NexGold Intersects 6.3 metres of 50.81 g/t Au including 635 g/t Au over 0.5 Metres from Visible Gold Core Sample at the C Zone East
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NEWS RELEASE TSXV: NEXG | OTCQX: NXGCF December 5, 2024
NexGold Intersects 6.3 metres of 50.81 g/t Au including 635 g/t Au
over 0.5 Metres from Visible Gold Core Sample at the C Zone East
TORONTO, December 5, 2024 – NexGold Mining Corp. (TSXV: NEXG; OTCQX: NXGCF) (“NexGold” or
the “Company”) is pleased to provide high-grade results from the C Zone East, including the results for
the previously-announced visible gold intersection located below the current mineral resource on the
eastern end of the C Zone at the Goliath deposit at the Goliath Gold Complex (the “Project”), and is also
pleased to provide results from the initial Interlakes drill program.
Highlights:
• Visible Gold core sample from TL24-678 returned 117.95 g/t Au over 2.70 metres including 635
g/t Au over 0.5 metres at 607 metres depth down hole, which was within a wider interval of 6.30
metres grading 50.81 g/t Au
• TL24-681 intersected 3.43 g/t Au over 2.20 metres including 13.30 g/t Au over 0.5 metres and
1.57 g/t Au over 2.52 metres including 4.64 g/t Au over 0.72 metres approximately 50 metres
down dip of TL24-678, showing the continuation of C Zone gold mineralization and alteration
• Interlakes showing results of Orogenic-style gold mineralization hosted in quartz veins in initial
drilling campaign, intersecting 2.03 g/t over 1.50 metres in hole IL-24-09 and 2.23 g/t over 1.50
metres in hole IL-24-10
Figure 1: Visible Gold in TL24-678 grading 635 g/t Au over 0.50 metres
Morgan Lekstrom, President of NexGold, commented: “Today, we have announced another example that
the high-grade, down-dip potential of the Goliath deposit is just being scratched. Having the open pit
capability at Goliath, along with additional high-grade hits in the underground, continues our belief that
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we are seeing a much larger system at play. Combine that with our recent work at Interlakes showing the
mineralized trend extending beyond just Goldlund and Goliath, this helps us vector in on the next mineral
resource on trend.”
Goliath Mineral Resource Expansion Drilling Program
This drilling is part of the 25,000-metre drill program initiated in August which has focused on
opportunities for growth , expansion and discoveries within the Project’s 65-kilometre strike and 330 -
kilometres2 property package. A total of 4,090 metres across six drillholes was completed on the Goliath
property, which targeted the down-dip extension of the C Zone on the eastern end of the deposit area.
The intersection containing the visible gold found in drillhole TL24 -678 (Figure 1 , and previously
announced in Company news release dated October 28, 2024) returned 117.95 g/t Au over 2.70 metres
(within a wider interval of 6.30 metres grading 50.81 g/t Au) including 635 g/t Au over 0.5 metres, which
was encountered approximately 70 metres down dip of previously-released hole TL20-520 (Company
news release dated March 5, 2020) which intersected 1.35 g/t Au over 14.7 metres, including 6.00 g/t Au
over 2.0 metres and 15 metres further down the hole , 65.2 g/t Au over 3.0 metres including 193 g/t Au
over 1.0 metres. An additional hole, TL24-681, was drilled approximately 50 metres down dip to further
investigate the extent of mineralization. While no visible gold was identified in core, significant gold
intercepts were found in the C Zone , returning 3.43 g/t over 2.20 metres i ncluding 13.30 g/t over 0.50
metres and 1.57 g/t over 2.52 metres including 4.64 g/t over 0.72 metres.
All six holes drilled in this area intersected the C Zone and confirms its continuation down dip. Other
notable intercepts include : 1.42 g/t Au over 3.26 metres including 4.04 g/t Au over 1.00 metre s in
TL24-676A; 7.77 g/t Au over 0.53 metres and 0.86 g/t Au over 10.00 metres including 4.84 g/t Au over
1.00 metres in TL24-677; 0.44 g/t Au over 10.49 metres in TL24-679, and 0.55 g/t Au over 6.55 metres
including 1.48 g/t Au over 1.00 metres in TL24-680.
