Gold Explorer Hits 84.30 g/t Gold, Expands Ontario Drill Program by 40%

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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.

NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE) reported additional diamond drilling results from the Goldlund Deposit at its Goliath Gold Complex in Ontario, including 3.08 grams per tonne gold over 17.0 meters, 4.80 g/t gold over 5.6 meters, and 84.30 g/t gold over 1.0 meter.

The results covered 4,686 meters of diamond drilling in 11 holes, GL-26-020 through GL-26-030B. The holes were designed to infill and test extensions of mineralization within Zone 4 near the northeastern portion of the Goldlund open-pit Mineral Resource.

Selected highlights include hole GL-26-026 returning 3.08 g/t gold over 17.0 meters from 426.5 to 443.5 meters, including 70.20 g/t gold over 0.5 meters and 12.60 g/t gold over 0.5 meters. Hole GL-26-025 intersected 4.80 g/t gold over 5.6 meters from 388.5 to 394.1 meters, including 16.30 g/t gold over 0.9 meters and 6.09 g/t gold over 1.0 meter. The same hole returned 1.46 g/t gold over 7.3 meters, including 3.54 g/t gold over 0.7 meters.

Hole GL-26-022 intersected 84.30 g/t gold over 1.0 meter from 287.0 to 288.0 meters. The hole also returned 1.14 g/t gold over 6.5 meters, including 3.85 g/t over 1.0 meter, as well as 1.04 g/t gold over 7.5 meters, including 3.68 g/t gold over 1.0 meter.

Additional results included 1.85 g/t gold over 12.5 meters in hole GL-26-020, including 9.17 g/t gold over 1.0 meter, 7.88 g/t gold over 0.8 meters, and 4.55 g/t gold over 0.9 meters. Hole GL-26-021 returned 1.44 g/t gold over 15.3 meters, including 7.69 g/t gold over 1.0 meter, while GL-26-024 returned 1.24 g/t gold over 16.4 meters, including 5.51 g/t gold over 1.0 meter and 3.58 g/t gold over 0.6 meters.

The company said the new holes were located in the same general area of Zone 4 where previously reported drill results included 3.31 g/t gold over 20.0 meters in hole GL-25-003 and 7.59 g/t gold over 9.0 meters in hole GL-25-002.

"The latest results coming from our diamond drilling program at the Goldlund Deposit continue to demonstrate continuity of mineralization within Zone 4 and provide geological and grade information at depth," NexGold President, CEO, and Director Kevin Bullock said. "The objectives of the program are to further evaluate the continuity and distribution of mineralization and to improve our understanding of the deeper portions of the Goldlund Deposit."

Mineralization at Goldlund was described as generally characterized by quartz stockwork veining within sub-vertical granodiorite sills. Zone 4 includes broad intervals of mineralized intermediate-mafic volcanic rocks with multiple porphyry and granodiorite intrusions.

The drill holes completed under the program have been distributed across the strike extent of Zone 4, with the latest holes located near its northeastern portion. NexGold said the results provided additional information regarding continuity of mineralization between drill sections and were expected to contribute to continued refinement of the geological model.

Reported intervals represent drilled core lengths rather than true widths. The company said true widths varied from 50% to 75% of the reported interval lengths, and all grades were uncapped.

Gold Sector Holds Near Three-Month High as Markets Watch Inflation and Rates

Trading Economics reported on August 26 that gold had eased below US$4,650 per ounce while remaining close to three-month highs as investors awaited the latest U.S. Personal Consumption Expenditures price index report, which came out earlier this morning. The PCE index was the Federal Reserve's preferred measure of inflation, while attention had also turned to Federal Reserve Chair Kevin Warsh's scheduled speech at the Jackson Hole symposium.

According to Trading Economics, gold stood at US$4,622.89 per ounce, representing a monthly increase of 13.39% and a yearly gain of 36.07%. The report said investors had continued to assess the U.S. Treasury's decision to double liquidity-support buyback operations for longer-dated notes and bonds, which had helped push the dollar to a more than three-month low the previous week.

Trading Economics also reported that lower oil prices had eased inflation concerns, while investment demand had supported an increase in China's gold imports. "China's net gold imports through Hong Kong rose around 11% month-over-month in July, supported by stronger investment demand," the report stated.

Fiona Craig reported on August 26 that gold prices had remained close to a three-month high after rising more than 7% during the preceding week. Craig attributed the move in part to declining U.S. Treasury yields and weaker oil prices, which had reduced inflation concerns that could otherwise have discouraged the Federal Reserve from lowering interest rates.

