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NexGold drills high-grade gold at Goldlund in Ontario
One drill hole returned 13 metres at 2.84 grams of gold per tonne from 205 metres depth, extending the company’s push to develop Goldlund.
Mining.com reports that NexGold Mining has released results from recent drilling at its Goldlund deposit in northwestern Ontario, saying the intercepts show consistent mineralization at depth that could be accessible via a potential open pit.
Among the highlights, NexGold cited hole GL-26-034, which cut 13 metres grading 2.84 grams gold per tonne from 205 metres depth, including 8 metres at 9.76 grams and 7 metres at 14.07 grams. The company also pointed to other drill hits, including 15.5 metres at 2.23 grams gold per tonne from 123.5 metres depth, and 42.8 metres at 0.84 gram from 245.7 metres depth.
NexGold said its CEO, Kevin Bullock, viewed the grade, tenor, and thickness as building confidence that mineralization continues at depth and aligns with prior results. The company is advancing development at Goldlund, where it and the nearby Windward mine produced about 18,000 ounces of gold in the early 1980s.
The story adds that Goldlund hosts 16.2 million tonnes of probable reserves at 1.19 grams gold for 621,000 contained ounces, according to a 2023 prefeasibility study. That study, for the larger Goliath gold complex that includes Goldlund, projects a post-tax net present value of $336 million and an internal rate of return of 25.4%, with initial capital costs of $335 million, and estimates production of 90,000 ounces of gold annually over a 13-year life. NexGold expects to finish its 35,000-metre drill program by the end of the year.
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