Junior Miner Strikes Monster Gold Grades at Goldboro

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NexGold Mining Corp. (NEXG.V:TSXV; NXGCF:OTCQX; TRC1.F:FRA) has released new results from its ongoing 26,854-meter diamond drill program at the Goldboro Open Pit Gold Project in Nova Scotia. The company reported assay results from 11 additional infill drill holes, totaling 1,944.05 meters, which targeted the proposed east and west pits of the Goldboro deposit.

Highlights from the latest drilling include 108.76 grams per tonne (g/t) gold over 1.40 meters in hole BR-25-578, which included a subinterval grading 304.00 g/t gold over 0.50 meters. Other notable intercepts include 67.23 g/t gold over 2.20 meters in hole BR-25-571, with a subinterval of 286.00 g/t over 0.50 meters. These intersections are part of a broader effort to upgrade areas of the deposit currently classified as Inferred and Indicated mineral resources. 

Kevin Bullock, President and CEO of NexGold, stated in the announcement, "We continue to see high-grade gold assays from both the East and West Goldbrook open pit domains and the assays continue to be generally consistent with our Mineral Resource model at Goldboro." He added that the results support the ongoing update of the company's Mineral Resource Estimate, expected later in 2025.

According to the company, 111 of the planned infill drill holes have now been reported, representing approximately 79%of the full program. The results confirm the presence of gold mineralization in areas previously under-drilled and help refine the existing geological model. NexGold noted that new gold intercepts have also been discovered in locations not previously predicted by the model, suggesting possible areas for future Mineral Resource expansion.

The drill program is part of NexGold's broader plan to develop the Goldboro deposit, which has received provincial environmental assessment approval and is progressing through final permitting stages. The company has also completed agreements related to Crown Land leases and has received its Schedule 2 Amendment approval. 

Gold Steadies Through 2025 as Investors Prioritize Safe-Haven Assets

Gold remained firm through mid-2025, supported by persistent inflation, global economic uncertainty, and sustained demand for safe-haven assets. On July 15, Stewart Thomson of 321gold highlighted regional contrasts in gold investing, noting the strength of cultural demand in Asia. "In China, it's clear that the young citizens are savers, and their favourite vehicle to save is gold," he wrote, while observing that Western markets often respond to strong economic data by pulling back from gold positions. Thomson also cited seasonal factors and inflationary trends, stating that "the brunt of the inflationary pain begins later in the summer," which could influence sentiment in the broader metals and mining space.

Volatility in the gold market was evident on July 16, when Kitco reported an intraday price swing of nearly US$60. The movement reflected investor reaction to uncertainty surrounding the Federal Reserve's leadership. Analyst Gary Wagner described the session's activity as a signal of the market's heightened sensitivity to policy shifts and broader economic developments. Gold closed the day at US$3,359.10, up US$22.40, with dollar weakness contributing to the move.

Ron Stewart of Red Cloud Securities provided updated coverage of NexGold, reiterating its Buy rating and target price of CA$1.35 per share.

Global gold exchange-traded fund (ETF) holdings also grew notably in the first half of 2025. A July 18 report by Josh Chiat of Stockhead cited World Gold Council data showing that ETF assets under management rose 41% year-to-date to US$383 billion. Holdings reached 3,616 tonnes, the highest month-end level since August 2022. According to the Council, "gold — through its fundamentals — remains well positioned to support tactical and strategic investment decisions in the current macro landscape."

Additional analysis from Yahoo Finance on July 24 noted that gold and bitcoin had each delivered gains of 28% year-to-date as of July 16, with growing investor interest in diversification through ETFs. Roxanna Islam of TMX VettaFi commented that "volatile equity markets have shifted investor attention to alternatives like gold and bitcoin ETFs." She added that both asset classes had benefited from broader macroeconomic forces. According to J.P. Morgan Asset Management, gold ETF assets under management reached US$170 billion in April. The SPDR Gold Shares ETF (GLD) and iShares Gold Trust (IAU) remained the largest by assets, at US$102 billion and US$48 billion respectively, offering liquidity and accessibility to a broad range of investors.

NexGold Advances Drilling and Permitting Efforts Ahead of Q3 Milestones

Jay Taylor of Gold, Energy & Tech Stocks has continued to report on NexGold's exploration and development activities, noting key progress across the company's projects. In his June 27 update, Taylor commented on the company's  diamond drill program at the Goldboro Project, writing that "NexGold Mining Corp.'s 25,000m diamond drill program continues to intersect additional gold mineralization in areas where no mineralization was previously known or predicted." He added that the company plans to revise its geological model where necessary and will evaluate the impact of new assay data as part of its upcoming mineral resource estimate, expected in the second half of 2025. 

In a prior report dated June 20, Taylor highlighted a permitting development at the Goldboro Project. He noted that "NexGold Mining Corp. announced that the government of Nova Scotia has deemed the company's application for an industrial approval of a surface gold mine to be complete for NexGold's 100%-owned Goldboro gold project." According to Taylor, the application has entered its final review phase, with a decision expected within 60 days of the notice. 

On July 25, Ron Stewart of Red Cloud Securities provided updated coverage of NexGold, reiterating its Buy rating and target price of CA$1.35 per share. The firm pointed to the company's July 22 drill results as particularly noteworthy, stating that "these are the best results reported to date in the ongoing program." The report highlighted assays including 304.00 g/t gold over 0.50 meters and 286.00 g/t over 0.50 meters, describing them as "very high-grade gold intercepts" that support further modeling and Mineral Resource confidence. 

Red Cloud emphasized the consistency of results with the company's current Mineral Resource model, while also noting that "new mineralized zones" had been encountered in areas previously believed to be unmineralized. The firm described these as "important new discoveries," which could add upside to future Mineral Resource estimates. 

The firm also acknowledged NexGold's permitting momentum, stating that the company "has now reached an important milestone with the Industrial Approval application deemed complete by Nova Scotia," with a final decision expected within 60 days. Overall, Red Cloud concluded that the Goldboro Project remains "one of the most advanced open-pittable gold development projects in Canada." 

Upcoming Catalysts and Project Positioning

NexGold is advancing the Goldboro Project under a phased development model. A 2022 feasibility study outlined an approximately 11-year open-pit operation with average annual gold production of 100,000 ounces. The initial capital requirement was estimated at CA$271 million, with a projected all-in sustaining cost (AISC) of US$849 per ounce of gold and a gold recovery rate of 95.8%. 

Permitting milestones have recently been achieved, including approval of the project's environmental assessment in August 2022 and the issuance of a mineral lease in July 2024. As of mid-2025, NexGold had also secured a Crown Land lease and advanced its Industrial Approval application, with a decision expected in the third quarter of 2025. The company has also received approval for Schedule 2 amendments under Canada's Metal and Diamond Mining Effluent Regulations.

With over 26,000 meters recently drilled at the Goldboro Project and exploration activity continuing along the broader 28-kilometer Goldboro Trend, NexGold has identified growth targets, including the Dolliver Mountain and Fowler zones. The company has also conducted geophysical surveys to evaluate additional mineral resource potential to the west of the current deposit. 

According to the company's investor presentation, NexGold is focused on developing two of the next permitted gold mines in Canada, Goldboro, and the Goliath Gold Complex. The company reported a pro forma market capitalization of approximately CA$129 million as of March 2025 and maintains a cash position of approximately CA$21 million.

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 had 158.9 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