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Idaho Mining Corp. Intercepts Oxidized, Silicified Sandstone With Quartz Veins From the Surface

Source: Streetwise Reports

May 5, 2023 ( Newswire) NevGold has intercepted oxidized, silicified sandstone with quartz veins at the surface of Nutmeg Mountain. Click here to see the results of its most recent drilling.

NevGold Corp. (TSXV:NAU; OTCQX:NAUFF; FRANKFURT: 5E50) has released more information from its drilling on the Nutmeg Mountain Gold Project. These results reveal that NevGold intercepted oxidized, silicified sandstone with quartz veins from the surface, with assays still pending from the specific drill hole.

NevGold is a Canada-based junior mining company that owns several properties in Idaho, British Columbia, and Nevada. NevGold has a total of four properties: Nutmeg Mountain in Idaho, Limo Butte in Nevada, Cedar Wash in Nevada, and Ptarmigan in British Columbia. The CEO is Brandon Bonifacio.

Assay Results

NevGold has announced some important information from its latest drilling on Nutmeg Mountain in Idaho. Based on a 2020 mineral resource estimate, Nutmeg Mountain contains 910,000 indicated ounces of gold (Au) and 160,000 inferred ounces of gold. The company is still waiting for assay results from holes drilled in the current program on the property.

The highlights from the drilling are as follows:

Drill Hole NMD0004 intersected the oxidized, silicified sandstone with quartz veining mentioned previously, and the results were similar to other holes drilled in the same program, including Drill Hole NMD0003 intercepted 0.72g/t Au over 79.3m at a depth of 10.4m, including 2.32g/t Au over 13.4m at a depth of 25.6m.

Drill Hole NMD0004 also represents a long intercept from surface with over 120 meters of oxidized, silicified sandstone.

The project also represents resource growth potential for NevGold, as there is significant resource potential along strike and at depth. There are over 100 vertical meters of identified resource potential outside of the US$1500/oz Au. The focus of the drill program is to advance Nutmeg Mountain to an updated mineral resource estimate.

Brandon Bonifacio, the CEO of NevGold, said of the assay results, "It is very positive to see our inaugural drill program continue to track at Nutmeg Mountain. We eagerly await assay results from Hole NMD0004 . . . the signatures that we are seeing at or near surface are encouraging. Our technical group is gaining a strong understanding of the regional and localized structures and textures . . . We are looking forward to providing further updates over the coming weeks and months from the drill program."

Gold Projected to Trend Upwards

According to an April release by technical analyst Clive Maund, "on the 6-month gold chart, we can see that, following a wave up during March and into April that resulted in a substantially overbought condition on its MACD, gold has rolled over beneath a Dome pattern and is starting to correct back." According to his analysis, gold is likely to recover as the dollar's value flounders.

In the eyes of Adrian Day, another analyst, "Gold will likely bottom and start to recover shortly after. So we have few buys now, but expect within a couple of weeks to be turning to buying again."

The Bank of America's Global Fund Manager Survey revealed that in the face of a bearish market, gold is becoming an attractive way to shore up investments. The survey found that "gold futures have risen more than 8% this year to top US$2,000 an ounce as investors sought safety amid a weakening economy."


In a March report by Clive Maund, he said, "NevGold Corp. is looking most attractive here. On its latest 6-month chart, we can see that it is in the very late stages of a Cup & Handle base, with this interpretation of what is going on being very strongly supported by the powerfully bullish volume pattern of recent weeks with the strong upside volume starting to drive the Accumulation line steeply higher and the best news is that it is still at an excellent entry price."

NevGold has a number of catalysts worth keeping an eye on. In January 2022, it mobilized a drill rig to Nutmeg Mountain in Idaho and commenced its drill program. NevGold also received a Notice of Intent permit to drill on federal BLM claims at Nutmeg Mountain.

From March 1 to June 1, the company received drill results from Nutmeg Mountain and mobilized a drill rig to Limo Butte in Nevada to commence a Phase 2 drill program covering 5,000m. The Limo Butte Plan of Operations permit was approved, and the company delivered resource estimates at Nutmeg Mountain and Limo Butte in Q4 of 2022. [OWNERSHIP_CHART-10234]

Ownership and Share Structure

Insiders and directors own 30% of the company. Brandon Gennaro Bonifacio owns 6.06% with 4.11 million shares, Giulio T. Bonifacio owns 5.97% with 4.05 million shares, Gregory French owns 1.62% with 1.10 million shares, Victor H. Bradley owns 1.33% with 0.90 million shares, Timothy Dyhr owns 1.30% with 0.88 million shares, Morgan Hay owns 1.25% with 0.85 million shares, and Robert T. McKnight owns 0.33% with 0.22 million shares.

In terms of institutions, GoldMining Inc. owns 18.54% with 12.56 million shares, and Palos Management Inc. owns 0.89% with 0.60 million shares. GoldMining Inc. represents a strategic investor.

Approximately 43.1% is owned by retail.

The company reports that it has CA$3.3 million in the bank, with a monthly burn rate of CA$50k, drilling costs of CA$300 per meter for core, and CA$125 per meter for reverse circulation.

NevGold has a market cap of CA$25 million, 71,418,219 shares, 16,947,558 warrants (with 10,303,127 expiring on June 24, 2023), and 5,266,000 options. The company trades in the 52-week period between CA$0.30 and CA$0.81.

More Info: Newswire

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