NexGold Intersects 3.31 g/t Gold over 20.0 Metres at the Goldlund Deposit, and Announces Change in Board of Directors
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NEWS RELEASE TSXV: NEXG; OTCQX: NXGCF February 2, 2026
NexGold Intersects 3.31 g/t Gold over 20.0 Metres at the
Goldlund Deposit, and Announces Change in Board of
Directors
TORONTO, February 2, 2026 – NexGold Mining Corp. (TSXV: NEXG; OTCQX: NXGCF) (“NexGold”
or the “ Company”) is pleased to provide initial results from the recently announced diamond drilling
program (Company news release dated January 28, 2026), which comprises up to 25,000 metres at the
Goliath Gold Complex (comprised of the Goliath, Goldlund and Miller Deposits) . The drill program is
focused on the Goldlund Deposit , with holes designed to infill and potentially expand open pit mineral
resources. The results presented in this release include 2,490 metres of diamond drilling in eight drill
holes (GL-25-001 to GL-25-008B) that infill areas of Zone 4 and test down-dip continuity (Figures 1 and
2).
Selected drill intercepts from diamond drill holes at the Goldlund Deposit in this news release are further
detailed in Table 1 and include:
• 3.31 g/t gold over 20.00 metres (from 279.00 to 299.00 metres), including 71.69 g/t gold over 0.75
metres and 3.89 g/t gold over 1.00 metre in drill hole GL-25-003;
• 7.59 g/t gold over 9.00 metres (from 345.50 to 354.50 metres) , including 104 g/t gold over 0.50
metres and 5.64 g/t gold over 1.00 metres in drill hole GL-25-002;
• 3.16 g/t gold over 7.00 metres (from 93.00 to 100.00 metres), including 13.90 g/t gold over 1.00
metres and 4.51 g/t gold over 1.00 metres in drill hole GL-25-006; and
• 1.87 g/t gold over 10.85 metres (from 362.00 to 372.85 metres), including 4.68 g/t gold over 1.00
metres and 9.49 g/t gold over 1.00 metres in drill hole GL-25-002.
Kevin Bullock, President and CEO o f NexGold, commented: “ We are pleased to provide the initial drill
results from the infill drill program a t Goldlund. The drilling at the deposit provides a greater level of
certainty in the deeper areas of the planned open pit, which will be used to support our efforts to optimize
the Goliath Gold Complex. We are also excited by the results that confirm the continuity of known, near
surface mineralization to the deeper areas of the proposed pit. Additionally, this mineralization is open
along strike and at depth which provides opportunity for follow up targets and potential expansion of the
mineral resource in these areas.”
Mineralization at the Goldlund Deposit is characterized by quartz stockwork veining as a result from brittle
deformation of sub-vertical granodiorite sills. This deposit style more specifically describes Zone 1, and
while the mineralizing mechanisms are similar, Zone 4 at the Goldlund Deposit has been identified as a
wide interval of intermediate-mafic volcanic rocks with multiple porphyry and granodiorite intrusions.
Holes GL-25-001, GL-25-002, GL-25-003, and GL-25-005 confirm continuity of Zone 4 and will assist in
improving the geological model and upgrade mineral resource confidence in future mineral resource
estimates (Figure 2) . The mineralization remains open along strike and down dip in this area and
provides excellent targets for drilling later in the program.
Additional positive results were found near the southwest end of Zone 4, where GL- 25-006 intersected
3.16 g/t gold over 7.00 metres including 13.90 g/t gold over 1.00 metre and 4.51 g/t gold over 1.00 metres.
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Figure 1: Plan map showing the location of the Goldlund Zone 4 infill drillholes.
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Figure 2: Cross section of Zone 4 at the Goldlund Deposit.
Table 1: Highlighted drill intercepts from drill holes in this news release.
