NevGold Corp (CVE: NAU) (OTCMKTS: NAUFF) (FRA: 5E50) has discovered high grade oxide gold antimony at its Limousine Butte Project in Nevada.
The company said on Tuesday that it continues to unlock the project’s gold antimony potential, and has set eyes on other prospects for exploration and development in Nevada.
Drillholes at Resurrection Ridge are spaced to support an initial gold antimony Mineral Resource Estimate (MRE), highlighting the project’s strong potential.
Furthermore, a metallurgical testwork program is now underway, using a bulk sample of over 100 kilograms from the project and NevGold’s core drilling.
Additionally, oxide gold antimony mineralization at both Resurrection Ridge and Cadillac Valley points to a large, open mineralized footprint. This widespread mineralization underscores the significant potential for oxide gold antimony across the broader project area.
Recent drilling at Resurrection Ridge continues to return positive, near surface oxide gold antimony results. Hole LB21-002 intersected 2.19 g/t AuEq over 64.0 meters, including 4.17 g/t AuEq over 24.1 meters. Within that, a higher grade interval returned 10.86 g/t AuEq over 4.50 meters. Additionally, these grades correspond to 0.72 g/t gold and 0.33 per cent antimony over the broader interval, and up to 1.43 g/t gold with 2.10 per cent antimony in the high grade zone. Further, hole LB21-003 intersected 2.68 g/t AuEq over 20.1 meters, with 1.91 g/t gold and 0.17 per cent antimony.
Gold equivalent (AuEq) values are based on metal prices of USD$2,000 per ounce of gold and US$35,000 per tonne of antimony. These prices reflect approximately a 30 per cent discount to current spot prices. Assumed recoveries are 85 per cent for gold and 70 per cent for antimony.
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NevGold aims for a mineral resource estimate for 2025
NevGold will continue its active exploration program at Limo Butte with a focus on gold and antimony. The team is currently evaluating the historical geological database to identify prospective areas. Additionally, they are looking at past drill results to refine the understanding of gold and antimony distribution. Metallurgical testwork is also underway to assess recovery potential. Furthermore, NevGold plans to drill test new gold antimony targets, pending results from the ongoing evaluations.
NevGold CEO Brandon Bonifacio says the company continues to see strong oxide gold antimony results from the Limo Butte Project in Nevada.
Recent drill results at Resurrection Ridge mark a key development as the company works toward an initial Mineral Resource Estimate in 2025. Furthermore, NevGold has launched a detailed metallurgical testwork program to define the optimal flowsheet for gold and antimony recovery.
This work represents an important step toward advancing the project. Additionally, the company plans to release more drill results that include both gold and antimony. These results are expected to further expand the defined mineralized footprints at Resurrection Ridge and Cadillac Valley.
During its review of project data, NevGold identified reports of two small scale historic mining operations within the Limo Butte Project boundary.
These include the Nevada Antimony Mine and the Lage Antimony Prospect. At the Nevada Antimony Mine, two prospect pits extracted stibnite from a hydrothermal breccia. Stibnite, a key antimony bearing mineral with the formula Sb₂S₃, is commonly processed for antimony production. The Lage Antimony Prospect recorded historical, unverified sampling with antimony grades up to 14.46 per cent. This area also includes several pits that extracted antimony.
Limousene Butte site map. Image via NevGold.
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Department of Defense classified antimony as critical mineral
Furthermore, historical geochemical rock chip sampling from the past producing Golden Butte pit, conducted as part of a Brigham Young University thesis study, returned strong antimony results.
Many samples from jasperoid breccias exceeded 1 per cent antimony. Several exceeded 5 per cent, including one that reported 9.6 per cent antimony along with visible stibnite and stibiconite. Stibiconite, like stibnite, contains antimony and forms through weathering, making it another important indicator of near surface antimony mineralization.
On September 15, 2024, China began restricting antimony exports.
In addition, in December 2024, China imposed specific limits on antimony shipments to the United States. It cited the metal’s dual use in both military and civilian applications, which deepened global concerns about supply chain stability.
The U.S. Department of Defense has also classified antimony as a Critical Mineral because of its strategic importance. As a result, governments are now prioritizing domestic production to reduce reliance on foreign suppliers.
In addition, antimony exploration projects in North America play a key role in strengthening supply chains and supporting national security.
Perpetua Resources Corp. (TSE: PPTA) (NASDAQ: PPTA) currently leads the development of the most advanced domestic gold antimony project in the United States. The company’s Stibnite Project is located in Idaho, about 130 kilometres northeast of NevGold’s Nutmeg Mountain and Zeus projects.
Perpetua has made significant progress at Stibnite, both technically and through the permitting process. Furthermore, the U.S. Department of Defense awarded the project USD$75 million to support its advancement. Additionally, the Export Import Bank of the United States has provided over USD$1.8 billion in indicative financing, reflecting the project’s strategic importance.
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