Drilling Uncovers Major Gold-Antimony Strike in Nevada

1. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of NevGold.
2. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
3.  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. 

For additional disclosures, please click here.

NevGold Corp. (NAU:TSX.V; NAUFF:OTC; 5E50:FSE) announced new drill results on June 12, 2025, revealing a significant extension of oxide gold-antimony mineralization at the Cadillac Valley target, part of its wholly owned Limousine Butte Project in Nevada. The company reported assay highlights from several drillholes, with intercepts including 2.28 grams per tonne (g/t) gold equivalent (AuEq) over 30.5 meters in hole LB119, which included 1.29 g/t gold and 0.22% antimony. The broader mineralized interval in this hole measured 61.0 meters grading 1.61 g/t AuEq. Drillhole LB155 returned 1.01 g/t AuEq over 36.6 meters, while LB141 and LIM-18 also recorded gold-antimony intersections, expanding the mineralized footprint of the target to over 1.7 kilometers in strike length and more than 400 meters in width.

Gold equivalents were calculated using metal prices of US$2,000 per ounce of gold and US$35,000 per tonne of antimony, with assumed recoveries of 85% for gold and 70% for antimony. These prices reflect a roughly 30% discount to current spot values. In total, over 27 drillholes have been reported at Limousine Butte’s Resurrection Ridge and Cadillac Valley targets.

The company is conducting a metallurgical testwork program using a 100-kilogram bulk sample from its Nevada properties, including Cadillac Valley. This work is being completed by Kappes, Cassiday & Associates of Reno, Nevada, and results are expected in the coming weeks. The metallurgical program and new drilling aim to support an initial mineral resource estimate (MRE) in 2025 for both Resurrection Ridge and Cadillac Valley.

The project has drawn additional attention following a March 2025 U.S. Executive Order prioritizing domestic production of “Critical Minerals,” including antimony, which is used in military, technological, and clean energy applications. Currently, the United States has no active antimony mines and relies heavily on imports from China, Russia, and Tajikistan. China’s recent restrictions on antimony exports, including an explicit ban on shipments to the United States, have further heightened interest in domestic sources.

NevGold’s CEO, Brandon Bonifacio, stated in the news release, “We strongly believe we have one of the most advanced gold-antimony assets in the United States, and we will continue to focus on unlocking the value at the Project over 2025.”

Gold Surges on Geopolitical Tensions and Cooling Inflation

The gold sector experienced a sharp upswing in June as geopolitical instability and shifting economic signals drove demand for safe-haven assets. According to a June 12 report from Kitco News, spot gold traded at US$3,385.42 per ounce, marking a 0.89% increase on the day following the release of U.S. Producer Price Index (PPI) data. The U.S. Labor Department reported that headline PPI rose 0.1% in May, cooler than expectations, which led to speculation that the Federal Reserve may move up its timeline for rate cuts. “The PPI data don’t report the uptick in input costs visible in the PMI surveys,” said Bill Adams, Chief Economist for Comerica Bank, noting a divergence between producer sentiment and official inflation measures.

A separate June 12 analysis from The Economic Times confirmed that gold prices had risen to US$3,374.94 per ounce in response to rising tensions between Iran and the United States, coupled with U.S. President Donald Trump’s announcements regarding new trade tariffs. The report noted, “Investors rushed to gold amid fears of conflict in the Middle East and Trump’s plans to send tariff letters to key economies.” Gold futures climbed even higher to US$3,394.60 per ounce. According to the article, a weaker U.S. dollar and expectations for interest rate cuts further contributed to the rally.

The following day, Reuters reported that spot gold rose further to US$3,419.69 per ounce amid escalating conflict in the Middle East. Israel’s strikes on Iran and Tehran’s subsequent drone retaliation contributed to growing uncertainty. Carsten Menke, an analyst at Julius Baer, stated, “The attacks add to the bullish mood in the gold market.” He added that any disruption to oil supplies or broader regional conflict could trigger a more prolonged price response. Reuters also cited a Commerzbank forecast projecting gold prices to reach US$3,400 per ounce by year-end, supported by geopolitical risk and the broader macroeconomic environment.

The surge in gold prices also came alongside gains in other metals. Silver traded near a 13-year high, while platinum reached a four-year high during the same period. However, The Economic Times noted that analysts at Goldman Sachs expressed caution about platinum’s sustainability due to weakening demand and strong supply conditions.

