NevGold Raises C$42.2M, Reports 1.93 g/t AuEq over 100.6 m at Limousine Butte
NevGold closed an upsized C$42.2 million placement at C$1.90 per share on May 12, funding its maiden NI 43-101 resource estimate at Limousine Butte. Recent drill results include 1.93 g/t gold equivalent over 100.6 meters (1.07 g/t gold + 0.22% antimony) with 1.11% antimony over 6.1 meters.
1. Financing Upsized to C$42.2 Million
On April 20, NevGold closed an upsized C$42.2 million brokered private placement at C$1.90 per share, increased from the initially planned C$25 million. Net proceeds are earmarked for advancing the Limousine Butte project, Nutmeg Mountain, and funding the company’s maiden antimony-gold NI 43-101 resource estimate.
2. Drill Results at Limousine Butte
At the Resurrection Ridge zone, NevGold intersected 1.93 g/t gold equivalent over 100.6 meters from surface (1.07 g/t gold + 0.22% antimony), including a high-grade 1.11% antimony interval over 6.1 meters. These results confirm robust gold and antimony mineralization within near-surface oxide units.
3. Metallurgical Tests Show High Gold Recoveries
Phase II testwork on oxide antimony-gold material from historical leach pads delivered cyanide shake test averages above 93% gold recovery, with peak recoveries reaching 99% after antimony leaching. This metallurgy underscores the project’s potential for efficient gold extraction following antimony removal.
4. Pathway to Antimony Production
NevGold targets a maiden NI 43-101 Mineral Resource Estimate for Q2 2026 and aims for near-term U.S. antimony production by 2027. These milestones position the company to address critical mineral supply chain risks in North America.