Nevgold Corp.: The target for 2023 is 3 million ounces of gold

The gold price has started 2023 with an extremely strong run and many market observers believe that a further rise towards the USD 2,000 per ounce mark is possible this year after a consolidation phase. One company that wants to benefit from this development with its flagship projects in the U.S. states of Nevada and Idaho is Canada's Nevgold Corp. (WKN A3CTE1 / TSXV NAU), whose stated goal is to have delineated resources of around 3 million ounces of gold by the second half of 2023!

Nevgold aims to do this by increasing historic resources at its Limousine Butte (Nevada) and Nutmeg Mountain (Idaho) projects through aggressive drilling programs - and the drills are already turning!

The start has already been made at Nutmeg Mountain, a property that Nevgold acquired from GoldMining only last summer. The project, which has historical resources of 910,000 ounces of gold in the indicated category and 160,000 ounces in the inferred category, is scheduled to be drilled in 2023 for a total of about 3,500 meters. The company is focusing on oxide gold deposits located near surface, and according to CEO Brandon Bonifacio, it should not be difficult to expand the known (historical) resources to more than 2 million ounces of gold.

Important exploration permit obtained

As Bonifacio explained, there are still numerous targets that have not yet been drilled, with the help of which he believes he can extend the known mineralization both laterally and at depth. All the more so, as an exploration permit has just been obtained from the authorities, allowing Nevgold to now also explore unpatented claims of the property. This is important because 85% of the historical 2020 resource is located on patented claims and other private land, while many of the targets mentioned are located on the unpatented claims. As mentioned, drilling is already underway and Nevgold expects to send the first samples to the lab in the immediate future.

In Nevada, on Limousine Butte, about 3,000 meters of drilling are also planned for now this year, starting a little later than the work in Idaho. However, CEO Bonifacio expects Nevgold to work in parallel on both projects for long periods.

Nevada: Pathway identified to expand historic resource to more than 1 million ounces

In 2022, the Company had completed a 10,000 metre drill program at Limousine Butte. This included both infill drilling and resource expansion drilling at the Resurrection Ridge and Cadillac Valley zones, while Nevgold conducted exploration drilling at Cadillac Valley South. Overall, thick intersections of near-surface oxide mineralization were encountered repeatedly and the known mineralization was significantly expanded.

Nevgold now believes it has identified a pathway to expand historical deposits to between 1 and 1.15 million ounces of gold or more. At Limousine Butt, the company sees lateral expansion potential along a fault trend of about 20 kilometers, as well as to depth along potential feeder structures, among other factors. Indeed, historical drilling had only penetrated to average depths of about 130 meters. In addition, Nevgold adds, the Cadillac Valley South discovery opens up a much larger mineralization footprint, particularly as the system remains open and continues to grow.

Limousine Butte, by the way, is in excellent company as the property is adjacent to Centerra Gold's Cherry Creek project to the north and the Butte Valley (Freeport-McMoran) and Selena (Ridgeline Minerals) projects to the south.

Conclusion: Nevgold just secured around $4.1 million in fresh capital in December 2022 and was thus able to quickly start drilling again on its flagship projects. The company, whose largest shareholders include industry giants McEwen Mining and GoldMining in addition to the insiders, expects the first results from this year's drill program to be available as early as February / March - allowing it to benefit from the (hopefully) continued high gold prices. Should Nevgold be successful with its drilling at both Limousine Butte and Nutmeg Mountain and actually be able to present a Canadian NI 43-101 compliant resource of 3 million ounces of gold or more by around the middle of the year, we believe this could lead to a revaluation - especially since the company's other projects have not even been taken into account, yet.

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According to §34 WpHG we would like to point out that partners, authors and/or employees of GOLDINVEST Consulting GmbH hold or may hold shares of Nevgold Corp. and therefore a conflict of interest exists or may exist. We also cannot rule out the possibility that other stock market letters, media or research firms may discuss the stocks we discuss during the same period. Therefore, symmetrical information and opinion generation may occur during this period. Furthermore, there is between Nevgold Corp . and GOLDINVEST Consulting GmbH a consulting or other service contract, directly or indirectly, which is also a conflict of interest. Particularly since the GOLDINVEST Consulting GmbH is remunerated in this case for the reporting to the mentioned enterprise.