NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE) reported additional results from its ongoing diamond drilling program at the Goliath Gold Complex in Ontario, which includes the Goliath, Goldlund, and Miller deposits. The company stated that approximately 18,000 meters of the planned 25,000-meter program had been completed, with the current drilling focused on the Goldlund Deposit.
According to the company, the latest results included 3,663 meters of diamond drilling across nine drill holes, including GL-25-012, GL-25-017 to GL-25-019, and GL-26-001 to GL-26-005. The company said the holes were designed to infill and expand mineralization in Zone 4 of the Goldlund Deposit from near the center to the southwestern end of the open-pit Mineral Resource.
Highlighted drill results included 14.10 g/t gold over 6.0 meters in drill hole GL-26-003A, including 51.70 g/t gold over 1.5 meters, along with 2.99 g/t gold over 20.0 meters and 10.67 g/t gold over 7.0 meters in the same hole. NexGold also reported 4.25 g/t gold over 6.0 meters in drill hole GL-26-002, including 10.90 g/t gold over 1.0 meter, and 3.23 g/t gold over 6.0 meters in drill hole GL-25-017.
Additional results included 1.13 g/t gold over 20.0 meters in drill hole GL-25-019 and 0.52 g/t gold over 55.9 meters in drill hole GL-25-018.
The company stated that the new drill results were located in the same general area of Zone 4 mineralization where previously reported drill intersections were announced on February 25, 2026, including 1.18 g/t gold over 33.5 meters in drill hole GL-25-009 and 1.03 g/t gold over 16.5 meters in drill hole GL-25-014.
Kevin Bullock, President and CEO of NexGold, said in the company news release, "Our infill drill program at the Goliath Gold Complex continues to demonstrate good continuity of mineralization at depth within the Goldlund Deposit."
Bullock added, "Our objective with this drill program continues to be to optimize the Goliath Gold Complex and further strengthen our confidence in the mineralization within the deeper levels of the Inferred Mineral Resources."
The company stated that mineralization at the Goldlund Deposit was generally characterized by quartz stockwork veining within sub-vertical granodiorite sills. NexGold said Zone 4 included broad intervals of mineralized intermediate-mafic volcanic rocks with multiple porphyry and granodiorite intrusions.
According to the company, the drill results, together with previously announced results, were expected to contribute to refinement of the geological model and may support future evaluation of Mineral Resource classification, subject to additional drilling, data verification, and further technical studies.
Analysts Outline 2026 Milestones and Maintain Buy Ratings on Gold Development Projects
In a January 27 report, Ron Stewart of Red Cloud Securities outlined several anticipated milestones for NexGold Mining Corp. during 2026. Stewart wrote that the company was expected to update its mineral resource estimate, complete a feasibility study, secure financing, and reach a final investment decision for the Goldboro project during the year. He stated, "Goldboro will be the first cab off the rank, with Goliath to follow."
At the time, Red Cloud maintained a Buy rating and CA$4.30 target price on the shares. The report noted that the valuation was based on the Goldboro, Goliath, and Niblack projects and stated that the shares were trading at approximately CA$1.78.
The report also reviewed several activities completed during 2025, including the receipt of federal and provincial permits for Goldboro, infill drilling programs, and continued drilling at Goliath. Stewart further detailed financial actions completed by the company, including repayment of a US$12 million debt facility, the repurchase of a net smelter returns royalty, the sale of a 2.9% royalty for US$24 million (with an option to buy back 1.9% of it within four years), and a bought-deal equity financing totaling CA$112.5 million.
According to the report, Red Cloud's financial model for Goldboro estimated total production of 1,200,000 ounces over an 11.3-year mine life. The model outlined an after-tax net present value discounted at 5% of CA$854 million and an internal rate of return of 52.7%.
Additional analyst coverage followed later in the quarter. On February 27, Red Cloud Securities analyst Ron Stewart issued a Buy rating with a CA$4.20 target price. On March 26, National Bank Financial analyst Alex Terentiew issued a Buy rating with a CA$6.00 target price.
2026 Development and Exploration Activities
According to its May 2026 investor presentation, NexGold plans to continue advancing both the Goldboro Gold Project in Nova Scotia and the Goliath Gold Complex in Ontario during 2026.
For the Goliath Gold Complex, the company outlined the previously mentioned 25,000-meter infill drill program at Goldlund intended to improve mineral resource definition at depth and expand open pit mineral resources. The company also outlined additional exploration across the property package to discover and grow mineral resources, along with environmental baseline and technical studies to support permitting activities in collaboration with First Nations communities and local stakeholders. NexGold further stated that it planned to evaluate several potential project plans and configurations for the complex.
The investor presentation also stated that the Goliath Gold Complex contained measured and indicated resources of approximately 2.1 million ounces of gold and outlined a prefeasibility study based on a 13-year mine life with average annual production of more than 100,000 ounces of gold during the first nine years.
Streetwise Ownership Overview*
NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 07/10/24 | TML | 4 | NEXG | 1 |
| 08/11/20 | TML | 3 | TML | 1 |
At the Goldboro Gold Project, NexGold stated that a construction decision was expected in 2026. The company outlined plans to update the Mineral Resource Estimate using recently completed infill drilling and to update the feasibility study, including operating costs, capital expenditure, and gold price assumptions.
Additional planned activities at Goldboro included advancing detailed engineering, commencing procurement for long-lead equipment, finalizing contracting and procurement strategies, and initiating an early works construction program in the second half of 2026. NexGold also stated that it planned to finalize project financing arrangements.
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 May 8, NexGold has 247.8 million shares issued and outstanding, with a market cap of CA$354.35 million.
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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.
