 indicated ounces and 160,000 inferred ounces of gold. The company has successfully completed core relogging and geological mapping, identifying new high-grade opportunities and preparing the project for drilling in the fall.

NevGold Corp. announced the closing of a non-brokered private placement financing, issuing 1,723,076 flow-through units at C$0.65 per unit, raising C$1.1M. This financing will support field activities at the Ptarmigan project in British Columbia while maintaining cash reserves for other projects in the Western USA, including Limousine Butte, Nutmeg Mountain, and Cedar Wash. The company also granted 616,000 stock options at C$0.55. Proceeds from the financing will be used for general exploration expenditures qualifying as Canadian exploration expenses.

NevGold Corp. announces a non-brokered private placement financing to raise approximately C$1M through flow-through units priced at C$0.65, reflecting a 20% premium to current market prices. CEO Brandon Bonifacio emphasized that the funds will support key projects in the Western USA, particularly Nutmeg Mountain and Limousine Butte, which have significant historical data. This financing avoids dilution and positions the company favorably without immediate financing needs. The offering is set to close around July 29, 2022, pending regulatory approvals.