Drill Hole ID Target/Zone From (m) To (m) Interval (m) Au g/t
GL-25-001 Zone 4 389.50 393.40 3.90 2.55
including 392.00 393.40 1.40 5.08
GL-25-001 Zone 4 405.00 410.30 5.30 1.68
including 406.50 408.00 1.50 4.90
GL-25-002 Zone 50 160.00 170.00 10.00 0.61
including 160.00 161.00 1.00 4.04
GL-25-002 Zone 4 345.50 354.50 9.00 7.59
including 346.50 347.00 0.50 104.00
and including 347.00 348.00 1.00 5.64
GL-25-002 Zone 4 362.00 372.85 10.85 1.87
including 363.00 364.00 1.00 4.68
and including 371.00 372.00 1.00 9.49
GL-25-003 Zone 50 96.50 103.50 7.00 1.36
including 96.50 97.50 1.00 2.95
and including 103.00 103.50 0.50 7.85
GL-25-003 Zone 4 273.00 274.00 1.00 4.24
GL-25-003 Zone 4 279.00 299.00 20.00 3.31
including 286.00 286.75 0.75 71.69
and including 298.00 299.00 1.00 3.89
GL-25-003 Zone 4 329.50 337.00 7.50 0.49
including 330.50 331.50 1.00 1.16
And including 333.25 333.75 0.50 1.26
GL-25-005 Zone 4 188.00 190.00 2.00 2.66
including 189.00 190.00 1.00 4.79
GL-25-005 Zone 4 279.97 281.22 1.25 5.11
including 279.97 280.60 0.63 9.80
GL-25-006 Zone 4 40.38 43.00 2.62 3.03
including 42.00 43.00 1.00 7.59
GL-25-006 Zone 4 93.00 100.00 7.00 3.16
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Drill Hole ID Target/Zone From (m) To (m) Interval (m) Au g/t
including 93.00 94.00 1.00 13.90
and including 98.00 99.00 1.00 4.51
GL-25-007 Zone 4 113.35 115.00 1.65 6.01
113.35 114.00 0.65 13.00
GL-25-008B Zone 4 139.00 150.45 11.45 0.63
including 140.00 141.00 1.00 2.30
and including 143.50 144.25 0.75 1.62
GL-25-008B Zone 4 161.00 161.55 0.55 4.58
Notes:
1. Reported intervals are drilled core lengths and do not indicate true widths. True widths vary from 50 to 70% of
the interval length.
2. For duplicate samples, the original sample assays are used to calculate the intersection grade. All grades are
uncapped.
3. No significant assays were reported for drillhole GL-25-004.
Table 2: Locations and orientations of drill holes in the news release
Drill Hole ID Easting Northing Elevation (m) Length (m) Azimuth Inclination
GL-25-001 547097 5527911 408 474 122 -49
GL-25-002 547169 5527929 417 498 125 -49
GL-25-003 547174 5527900 416 402 127 -46
GL-25-004 546739 5527489 410 177 120 -50
GL-25-005 547104 5527784 425 351 116 -52
GL-25-006 546786 5527519 410 126 120 -45
GL-25-007 546586 5527433 406 210 128 -64
GL-25-008B 547133 5527738 424 252 135 -55
Note: Drill hole locations reported as Universal Transverse Mercator NAD83 Zone 15N coordinates
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 drill core is sawn in half with one- half of the core sample dispatched to
Activation Laboratories Ltd. facility located in Dryden, Ontario. The other half of the core is retained for
future assay verification and/or metallurgical testing. Other QA/QC procedures include the insertion of
blanks and Canadian Reference Standards for every tenth sample in the sample stream. A quarter core
duplicate is assayed every 20th sample. The laboratory has its own QA/QC protocols running standards
and blanks with duplicate samples in each batch stream. Additional checks are routinely run on
anomalous values including gravimetric analysis and pulp metallic screen fire assays. Gold analysis is
conducted by lead collection, fire assay with atomic absorption and/or gravimetric finish on a 50 -gram
sample. Check assays are conducted at a secondary ISO certified laboratory (in this case AGAT
Laboratories located in Mississauga, Ontario) following the completion of a program.
