NevGold Secures C$42.2M Financing and Targets Q2 2026 Resource Estimate
ITRG•NevGold raised C$42.2 million via 22.2 million shares at C$1.90 to advance its Limousine Butte gold-antimony project and target a Q2 2026 NI 43-101 resource estimate. Drilling at Limousine Butte returned 1.93 g/t gold equivalent over 100.6 m including 1.11% antimony, while metallurgy tests showed gold recoveries up to 99%.
1. Upsized Brokered Financing
On April 20, NevGold closed a C$42.2 million upsized brokered placement by issuing 22.2 million shares at C$1.90 each. Net proceeds are earmarked for advancing the Limousine Butte gold-antimony project, Nutmeg Mountain gold development, working capital and general corporate purposes, with closing expected around May 12.
2. Limousine Butte Drilling Highlights
Recent drilling at Limousine Butte delivered oxide zone intercepts including 1.93 g/t gold equivalent over 100.6 m from surface at Resurrection Ridge, containing a higher-grade 1.11% antimony interval over 6.1 m. The 2025 program comprised 30 holes (≈5,000 m) with a planned 20,000 m follow-up focusing on the Bullet Zone and Armory Fault discoveries.
3. Metallurgical Testwork and Production Pathway
Phase II tests on oxide material yielded average gold recoveries above 93%, with some samples reaching 99%, after antimony extraction ranging 54%–92%. The sequential process confirms dual-metal recovery from historical leach pad feed, supporting a maiden antimony-gold NI 43-101 MRE in Q2 2026 and potential antimony production from pad reprocessing by 2027 with no new mining.
