Gold Developer Uncovers Excellent Gold Grades in Canada

1. NexGold Mining Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000. 
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of  NexGold Mining Corp. 
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NexGold Mining Corp. (NEXG.V:TSXV; NXGCF:OTCQX; TRC1.F:FRA) has reported assay results from eight additional diamond drill holes at its Goldboro Gold Project in Nova Scotia, marking the completion of its 25,000-meter infill drilling campaign announced in January 2025. The program ultimately covered 26,854 meters across 141 holes, surpassing the initial target due to efficiencies that allowed the company to twin additional historical drill holes from the 1980s and 1990s.

The recently released results from holes BR-25-515, 521, 523, 527, 530, 534, 539, and 544 confirm continuity of mineralization in the project's proposed west pit. Highlights include 18.30 meters grading 3.58 grams per tonne (g/t) gold in hole BR-25-530, which also included 59.40 g/t over 0.6 meters; 19.70 meters at 2.79 g/t gold in BR-25-544, with a peak intercept of 72.80 g/t over 0.5 meters; and 0.7 meters at 103.50 g/t gold in BR-25-523.

As of this update, NexGold has released 50 of the 141 drill holes completed during the infill program. According to the company, results from the west pit confirm that gold mineralization largely aligns with its existing geological model. In several cases, drilling also identified new gold-bearing areas not previously included in the model, particularly in zones that were historically undersampled. These new intersections will be incorporated into the next Mineral Resource update, which the company has indicated will underpin a Feasibility Study update in the second half of 2025.

Kevin Bullock, President and CEO of NexGold, stated in the announcement: "We are very pleased to have completed this phase of infill drilling at the Goldboro Gold Project, which has shown early positive results in assays received to date from the proposed east and west pits. Efficiencies with the drilling program allowed us to complete additional twinning of historic drill holes, which will further help to de-risk the project moving forward."

The company received a Notice of Completion for its Industrial Approval from the Nova Scotia government earlier this year, aligning project progress with ongoing permitting milestones. Goldboro was previously granted environmental assessment approval in 2022.

Samples were analyzed at Eastern Analytical Ltd. in Newfoundland and ALS Canada Ltd. in British Columbia using fire assay methods. A total pulp metallics reanalysis will be completed for samples above 0.5 g/t gold, with updates to follow.

Gold Sector: Strategic Demand Drives 2025's Top Asset

According to Matthew Piepenburg in a June 19 article for Thoughtful Money, gold's record-breaking run in 2025 has been propelled by rising geopolitical instability and unsustainable global debt levels. Piepenburg noted that "gold has seen over 75 all-time-highs this year" and called it "a centrally rising tier-one global strategic reserve asset." He attributed its strength to eroding trust in fiat currencies and a growing backlash against what he described as a "weaponized U.S. Treasury system." He also emphasized gold's long-term resilience, pointing out that it has outperformed the S&P 500 in total return over the past two decades and had become "the best performing asset of 2025."

On June 20, Stockhead journalist Josh Chiat reported that gold prices surged from under US$2,000 per ounce in late 2023 to more than US$3,350 by mid-2025, peaking above US$3,500 in April. Citing data from the World Gold Council's annual survey, Chiat stated that "95% of central bank buyers expect central banks to increase their gold reserves this year," up significantly from 81% in 2024. Shaokai Fan of the World Gold Council added, "Nearly half of the central bank respondents intend to increase their own gold holdings in the coming year . . .  especially considering how many record-high prices we've hit so far in 2025."

A June 23 Ahead of the Herd article further underscored gold's role as a safe-haven asset. It reported a 27% year-to-date increase in gold prices, driven by inflation concerns, geopolitical uncertainty, and declining confidence in U.S. financial leadership. The article highlighted that "43% of central bank reserve managers said they plan to increase their gold holdings this year," rising from 29% the year prior. Additionally, "76% of respondents believe that gold will represent a moderately or significantly larger share of total reserves five years from now," according to the World Gold Council.

The report also pointed to a shift in central bank strategy away from U.S. Treasuries. Custody holdings for foreign central banks fell to US$3.22 trillion (the lowest level since 2017) based on data from the New York Federal Reserve. Meghan Swiber of Bank of America commented, "This flow likely reflects official sector diversification away from dollar holdings."

