NexGold Initiates a 25,000-metre Infill Diamond Drill Program at the Goliath Gold Complex, Ontario
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N
EWS RELEASE TSXV: NEXG | OTCQX: NXGCF January 28, 2026
NexGold Initiates a 25,000-metre Infill Diamond Drill Program
at the Goliath Gold Complex, Ontario
TORONTO, January 28, 2026 – NexGold Mining Corp. (TSXV: NEXG; OTCQX: NXGCF) (“NexGold”
or the “Company”) is pleased to announce it has commenced diamond drilling at the Company’s Goliath
Gold Complex in Ontario (“Goliath Complex”) ( Figure 1). The drill program, which comprises up to
25,000 metres, is focused on the Goldlund Deposit and is designed to infill and potentially expand open-
pit Mineral Resources (Figure 2). This drill program will primarily be focused on the deeper portions of
the Goldlund open- pit Mineral Resource where the Company would like to increase drill density and
further drill test high-grade plunging shoots to test their geological continuity . The d rill p rogram was
initiated late in 2025 and is anticipated to continue throughout 2026.
Kevin Bullock, President and CEO, stated: “We expect 2026 will be a transformational year for NexGold
as we advance towards a final investment decision at the permitted open pit Goldboro Gold Project in
Nova Scotia. While that work progresses, we will continue our focus on creating value for shareholders,
stakeholders and Rightsholders , which includes the opportunity to optimiz e the Goliath Complex in
Ontario. The current drill program is consistent with project optimization and value creation, which will
also include continued engagement with First Nations communities, advancement of permitting activities,
as well as feasibility and other technical studies. We anticipate regular updates on the drill program
throughout the year as drill results are available.”
The Goliath Complex, comprised of the Goliath, Goldlund and Miller D eposits, includes Proven &
Probable Mineral Reserve s of 1,267,000 ounces of gold and 1,724,000 ounces of silver (30,319,000
tonnes at a grade of 1.30 g/t gold and 1.77 g/t silver), including Probable Reserves of 621,000 ounces of
gold (16,256,000 tonnes at a grade of 1.19 g/t gold) at Goldlund (Table 1). These Mineral Reserves are
based on a Mineral Resource Estimate that includes 1,784,500 ounces of gold and 2,819,100 ounces of
silver in combined Measured and Indicated open-pit Mineral Resources (64,769,000 tonnes grading 0.86
g/t gold and 2.99 g/t silver), including the Goldlund Deposit hosting 911,000 ounces of gold in Measured
and Indicated open-p it Mineral Resources (33,353,000 tonnes at 0.85 g/t gold) (Tables 2-5). In
addition, the Goldlund open-pit includes an Inferred Mineral Resource of 680,200 ounces of gold
(28,833,000 tonnes grading 0.73 g/t gold) (Table 4).
The Goliath Complex Mineral Reserves and Mineral Resource Estimate was published in a technical
report entitled “Goliath Gold Complex – NI 43-101 Technical Report and Prefeasibility Study” dated
March 27, 2023 (with an effective date of February 22, 2023) and was prepared by Ausenco Engineering
Canada Inc. The technical report is available under the Company’s profile on SEDAR +
at www.sedarplus.ca and on the Company’s website at www.NexGold.com.
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Figure 1. Map showing the Goliath Complex in northwestern Ontario
and the location of the Goldlund Deposit.
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Figure 2. Map showing the proposed open pits and associated Mineral Reserve
at the Goldlund Deposit, which includes the areas of drilling planned for 2026.
