NevGold Corp (CVE: NAU) (OTCMKTS: NAUFF) (FRA: 5E50) reported further positive drill results from its Limousine Butte project in Nevada, extending near surface oxide gold antimony mineralization at its Bullet Zone discovery.
The company said in a Tuesday press release that every drillhole with assays returned from the zone has intersected meaningful mineralization, confirming the strength of its geological model. Additionally, the results expand the mineralized footprint and support NevGold’s plan to advance toward an initial gold antimony mineral resource estimate.
The latest assays include a high grade intercept of 12.42 grams per tonne gold equivalent over 3.1 metres, within a broader interval of 3.30 grams per tonne gold equivalent over 32.0 metres. The company said this interval combines both antimony and gold grades near surface, which is critical for potential development.
That intercept came from hole LB25-019, drilled to fill a gap in historical antimony data. Furthermore, the company said the results demonstrate consistent mineralization beneath an upper dolomite unit that previously limited exploration success.
Step out drilling also expanded the Bullet Zone more than 150 metres to the east. Hole LB25-013 returned 1.37 grams per tonne gold equivalent over 21.4 metres, within a longer interval of 0.97 grams per tonne over 45.8 metres. Additionally, hole LB25-014 intersected 1.78 grams per tonne gold equivalent over 10.7 metres, within 36.6 metres grading 0.84 grams per tonne.
Another step out, hole LB25-015, returned 1.02 grams per tonne gold equivalent over 9.2 metres, within 32.0 metres grading 0.66 grams per tonne. The company said these results show mineralization continuing toward surface, which improves potential mining flexibility.
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All assayed holes at Bullet Zone found gold antimony
Gold equivalent values were calculated using assumed prices of USD$3,000 per ounce of gold and USD$40,000 per tonne of antimony. Recoveries were assumed at 80 per cent for gold and 75 per cent for antimony. Consequently, the combined metric reflects both metals’ economic contribution.
NevGold said all assayed drillholes at Bullet Zone have now intersected oxide gold antimony mineralization. Additionally, the company said the 2025 drill program continues to validate a new geological model focused on mineralization beneath the older dolomite unit.
Management said these results strengthen confidence that earlier drilling missed mineralized zones due to structural complexity. Furthermore, the company plans additional follow up drilling in 2026 to further test this geological concept.
The current drilling has defined more than 300 metres of northeast southwest strike length through holes LB25-011 to LB25-015. Meanwhile, the company said mineralization remains open along strike and at depth, offering further expansion potential.
The company completed 30 holes as part of the ongoing 2025–2026 drill program. Additionally, the work supports NevGold’s dual track development strategy at Limousine Butte.
The company is advancing near term antimony production from historical gold leach pads while continuing exploration drilling. Consequently, NevGold is attempting to shorten the path from exploration to potential cash flow.
Limousine Butte is a brownfield site with existing infrastructure and historical mining activity. Additionally, it hosts near surface antimony mineralization, which management views as strategically important.
Antimony is classified as a critical mineral in the United States due to its use in defence, electronics, and energy applications. Furthermore, domestic supply is limited, which has increased interest in projects like Limousine Butte.
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Work on a gold antimony mineral resource estimate underway
NevGold said it has completed its review of historical geological data with a renewed focus on both gold and antimony. Additionally, metallurgical testwork is ongoing to better understand processing options for oxide material.
The company has finished Phase I sampling of crushed and run of mine leach pads at surface. Subsequently, NevGold engaged a sonic drilling contractor to drill the pads as part of its near term antimony evaluation.
Metallurgical testing on leach pad material is continuing in parallel with drilling. Furthermore, management intends the efforts to assess whether antimony can be recovered efficiently from existing material.
Work is also underway to complete an initial gold antimony mineral resource estimate. Additionally, the estimate will integrate new drilling data with historical information.
Chief executive Brandon Bonifacio said the consistent drill results reinforce confidence in the company’s exploration approach. He indicated that each new hole continues to confirm the targeted mineralized horizon beneath the dolomite.
“We are also rapidly advancing the project development optionality at Limo Butte after our recent results from the historical gold leach pads. The historical leach pads provide project development optionality with many viable scenarios to advance the asset to potential near term production and cash flow,” said Bonifacio.
Bonifacio described Limousine Butte as one of the highest grade gold antimony systems currently being advanced in the United States.
The company said it remains focused on systematic drilling while advancing technical studies. Meanwhile, NevGold continues to position Limousine Butte as a project that could address both precious metal demand and critical mineral supply.
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Antimony is advancing in importance
Antimony plays a central role in modern military systems. Additionally, companies and governments use antimony in armour piercing ammunition, hardened lead projectiles, and shrapnel components. The metal also supports night vision goggles, infrared sensors, precision optics, and laser sighting systems. Furthermore, defence applications include explosives, ammunition primers, tracer rounds, nuclear weapons production, and tritium generation.
Military supply chains also rely on antimony for flares, protective clothing, and secure communication equipment. Outside defence, antimony supports semiconductor manufacturing, circuit boards, electric switches, and fluorescent lighting. Additionally, it is used in high quality clear glass, lithium ion batteries, and clean energy storage technologies.
Global supply remains highly concentrated. Approximately 90 per cent of current antimony production comes from China, Russia, and Tajikistan. However, China alone controls nearly half of global mined output and dominates refining and processing capacity.
In September 2024, China announced new restrictions on antimony exports. Subsequently, in December 2024, Beijing explicitly restricted antimony shipments to the United States, citing the metal’s dual military and civilian uses. Consequently, supply chain concerns intensified across Western defence and technology sectors.
The U.S. Department of Defense has also designated antimony as a Critical Mineral due to its strategic importance. Additionally, governments are now prioritizing domestic sources to reduce exposure to geopolitical disruptions.
Projects in North America are therefore gaining increased attention. Perpetua Resources Corp. (NASDAQ: PPTA) (TSE: PPTA) currently controls the most advanced domestic gold antimony project in the United States. The Stibnite project is located in Idaho, roughly 130 kilometres northeast of NevGold’s Nutmeg Mountain and Zeus projects.
Recent technical progress and permitting momentum at Stibnite have attracted substantial government and institutional support.
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