NexGold Mining Corp. (TSXV: NEXG, OTCQX: NXGCF) is moving closer to wrapping up its 25,000-metre diamond drilling program at the Goldboro Project in Nova Scotia, and the latest results are drawing attention for their high-grade gold intersections and potential to expand the project’s resource base.
The company, which also holds assets in Ontario and Alaska, has been drilling at Goldboro since January with the goal of tightening up its geological model and upgrading parts of its mineral resource. The current batch of results comes from 18 infill diamond drill holes, totaling 2,775.3 metres, all within the proposed west pit area. These holes represent about a quarter of the total planned drill holes for the program.
What stands out in this update from the Company is both the consistency with NexGold’s geological model and the discovery of new gold mineralization in areas where none was previously identified. This could mean the company’s next mineral resource estimate, expected later this year, will capture more ounces than previously thought.
Some of the highlight intersections from this round include:
- 25.79 grams per tonne (g/t) gold over 4.5 metres, including a half-metre interval grading 227.0 g/t gold (hole BR-25-522)
- 18.10 g/t gold over 3.0 metres, including 52.57 g/t gold over 1.0 metre (hole BR-25-489)
- 2.27 g/t gold over 11.35 metres (hole BR-25-491)
- 2.35 g/t gold over 8.0 metres (hole BR-25-477)
- 15.05 g/t gold over 1.25 metres (hole BR-25-491)
- 1.02 g/t gold over 16.4 metres and 1.03 g/t gold over 11.0 metres (hole BR-25-508)
These grades, especially the exceptionally high intervals, are encouraging for a project that is still being defined. According to President and CEO Kevin Bullock, the drilling is confirming the company’s expectations for the west pit but also revealing new zones of mineralization. “We are also encouraged by additional intersections of gold mineralization which were not previously intersected. This data will be incorporated into a new Mineral Resource Model that will form the basis of a planned Feasibility Study Update,” Bullock said.
The drilling program is expected to finish by the end of the second quarter, with final assay results coming in through mid-third quarter. The company has released results from 31 holes so far, about 24% of the total planned, and says more results will be reported as they become available.
Beyond Goldboro, NexGold’s portfolio includes the Goliath Gold Complex in Ontario, the Weebigee-Sandy Lake Gold Project joint venture, and the Niblack copper-gold-zinc-silver project in Alaska. The company emphasizes its commitment to working with local communities and Indigenous Nations, aiming to create economic opportunities and maintain safe workplaces across its projects.
For investors following the next few months could be pivotal. As more assay results come in and the updated resource estimate takes shape, the market will get a clearer picture of Goldboro’s potential. With drilling uncovering both expected and new gold zones, NexGold is positioned to potentially enhance the value of its Nova Scotia asset as it moves toward a feasibility study update later this year.
