NevGold Starts 20,000 Meter Drill Program At Antimony-Gold Limo Butte Project, Nevada
NevGold (NAU.V) started a 20,000-meter drill program at its antimony (Sb) and gold (Au) Limousine Butte Project in Nevada, it said Thursday.The drill program, it said, will be focused on Mineral Resource conversion and expansion, expanding mineralization around the 2025 discovery of the high-grade antimony-gold Bullet Zone and Armory Fault, and new project-wide discoveries utilizing the NevGold geological model of the project. NevGold will start with two Reverse Circulation (RC) drill rigs for the 20,000-meter program.The company said it will consider adding more drill rigs as the current program is established. NevGold will drill test the historical Nevada Antimony Mine and Lage Antimony Mine area."The 2025 program was a "step-change" in our understanding of the project geology, as we successfully intercepted significant antimony-gold mineralization in 100% of the holes that we drilled testing the "under the older thrusted upper dolomite" target," said NevGold chief executive Brandon Bonifacio. "This led to the important discoveries of the Bullet Zone and high-grade control Armory Fault, which will be a key focus of our upcoming drilling."The company also said it intends to settle accrued original issue discount on its convertible security with Mercer Street Global Opportunity Fund II, LP, in the amount of $555,208.33 in 227,544 common shares of the company, at $2.44 apiece. NevGold issued the convertible security in the principal amount of $3 million to Mercer on August 30, 2024, which was subsequently converted by Mercer into common shares of the company.Shares of the company were last seen down 1.6% at $2.42 on the TSX Venture Exchange.Price: $2.38, Change: $-0.08, Percent Change: -3.25%