en.Wedoany.com Reported - NexGold Mining Corp. reported new results from the ongoing diamond drilling program at the Goliath Gold Complex (including the Goliath, Goldlund, and Miller deposits) in Ontario. The company stated that approximately 18,000 meters of the planned 25,000-meter drill program have been completed, with current drilling focused on the Goldlund deposit. The latest results come from nine drill holes totaling 3,663 meters, including GL-25-012, GL-25-017 through GL-25-019, and GL-26-001 through GL-26-005, designed to infill and expand Zone 4 mineralization from the center of the open-pit mineral resource to the southwestern end.
Highlight results include: Hole GL-26-003A intersected 6.0 meters grading 14.10 g/t gold (including 1.5 meters grading 51.70 g/t), with the same hole also intersecting 20.0 meters grading 2.99 g/t and 7.0 meters grading 10.67 g/t; Hole GL-26-002 intersected 6.0 meters grading 4.25 g/t (including 1.0 meter grading 10.90 g/t); Hole GL-25-017 intersected 6.0 meters grading 3.23 g/t; Hole GL-25-019 intersected 20.0 meters grading 1.13 g/t; and Hole GL-25-018 intersected 55.9 meters grading 0.52 g/t. These results are located in the same area of Zone 4 mineralization where intersections were previously announced on February 25, 2026, including GL-25-009 intersecting 33.5 meters grading 1.18 g/t and GL-25-014 intersecting 16.5 meters grading 1.03 g/t.
NexGold President and CEO Kevin Bullock stated: "Our infill drilling program continues to demonstrate good continuity of deep mineralization at the Goldlund deposit. The goal is to optimize the Goliath Gold Complex through this program and further enhance confidence in the deep mineralization of the Inferred Mineral Resource." The company noted that Goldlund mineralization is characterized by quartz stockwork within near-vertical granodiorite sills, with Zone 4 mineralization comprising broad mineralized intervals of intermediate to mafic volcanics accompanied by porphyry and granodiorite intrusions.
Regarding the gold market, VBL reported on May 2 that Citi expects short-term selling pressure while maintaining a medium-term bullish outlook to approximately US$5,000/oz. Citi's base case scenario (~50% probability) forecasts a gradual rise to US$5,000, a bull case (~30%) predicts US$6,000 in 2026 and US$7,000 in 2027, and a bear case (~20%) projects a move toward ~US$4,000. VBL noted that the physical gold market is too small to absorb wealth transfers, with small reallocations causing significant price swings. Couloir Capital stated on May 2 that precious metals weakened as rising oil prices exacerbated inflation concerns, and expectations of central banks maintaining high interest rates increased the opportunity cost of holding gold, outweighing safe-haven appeal. CNBC reported on May 4 that gold fell 2% on Monday, with spot gold at US$4,524.40/oz and U.S. gold futures at US$4,533.30/oz. TD Securities Commodity Strategy Head Bart Melek pointed to U.S.-Iran tensions triggering inflation fears and hawkish rate signals. GoldPrice.org showed on May 6 that gold rose 1.79% on the day, with the market continuing its volatility.
On the analyst front, Red Cloud Securities' Ron Stewart issued a report on January 27 giving NexGold a Buy rating and a C$4.30 target price, anticipating that in 2026 the company will update resource estimates, complete feasibility studies, secure financing, and make a final investment decision on the Goldboro project, with Goldboro starting first and Goliath to follow. The stock price at the time of the report was approximately C$1.78. On February 27, Stewart maintained the Buy rating with a target price of C$4.20; on March 26, National Bank Financial analyst Alex Terentiew initiated coverage with a Buy rating and a C$6.00 target price. According to the May investor presentation, NexGold plans to advance two projects in 2026: the Goliath Complex will continue the 25,000-meter infill drill program and evaluate project options; Goldboro is expected to reach a construction decision in 2026, update resource estimates and feasibility studies, commence early works in the second half of the year, and complete financing arrangements.
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