Explorer Uncovers Massive Gold-Antimony Zone in Nevada

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NevGold Corp. (NAU:TSX.V; NAUFF:OTC; 5E50:FSE) reported additional significant drill results at its 100%-owned Limousine Butte Project in Nevada, highlighting strong oxide gold-antimony mineralization across multiple zones. The company announced on April 24 that drill hole LB023 returned 2.11 grams per tonne (g/t) gold equivalent (AuEq) over 67.1 meters, including 4.29 g/t AuEq over 30.5 meters and 7.12 g/t AuEq over 16.8 meters. These intervals correspond to 1.30 g/t gold and 0.18% antimony, 2.79 g/t gold and 0.33% antimony, and 5.05 g/t gold with 0.46% antimony, respectively. Gold equivalent values were calculated using assumed prices of US$2,000 per ounce for gold and US$35,000 per tonne for antimony, with recovery rates of 85% and 70% for gold and antimony, respectively.

Additional drill results from Resurrection Ridge included LB029 with 1.16 g/t AuEq over 79.3 meters and LB013 with 1.29 g/t AuEq over 49.7 meters. These results are part of an ongoing program to re-assay historical drilling data and validate the oxide gold-antimony potential across the project. CEO Brandon Bonifacio stated that the spacing of the new holes at Resurrection Ridge "shows strong potential to advance the target area to an initial Mineral Resource Estimate."

The Limousine Butte Project is located in the Carlin-type gold belt and lies within the Devonian Pilot Shale, which is known to host significant mineralization. Recent geological analysis reinterpreted dolomite cover previously believed to mark the bottom of mineralization as a thrust plate above the host unit, suggesting an expanded target area. The footprint of oxide gold-antimony mineralization now stretches over 5 kilometers between Resurrection Ridge and Cadillac Valley.

Antimony, a critical mineral used in defense, electronics, and energy storage, is of increasing interest due to tightening global supply. The U.S. Department of Defense has identified antimony as essential for national security, and no active domestic mine currently produces it. China, the largest global supplier, restricted antimony exports to the United States in late 2024, increasing interest in domestic sources. NevGold's assays often exceeded historical detection limits for antimony, prompting the re-analysis of past samples without upper thresholds.

According to Vice President of Exploration Greg French in the news release, "We will continue to analyze the data from both of these target areas to incorporate results in the planning for the next drill program and metallurgical test work." The project is fully permitted for further drilling under a Plan of Operations approved in November 2024.

Gold and Antimony Market Dynamics Support NevGold's Strategic Positioning

Gold prices reached historic highs in April amid growing investor demand for safe-haven assets, structural concerns in the global financial system, and a tightening supply outlook for critical minerals such as antimony. In an April 23 market update, GoldFix highlighted a significant shift in institutional sentiment, with JP Morgan projecting gold to reach US$4,000 per ounce by mid-2026. The bank cited "sustained central bank and investor demand" and forecasted net quarterly absorption of 710 tonnes throughout 2025. Goldman Sachs had earlier raised its own target to US$3,700, reinforcing the institutional consensus that gold is being repriced as a core asset amid global monetary realignment.

According to a report from Reuters on April 24, spot gold surged to a record US$3,500.05 per ounce before retreating to US$3,333.90 following a partial easing in U.S.-China trade tensions. The report noted that market participants viewed the retreat as a buying opportunity, particularly as the U.S. dollar weakened and bargain hunting emerged. Jim Wyckoff of Kitco Metals stated that "rallies in the stock market and the U.S. dollar index today are negative for the gold market," yet noted that the broader bullish trend remained intact.

Also on April 24, Gary Wagner of Kitco News reported that the gold-to-silver ratio had reached 105.77-far above the historical average of 60 - signaling relative underperformance of silver. Analysts pointed to heightened safe-haven demand for gold due to concerns over the U.S. dollar's reserve status. Ole Hansen of Saxo Bank emphasized silver's industrial resilience, saying, "Silver's industrial use towards the energy transition is unlikely to suffer a major setback despite a recession," while noting that the metal was expected to remain in supply deficit for the fifth consecutive year in 2025. Wagner described gold's performance as "resilient," noting that the metal had set more than 20 new record highs in 2025. After a brief correction to US$3,270.80, gold futures rebounded to US$3,374.50, driven by renewed buying activity in Australia. Wagner attributed the rally to "increased safe-haven demand amid continuing global trade tensions," with Christopher Louney of RBC Capital Markets stating that "uncertainty is inherently uncertain," and gold's appeal came from being untethered to the dollar.

