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 14.07 g/t gold over 7.0 meters, 9.76 g/t gold over 8.0 meters, and 2.84 g/t gold over 13.0 meters.
Approximately 31,971 meters of NexGold's expanded 35,000-meter drill program had been completed. The program is focused on infilling and testing the extension of mineralization within Zone 4 of the Goldlund Deposit. The latest results covered 3,603 meters of diamond drilling across 10 drill holes, GL-26-031 through GL-26-040.
Drill hole GL-26-034 returned several of the reported intersections. These included 14.07 g/t gold over 7.0 meters from 187.0 to 194.0 meters, including 95.70 g/t gold over 1.0 meter, and 9.76 g/t gold over 8.0 meters from 170.0 to 178.0 meters, including 74.10 g/t gold over 1.0 meter. The same hole returned 2.84 g/t gold over 13.0 meters from 205.0 to 218.0 meters, including 21.70 g/t gold over 1.2 meters, as well as 53.00 g/t gold over 1.0 meters and 0.55 g/t gold over 29.7 meters from 74.0 to 75.0 meters, including 7.61 g/t gold over 1.2 meters.
In GL-26-032, NexGold reported 2.23 g/t gold over 15.5 meters from 123.5 to 139.0 meters, including 40.50 g/t gold over 0.5 meters and 3.97 g/t gold over 0.8 meters. The hole also returned 1.49 g/t gold over 9.1 meters from 433.9 to 443.0 meters, including 6.50 g/t gold over 0.7 meters and 9.25 g/t gold over 0.5 meters.
GL-26-033 returned 1.25 g/t gold over 22.0 meters from 166.0 to 188.0 meters, including 40.50 g/t gold over 0.5 meters. Another interval in the hole returned 0.84 g/t gold over 42.8 meters from 245.7 to 288.5 meters, including 7.04 g/t gold over 1.3 meters and 3.91 g/t gold over 1.0 meters. GL-26-039A returned 2.04 g/t gold over 6.2 meters from 196.2 to 202.4 meters, including 15.50 g/t gold over 0.6 meters, along with 1.51 g/t gold over 17.1 meters from 218.9 to 236.0 meters, including 13.80 g/t gold over 0.6 meters and 5.98 g/t gold over 1.0 meters.
"I am pleased with the additional assay results from our drill program at Goldlund," NexGold President, CEO, and Director Kevin Bullock said. "This program continues to demonstrate grade continuity at depth, but within reach of a potential open pit. Grade tenor and thicknesses continue to build confidence that mineralization continues at depth and is consistent with previous drill results."
Mineralization at Goldlund was generally characterized by quartz stockwork veining within sub-vertical granodiorite sills. Zone 4 included broad intervals of mineralized intermediate-mafic volcanic rocks with multiple porphyry and granodiorite intrusions. Drill holes completed as part of the program were distributed across the strike extent of Zone 4, with the holes in the latest results located from the central to southeastern portion of the zone.
The company said the results, together with previously announced drilling, provided additional support and information relevant to its interpretation of grade continuity within Zone 4. Reported intervals represented drilled core lengths rather than true widths. True widths typically varied from 50% to 75% of interval length, except GL-26-033, where true width was estimated at 25% to 50% due to the steeper inclination drilled.
Gold Faces Rate Pressure as Inflation Concerns Persist
Gold prices had come under pressure as investors weighed the prospect of interest rates remaining elevated amid persistent inflation. According to Reuters on September 22, a stronger U.S. dollar had also weighed on bullion by making dollar-priced gold more expensive for overseas buyers.
The Federal Reserve had raised its benchmark interest rate by 25 basis points to a range of 3.75% to 4.00% the previous week and signaled that another increase could come before the end of the year. Reuters reported that other major central banks had recently raised rates as well. Higher interest rates had tended to reduce gold's appeal relative to interest-bearing investments.
Capital.com senior financial market analyst Kyle Rodda said near-term movements remained sensitive to oil prices and developments in the Middle East, while pointing to longer-term support for the metal.
"Short-term volatility in gold very much depends on how oil trades and the developments that happen in the Middle East. However, long-term structural drivers for gold are still really strong," Rodda told Reuters.
BMI analysts had maintained their 2026 gold price forecast at an average of US$4,400 per ounce. Reuters reported that they cited elevated geopolitical risks and continued central bank purchases, which they expected to provide "a strong floor under gold around the US$3,800 level."
The pressure continued as economic data influenced expectations for U.S. monetary policy. Bloomberg reported on September 23 that rising energy prices and stronger-than-expected U.S. economic data had increased expectations that the Federal Reserve could raise rates again to address inflation. U.S. business activity had expanded at its fastest pace in more than five years, with the S&P Global flash U.S. composite purchasing managers index reaching 58.4 in September, its highest level since July 2021.
On September 17, Alex Terentiew of National Bank Financial reiterated his "Outperform" rating with a target price of CA$5.50.
Treasury yields had also moved higher following the economic data and a weak debt auction. Bloomberg reported that yields across most maturities had reached their highest levels in almost two decades, while five-year U.S. yields had climbed above 5% for the first time since 2007.
Federal Reserve Governor Michael Barr had said additional rate increases were likely needed to return inflation to the central bank's 2% target. Bloomberg wrote that gold had been "dictated by the Fed's rate outlook in recent weeks" as investors considered whether higher energy prices would maintain inflationary pressure and result in additional rate increases.
