NexGold Infill Drilling Intersects New Zones of Gold Mineralization at the Goldboro Gold Project
Press Release
TORONTO, May 16, 2025 — NexGold Mining Corp. (TSXV: NEXG; OTCQX: NXGCF) (“NexGold” or the “Company”) is pleased to provide an update on its ongoing 25,000 metre diamond drill program initially announced on January 22, 2025 at the Company’s Goldboro Project in Nova Scotia (“Goldboro”). The drill program is primarily designed to infill specific areas of the open pit Mineral Resource identified to improve geological and grade continuity and potentially upgrade certain areas of Inferred and Indicated Mineral Resources. The drilling is progressing well with three diamond drills currently at Goldboro, which have completed approximately 17,000 metres of diamond drilling. The program is anticipated to be completed at the end of Q2.
The Company is also pleased to provide the highlights for four diamond drill holes (BR-25-473, 479, 498 and 501) which form part the drill program designed to confirm gold mineralization in certain historic diamond drill holes by twinning (Figure 1). These four historic holes, among others, were previously under sampled relative to expected widths of gold mineralization and where the Company believes gold mineralization exists between historic samples (Figure 1). The results confirm the Company’s interpretation that broader zones of gold mineralization do exist where only narrow zones of mineralization were previously sampled. Further, gold mineralization was intersected in areas where no samples were previously taken and not previously anticipated, indicating that gold mineralization occurs over broader zones as well as in areas not previously recognised as mineralized (Figure 1).
Kevin Bullock, President and CEO, stated: “The 25,000 metres of diamond drilling focused on specific open pit portions of the deposit, along with drilling from 2023 and 2024, will provide the information to be included in a planned Mineral Resource update for the Goldboro Deposit in 2025, which will ultimately form the basis of an updated Feasibility Study on the Goldboro Gold Project. The drill program is progressing well, and we are pleased with the initial results from twinned historic holes which are included in the 2021 Mineral Resource Estimate but which we believed underrepresented the distribution of gold in specific areas of the deposit. The results from the first four twinned holes confirm that gold mineralization is broader than in the historically under sampled diamond drill core and that there are additional gold intersections in areas of the deposit not previously sampled. We anticipate further results from additional twinned holes throughout the program as well as infill drilling that will additionally inform an updated Mineral Resource Estimate and ultimately an updated Feasibility Study at Goldboro. The 25,000-metre drill program at Goldboro is ongoing as we finalize our Feasibility Study at our advanced stage Goliath Project in Ontario. NexGold is an emerging, advanced, near-term gold developer with its Goldboro and Goliath Projects, and a focus on creating significant value for shareholders, rightsholders and stakeholders.”
Selected drill intercepts from the four diamond drill holes are provided in Table 1 and include:
- 1.86 g/t gold over 10.9 metres (from 12.1 to 23.0 metres) including 7.38 g/t gold over 0.6 metres in hole BR-25-501;
- 2.58 g/t gold over 4.0 metres (from 37.0 to 41.0 metres) in hole BR-25-501;
- 35.40 g/t gold over 0.7 metres (from 128.0 to 128.7 metres) in hole BR-25-501;
- 1.03 g/t gold over 18.9 metres (from 52.1 to 71.0 metres) including 5.86 g/t gold over 1.6 metres in hole BR-25-498;
- 1.31 g/t gold over 8.9 metres (from 91.5 to 100.4 metres) including 10.75 g/t gold over 0.8 metres in hole BR-25-498;
- 19.45 g/t gold over 0.8 metres (from 127.0 to 127.8 metres) in hole BR-25-498;
- 2.02 g/t gold over 4.9 metres (from 9.3 to 14.2 metres) including 8.59 g/t gold over 1.0 metre in hole BR-25-473;
- 1.17 g/t gold over 6.9 metres (from 46.0 to 52.9 metres) in hole BR-25-473; and
- 0.61 g/t gold over 7.0 metres (from 68.0 to 75.0 metres) in holes BR-25-473.
Twinning of Historic Drill Holes
Diamond drill holes BR-25-473, -479, -498 and -501 were designed to twin or drill close to historic, but under sampled gold mineralization in drill holes BR-88-76 (and -78), BR-85-04, BR-88-92 and BR-88-77, respectively.
