NevGold Corp (CVE: NAU) (OTCMKTS: NAUFF) (FRA: 5E50) reported new high-grade oxide antimony-gold drill results from its Limousine Butte project in Nevada, as it advances toward an initial mineral resource estimate expected in Q2 2026 and targets near-term antimony production from historical leach pads.
The company said on Thursday that recent drilling continues to confirm a large, near-surface oxide system that could support simpler processing methods. Additionally, management stated the project may allow on-site antimony metal production, reducing reliance on external refiners.
NevGold’s latest results include a standout intercept of 11.42 grams per tonne gold equivalent over 7.7 metres. Furthermore, that interval sits within a broader 27.4-metre zone grading 4.91 g/t gold equivalent. The company attributed the strength of the intercept to both antimony and gold mineralization.
The hole, labeled LB25-024, returned 2.64 per cent antimony and 1.17 g/t gold over the higher-grade interval. Meanwhile, the broader interval averaged 1.09 per cent antimony and 0.67 g/t gold. The company said these results support its interpretation of consistent, near-surface mineralization.
Another hole, LB25-022, delivered lower grades but broader continuity across the system. Additionally, it intersected 1.07 g/t gold equivalent over 7.6 metres within a 35.0-metre interval grading 0.75 g/t.
NevGold also reported updated results from re-assaying historical drill holes. Furthermore, LB22-025 returned 5.36 g/t gold equivalent over 9.1 metres within a wider 73.2-metre interval. The company said the re-assays improve confidence in the geological model.
Another historical hole, LB21-001, showed a long interval of mineralization. Additionally, it returned 2.28 g/t gold equivalent over 46.8 metres, including a higher-grade section. Management said these results strengthen the dataset for the upcoming resource estimate.
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NevGold drilled 15 out of 35 holes on historical leach pads
The company calculates gold equivalent values using assumed prices of USD$3,000 per ounce for gold and USD$40,000 per tonne for antimony. Meanwhile, it assumes recoveries of 80 per cent for gold and 75 per cent for antimony. These assumptions provide a standardized way to compare mixed metal results.
NevGold’s chief executive described the project as one of the highest-grade oxide antimony systems in North America. Additionally, he emphasized the advantages of near-surface mineralization compared to deeper sulphide deposits. He said many global antimony projects require underground mining and complex processing.
He explained that Limo Butte’s oxide material could be amenable to heap leaching methods. Furthermore, he noted that producing antimony metal on-site could simplify operations. This approach could also reduce costs and eliminate the need for third-party concentrate processing.
The company confirmed that its initial mineral resource estimate remains on track for Q2 2026. Meanwhile, management said the estimate will define the scale and grade of the deposit. It also plans to outline development pathways for near-term production.
NevGold has completed 15 drill holes as part of a planned 35-hole program on historical leach pads. Additionally, it said these pads represent a near-term production opportunity due to existing infrastructure. The company is now focusing on expanding this resource.
The broader project includes additional exploration targets beyond the leach pads. Furthermore, NevGold continues drilling at areas such as the Bullet Zone and Armory Fault. These zones could support a larger, staged development strategy.
The company plans to drill approximately 20,000 metres in 2026. Meanwhile, it has already completed about 5,000 metres across 30 drill holes. Management said ongoing work includes metallurgical testing and geological modeling.
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Department of Defense identified antimony as critical mineral
NevGold is also advancing studies to support processing of crushed and run-of-mine material. Additionally, it expects drilling on the leach pads to begin in March 2026. The company aims to align this work with the timing of the resource estimate.
Antimony plays a central role in the project’s strategic positioning. Furthermore, the metal is classified as a critical mineral by the United States Geological Survey. Governments consider it essential for both economic and national security purposes.
The metal has a wide range of military and industrial applications. Additionally, it is used in ammunition, infrared sensors, and flame retardants. It also appears in semiconductors, batteries, and other advanced technologies.
Global supply remains heavily concentrated in a few countries. Meanwhile, China, Russia, and Tajikistan account for roughly 90 per cent of current production. China alone dominates both mining and refining capacity.
China introduced export restrictions on antimony in September 2024. Additionally, it restricted shipments to the United States later that year. These actions have intensified concerns about supply security.
The U.S. Department of Defense has identified antimony as a critical mineral. Furthermore, governments are increasingly prioritizing domestic sources. North American projects like Limo Butte could help address supply vulnerabilities.
NevGold said its project benefits from being a brownfield site in Nevada. Additionally, existing infrastructure may reduce development timelines. The company believes this could support faster entry into production.
The company also pointed to broader industry momentum in the sector. Meanwhile, Perpetua Resources (NASDAQ: PPTA) (TSE: PPTA) continues advancing its Stibnite project in Idaho. That project represents the most advanced domestic gold-antimony development in the United States.
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Developments demonstrate interest in domestic antimony supply
Perpetua has secured significant government and financial backing. Additionally, it received USD$75 million in Department of Defense funding. It has also obtained over USD$1.8 billion in indicative financing from the U.S. Export-Import Bank.
The company further attracted strategic investments from major partners. Furthermore, Agnico Eagle Mines Ltd (TSE: AEM) (NYSE: AEM) (FRA: AE9) committed USD$180 million. JPMorgan Chase & Co. (NYSE: JPM) also invested USD$75 million through its security initiative.
NevGold said these developments demonstrate growing interest in domestic antimony supply. Additionally, management believes similar support could extend to other projects. The company aims to position Limo Butte within this broader trend.
The project’s dual exposure to gold and antimony may also enhance its economics. Meanwhile, gold provides a well-understood revenue stream. Antimony adds strategic value tied to supply constraints.
NevGold said it will continue advancing multiple work programs in parallel. Additionally, it plans to refine its geological model and expand drilling coverage. The company aims to deliver a resource estimate that reflects both metals.
Management indicated that the project could move toward a production and cash flow scenario by 2027. Furthermore, it said development could occur in phases. Early production from leach pads may precede larger-scale expansion.
The company emphasized its goal of contributing to a vertically integrated U.S. antimony supply chain. Additionally, it believes domestic production could reduce reliance on foreign sources. This objective aligns with broader policy priorities.
NevGold said ongoing exploration, testing, and engineering work will guide its next steps. Meanwhile, the upcoming resource estimate will serve as a key milestone. It expects the results to shape future development decisions.
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