The same day, on April 25, GoldSwitzerland published a discussion between Egon von Greyerz and Matthew Piepenburg, who asserted that gold's surge was not speculative but reflective of a "rerating of the whole credit system." Von Greyerz said, "Gold is now . . . a Tier-1 asset," emphasizing that it was being accumulated by central banks in place of traditional reserve assets like U.S. Treasuries. Piepenburg added that gold was "a common-sense answer" to rising global debt levels and systemic uncertainty, underscoring its role as a hedge in what he called "a credit crisis and a liquidity crisis."

Project Pipeline: Unlocking Value at Limousine Butte

NevGold's 2025 program at Limousine Butte is designed to build on recent discoveries and prepare for a potential Mineral Resource Estimate. According to the company's April investor presentation, approximately 20 drill holes are being re-assayed for gold and antimony to capitalize on data from earlier exploration that did not include antimony analysis. This low-cost opportunity could yield substantial insights into the project's broader mineral potential.

In addition to the re-assay program, NevGold has commenced a 5-kilometer reverse circulation (RC) drill campaign targeting extensions of known mineralized zones and untested areas between Resurrection Ridge and Cadillac Valley. These zones are located along the same geological contact known for high-grade gold and antimony intersections. Results from 2025 include notable assays such as 4.07 g/t AuEq over 54.9 meters in hole LIM-40 and 5.75 g/t AuEq over 12.8 meters in hole LB006.

NevGold has also initiated preparations for preliminary metallurgical testing, a step toward defining the project's economic potential. The historical resource at Limousine Butte, defined in 2009, included 241,000 ounces of measured and indicated gold resources and 51,000 ounces inferred at average grades of 0.78 g/t and 0.70 g/t gold, respectively. While the company is not treating this as a current resource, it provides context for the ongoing exploration efforts.

The broader development strategy includes work at the Nutmeg Mountain and Zeus Copper projects, but Limousine Butte remains a key focus due to its near-surface mineralization, thick intercepts, and strategic relevance in light of U.S. critical mineral policy shifts. The recent Executive Order from March 2025, invoking the Defense Production Act to prioritize domestic mineral production, directly supports projects like Limousine Butte that can address U.S. supply chain vulnerabilities in antimony.

NevGold's Technical Momentum Signals Renewed Interest

On April 10, Technical Analyst Clive Maund shared a favorable outlook on NevGold Corp., citing both the company's technical chart setup and its latest drill results as key drivers of attention.

Speaking to Streetwise Reports that same day, Maund said, "With more good discovery news out of the company this morning and the sector recovering after the shakeout of a few days back as the dollar craters, this looks like an excellent point to buy NevGold." He added that the stock's recent pullback from a peak of CA$0.42 to CA$0.29 had occurred on light volume, aligning with its rising 200-day moving average and following a March rally on strong volume.

NevGold shares closed at CA$0.31 (US$0.231) on April 10, gaining roughly 7% on the day after intraday gains of up to 12%. Maund pointed to the rebound and ongoing uptrend as signs of technical strength, suggesting that recent price action could mark a renewed phase of upward momentum.

Ownership and Share Structure

Strategic investors include GoldMining Inc., which holds 28.3% of the company on an undiluted basis, and McEwen Mining Inc. 

The company said about 30% is held by management and insiders. According to Refinitiv, these include Non-Executive Chairman Giulio T. Bonifacio with 4.56%, CEO Brandon Bonifacio with 3.46%, Independent Director Gregory French with 0.85%, and Independent Director Timothy Dyhr with 0.70%, Refinitiv said.

About 10% is held by institutions, and the rest is in retail.

As for its share structure, NevGold has 94.25 million outstanding shares and 57.25 million free-float traded shares. Its market cap is CA$28.33 million. Its 52-week trading range is CA$0.17 and CA$0.50 per share.