Institutional Support Grows for NevGold’s Gold-Antimony Strategy

In a June 1 write-up, Ivan Lo of Equedia identified NevGold Corp. as a rare and advanced-stage junior explorer with significant upside potential in the critical minerals sector. The report, which is sponsored content, emphasized NevGold’s progress at its Limousine Butte Project in Nevada, calling it “an expanding oxide system that already spans over 5 kilometers of strike.” The company’s consistent delivery of high-grade, near-surface oxide gold-antimony intercepts was described as a foundation for a “significant resource update by year-end.”

The analysis drew particular attention to several 2025 drill results, including 2.46 g/t AuEq over 86.9 meters and 13.15 g/t AuEq over 3.1 meters, interpreting them as evidence of both grade and scale. Limousine Butte’s geology, hosted in the Devonian Pilot Shale, was highlighted as being consistent with major Carlin-style gold systems, with the added advantage of critical mineral content. The report stated, “This Carlin-style system with critical mineral upside” positions NevGold uniquely within U.S. supply chain priorities.

Institutional participation in NevGold’s CA$6 million financing was also viewed positively. The publication described the financing, led by Clarus Securities, as “a vote of confidence from deep-pocketed institutions,” citing Clarus’s history with early-stage mining successes. It suggested that such backing could precede broader institutional interest as NevGold advances its technical work.

The newsletter pointed to a series of upcoming milestones that may influence valuation, including the company’s maiden mineral resource estimate, the re-assaying of capped historical antimony intervals, and results from metallurgical testing of a 100-kilogram bulk sample. “These oxide-style intercepts point not only to scale but also to strong economics,” the report concluded, underscoring how NevGold may benefit from growing U.S. policy support for domestic critical mineral production.

What Could Move NevGold Next

According to the company’s June 2025 investor presentation, NevGold is targeting several value-driven milestones throughout the remainder of the year at Limousine Butte. The company has planned approximately five kilometers of additional reverse circulation drilling focused on gold-antimony zones, with a mineral resource estimate scheduled for release in the second half of 2025. In parallel, the metallurgical testwork currently underway is expected to inform recovery expectations and future processing design for both gold and antimony oxide material.

The current phase of drilling builds on earlier results from more than 50 re-assayed historical drillholes. The company identified previously overlooked antimony mineralization during this review, as older assays often had detection limits that capped antimony results at 1%. The updated assays and new exploration indicate the potential for higher-grade material at depth and across lateral extensions.

NevGold’s position in a district surrounded by major operators further enhances its strategic standing. The Limousine Butte property is adjacent to several projects under earn-in or joint venture agreements with large mining companies, including Freeport-McMoRan, South32, and Centerra Gold. While adjacent mineralization does not guarantee similar outcomes for NevGold, the regional interest reflects broader exploration activity and geologic prospectivity.

The company is also advancing its Nutmeg Mountain project in Idaho, where it reported a 2023 mineral resource estimate of 1.01 million ounces gold in the Indicated category and 275 thousand ounces in the Inferred category. A follow-up drilling campaign and an updated MRE are also planned at Nutmeg later this year.

NevGold’s strategic focus on near-surface oxide mineralization with associated critical minerals like antimony positions the company within the current policy and supply chain priorities of the U.S. government. This alignment may offer future optionality in the form of grant funding, expedited permitting, or investment through government-backed channels such as the Development Finance Corporation.

With a fully financed 2025 work program following a CA$6 million raise, and a stated focus on de-risking its projects through systematic exploration and resource modeling, NevGold is approaching a number of technical and regulatory catalysts in the coming quarters.

Ownership and Share Structure

Strategic investors include GoldMining Inc., which holds 28.3% of the company on an undiluted basis, and McEwen Mining Inc. 

The company said about 30% is held by management and insiders. According to Refinitiv, these include Non-Executive Chairman Giulio T. Bonifacio with 4.56%, CEO Brandon Bonifacio with 3.46%, Independent Director Gregory French with 0.85%, and Independent Director Timothy Dyhr with 0.70%, Refinitiv said.

About 10% is held by institutions, and the rest is in retail.

As for its share structure, NevGold has 94.25 million outstanding shares and 57.25 million free-float traded shares. Its market cap is CA$28.33 million. Its 52-week trading range is CA$0.17 and CA$0.50 per share.