Table 1: Goliath Gold Complex Mineral Reserve
Classification Quantity
(kt)
Au
(g/t)
Au
(koz)
Ag
(g/t)
Ag
(koz)
Open Pit – Goliath
Proven 3,969 1.05 134 3.22 410
Probable 5,580 0.67 119 2.20 395
Proven & Probable 9,549 0.83 254 2.62 805
Open Pit – Goldlund
Proven - - - - -
Probable 16,256 1.19 621 - -
Proven & Probable 16,256 1.19 621 - -
Open Pit – Miller
Proven - - - - -
Probable 738 1.03 24 - -
Proven & Probable 738 1.03 24 - -
Underground – Goliath
Proven 596 3.96 76 16.73 321
Probable 3,180 2.85 292 5.85 598
Proven & Probable 3,776 3.03 368 7.56 918
Total
Proven 4,565 1.43 210 4.98 731
Probable 25,754 1.28 1,057 1.20 993
Proven & Probable 30,319 1.30 1,267 1.77 1,724
Notes: 1. Mineral reserves with an effective date of December 31, 2022 are founded on and included within the mineral resource estimates,
with an effective date of January 17, 2022. 2. Mineral reserves were developed in accordance with CIM Definition Standards (2014). 3. Open
pit mineral reserves incorporate 10%, 7% and 9% dilution for Goliath, Goldlund and Miller, respectively. Open pit mineral reserves include 1%
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loss for Goliath and Miller, no losses are included for Goldlund. Goliath underground mineral reserves include 5% dilution and 0% loss for
development. For stopes at Goliath underground, the mineral reserves include 15% dilution (both downhole and uphole stopes) and 90%
(downhole) and 80% (uphole) recovery. 4. Open pit mineral reserves are reported based on open pit mining within designed pits above cut-off
values of C$15.22/t, C$16.00/t and C$23.63/t for Goliath, Goldlund and Miller, respectively. Goliath underground mineral reserves are reported
based on underground mining within designed underground stopes above a mill feed cut-off value of C$107.66/t (inclusive of 15% mining
dilution). The cut-off values are based on a gold price of US$1,550/oz Au, a silver price of US$22, transportation costs of C$5/oz Au,
payabilities of 99% Au and 97% Ag, LOM average gold recoveries of 94.2% for Goliath, 94.3% for Goldlund and 94.0% for Miller, and a silver
recovery of 60% for Goliath. 5. Underground mineral reserves following Year 13 have been removed from the LOM plan and thus are excluded
in the mineral reserve table above. Some low grade Goldlund material above cut-off is not fed to the plant and therefore not included in the
mineral reserves. 6. The Qualified Person for the open pit mineral reserve estimate is Colleen MacDougall, Peng; and the Qualified Person for
the underground mineral reserve estimate is Sean Kautzman, Peng, both are SRK Consulting (Canada) Inc. employees. 7. Rounding may
result in apparent summation differences between tonnes, grade and contained metal.
Table 2: Goliath Gold Complex Mineral Resource Estimate
Goliath Gold Complex (effective January 17, 2022)
Type Classification Cut-off11 Tonnes Au (g/t) Au (Oz) Ag (g/t)10 Ag (Oz)
Open Pit
Measured 0.25 / 0.3 6,223,000 1.20 239,500 4.70 940,600
Indicated 0.25 / 0.3 58,546,000 0.82 1,545,000 2.53 1,878,500
Meas+Ind 0.25 / 0.3 64,769,000 0.86 1,784,500 2.99 2,819,100
Inferred 0.25 / 0.3 32,301,000 0.73 754,900 0.80 85,200
Underground
Measured 2.20 170,000 6.24 34,100 22.34 122,100
Indicated 2.20 2,772,000 3.59 320,000 7.08 580,800
Meas+Ind 2.20 2,942,000 3.74 354,100 8.04 702,900
Inferred 2.20 270,000 3.21 27,900 4.06 6,300
Total
Measured 6,393,000 1.33 273,600 5.17 1,062,700
Indicated 61,318,000 0.95 1,865,000 2.98 2,459,300
Meas+Ind 67,711,000 0.98 2,138,600 3.42 3,522,000
Inferred 32,571,000 0.75 782,800 0.84 91,500
Notes:
1. Mineral Resources were estimated by ordinary kriging by Dr. Gilles Arseneau, associate consultant of SRK Consulting (Canada) Inc.,
Mineral Resources were prepared in accordance with NI 43- 101 and the CIM Definition Standards for Mineral Resources and Miner al
Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). This estimate of
Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant
issues. Mineral Resources that are not mineral reserves do not have demonstrated economic viability.
2. Mineral Resource effective date January 17, 2022.
3. Goliath Open Pit Mineral Resources are reported within an optimized constraining shell at a cut-off grade of 0.25g/t gold that is based on
a gold price of US$1,700/oz, a silver price of US$23/oz, and a gold and silver processing recovery of 93.873*Au(g/t)^0.021 and 60%
respectively.
4. Goldlund Open Pit Mineral Resources are reported within an optimized constraining shell at a cut-off grade of 0.3g/t gold that is based on
a gold price of US$1,700/oz and a gold processing recovery of 90.344xAu(g/t)^0.0527.
5. Miller Open Pit Mineral Resources are reported within an optimized constraining shell at a cut-off grade of 0.3 g/t gold that is based on a
gold price of US$1,700/oz and a gold processing recovery of 93.873*Au(g/t)^0.021.
