NevGold Corp (CVE: NAU) (OTCMKTS: NAUFF) (FRA: 5E50) has pulled a significant amount of both gold and antimony during its ongoing exploration campaign at the Limousine Butte Project in Nevada.
On Thursday, the company reported positive drill results at Resurrection Ridge, part of the Limousine Butte Project, including significant near surface gold and antimony mineralization.
Highligts in high grade oxide gold-antimony at Resurrection Ridge include:
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- RR03_01: 11.41 g/t AuEq* over 6.1 meters (10.60 g/t Au and 0.18 per cent Sb), within 2.19 g/t AuEq* over 56.4 meters (1.74 g/t Au and 0.10 per cent Sb)
- LB010: 3.19 g/t AuEq* over 26.2 meters (2.24 g/t Au and 0.21 per cent Sb), within 2.16 g/t AuEq* over 57.2 meters (1.45 g/t Au and 0.16 per cent Sb)
- Gold equivalents (AuEq) are based on assumed metals prices of USD$2,000/oz of gold and USD$35,000 per tonne of antimony, and assumed metals recoveries of 85 per cent for gold and 70 per cent for antimony.
These gold equivalents assume metals prices of US$2,000 per ounce of gold and US$35,000 per tonne of antimony, alongside recovery rates of 85 per cent for gold and 70 per cent for antimony. NevGold has already completed eight drillholes in its 2025 campaign, with assays still pending. Based on historical drilling and the company’s work since 2021, NevGold sees strong potential to advance to an initial mineral resource estimate (MRE) later this year.
The company is also advancing Phase II metallurgical testing on both gold and antimony. The results are expected in the coming weeks and could provide further insight into the potential for economic extraction.
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Eight holes have been completed
“We continue to add to the large oxide gold-antimony footprint at Limousine Butte with the goal of quickly advancing the Project to an initial Mineral Resource Estimate,” said Brandon Bonifacio, NevGold’s CEO.
“The United States supports high-quality domestic mineral projects, and Limousine Butte is well positioned with near surface mineralization and a large geological database.”
Bonifacio added that the ongoing 2025 drill program is moving forward smoothly, with eight holes already completed and results pending.
He said the Phase II metallurgical testwork as another key milestone, building on the positive outcomes of Phase I.
“All these programs will help us systematically advance the gold-antimony potential at Limousine Butte, reducing project risk and moving toward the next stages of development,” said Bonifacio.
NevGold’s geological review has confirmed multiple areas with strong gold and antimony potential. The zones often correspond with outcrops of Devonian Pilot Shale, a rock type known to host Carlin style gold deposits in Nevada.
Historical data indicate small scale mining at the Nevada Antimony Mine and the Lage Antimony Prospect within the Limousine Butte boundary. The Nevada Antimony Mine operated two pits extracting stibnite, a natural antimony mineral, from hydrothermal breccia. Meanwhile, the Lage Antimony Prospect produced additional antimony from historic pits.
Earlier geochemical studies, including a Brigham Young University thesis on the Golden Butte pit, reported several rock chip samples exceeding 1 per cent antimony. Several exceeded 5 per cent, with one reaching 9.6 per cent, containing visible stibnite and stibiconite. These findings suggest that Limousine Butte holds a meaningful antimony resource, in addition to gold.
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Antimony essential for military uses
The importance of antimony in the United States cannot be overstated.
Recently, the U.S. Government issued an Executive Order to strengthen domestic mineral production. The order specifically targets critical minerals, including antimony, to reduce reliance on foreign supply chains.
It invokes the Defense Production Act and encourages immediate project approvals and expedited permitting. Furthermore, the order provides access to public and private capital through the Development Finance Corporation, creating dedicated funding for domestic mineral projects.
