Gold Company Reports Additional High-Grade Hits in Nova Scotia

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NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE) has released the final assay results from its 26,854-meter diamond drill program at the Goldboro Open Pit Gold Project in Nova Scotia. The program, which began in January 2025, was designed to improve the geological and grade continuity of the mineral resource through targeted infill drilling in the proposed west and east pit areas.

The latest results include 14 drill holes totaling 2,072 meters. Highlights include 18.16 grams per tonne (g/t) gold over 2.1 meters, including 62.00 g/t gold over 0.6 meters in hole BR-25-597, and 6.91 g/t gold over 2.5 meters, including 22.10 g/t gold over 0.6 meters in hole BR-25-595. The program also reported 23.20 g/t gold over 0.8 meters in BR-25-598, and 2.19 g/t gold over 7.0 meters, including 26.60 g/t gold over 0.5 meters in BR-25-585.

The company stated that the program confirmed the presence of high-grade gold zones near surface, aligning with the current geological model, while also identifying additional gold mineralization in areas previously under-drilled or selectively sampled. Mineralized zones within the mineral resource model will be updated to reflect these local variations.

Kevin Bullock, President and CEO of NexGold, said in the company's news release, "We are pleased with the results, which have consistently demonstrated the presence of high-grade zones, near surface, within the planned open pits and has also indicated the potential for new zones of gold mineralization within the proposed open pits."

The company confirmed that it has now received assay results from all 142 holes in the infill program and is proceeding with an updated Mineral Resource estimate. This estimate will serve as the basis for an updated Feasibility Study. 

Gold Market Maintains Strength Amid Economic Uncertainty

The gold sector showed continued resilience in August as investors weighed the impact of rising global debt, persistent inflation, and volatility in equity markets. In an August 19 commentary for Goldfix, VBL highlighted long-term currency erosion, pointing out that fiat currencies have lost more than 99% of their purchasing power against gold since 1971. He wrote, "Gold, which is far more honest than policy makers, rises because paper money always dies under the weight of dishonest spending."

On August 20, gold futures opened at US$3,359 per ounce, marking a 1.4% gain from the previous close. Although slightly below the August 11 high of US$3,383.90, prices remained up 34.2% year-over-year, signaling sustained upward momentum.

John Newell of John Newell & Associates rated NexGold Mining Corp. as a "Strong Speculative Buy." 

According to Yahoo Finance's Catherine Brock, the rise in gold prices came as major U.S. stock indices weakened. On August 19, the Nasdaq Composite dropped 1.4% while the S&P 500 declined 0.5%, reinforcing gold's appeal as a defensive asset. Brock noted that expectations for potential interest rate cuts by the U.S. Federal Reserve in September could further support gold prices, positioning the metal as a safe haven in times of policy uncertainty.

That perspective was echoed by analyst Matthew Piepenburg, who cited global debt exceeding US$300 trillion and warned of the economic consequences. "Debt destroys currencies, freedom and nations," he wrote, stressing the importance of preserving wealth through tangible assets.

The August edition of the Von Greyerz Monthly Gold Briefing also emphasized the role of physical gold as a safeguard. The report noted that holding metals in segregated or allocated accounts may seem old-fashioned, but remains critical to long-term financial security, describing such strategies as "timeless, honest and essential."

The publication also raised concerns about the stability of emerging digital financial products, particularly stablecoins, which it described as susceptible due to their reliance on U.S. Treasuries for backing. In contrast, gold's appeal as a stable and proven store of value continues to attract investor interest amid broader macroeconomic concerns.

Analysts Endorse NexGold's Dual-Project Strategy

On July 25 Ron Stewart of Red Cloud Securities also issued a positive assessment, stating that infill drill results from Goldboro were consistent with previous data and supported the geological model. He wrote, "These results confirm gold mineralization over previously unrecognized areas" and should contribute to a larger resource in the upcoming mineral resource estimate expected in the second half of 2025. Stewart maintained a Buy rating on NexGold and a target price of CA$4 per share, representing a 419% upside at the time of the report. He added that the resource at Goldboro stood at 2.6 million ounces in the Measured and Indicated category and 500,000 ounces in the Inferred category.

Stewart updated Red Cloud's financial model to reflect revised gold prices and recent financial data, with the firm assuming that Goldboro would be developed ahead of Goliath. He estimated Goldboro could produce 100,000 ounces of gold annually over 12 years at an average all-in sustaining cost of US$1,180 per ounce. While the model placed Goldboro's start date in 2028 and Goliath's in 2031, Stewart noted that the order of development would not materially affect valuation. He further identified several potential catalysts for NexGold, including additional drill results, the updated mineral resource estimate, a feasibility study for Goliath, and permitting progress at both projects.

*On August 15 John Newell of John Newell & Associates rated NexGold Mining Corp. as a "Strong Speculative Buy," highlighting the company's potential as a mid-tier gold developer with a clear path toward production. He noted that NexGold controls two advanced-stage gold projects with over 6 million ounces in total mineral resources across all categories and a strategy to build mines capable of producing approximately 100,000 ounces per year. According to Newell, both the Goliath Gold Complex in Ontario and the Goldboro Gold Project in Nova Scotia are advancing through permitting and are supported by robust economic studies. He wrote that Goliath's prefeasibility study outlined an after-tax net present value (NPV) of CA$336 million at a US$1,750 per ounce gold price, while Goldboro's feasibility study reported an after-tax NPV of CA$328 million at a US$1,600 per ounce gold price. Newell concluded that NexGold "offers investors a rare combination of scale, jurisdictional safety, and near-term catalysts."

Positioned for Progress at Goldboro

According to NexGold's August 2025 investor presentation,the Goldboro Gold Project is a cornerstone asset within the company's portfolio, supported by a feasibility study indicating a CA$328 million after-tax net present value (NPV) at a gold price of US$1,600 per ounce. The open pit project is expected to produce approximately 100,000 ounces of gold annually over an 11-year mine life at all-in sustaining costs (AISC) of US$849 per ounce. 

Permitting milestones have been met across multiple regulatory levels. The project holds a valid Crown Land Lease and Mineral Lease and has an Industrial Approval that has been deemed complete by the Government of Nova Scotia, Environmental Assessment approval, and a Schedule 2 Amendment under the Metal and Diamond Mining Effluent Regulations. The company expects to receive a Fisheries Act Authorization from Fisheries and Oceans Canada in the second half of 2025.  

Goldboro's community engagement and agreements with Indigenous partners, including a Mutual Benefits Agreement with the Assembly of Nova Scotia Mi’kmaw Chiefs and a Community Benefits Agreement with the Municipality of the District of Guysborough, further support the project's development. 

An updated Mineral Resource estimate is expected in the second half of 2025, incorporating the recent drilling results and providing revised inputs for an updated Feasibility Study. With foundational permits in place, a comprehensive infrastructure plan, and active engagement with stakeholders, NexGold continues to advance Goldboro as one of the next permitted gold mines in Canada. 

Ownership and Share Structure

The company notes that management and insiders own 2.9% of NexGold.  Institutions and strategic investors, including Frank Giustra who owns 7.0%, own 51.9% of the shares in the company.      

NexGold has 158.9 million shares issued and outstanding and a market cap of CA$130.3 million.