Report gives NEXG a BUY, Highlights Goliath Gold Complex NexGold Mining Corp. (Ticker: NEXG.v or NXGCF for US investors) has provided key updates on its ongoing exploration efforts and strategic initiatives at the Goliath Gold Complex in northwestern Ontario. The company, emerging from a July 2024 merger between Treasury Metals and Blackwolf Copper and Gold, is focused on advancing its projects through exploration, development, and potential strategic deals to position itself as a mid-tier gold producer.
Goliath Gold Complex and Infrastructure
The Goliath Gold Complex includes three deposits: Goliath, Goldlund, and Miller. These deposits are well-located, benefiting from nearby infrastructure such as the Trans-Canada Highway, power, rail networks, and communities like Dryden, Ontario. The Complex currently hosts 1.3 million ounces in reserves and a total resource base of 3.0 million ounces of gold.
2024 Spring Exploration Program
NexGold’s spring 2024 field program focused on various targets within the Goliath and Goldlund claim blocks, conducting prospecting, mapping, channel sampling, and soil geochemistry. Key areas explored include the Fold Nose, South Syncline, and Far East targets on the Goliath claim block, as well as the Interlakes, Wild Cats, Goldlund South, and Cabin Bay targets on the Goldlund block.
In the Fold Nose area, significant surface gold mineralization was uncovered, with 175 channel samples yielding an average of 0.44 g/t Au. Highlights from the channel sample results include:
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7.13 g/t Au over 2m, including 15.70 g/t Au over 0.75m
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3.18 g/t Au over 2.68m, including 7.53 g/t Au over 0.78m
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5.10 g/t Au over 0.52m
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5.09 g/t Au over 0.47m
These findings indicate consistent gold mineralization over a 35-meter lateral strike, which will be further explored through surface sampling and drilling.
Expanded Exploration Efforts
In conjunction with its spring program, NexGold has initiated an expanded exploration effort across underexplored sectors of the Goldlund claim block, with particular focus on soil geochemistry, prospecting, and mapping in areas like the northeast sector, the Miller deposit strike extension, and Cabin Bay. This program complements the ongoing 25,000-meter drill program aimed at expanding the resource base and identifying new targets across the company’s 65-kilometer stretch of prospective land.
New Report Highlights Strategic Vision and Growth
As outlined in a recent report by Red Cloud Securities, NexGold has adopted a strategy to "drill, develop, and deal" to enhance its project pipeline and become a leading gold producer. With a feasibility study for the Goliath Gold Project expected by Q1 2025, and construction planned to begin in early 2026, the company is targeting production by 2028. The Goliath project also benefits from federal environmental approval and a relationship agreement with the Wabigoon Lake Ojibway First Nation, establishing a foundation for community and environmental support.
RedCloud has given NexGold a Speculative BUY rating, with a target price of C$1.80/share (current share price = $0.68), driven by the company's assets, exploration success, and development potential.
Full report here: https://cdn-ceo-ca.s3.amazonaws.com/1jdm036-20240906-NEXG-Initiation-2.pdf
Posted on behalf of NeXGold Mining Corp.