Nevgold Corp Stock Price, News & Analysis

NevGold Corp. announced significant drill results from its Nutmeg Mountain gold project in Idaho, confirming high-grade, heap-leach gold mineralization at surface. The project boasts a 2020 mineral resource estimate of 910,000 Indicated ounces and 160,000 Inferred ounces of gold. Key highlights from the drill program include:

• 0.72 g/t Au over 79.3 meters starting at 10.4 meters depth.
• 2.32 g/t Au over 13.4 meters from 25.6 meters depth.
• Significant grades near the surface with minimal stripping required.

NevGold Corp. announces promising results from its 2022 exploration program at the 93 km² Ptarmigan project in British Columbia. High-grade silver mineralization was identified, with assays showing up to 3,188 g/t Ag, over 140 meters south of previous drillings. A new copper surface anomaly extends across 9 kilometers. The exploration efforts have positioned the project to be "drill-ready" with multiple high-grade targets identified. Following expressions of interest in Ptarmigan, NevGold is reviewing strategic alternatives to unlock its value for shareholders. This initiative complements its focus on oxide, heap-leach gold projects in the Western USA.

NevGold Corp. has made significant operational progress in 2023, notably completing an oversubscribed financing of over C$4.1M. The company has commenced drilling at Nutmeg Mountain in Idaho and is advancing resource development at Limousine Butte in Nevada. The gold market remains volatile, with prices fluctuating between US$1,810/oz and US$1,870/oz amid global uncertainty, particularly following the recent Silicon Valley Bank incident. The company is well-positioned with a strong treasury and development plans, aiming to explore and expand mineral resources at both project sites, with assay results pending from Nutmeg Mountain.

NevGold Corp. has submitted an Exploration Plan of Operations (EPO) for its Limousine Butte Project in Nevada, marking a significant milestone in its development. The EPO submission, made on February 8, 2023, included critical environmental and cultural studies, confirming low risk for significant impacts. It allows for an increase in surface disturbance from 15 acres to 200 acres, facilitating expanded drilling programs. The company plans a 2023 work program to update its geological model and explore new targets based on successful 2022 drilling. This EPO is crucial for advancing to a resource estimate and capitalizing on increased regional activity from nearby companies.

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.