MRE Updated For The Nutmeg Mountain Gold Project

VANCOUVER – NevGold Corp. reported on the Mineral Resource Estimate (MRE) for the Nutmeg Mountain gold project. Open-Pit, Oxide, Heap-Leach Gold Mineral Resource in the Western USA: 1.19 Mozs of Indicated Resources at 0.50 g/t Au (74.2 Mt) and 548 kozs of Inferred Resources at 0.34 g/t Au (49.8 Mt). Increasing the cut-off grade from the base case of 0.20 g/t Au to 0.60 g/t Au, the Project has 560 kozs of Indicated Resources at 0.92 g/t Au, and 85 kozs of Inferred Resources at 0.87 g/t Au. The higher grade mineralization starts at surface, and is within the 0.20 g/t Au cut-off grade MRE. To date, the Company has not completed any mine scheduling studies on the MRE. Exploring for more potential high-grade mineralization will be a key focus as the project is advanced with further drilling and subsequent resource estimates.
Compared to the 2023 MRE, the base case pit-constrained indicated tonnage increased by over 18% and inferred by over 100%, with further upside identified with high priority drill targets. Mineralization at Nutmeg Mountain starts at surface. The strip ratio of the project based on conceptual pit-shells is expected to be less than 1:1, which is extremely low for an open-pit, oxide, heap-leach gold project. The Project is located in southwest Idaho, which is a favorable mining jurisdiction. The Company plans to complete further metallurgical testwork to advance the Project to a Preliminary Economic Assessment (PEA).
CEO, Brandon Bonifacio, said, “This is another important milestone for NevGold and the Nutmeg Mountain gold project in Idaho as it further validates the quality of the asset located in a tier-one mining jurisdiction. We are pleased with the results of the updated MRE, as it illustrates the size and heap-leach grade of this at-surface, open-pit oxide gold project in the Western USA. The updated MRE also further validates the strong growth potential of mineralization at the Project, which remains open in multiple directions. We look forward to drilling the highly prospective targets that we have identified at surface and at depth. After completion of this MRE, we plan to advance to a Preliminary Economic Assessment (PEA) to further advance the Project to the next stage of development. We have an extremely favorable macroeconomic situation with the gold price and momentum in the US to advance high-quality, domestic mineral projects.”