Figure 1: A plan map showing the location of the four diamond drill holes
Table 1: Highlighted drill intersections from four diamond drill holes designed to twin historic diamond drill holes at Goldboro
| Drill hole | From (m) | To (m) | Interval (m) | Gold (g/t) |
| BR-25-473 | 9.3 | 14.2 | 4.9 | 2.02 |
| including | 9.3 | 10.3 | 1.0 | 8.59 |
| and | 17.5 | 19.5 | 2.0 | 1.28 |
| including | 18.5 | 19.0 | 0.5 | 3.85 |
| and | 37.5 | 38.5 | 1.0 | 3.56 |
| including | 37.5 | 38.0 | 0.5 | 6.65 |
| and | 46.0 | 52.9 | 6.9 | 1.17 |
| including | 47.0 | 47.7 | 0.7 | 3.51 |
| and | 68.0 | 75.0 | 7.0 | 0.61 |
| including | 71.0 | 72.0 | 1.0 | 1.67 |
| and including | 74.0 | 75.0 | 1.0 | 1.66 |
| and | 103.4 | 104.7 | 1.3 | 1.62 |
| including | 103.4 | 104.0 | 0.6 | 2.45 |
| and | 109.0 | 112.7 | 3.8 | 0.72 |
| including | 111.0 | 112.0 | 1.0 | 1.61 |
| and | 115.2 | 116.8 | 1.6 | 0.43 |
| BR-25-479 | 12.0 | 13.0 | 1.0 | 0.51 |
| and | 38.6 | 39.1 | 0.5 | 1.42 |
| and | 51.0 | 52.0 | 1.0 | 0.52 |
| and | 56.0 | 57.0 | 1.0 | 0.77 |
| and | 59.5 | 60.5 | 1.0 | 3.00 |
| including | 59.5 | 60.0 | 0.5 | 5.79 |
| and | 63.0 | 64.0 | 1.0 | 0.59 |
| and | 66.0 | 68.5 | 2.5 | 0.78 |
| including | 67.0 | 67.5 | 0.5 | 1.68 |
| and | 74.6 | 77.3 | 2.7 | 0.87 |
| including | 76.6 | 77.3 | 0.7 | 2.92 |
| BR-25-498 | 10.6 | 13.0 | 2.4 | 0.49 |
| 24.0 | 27.0 | 3.0 | 0.97 | |
| Including | 25.0 | 26.0 | 1.0 | 2.36 |
| 40.3 | 41.0 | 0.8 | 0.94 | |
| 52.1 | 71.0 | 18.9 | 1.03 | |
| Including | 53.4 | 54.9 | 1.6 | 5.86 |
| and | 56.6 | 57.4 | 0.8 | 1.50 |
| and | 70.2 | 71.0 | 0.8 | 2.79 |
| 78.0 | 83.6 | 5.6 | 0.59 | |
| 91.5 | 100.4 | 8.9 | 1.31 | |
| Including | 94.0 | 94.7 | 0.8 | 10.75 |
| 105.7 | 106.4 | 0.6 | 1.67 | |
| 127.0 | 127.8 | 0.8 | 19.45 | |
| BR-25-501 | 12.1 | 23.0 | 10.9 | 1.86 |
| Including | 15.0 | 15.6 | 0.6 | 7.38 |
| 37.0 | 41.0 | 4.0 | 2.58 | |
| Including | 38.0 | 39.0 | 1.0 | 9.78 |
| 47.0 | 51.6 | 4.6 | 0.46 | |
| Including | 50.0 | 51.6 | 1.6 | 1.06 |
| 56.0 | 57.0 | 1.0 | 0.81 | |
| 63.9 | 68.0 | 4.1 | 1.43 | |
| Including | 64.5 | 65.1 | 0.6 | 6.63 |
| and | 67.0 | 68.0 | 1.0 | 1.46 |
| 71.4 | 72.6 | 1.1 | 2.66 | |
| 76.8 | 77.8 | 1.0 | 0.70 | |
| 86.8 | 88.5 | 1.7 | 0.46 | |
| 96.2 | 98.6 | 2.4 | 1.06 | |
| Including | 96.2 | 97.1 | 0.8 | 2.60 |
| 108.1 | 110.9 | 2.8 | 4.20 | |
| Including | 108.7 | 109.9 | 1.2 | 7.63 |
| 128.0 | 128.7 | 0.7 | 35.4 | |
| 130.7 | 133.0 | 2.3 | 0.68 | |
| Including | 131.2 | 132.0 | 0.8 | 1.81 |
Notes:
- Reported intervals are drilled core lengths and do not indicate true widths. True widths are estimated at between 70-100% of core length. For duplicate samples, the original sample assays are used to calculate the intersection grade. All grades are uncapped.