"Because bullion does not generate interest, elevated yields can reduce its appeal relative to income-producing assets," Craig wrote. "Conversely, lower yields can make gold comparatively more attractive."

Craig also reported that concerns surrounding government borrowing, fiscal policy, and the long-term purchasing power of currencies had reinforced demand for gold as an alternative store of value. She wrote that gold's recent advance had renewed attention on the "debasement trade" that had contributed to bullion's rally in 2025, as investors considered gold as an alternative to sovereign bonds and currencies during periods of concern about deficits, fiscal policy, and the purchasing power of fiat money.

In another August 26 report, Michael Fisher wrote that gold had traded modestly lower below US$4,650 while remaining within the previous session's trading range. Fisher said lower U.S. bond yields had provided support for bullion even as the U.S. dollar strengthened.

According to Fisher, market expectations had shifted toward no change in Federal Reserve policy at the September 15-16 meeting following evidence of moderating inflation and a softening labor market. He also reported that the U.S. Treasury's buyback approach had contributed to declining bond yields.

"Lower yields, in combination with this funding approach, are helping to restrain the upside in the USD, providing an underlying cushion for gold prices," Fisher wrote.

Fisher reported that developments involving Iran and Oman had also weighed on crude oil prices, reducing inflation concerns and adding downward pressure to U.S. bond yields. He characterized the resulting combination of lower yields and restrained U.S. dollar gains as supportive for gold.

From a technical perspective, Fisher reported that gold's move through US$4,500 had coincided with the 200-day Simple Moving Average and the 38.2% Fibonacci retracement of the March-to-June decline. He wrote that the Relative Strength Index stood near 72, indicating overbought conditions, while the Moving Average Convergence Divergence indicator remained in positive territory. "Although upside momentum remains firm, it may be prone to consolidation," Fisher wrote.

Red Cloud Reiterates "Buy" and CA$4.30 Target

National Bank Financial analyst Alex Terentiew reiterated a "Buy" rating on NexGold Mining Corp. and maintained a CA$5.50 target price.

Red Cloud analyst Ron Stewart, MD, wrote about NexGold on June 26, reiterating a "Buy" rating and a CA$4.30 target price. Stewart looked ahead to the Feasibility Study and the commencement of production.

"We expect first gold production in 2028 as it ramps up to 100K oz/a initially," Stewart wrote. "Production at Goliath is expected a few years later, taking our modeled production to >200K oz/a by 2032."

Drilling Expansion Joins Broader 2026 Work Program

NexGold has completed its initial 25,000-meter drilling program and elected to expand the program to approximately 35,000 meters based on results received to date and exploration potential identified within and adjacent to the current open pit Mineral Resource. The additional 10,000 meters of diamond drilling is expected to continue through fall 2026.

The additional drilling is intended to further evaluate the continuity and distribution of mineralization. NexGold also planned additional drilling to evaluate mineralization along strike and down dip and to inform Mineral Resource assessments.

"The results received to date provide information that may be considered in future Mineral Resource evaluations and have the potential to support future updates to Mineral Resource classifications at the Goldlund Deposit," Bullock said. "Based on the results received to date and the remaining exploration potential within the deposit, we have elected to expand the current program by an additional 10,000 meters of diamond drilling, with work expected to continue through the fall of 2026."

The August 2026 corporate presentation had described the original 25,000-meter Goldlund infill program as intended to improve Mineral Resource definition at depth and expand open-pit Mineral Resources. It also identified additional exploration across the entire Goliath Gold Complex property package to discover and grow Mineral Resources.

Beyond drilling, NexGold's 2026 plans for the Goliath Gold Complex included environmental baseline and technical studies to support permitting in collaboration with First Nations communities and local stakeholders. The company was also evaluating several potential project plans and configurations.

The presentation described the Goliath Gold Complex as a 330-square-kilometer land package in the Dryden camp containing the Goliath, Goldlund, and Miller deposits. It reported 65 kilometers of prospective strike length and numerous gold occurrences across the property package. The complex had received federal Environmental Assessment approval in 2019.

NexGold's 2026 program also includes work at the Goldboro Gold Project in Nova Scotia. The presentation listed the advancement of an updated Mineral Resource Estimate for recently completed infill drilling and an updated Feasibility Study incorporating operating expenditure, capital expenditure, and gold price assumptions among the year's planned technical work.