Hole ID From (m ) To (m) Sample Length (m) Grade g/t Au
TL24676A 611.00 616.50 5.50 0.60
TL24676A 627.00 630.26 3.26 1.42
including 627.00 628.00 1.00 4.04
TL24676A 658.05 660.00 1.95 2.02
TL24677 478.77 479.30 0.53 7.77
TL24677 556.28 560.20 3.92 0.63
including 559.66 560.20 0.54 1.44
TL24677 566.00 576.00 10.00 0.86
including 574.00 575.00 1.00 4.84
TL24678 607.00 613.30 6.30 50.81
including 607.00 609.70 2.70 117.95
including 609.20 609.70 0.50 635.00
TL24678 623.00 630.00 7.00 0.31
TL24679 640.51 651.00 10.49 0.44
TL24680 649.00 655.55 6.55 0.55
including 650.00 651.00 1.00 1.48
TL24681 314.00 316.50 2.50 1.31
including 314.00 315.00 1.00 2.29
TL24681 561.20 563.40 2.20 3.43
including 561.20 561.70 0.50 13.30
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Hole ID From (m ) To (m) Sample Length (m) Grade g/t Au
TL24681 641.28 643.80 2.52 1.57
including 641.28 642.00 0.72 4.64
IL-24-09 33.00 34.50 1.50 2.03
IL-24-10 304.50 306.00 1.50 2.23
Figure 2: Intersection location of drillhole TL24-678 and TL24-681 in the C Zone East area (mineral
resource pit and stopes shown from the Prefeasibility Study dated March 27, 2023)
Interlakes Drill Program Update
The Company has completed the Interlakes drill program with a total of 4,550 metres in 13 drillholes.
These drillholes investigated several potential targets identified in recent desktop studies and
reconnaissance traverses. These targets included testing potential Goldlund-style intrusions, significant
local and regional structures, and along-strike trends to historical field samples. Gold was intersected in
two drillholes located in the northern area of Interlakes, which was hosted in quartz veins and associated
with pyrite mineralization. Hole IL-24-10 intersected 2.23 g/t Au over 1.50 metres and hole IL -24-09
intersected 2.03 g/t Au over 1.50 metres. This data will be integrated into the geological model of the
area and analyzed to understand the orientation and controlling features of this mineralization for future
targeting.
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Figure 3: Interlakes Area Drillhole Map
Next Drill Target – Far East
Following the C Zone East drilling at the Goliath deposit, the drill was mobilized to the Far East target
located on the northeastern side of the Goliath claim package. Drillholes have been designed to test the
down-dip potential of the Goliath-style target which mineralization has been previously identified over a
strike length of 400 metres, and to a n approximate depth of 200 metres. These holes will also test the
potential for higher-grade shoots within these mineralized zones.
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 o ne-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 20 th 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.
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Qualified Person
Adam Larsen, B.Sc., P. Geo., Director of Exploration, is considered a “Qualified Person” for the purposes
of National Instrument 43 -101 Standards of Disclosure for Mineral Project s (“NI 43 -101”) and ha s
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. NexGold’s Goliath Gold Complex
(which includes the Goliath, Goldlund and Miller deposits) is located in Northwestern Ontario. The
deposits benefit substantially from excellent access to the Trans-Canada Highway, related power and rail
infrastructure and close proximity to several communities including Dryden, Ontario. For information on
the Goliath Gold Complex, please refer to the technical report, prepared in accordance with NI 43 –101,
entitled “Goliath Gold Complex – NI 43–101 Technical Report and Prefeasibility Study” and dated March
27, 2023 with an effective date of February 22, 2023, led by independent consultants Ausenco
Engineering Canada Inc. The technical report is available on SEDAR+ at www.sedarplus.ca, on the OTCQX
at www.otcmarkets.com and on the Company website at www.nexgold.com.
The Company 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 mea ningful 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 well-being. For further details about NexGold, please visit the Company’s website
at www.nexgold.com.
Contact:
Morgan Lekstrom
President & Director
C: +1 250-574-7350
Orin Baranowsky
Chief Financial Officer
C: +1 647-697-2625
Toll-free: +1-855-664-4654
Email: [email protected]
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 r egulatory
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 statem ents 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 of exploration activities and expected initiatives to be
undertaken by management of the Company in identifying exploration opportunities. 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; 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 deposits; the
ability of the Company to obtain required approvals; the results of explorat ion activities; risks relating to mining activities; and those
factors described in the Company’s Annual Information Form for the year ended December 31, 2023 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 de scribed in
forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended.
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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 undertak e to update any
forward-looking information contained herein, except in accordance with applicable securities laws.