NexGold Mining Corp. (NEXG) has reported new assay results from its ongoing reverse circulation (RC) infill drilling program at the Goldboro project in Nova Scotia. The company is currently executing a high-density drill plan designed to sharpen the understanding of near-surface mineralization, specifically within areas earmarked for the early years of the project’s proposed mine life. Following the program's initial success and supported by a recently closed C$10 million flow-through financing, the explorer has elected to increase the scale of this initiative from 30,000 metres to 40,000 metres.

The infill program targets both the West and East pits at a nominal drill spacing of 12.5 metres, reaching depths of approximately 50 metres. By utilizing RC drilling, which effectively simulates production-scale data, the company aims to improve resource confidence from the Indicated to the Measured category. Management expects this high-density data will be critical for refining the site’s mine planning as the company progresses toward a potential construction decision.

"I am encouraged by the results generated to date from our RC Infill Drill Program at Goldboro. The drilling continues to confirm the continuity, tenor and thickness of near-surface mineralization within the proposed West pit area at a higher level of detail. The program is also providing additional geological and grade information in areas that are currently contemplated in the early years of the Goldboro mine plan. Given the success of the program to date, combined with the proceeds from our recently-completed C$10 million flow-through financing, we have elected to expand the RC Infill Drill Program to further evaluate and better define near-surface mineralization within the West and East pits."

— Kevin Bullock, President, CEO & Director

The latest update includes results from 72 holes representing 3,420 metres of drilling within the west pit area. Key intercepts reported include 12.06 g/t Au over 6.0 metres in drill hole RC-26-147, and a separate intercept of 3.84 g/t Au over 18.0 metres in hole RC-26-102. To date, results have been released for 154 drill holes totaling 6,685 metres, with additional lab assays expected as the program continues. This campaign remains ongoing and is currently estimated to be approximately 62% complete.

NexGold is aggressively transitioning the Goldboro project toward a formal production decision by leveraging this high-density data to de-risk the initial years of planned mining activity. While these results will inform the company’s internal geological modelling and mine planning, they will be incorporated into a future mineral resource estimate separate from the feasibility study currently underway. The updated feasibility study for the project is anticipated for completion in the third quarter of 2026, while the expanded RC drill program is expected to proceed into the fourth quarter of the same year.

The company also confirmed a routine financial adjustment regarding its royalty obligations. NexGold has elected to issue 800,833 common shares to Sprott Resources Streaming and Royalty Corp. to satisfy a quarterly minimum payment requirement of US$675,000. This share-for-debt issuance is subject to standard approval from the TSX Venture Exchange and is expected to be finalized on or about July 13, 2026. This administrative step aligns with the terms of the company's existing royalty agreement, which provides flexibility in managing cash flows during the ongoing development phase of its asset portfolio.

Read the full announcement: NexGold Intersects 12.06 g/t Gold over 6.0 Metres and 3.84 g/t Gold over 18.0 Metres During Infill Drill Program at Goldboro