Antimony is a critical mineral for national security, clean energy, and technology applications. The U.S. Department of Defense lists antimony as essential for military uses, including armour piercing ammunition, night vision goggles, infrared sensors, precision optics, flares, nuclear production, and more. Beyond defense, antimony is used in semiconductors, circuit boards, high quality glass, lithium-ion batteries, and energy storage solutions.
Currently, global antimony production is dominated by China, Russia, and Tajikistan.
China alone accounts for nearly half of all mined antimony and controls much of the processing and refinement. Beginning September 15, 2024, China imposed export restrictions on antimony. In December 2024, it explicitly restricted exports to the United States due to both civilian and military uses. These measures highlight the vulnerability of global supply chains and reinforce the need for domestic production.
Domestic projects exploring antimony, such as Limousine Butte, are vital to mitigating supply risks. In addition, government attention and funding make it increasingly feasible to bring these projects into production. The United States recognizes the urgency of developing homegrown sources, especially for minerals critical to national security.
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China holds a stranglehold on antimony
NevGold’s Limousine Butte Project positions the company well in this evolving landscape. Its gold-antimony targets are near surface and accessible, which could reduce extraction costs. The extensive geological database accumulated over years of historical and modern exploration provides confidence in resource estimation. Phase II metallurgical work will further clarify the potential for profitable mining.
Globally, antimony remains in short supply, particularly outside China. This scarcity, combined with government incentives and rising demand for critical minerals, enhances the strategic value of NevGold’s project. Consequently, projects like Limousine Butte are not just mineral plays—they are essential contributors to domestic supply security.
Other U.S. projects underscore the importance of domestic gold-antimony production.
Perpetua Resources Corp (TSE: PPTA) (NASDAQ: PPTA) for example, operates the Stibnite project in Idaho, one of the most advanced gold-antimony projects in the country. Its technical and permitting progress has already attracted over USD$75 million in Department of Defense awards and more than USD$1.8 billion in indicative financing from the U.S. Export Import Bank. NevGold aims to follow a similar trajectory with Limousine Butte.
The company plans to continue its 2025 exploration program in several key areas. First, it is reviewing the historical geological database with a focus on gold and antimony. Second, it is analyzing historical drilling, which is an ongoing process. Third, Phase II metallurgical testing is underway, with results expected shortly. Fourth, drilling continues to test gold-antimony targets, with eight holes completed to date. Finally, NevGold is advancing its initial Mineral Resource Estimate, an essential step for assessing the economic potential of the project.
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NevGold’s approach shows technical strengths
By combining historical insights with modern exploration techniques, NevGold is working to de-risk Limousine Butte and define its resource potential systematically. The combination of high grade gold and antimony results, near surface mineralization, and supportive U.S. policies makes the project highly promising.
Furthermore, the Limousine Butte area features a large footprint of oxide gold-antimony mineralization, which simplifies potential extraction. Oxide gold deposits are generally easier and cheaper to process compared with deeper, sulfide hosted deposits. Consequently, the project could attract investment and development interest more quickly.
NevGold’s exploration approach shows both its strategic and technical strengths. The company is not only focused on expanding the resource footprint but also improving the understanding of mineral processing through metallurgical testing. Positive metallurgical results could significantly increase the project’s value by confirming recoverable gold and antimony grades.
Additionally, Limousine Butte’s proximity to other advanced domestic projects adds context for investors and policymakers. With increasing emphasis on critical minerals and domestic supply security, Nevada’s mining friendly environment provides regulatory and logistical advantages.
The convergence of factors, including near surface gold-antimony mineralization, a robust geological database, supportive government policy, and high global antimony demand, creates an attractive scenario for NevGold. The company’s systematic exploration and resource definition strategy aims to capitalize on these conditions efficiently.
Looking forward, NevGold expects to release further assay results from its 2025 drill campaign, alongside Phase II metallurgical outcomes. These results will provide a clearer picture of the Limousine Butte Project’s economic potential. The company remains committed to advancing the project toward an initial Mineral Resource Estimate later in 2025.
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