NexGold drills 14.07 g/t gold over 7 metres at Goldlund
NexGold reports 3,603 metres of diamond drilling in ten Goldlund holes, with assays from Zone 4, Zone 50 and interzone intervals.
Mara Quinlan
NexGold Mining Corp. CVENEXG OTCMKTSNXGCF reported on Wednesday that drill hole GL-26-034 cut 14.07 grams per tonne gold over 7.0 metres at its Goldlund deposit in northwestern Ontario. The Zone 4 result may inform a reassessment of Goldlund's 940,000 indicated ounces, though NexGold has not revised its resource.
Shares traded at C$1.54, down 5.52 per cent, at 1:08 p.m. EDT on Wednesday on the TSX Venture Exchange, according to its CVENEXG quote.
The seven-metre interval ran from 187.0 to 194.0 metres downhole and included one metre at 95.70 grams per tonne, according to the Sept. 23 assay table. The same hole cut 9.76 grams per tonne over 8.0 metres and, separately, 2.84 grams per tonne over 13.0 metres.
NexGold reported 10 holes and 3,603 metres in this batch. That takes the expanded Goldlund program to about 31,971 metres of its 35,000-metre plan.
The holes cover the central to southeastern part of Zone 4, where further drilling is planned along strike and down dip. The release sets no date for a revised resource estimate and says further assays will be reported as they become available.
"This program continues to demonstrate grade continuity at depth, but within reach of a potential open pit," NexGold chief executive Kevin Bullock said in the Sept. 23 release.
GL-26-034 also cut a one-metre interzone interval grading 53.00 grams per tonne from 74.0 metres downhole, according to the assay table.
The reported lengths are downhole core intervals, which do not establish the mineralized zone's true width. Hole GL-26-033 returned 0.84 gram per tonne over 42.8 metres, the company said in Wednesday's release.
The interval began 245.7 metres downhole and included a 1.3-metre section at 7.04 grams per tonne.
Hole GL-26-032 also intersected 2.23 grams per tonne over 15.5 metres. It included a half-metre grading 40.50 grams per tonne.
NexGold says the results will feed its geological model, while additional drilling, data verification and technical studies are needed before any change to resource classification.
Goldlund lies about 35 kilometres southwest of Sioux Lookout and remains a proposed open-pit mine, according to NexGold's project page. Its project page states that the proposed mine would have no milling or tailings infrastructure on site.
The probable reserve stands at 621,000 ounces, according to the project page accessed Sept. 23. The company held C$101.1 million in cash and equivalents on June 30, 2026; its Sept. 23 drilling release does not assign a budget or cash runway to the remaining work.
NexGold expects to complete its 35,000-metre Goldlund drilling program by the end of 2026 and says it will release further results as they become available.