6. Goliath Underground Mineral Resources are reported inside shapes generated from Deswick Mining Stope Optimiser (DSO) at a cut -off
grade of 2.2g/t gold that is based on a gold price of US$1,700/oz, a silver price of US$23/oz, and a gold and silver processing recovery of
93.873*Au(g/t)^0.021 and 60% respectively.
7. Goldlund Underground Mineral Resources are reported inside DSO shapes at a cut-off grade of 2.2g/t gold that is based on a gold price
of US$1,700/oz and a gold processing recovery of 90.344xAu(g/t)^0.0527.
8. Gold and Silver assays were capped prior to compositing based on probability plot analysis for each individual zones. Assays were
composited to 1.5 m for Goliath, 2.0 m for Goldlund and 1.0 m for Miller.
9. Excludes unclassified mineralization located within mined out areas.
10. Silver grade and ounces are derived from the Goliath tonnage only.
11. Goliath Open Pit and Goldlund/Miller cut-off grades are 0.25g/t and 0.30g/t, respectively.
12. All figures are rounded to reflect the estimates' relative accuracy, and totals may not add correctly.
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Table 3: Goliath Deposit Mineral Resource Estimate1
Goliath (effective January 17, 2022.)
Type Classification Cut-off Tonnes Au (g/t) Au (Oz) Ag (g/t) Ag (Oz)
Open Pit
Measured 0.25 6,223,000 1.20 239,500 4.70 940,600
Indicated 0.25 23,081,000 0.75 559,400 2.53 1,878,500
Meas+Ind 0.25 29,304,000 0.85 798,900 2.99 2,819,100
Inferred 0.25 3,330,000 0.66 70,200 0.80 85,200
Underground
Measured 2.20 170,000 6.24 34,100 22.34 122,100
Indicated 2.20 2,550,000 3.55 291,000 7.08 580,800
Meas+Ind 2.20 2,720,000 3.72 325,100 8.04 702,900
Inferred 2.20 48,000 2.95 4,600 4.06 6,300
Total
Measured 6,393,000 1.33 273,600 5.17 1,062,700
Indicated 25,631,000 1.03 850,400 2.98 2,459,300
Meas+Ind 32,024,000 1.09 1,124,000 3.42 3,522,000
Inferred 3,378,000 0.69 74,800 0.84 91,500
1. Refer to the Notes on the Mineral Resource Estimate in Table 1 of this News Release
Table 4: Goldlund Deposit Mineral Resource Estimate1
Goldlund (effective January 17, 2022.)
Type Classification Cut-off Tonnes Au (g/t) Au (Oz)
Open Pit
Measured 0.30 0 0.00 0
Indicated 0.30 33,353,000 0.85 911,000
Meas+Ind 0.30 33,353,000 0.85 911,000
Inferred 0.30 28,833,000 0.73 680,200
Underground
Measured 2.20 0 0.00 0
Indicated 2.20 222,000 4.06 29,000
Meas+Ind 2.20 222,000 4.06 29,000
Inferred 2.20 222,000 3.26 23,300
Total
Measured 0 0.00 0
Indicated 33,575,000 0.87 940,000
Meas+Ind 33,575,000 0.87 940,000
Inferred 29,055,000 0.75 703,500
1. Refer to the Notes on the Mineral Resource Estimate in Table 1 of this News Release
Table 5: Miller Deposit Mineral Resource Estimate
Miller (effective January 17, 2022.)
Type Classification Cut-off Tonnes Au (g/t) Au (Oz)
Open Pit
Measured 0.30 0 0 0
Indicated 0.30 2,112,000 1.10 74,600
Meas+Ind 0.30 2,112,000 1.10 74,600
Inferred 0.30 138,000 1.01 4,500
1. Refer to the Notes on the Mineral Resource Estimate in Table 1 of this News Release
Technical Disclosure and Qualified Persons
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.
About NexGold Mining Corp.
NexGold 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 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 social value and promoting
community wellbeing.
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Further details about NexGold, including the Feasibility Study for the Goldboro Gold Project and the 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, the Company’s
strategic objectives and plans; timing and outcome of exploration activities (includi ng drilling); expected initiatives to be undertaken by
management of the Company in identifying exploration opportunities; timing of advancement, completion and outcome of technica l studies,
community relations and permitting activities; and project financing activities. 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, risks and
uncertainties include, among others: ability to timely receive requisite regulatory approvals, reliance on third-parties, including contractors, local
communities and governmental entities, for development and mining activities; the ability of the Company to obtain required approvals; and
those factors described in the Company’s Management Discussion and Analysis for the year ended December 31, 2024 and in the Company’s
most recent disclosure documents filed under the Company’s 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 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.