Project execution and planning at Goldboro includes building organizational capacity, finalizing contracting and procurement strategies, and detailed schedule development, advancing detailed engineering to support construction requirements and timing, and advancing procurement for long-lead equipment. The company also planned to finalize project financing arrangements and make a final investment and construction decision.

NexGold's presentation calls for the initiation of an early works construction program at Goldboro in the second half of 2026 to de-risk and enable a full construction ramp-up. Its exploration program at Goldboro also includes the ongoing 40,000-meter detailed, close-spaced infill drilling program, which is designed to increase confidence in near-surface Mineral Resources within the planned west and east pits.

Ownership & Share Information¹

NexGold Mining Corp. has a market cap of CA$390 million, with 255.94 million shares outstanding. The company's 52-week range is CA$0.77-CA$2.40. Institutions own 66% of shares, while Management & Insiders own 2%. The remaining 32% of shares are Retail. 

FAQ

What were NexGold Mining's latest Goldlund drill results?

NexGold Mining Corp. reported new diamond drilling results from the Goldlund Deposit at its Goliath Gold Complex in Ontario. Highlights included 3.08 g/t gold over 17.0 meters, 4.80 g/t gold over 5.6 meters, and 84.30 g/t gold over 1.0 meter.

Where is NexGold Mining drilling for gold in Ontario?

NexGold's latest drilling was conducted at the Goldlund Deposit, part of the Goliath Gold Complex in the Drydent camp in Northwestern Ontario. The Goliath Gold Complex includes the Goliath, Goldlund, and Miller deposits.

What did NexGold find in Goldlund Zone 4?

Among the Zone 4 results, hole GL-26-026 intersected 3.08 g/t gold over 17.0 meters, including 70.20 g/t gold over 0.5 meters and 12.60 g/t gold over 0.5 meters. Hole GL-26-025 returned 4.80 g/t gold over 5.6 meters, including 16.30 g/t gold over 0.9 meters and 6.09 g/t gold over 1.0 meter.

What was the highest-grade gold result in NexGold's latest drilling?

Hole GL-26-022 returned 84.30 g/t gold over a 1.0 meter interval from 287.0 to 288.0 meters. The same hole also intersected 1.14 g/t gold over 6.5 meters and 1.04 g/t gold over 7.5 meters.

Why did NexGold expand the Goldlund drilling program?

NexGold said its initial 25,000-meter drill program had been completed. Based on results received to date and continued exploration potential identified within and adjacent to the current open-pit Mineral Resource, the company elected to expand the program to approximately 35,000 meters.

How much additional drilling is NexGold planning at Goldlund?

NexGold expanded the program by an additional 10,000 meters of diamond drilling. The company said the additional drilling is expected to continue through fall 2026 and was intended to further evaluate the continuity and distribution of mineralization.

What is NexGold's Goliath Gold Complex?

The Goliath Gold Complex is a 330-square-kilometer land package in the Dryden camp of Ontario containing the Goliath, Goldlund and Miller deposits. NexGold's August corporate presentation reported 65 kilometers of prospective strike length and numerous gold occurrences across the property package.

What are NexGold's plans for the Goliath Gold Complex in 2026?

NexGold's plans include drilling at Goldlund, additional exploration across the property package, environmental baseline and technical studies to support permitting, and evaluation of potential project plans and configurations.

What is NexGold's Goldboro Gold Project?

Goldboro is NexGold's gold project in Nova Scotia. The company's August presentation reported a 10.9-year mine life, more than 100,000 ounces per year of production during years one through nine, and 2.6 million ounces of measured and indicated resources.

What are NexGold's 2026 plans for the Goldboro Gold Project?

NexGold's stated plans include advancing the Mineral Resource Estimate and Feasibility Study, advancing detailed engineering and procurement for long-lead equipment, finalizing project financing arrangements, and making a final investment and construction decision in the second half of 2026. The company also planned an early works construction program for the second half of 2026.

What are analysts' ratings and price targets for NexGold Mining?

National Bank Financial analyst Alex Terentiew reiterated a "Buy" rating and maintained a CA$5.50 target price. Red Cloud analyst Ron Stewart, MD, reiterated a "Buy" rating and CA$4.30 target price on June 26.

What is happening with gold prices in August 2026?

Gold remained near a three-month high on August 26 after rising more than 7% during the preceding week, according to the supplied sector reports. Trading Economics reported gold at US$4,622.89 per ounce, up 13.39% over one month and 36.07% over one year.