Board of Directors Change
NexGold also announces that Paul McRae has resigned from the Company’s Board of Directors due to
increased external commitments . Mr. McRae has played an important role in advancing NexGold,
particularly through his valued contributions to the Company’s Technical Committee.
“On behalf of the Board and management team, I would like to sincerely thank Paul for his dedication
and meaningful contributions to NexGold,” said the Company’s Chairman, Jim Gowans. “His technical
expertise and thoughtful guidance have been instrumental, and we wish him every success in his future
endeavours.”
Qualified Person
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 and has reviewed and approved
the scientific and technical disclosure contained in this news release on behalf of NexGold.
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About NexGold Mining Corp.
NexGold Mining Corp. is a gold-focused company with assets in Canada and Alaska. NexGold’s Goldboro Gold Project is located
in Nova Scotia. The Goliath Gold Complex (which includes the Goliath, Goldlund and Miller deposits) is located in Northwestern
Ontario. NexGold also owns several other projects throughout Canada, including the W eebigee-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 Feasibility Study for the Goldboro Gold Project and a Prefeasibility Study for the
Goliath Gold Complex, 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
Orin Baranowsky
Chief Financial Officer
(647) 697-2625
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission
or other regulatory authority has approved or disapproved the information contained herein.
Cautionary Note Regarding Forward-Looking Information
This news release contains or incorporates by reference “forward- looking information” within the meaning of applicable Canadian securities
legislation and “forward-looking statements” within the meaning of applicable U.S. securities laws. Except for statements of historical fact relating
to the Company, certain information contained herein constitutes forward-looking information including, but not limited: to information as to the
Company’s strategic objectives and plans; timing and results of drilling activities; potential for upgrading mineral resources; expected initiatives
to be undertaken by management of the Company in identifying exploration opportunities; and timing of advancement and completion of technical
studies. Generally, forward-looking information is characterized by the use of forward-looking terminology such as “plans”, “expects” or “does
not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “is projected”, “anticipates” or “does not anticipate”,
“believes”, “targets”, or variations of such words and phrases. Forward- looking information may also be identified in statements where certain
actions, events or results “may”, “could”, “should”, “would”, “might”, “will be taken”, “occur” or “be achieved”.
Forward-looking information involve known or unknown risks, uncertainties and other factors, which may cause the actual results, performance
or achievements of the Company to be materially different from those projected by such forward- looking statements. Such factors include,
among others: the plan for, and actual results of, current exploration activities; expectations relating to future exploration, development and
production activities as well as growth potential for NexGold’s operations; risks relating to the ability of exploration activities (including drill results)
to accurately predict mineralization; reliance on third-parties, including governmental entities, for mining activities; the ability of NexGold to
complete further exploration activities, including drilling at the Goliath Gold Complex and Goldboro deposits; the ability of the Company to obtain
required approvals; the results of exploration activities; risks relating to mining activities; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of mineral resources, production and cost estimates; health, safety and
environmental risks; worldwide demand for gold and base metals; gold price and other commodity price and exchange rat e fluctuations;
environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external
sources; changes in legislation, including but not limited to tax laws, royalties and environmental regulations; and those factors described in the
Management’s Discussion and Analysis for the year ended December 31, 2024 of the Company and in the Company’s most recent disclosure
documents filed under its SEDAR+ profile at www.sedarplus.ca. Although management of the Company has attempted to identify important
factors that could cause actual actions, events or results to differ materially from those described in forward- looking information, there may be
other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information.
Accordingly, readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein
is presented to assist shareholders in understanding the Company’s the Company’s plans and objectives and may not be appropriate for other
purposes. The Company does not undertake to update any forward-looking information contained herein, except in accordance with applicable
securities laws.