By September 24, gold had held below US$4,300 per ounce following a sharp decline in the previous session, according to Trading Economics. The publication attributed the pressure to a stronger dollar and rising Treasury yields following stronger-than-expected US private-sector data.
Trading Economics reported that markets had priced in around a 70% probability of another Federal Reserve rate increase in October, up from 55% a day earlier. It also noted that higher oil prices had contributed to inflationary pressures and reinforced expectations for a more restrictive interest-rate outlook.
"Gold is one of the most widely followed precious metals and is often regarded as a safe-haven asset during periods of economic uncertainty, inflation, and geopolitical risk," Trading Economics stated.
Analysts Maintain Positive Ratings on NexGold
Red Cloud Securities analyst Ron Stewart maintained his "BUY (S)" rating on NexGold Mining Corp. in an August 26 research report, along with a CA$4.30 per share target price. Stewart based the target on a discounted cash flow valuation of the Goldboro and Goliath Gold Complex projects and an in-situ valuation of Niblack.
Stewart also commented on the Goldlund drilling program, writing, "In our view, these results demonstrate that there are high-grade portions of the deposit." He noted that Goldlund represented approximately 60% of the total 2.9 million ounce resource at the Goliath Gold Complex and said NexGold could consider underground development of additional resources at depth.
The Red Cloud report identified an updated mineral resource estimate and feasibility study at Goldboro, Goliath exploration and permitting, Goldboro financing, and a Final Investment Decision among the company's upcoming catalysts.
On September 17, Alex Terentiew of National Bank Financial reiterated his "Outperform" rating with a target price of CA$5.50, according to The Globe and Mail.
Drilling, Exploration, and Project Work Continue Across Goliath
NexGold's September 2026 corporate presentation identified the 35,000-meter infill drilling program at Goldlund as one of its 2026 development activities for the Goliath Gold Complex. The program was designed to improve mineral resource definition at depth and expand open-pit mineral resources.
The latest news release stated that the company expected to complete the balance by the end of 2026. Additional drilling was planned to further evaluate mineralization along strike and down dip and to inform mineral resource assessments.
The presentation also identified additional exploration across the entire Goliath property package to discover and grow mineral resources. The Goliath Gold Complex includes the Goliath, Goldlund, and Miller deposits within a 330-square-kilometer land package in the Dryden camp. The presentation identified 65 kilometers of prospective strike length and numerous gold occurrences across the property package.
Beyond drilling and exploration, NexGold's 2026 plans for Goliath 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 September presentation described the Goliath Gold Complex as having a 13-plus-year mine life, more than 100,000 ounces per year of production during years one through nine, and 2.1 million ounces of measured and indicated resources. It listed an after-tax NPV at a 5% discount rate of CA$336 million and an initial capital of CA$335 million.
NexGold's broader 2026 development program also includes work at its Goldboro Gold Project in Nova Scotia. The company identifies an updated mineral resource estimate for recently completed infill drilling and an updated feasibility study incorporating operating costs, capital costs, and gold price assumptions among its planned technical work.
Project execution and planning at Goldboro includes building organizational capacity, finalizing contracting and procurement strategies, and developing a detailed schedule. NexGold also planned to advance detailed engineering to support construction requirements and timing, commence procurement for long-lead equipment, finalize project financing arrangements, and make a final investment and construction decision. The presentation stated that the construction decision is expected in 2026.
Streetwise Ownership Overview*
NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE)
| Strike Price | Number | Expiry Date |
|---|---|---|
| $1.05 | 3,092,500 | 11/06/26 |
| $0.95 | 150,423 | 11/06/26 |
| $0.95 | 5,721,147 | 12/11/26 |
| $1 | 1,580,301 | 06/13/27 |
| $1.4 | 6,913,623 | 07/02/27 |
| $1.92 | 69,425,000 | 10/25/27 |
| $1.05 | 12,500,000 | 04/09/28 |
| $0.84 | 1,386,384 | 12/19/28 |
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 08/05/24 | TSRMD:OTCQX | 1 | NXGCF:OTCQX | 1 |
| 07/10/24 | TML:TSX.V | 4 | NEXG:TSX.V | 1 |
| 07/10/24 | TSRMF:OTCQX | 1 | TSRMD:OTCQX | 1 |
| 09/04/20 | TSRMD:OTCQX | 1 | TSRMF:OTCQX | 1 |
| 08/11/20 | TML:TSX.V | 3 | TML:TSX.V | 1 |
| 08/11/20 | TSRMF:OTCQX | 3 | TSRMD:OTCQX | 1 |
Site preparation and early works construction at Goldboro commenced in September 2026. The work is focused primarily on establishing environmental controls and ensuring traditional community recreational access during the planned construction period. Activities include construction of elements of a public-access bypass road, including culvert installation at water crossings, installation of sediment and erosion control infrastructure, tree clearing for the Employee Accommodations Facility pad, till and organics stockpiles, sedimentation ponds, and the construction management facilities area, and mobilization of site services contractors.
The company's 2026 exploration plans at Goldboro also call for detailed, close-spaced infill drilling to define potential near-surface mineral resources and work to discover additional deposits and mineral resources.
Ownership and Share Structure1
NexGold Mining Corp. has a market cap of CA$391 million, with 257.7 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.
FAQS
Important Disclosures:
- NexGold Mining Corp. is a billboard sponsor of Streetwise Reports. The company pays a monthly sponsorship fee of US$3,000–US$6,000 for banner advertising and an enhanced company profile page. Streetwise Reports’ editorial content is fully independent and is not influenced by sponsorship.
- 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 Mining Corp.
- 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.