- Drill holes are presented here as part of a group of holes designed to twin historic diamond drill holes and were part of a larger diamond drill program designed to infill the deposit. Holes are not presented in order in which they were drilled and may be out of numerical sequence depending on when the holes were drilled and when assays are received.
Issuance of Equity Securities
The Board of Directors has approved the grant of 250,000 options to an Officer of the Company. The options expire on December 31, 2030, have an exercise price of $0.795 per option and vest one-third on the first, second and third anniversaries of the grant date.
Change of Auditors
NexGold Mining Corp. (“NexGold”) also announces that it has changed its auditor from RSM Canada LLP, Chartered Professional Accountants (the “Former Auditor”) to PricewaterhouseCoopers LLP (the “Successor Auditor”). At the request of the Company, the Former Auditor resigned as the auditor of the Company effective April 25, 2025, and the Board of Directors of the Company appointed the Successor Auditor as the Company’s auditor effective April 25, 2025, until the next Annual General Meeting of NexGold.
There were no modifications in the Former Auditor’s reports in connection with the two most recently completed fiscal years-ended December 31, 2024, and 2023 and there are no reportable events between NexGold and the Former Auditor as defined in National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51- 102”). The resignation of the Former Auditor as auditor of the Company has been approved by the Audit Committee and Board of Directors.
Technical Disclosure and Qualified Persons
QA / QC
The Company has implemented a quality assurance and quality control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted in accordance with the CIM Exploration Best Practices Guidelines. The NQ diameter drill core is sawn in half with one-half of the core sample dispatched to ALS Canada Ltd. (ALS) preparation facility in Moncton, New Brunswick and the other half of the core retained for future assay verification and/or metallurgical testing. Following preparation, the pulp is then sent to an ALS facility in Vancouver for gold by fire assay (30 g) with an AA finish. For fire assays reported over 10.0 g/t gold the samples are analyzed via gravimetric finish. All assays in this press release are reported as fire assays only.
For samples analyzing greater than 0.5 g/t Au via 30 g fire assay, these samples will be re-analyzed at Eastern Analytical Ltd. (Eastern) in Springdale, Newfoundland via total pulp metallics. For the total pulp metallics analysis, the entire sample is crushed to -10mesh and pulverized to 95% -150mesh. The total sample is then weighed and screened to 150mesh. The +150mesh fraction is fire assayed for Au, and a 30 g subsample of the -150mesh fraction analyzed via fire assay. A weighted average gold grade is calculated for the final reportable gold grade. Total pulp metallics assays for drill holes sited within this press release may be updated in a future news release. Check assays are conducted at Eastern following the completion of a program.
Other QA/QC procedures include the regular insertion of blanks and CDN Resource Laboratories certified reference standards. The laboratory also has its own QA/QC protocols running standards and blanks with duplicate samples in each batch stream for all analysis.
Paul McNeill, P.Geo., VP Exploration of NexGold, is considered a “Qualified Person” for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and has reviewed and approved the scientific and technical disclosure contained in this news release on behalf of NexGold.
About NexGold Mining Corp.
NexGold Mining Corp. is a gold-focused company with assets in Canada and Alaska. NexGold’s Goliath Gold Complex (which includes the Goliath, Goldlund and Miller deposits) is located in Northwestern Ontario and its Goldboro Gold Project is located in Nova Scotia. NexGold also owns several other projects throughout Canada, including the Weebigee-Sandy Lake Gold Project JV, and grassroots gold exploration property Gold Rock. In addition, NexGold holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater in southeast Alaska. NexGold is committed to inclusive, informed and meaningful dialogue with regional communities and Indigenous Nations throughout the life of all our Projects and on all aspects, including creating sustainable economic opportunities, providing safe workplaces, enhancing of social value, and promoting community wellbeing.
Further details about NexGold, including a Prefeasibility Study for the Goliath Gold Complex and a Feasibility Study for the Goldboro Gold Project, are available under the Company’s issuer profile on www.sedarplus.ca and on NexGold’s website at www.nexgold.com.
Contact:
Kevin Bullock
President & CEO
(647) 388-1842
kbullock@nexgold.com
Orin Baranowsky
Chief Financial Officer
(647) 697-2625
obaranowsky@nexgold.com
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