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Gold Company Announces Inaugural MRE for Flagship Property

Source: Streetwise Reports


August 18, 2023 ( Newswire) NevGold has released an inaugural MRE for one of its flagship properties, revealing significantly more gold than previously thought. Read on to see the mineral values announced by NevGold.

NevGold Corp. (NAU:TSX.V; NAUFF:OTC; 5E50:FSE) has announced the company's inaugural Mineral Resource Estimate (MRE) for the Nutmeg Mountain gold project located in southwest Idaho. The highlights of the MRE are as follows:

Brandon Bonifacio, the CEO of NevGold, commented, " This is an important milestone for NevGold and Nutmeg Mountain as it validates the corporate strategy and business model of the company. We are pleased with the results of the MRE, as it illustrates the size, grade, and simplicity of this robust, at-surface, open-pit, heap-leach gold project in the Western USA. Since announcing the transaction on Nutmeg Mountain in 2022, we strongly believed there was immediate growth potential not captured in the 2020 historical resource."

You can learn more about the MRE here.

A Market on the Rise

Analysts have recently been very positive about gold. Barry Daws of Martin Place Securities reports that the market is "great for gold and all resources commodities."

Richard Mills of Ahead of the Herd commented that "Gold and silver prices have both seen impressive jumps this year, with gold coming within cents of an all-time high, and silver also flirting with price levels last seen a decade ago."

An Attractive Prospect

According to Technical Analyst Clive Maund, NevGold is looking to like an attractive prospect for investors. Maund commented that "NevGold is... rated an immediate strong Buy for all timeframes. With gold and silver down this morning at the time of writing, it may be possible to buy into weakness and get a better price."

NevGold had good results come out last month as well, which announced additional high-grade oxide gold results from the Nutmeg Mountain project.

Ownership and Share Structure


According to Reuters, 32% of the company is held by management and insiders. Brandon Gennaro Bonifacio owns 6.08% of the company with 4.12 million shares. Giulio Bonifacio owns 6.08% of the company with 4.12 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 1.33% with 0.90 million shares. Morgan Hay owns 1.25% with 0.85 million shares, and Robert T. McKnight owns 0.33% with 0.22 million shares.

28% of shares are with strategic investors. GoldMining Inc. owns 24.60% with 16.67 million shares, McEwen Mining owns 7% with 5.0 million shares, and Palos Management Inc. owns 0.74% with 0.50 million shares.

GoldMining Inc. and McEwen Mining are strategic investors.

The company has CA$1.5 million in the bank, and a monthly burn rate of CA$50k, with drilling costs of CA$300 per meter for core, and CA$125 per meter for reverse circulation.

There are 75.53 million shares outstanding, and 30.96 million free float traded shares. The company has a market cap of CA$27.9 million. It trades in the 52-week period between CA$0.30 and CA$0.60.

More Info: Newswire

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