NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE) reported additional assay results from its ongoing reverse circulation (RC) infill drill program at the Goldboro Gold Project in Nova Scotia and announced that it has expanded the program from approximately 30,000 meters to 40,000 meters.
The RC infill drill program is focused on selected areas of the Goldboro Deposit within the West and East pits. The company said the program is designed to infill specific areas of the Goldboro Mineral Resource at a nominal drill spacing of 12.5 meters and to depths of 50 meters.
Kevin Bullock, President, CEO, and Director of NexGold, said in a company news release, "I am encouraged by the results generated to date from our RC Infill Drill Program at Goldboro. The drilling continues to confirm the continuity, tenor, and thickness of near-surface mineralization within the proposed West pit area at a higher level of detail."
Bullock added that, "Given the success of the program to date, combined with the proceeds from our recently-completed CA$10 million flow-through financing, we have elected to expand the RC Infill Drill Program to further evaluate and better define near-surface mineralization within the West and East pits."
The latest results represent 3,420 meters of drilling from 72 RC drill holes in the west pit. Cumulatively, NexGold has released results for 154 drill holes totaling 6,685 meters, while additional holes remain pending assay and more samples continue to arrive at the laboratory.
According to the company, drilling has intersected mineralization typical of the Goldboro deposit and confirmed mineralization at greater detail while showing similar grade and thickness to previous diamond drill holes in the same area.
Highlighted results included 12.06 grams per tonne (g/t) gold over 6.0 meters, including 67.41 g/t gold over 1.0 meter, in drill hole RC-26-147, and 3.84 g/t gold over 18.0 meters, including 28.04 g/t gold over 1.0 meter and 15.46 g/t gold over 1.0 meter, in drill hole RC-26-102. Other reported intercepts included 9.31 g/t gold over 7.0 meters, 4.13 g/t gold over 10.0 meters, 4.95 g/t gold over 6.0 meters, 10.78 g/t gold over 3.0 meters, and 6.34 g/t gold over 5.0 meters.
The company said that, based on QA/QC procedures, available data, and comparisons with previous drilling and recent modeling, the drill results are considered geologically representative of mineralization.
Bullock said the information generated through the program "is expected to support ongoing geological modeling, Mineral Resources refinement, and mine planning activities at Goldboro, while also informing the Company's evaluation of a potential construction decision on the project."
Gold Continued to Find Support From Macro Trends
As of July 12, the spot price of gold was US$4,121.94 per ounce, while silver traded at US$60.43 per ounce. Platinum was priced at US$1,642.60 per ounce and palladium at US$1,299.68 per ounce.
According to a July 10 commentary from Kitco Media, Phillip Streible said the setup for gold entering the second half of the year "looks constructive, even as the metal works through near-term pressure." He wrote that conflict in the Middle East had contributed to inflation concerns and shifting expectations for U.S. monetary policy, while soft June payroll data argued for patience despite higher Treasury yields. Streible also wrote that "next week's July 14 CPI should indicate easing inflation and may mark the first step toward building a low."
Streible said several factors supported his outlook, including the normalization of conditions in the Strait of Hormuz, expectations that central bank purchases would return over time, and the potential for retail investors to increase ETF inflows after receiving confirmation that the Federal Reserve had reached the end of its policy cycle. He also noted that gold had "historically shown seasonal strength through July and August," with long-term seasonal patterns tending to strengthen into late summer.
Writing on July 12, Fiona Craig of InvestorsHub said gold had "reaffirmed its role as one of the world's leading safe-haven assets after climbing back above US$4,100 per ounce," supported by geopolitical uncertainty following renewed military tensions between the United States and Iran. She added that "continued investor demand for defensive assets" had persisted as concerns over global stability and the outlook for the Middle East remained unresolved.
Craig also discussed the role of monetary policy, writing that Federal Reserve meeting minutes had revealed differing views among policymakers regarding the future path of interest rates. She said, "Periods of policy uncertainty often increase demand for defensive assets such as gold," while adding that investors had continued to weigh inflation risks, geopolitical developments, and the possibility of slower global economic growth. She also noted that weaker oil prices had weighed on the U.S. dollar and Treasury yields, providing additional support for precious metals.
Analysts Continued to Support the Story
Analyst coverage remained positive during the first half of the year, with research firms maintaining Buy ratings and target prices while highlighting ongoing progress at the Goldboro project.
On June 26, Red Cloud Securities analyst Ron Stewart reaffirmed a Buy rating and maintained a CA$4.30 target price. National Bank Financial analyst Alex Terentiew followed on March 26, reiterating a Buy rating with a CA$6.00 target price.