Momentum at Goldboro: De-Risking and Development Path Ahead

The Goldboro Gold Project is one of two flagship assets for NexGold, alongside the Goliath Gold Complex in Ontario. Goldboro's 2022 Feasibility Study outlined a CA$328 million after-tax net present value (NPV5%) and a 25.5% internal rate of return (IRR) based on a US$1,600 per ounce gold price. The study projected average annual production of approximately 100,000 ounces over an 11-year mine life with an all-in sustaining cost (AISC) of US$849 per ounce.

Development of the Goldboro project is being approached in phased stages. The initial open pit operation is designed to allow time for underground mineral resource conversion and potential mine life extension, with underground development proposed to begin in year six. The fully permitted site includes a 16.4 million tonne tailings storage facility, construction and operational camps, and a carbon-in-pulp process plant contained within a single watershed — an element expected to simplify permitting and limit environmental impact.

Exploration continues along the broader 28-kilometer Goldboro trend, where the company has identified multiple targets including Fowler and Dolliver Mountain. According to corporate materials, mineralization at Goldboro has now been traced along 3.4 kilometers of strike, with multiple parallel structures and high-grade intercepts suggesting further growth potential. The deposit remains open at depth.

With an updated Mineral Resource estimate and Feasibility Study update planned, NexGold is positioning Goldboro as one of Canada's next fully permitted gold mines. The project benefits from strong community and First Nations engagement and has completed multiple provincial and federal permitting stages, including environmental assessment, mineral lease, and crown land access approvals.

NexGold Advances Goliath Study and Goldboro Growth Ahead of Key Q3 Milestone

In a March 15 update published in J Taylor's Gold, Energy & Tech Stocks, Jay Taylor reported that NexGold Mining Corp. is emphasizing reductions in both capital expenditures and environmental impact as part of its development plan for the Goliath Gold Complex in northwestern Ontario, with completion of the Feasibility Study targeted for the third quarter of 2025. The Feasibility Study is being prepared under National Instrument 43-101 standards.

According to CEO Kevin Bullock, the study will integrate community feedback and propose modifications designed to reduce the project's long-term liabilities. "We expect to decrease the footprint of the Tailings Storage Facility (TSF) and overall project infrastructure," Bullock said, adding that the changes may allow for earlier closure of the TSF and Waste Rock Storage Facility, potentially starting as early as Year 4 of operations. Such adjustments could reduce future financial assurance obligations related to site rehabilitation.

Taylor noted that NexGold is working with several engineering and environmental consultants — including Ausenco, WSP, SLR Consulting Canada Ltd., Minnow Environmental Inc., RockEng, and SRK — on a revised site layout aimed at improving both economic and environmental outcomes. The Feasibility Study will outline the full extent of these revisions.

Progress has also continued at Goldboro, where drilling is contributing to potential mineral resource growth. In a May 20 research note, Red Cloud Securities analyst Ron Stewart described NexGold's recent drill results as "slightly positive," citing broad mineralized zones in underexplored areas. Intercepts included 1.86 grams per tonne (g/t) gold over 10.9 meters with a subinterval of 7.38 g/t over 0.6 meters, and 1.03 g/t over 18.9 meters including 19.45 g/t over 0.8 meters.

Stewart reported that approximately 17,000 meters of the planned 25,000-meter drill program had been completed by mid-May, with the remainder expected in the current quarter. The existing Goldboro global resource includes 21.6 million tonnes at 3.72 g/t gold for 2.6 million ounces in the measured and indicated category, and 3.2 million tonnes at 4.73 g/t gold for approximately 0.5 million ounces inferred.

Red Cloud maintained a "Buy (Speculative)" rating on NexGold, with a CA$4.00 per share target based on a discounted cash flow model incorporating the Goldboro and Goliath projects.

Ownership and Share Structure

The company notes that management and insiders own 2.7% of NexGold.  

Institutions own 26.5%.   

Strategic investors own 31.1%. Frank Guistra owns 7.0%, Sprott owns 6.3%. Extract owns 7.8%. First Mining owns 1.8%. Matrix owns 0.9%, and Teck owns 0.9%.    

NexGold had 157.6 million shares issued and outstanding and a market cap of CA$129.2 million, following the closing of its recent CA$10 million bought deal private placement financing.