NexGold drills 7m at 4.16 g/t gold inside planned Goldboro pit
The completed 36,239-metre infill program targets early mining areas, with East Pit assays still expected in the coming months.
Mara Quinlan
NexGold Mining Corp. CVENEXG OTCMKTSNXGCF reported on Tuesday that infill drilling returned 4.16 grams per tonne gold over 7.0 metres inside the planned West Pit at its Goldboro project in Nova Scotia. The completed 36,239-metre program tested early mining areas to help evaluate a construction decision and potential future resource upgrades.
Shares closed lower at C$1.14 on the TSX Venture Exchange on Nov. 2 at 4:00 p.m. EST, according to CVENEXG, before Tuesday's assay release.
The headline intersection in hole RC-26-271 began 13.0 metres down hole. It included 20.15 grams per tonne gold over 1.0 metre, starting 14.0 metres down hole.
NexGold said the infill results may enter future resource estimates beyond those included in the feasibility study expected in 2026. All West Pit assays have been received, while East Pit results are expected in the coming months.
The latest batch covers 76 reverse-circulation holes totalling 2,885 metres in the West Pit, according to the Nov. 3 release. The overall program used nominal spacing of 12.5 metres and tested to depths of 50 metres.
The company designed the drilling to assess whether indicated resources could eventually be upgraded to the measured category. It expects to use the results alongside more than 180,000 metres of existing diamond drilling to support planning for the initial years of mining.
"The RC Infill Drilling Program was designed to increase confidence in the location, continuity, grade, and thickness of mineralization within the planned open-pit mining areas," chief executive Kevin Bullock said in the release.
NexGold says reverse-circulation drilling more closely approximates production drilling and associated dilution. The program targeted accessible areas associated with the initial years of the current mine plan.
Other results included 2.84 grams per tonne over 7.0 metres in hole RC-26-251. Hole RC-26-290 returned 1.94 grams per tonne over 9.0 metres. The reported intervals are downhole lengths.
Read more: Tectonic Metals drills 41.15m at 5.61 g/t gold at Black Creek
The gold developer reported C$101.1 million in cash and cash equivalents at June 30. That balance predates the start of Goldboro early works in September.
In its Oct. 27 development update, NexGold said it had completed the open-pit resource modelling and mine plan for the updated feasibility study, while work on the underground resource estimate continued. Final reviews of construction and operating cost estimates and the financial model were underway.
Current site activities include building the public-access bypass road, sedimentation ponds and erosion-control structures, according to Tuesday's release. Crews are also clearing and preparing the employee accommodation site as the company advances toward a potential construction decision.
NexGold expects to complete the updated Goldboro feasibility study by the end of the fourth quarter of 2026.
