NevGold Intercepts High-Grade Antimony and Gold at Limousine Butte Project, Prepares for Resource Estimate and Production

NevGold Corp. has announced significant drill results from its Limousine Butte project in Nevada, highlighting a high-grade antimony intercept within a broader gold-equivalent zone. The company reported an intercept of 1.11% antimony over 6.1 meters, which was part of a larger interval of 1.93 g/t gold equivalent (AuEq) over 100.6 meters from surface. This broader interval included 1.07 g/t gold and 0.22% antimony.

The drilling, specifically from hole LB25-001, targeted the Limousine Butte Main Zone and was oriented to test the shallow, high-grade gold and antimony mineralization. The company emphasized that this intercept represents the highest-grade antimony encountered to date at the project, located within the high-grade oxide gold zone. NevGold is now focusing on completing a maiden antimony-gold mineral resource estimate, which is anticipated to be released in the third quarter of 2024.

Furthermore, NevGold is progressing towards near-term antimony production. The company has engaged with a processing facility in Nevada and is conducting metallurgical test work to optimize antimony recoveries. The results from this test work are expected in the third quarter of 2024. The Limousine Butte project is strategically located in Nevada, a jurisdiction known for its mining activity, and the company holds a 100% interest in the property.

According to the Financial Post, the company's CEO, Brandon Bonifacio, highlighted the importance of these results, stating that the high-grade antimony intercept within the oxide gold zone adds significant value to the project. He also noted the strategic importance of antimony as a critical mineral and the company's efforts to advance towards production. The project's proximity to existing infrastructure and potential processing solutions are key factors in its development strategy.

The reported gold equivalent calculation used metal prices of $2,300 per ounce for gold and $12,000 per tonne for antimony, with recoveries of 80% for gold and 70% for antimony. These parameters were applied to convert antimony grades to gold equivalent values, providing a comprehensive measure of the mineralization. The ongoing work aims to define the economic potential of both the gold and antimony resources at Limousine Butte.