Following the company's June 25 release of initial reverse circulation drilling results from Goldboro, Stewart published an updated research note on June 26. He said the results from 82 drill holes totaling 3,265 meters confirmed the grade and thickness previously established through diamond drilling. Stewart identified an intercept of 61.22 g/t gold over 12.0 meters as the standout result and wrote that the drilling "materially de-risk[s] initial mining" at Goldboro. He added that although the results would not be incorporated into the updated feasibility study expected in the third quarter, they were expected to play "a pivotal role in the final investment decision later this year."
Stewart noted that the close-spaced drilling, completed on spacing of up to 12.5 meters, was providing more detailed geological and mineralization information in the western portion of the deposit, which is planned to be mined first. He also reported that the drilling returned an average gold grade of 2.06 g/t and a weighted average grade of 2.13 g/t. According to Stewart, the data should support future resource updates beyond the feasibility study and would be "pivotal for converting 484k oz Au of inferred resources to the measured category."
The research note also outlined NexGold's planned activities for the remainder of 2026. Stewart said the company remained focused on advancing Goldboro through completion of an updated mineral resource estimate and feasibility study, arranging project financing, and reaching a final investment decision. He also referenced plans to begin an early works construction program during the second half of the year.
Beyond Goldboro, Stewart highlighted work planned at the Goliath project, including a 25,000-meter infill drilling program at the Goldlund deposit, additional exploration across the broader property package, and environmental baseline and technical studies intended to support permitting efforts with First Nation communities and other stakeholders.
Red Cloud Securities maintained its Buy (Speculative) rating and increased its target price to CA$4.30 per share. Stewart identified key upcoming milestones as an updated mineral resource estimate and feasibility study for Goldboro, continued exploration and permitting work at Goliath, and project financing and a final investment decision for Goldboro.
Streetwise Ownership Overview*
NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE)
| Strike Price | Number | Expiry Date |
|---|---|---|
| $1.05 | 3,092,500 | 11/06/26 |
| $0.95 | 150,423 | 11/06/26 |
| $0.95 | 5,721,147 | 12/11/26 |
| $1 | 1,580,301 | 06/13/27 |
| $1.4 | 6,913,623 | 07/02/27 |
| $1.92 | 69,425,000 | 10/25/27 |
| $1.05 | 12,500,000 | 04/09/28 |
| $0.84 | 1,386,384 | 12/19/28 |
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 08/05/24 | TSRMD:OTCQX | 1 | NXGCF:OTCQX | 1 |
| 07/10/24 | TML:TSX.V | 4 | NEXG:TSX.V | 1 |
| 07/10/24 | TSRMF:OTCQX | 1 | TSRMD:OTCQX | 1 |
| 09/04/20 | TSRMD:OTCQX | 1 | TSRMF:OTCQX | 1 |
| 08/11/20 | TML:TSX.V | 3 | TML:TSX.V | 1 |
| 08/11/20 | TSRMF:OTCQX | 3 | TSRMD:OTCQX | 1 |
Goldboro Work Continues Through 2026
The expanded RC infill drill program is approximately 62% complete and is expected to continue into the fourth quarter of 2026.
NexGold said the program targets the first few years of planned production, where the deposit is currently accessible by the drill rig. The objective is to obtain a high-density dataset that may ultimately be used to upgrade Mineral Resources from the Indicated to Measured category using RC drilling, together with more than 180,000 meters of existing diamond drill data.
The company expects the results from the RC infill drill program to be incorporated into a future updated Mineral Resource Estimate that will be independent of the ongoing updated Feasibility Study. NexGold stated that the updated Feasibility Study is estimated to be completed in the third quarter of 2026, while the RC infill drill program remains in progress, meaning the drilling results will not be available for inclusion in the Mineral Resource Estimate used for that study.
According to the company's June 2026 corporate presentation, additional 2026 work at Goldboro includes updating the Mineral Resource Estimate following the recently completed infill drilling, updating the Feasibility Study, building organizational capacity, finalizing contracting and procurement strategies, advancing detailed engineering, commencing procurement for long-lead equipment, finalizing project financing arrangements and a final investment and construction decision, initiating an early works construction program in the second half of 2026, continuing detailed close-spaced infill drilling to define potential near-surface Mineral Resources, and pursuing the discovery of additional deposits and mineral resources.
Ownership and Share Structure1
Management and insiders own 2% of NexGold. Institutions and strategic investors, including Frank Giustra, who holds 5%, collectively own 66% of the company's shares.
As of June 2026, NexGold has 255.04 million shares issued and outstanding, with a market cap of CA$216.23 million.
Important Disclosures:
- NexGold is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of NexGold.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
