Mining Company Strikes Gold in Idaho

NevGold Corp. (NAU:TSX.V; NAUFF:OTC; 5E50:FSE) has announced in a press release that it has oxide and gold drilling results from the Nutmeg Mountain project, located in Idaho. The company reported that these results are primarily from drill hole NMD0004.

Brandon Bonifacio, the CEO of NevGold, stated, "The further results from our drilling at Nutmeg Mountain continue to highlight the at-surface, oxide gold mineralization building on the recently announced 2023 MRE at the Project." He also commented on the results of the neighboring Hercules Silver project: "We strongly believe that we have similar potential at Nutmeg Mountain, which we will continue to explore, and we will look to leverage our technical and operating expertise in the area to unlock value for our shareholders."

NevGold stated key highlights of these results were as follows:

• Final assays indicate hole NMD0004 intercepted a total of 0.74 grams per tonne gold (g/t Au) over 66.8 meters from surface (oxide), including 1.40 g/t Au over 11.3 meters from 9.8 meters depth (oxide) (partial assays were released from this hole on June 22, 2023). The new assays included screen fire assays, which show a strong correlation with the original assays and indicate significant coarse gold is not present, suggesting the project will be amenable to heap leaching.
• The company reported a successful Phase 1 drill program: other drill results released from the 2023 Phase 1 drill program included 0.72 g/t Au over 79.3 meters from 10.4 meters depth (oxide), including 2.32 g/t Au over 13.4 meters from 25.6 meters depth (oxide) (Hole NMD0003), and 0.56 g/t Au over 23.9 meters from 24.1 meters depth, including 0.89 g/t Au over 11.4 meters from 25.6 meters depth with 4.33 g/t Au intercepted near the bottom of the hole (Hole NMD0001, hole was lost in mineralization).
• NevGold announced it is working with McClelland Laboratories in Sparks, Nevada, and has completed the delivery of samples of NMD0004 for metallurgical testwork.

The company reports that it is taking further steps in light of these results, including a metallurgical study on drill hole NMD0004. The company has also stated that it is confident in its position in Washington County, which is becoming an increasingly lucrative mining district.

Gold Prices Climbing

Katusa Research provided a look at the gold market, where gold has risen steeply in the past few weeks. According to the report, global conflict is one of the factors driving up gold, though there is a possibility that it could be corrected down.

The report stated, "My team and I are prepared for both scenarios, and I continue to monitor the entire gold and silver market, looking for alligator-type opportunities in the public markets."

Rick Mills of Ahead of the Herd also reviewed the gold market and stated the central banks and high national debt, in addition to global conflicts, have been driving up the price of gold. Mills commented that central banks "bought a record 1,136 tonnes of gold last year and followed that up with another 228t in Q1, the most ever in a first quarter."

NevGold Turning Higher

Technical Analyst Clive Maund reviewed NevGold in March of 2023 and rated the company as a "Buy" for potential investors. Maund commented on the company's encouraging stock position: "We can see that it is in the very late stages of a Cup & Handle base with this interpretation of what is going on being very strongly supported by the powerfully bullish volume pattern of recent weeks." Maund continued to say that the company had a "strong upside volume starting to drive the Accumulation line steeply higher."

Maund provided a short update on May 4, 2023, and said that "Nevgold is now turning higher after reacting back further than expected."

The company has some catalysts to report, according to its investor presentation, including a Phase 2 program for Limousine Butte and Nutmeg Mountain.

Ownership and Share Structure

NevGold provided a breakdown of the company's ownership and share structure, where management and insiders own approximately 30%of the company.

Institutions own approximately 24.60% of the company, with 16.67 million shares in the form of Gold Mining Inc., reports Reuters.

According to the company, there are 75 million shares outstanding with 38.07 million free float traded shares, while the company has a market cap of CA$23 million and trades in the 52-week period between CA$0.25 and CA$0.48.

Important Disclosures:

1. NevGold Corp. has a consulting relationship with an affiliate of Streetwise Reports, and pays a monthly consulting fee between US$8,000 and US$20,000. 
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of NevGold Corp.
3. Amanda Duvall wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
4. The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for 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. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

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