en.Wedoany.com Reported - With gold prices remaining above $4,100 per ounce, driven by central bank purchases and geopolitical uncertainty, the gold sector is once again attracting retail investor attention. NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE) is steadily de-risking its 100%-owned Goldboro Gold Project in Nova Scotia, positioning its flagship asset to benefit from the current environment.
Goldboro stands out because it is fully permitted, a rare advantage for a development-stage gold asset in a stable jurisdiction. The company is executing a rigorous engineering, procurement, and exploration program to advance the project toward a potential construction decision later this year.
Significant progress has been made on the updated feasibility study, due in June 2026. The open-pit mineral resource estimate has been completed, and the underground component is advancing, incorporating 58,008 meters of new drilling data from 329 drill holes. Revised cost estimates, mine planning, and technical report chapters are underway, with completion expected by the end of the third quarter of 2026. The updated feasibility study includes an updated mineral resource estimate, revised capital and operating cost estimates, mine planning, process design updates, project scheduling, tailings management, transportation studies, and the preparation of technical report chapters.
The engineering team has completed detailed designs for early earthworks, accommodation facilities, the processing plant, and power infrastructure. Bids have been received for early earthworks contracts and multiple site service packages, and requests for quotations for substation and transformer equipment have been advanced. Early earthworks could begin as early as September 2026, subject to financing and approvals.
"It remains NexGold's top priority to ensure Goldboro is prudently de-risked and positioned for long-term success through a rigorous approach," said Kevin Bullock, President, CEO, and Director, in a company press release.
Following encouraging early results, the reverse circulation infill drilling program has been expanded from 30,000 meters to 40,000 meters. Data from 154 drill holes (totaling 6,685 meters) has highlighted notable intercepts, including 12.0 meters grading 61.22 g/t gold, 13.0 meters grading 5.85 g/t gold, 6.0 meters grading 12.06 g/t gold, and 18.0 meters grading 3.84 g/t gold. As of early July, the program was 62% complete.
Progress has also been made on airborne surveys, with the FALCON gravity gradiometer survey completed and the VTEM survey 95% complete. These datasets will help refine targets beyond the existing resource area.
Community engagement remains active, with a contractor information session held in Antigonish, participation in the Nova Scotia Mining Society conference, and over $7,500 disbursed through the community grant program. Meetings with Mi'kmaw leadership and health advisory groups support Indigenous-focused planning. Pre-construction permitting conditions are advancing in parallel with fish habitat compensation projects for Sutherland's Brook and Pomquet River.
Research firms continue to highlight Goldboro's progress. National Bank Financial reiterated a "Buy" rating and a C$6.00 target price in March, while Red Cloud Securities reiterated a "Buy (Speculative)" rating and a C$4.30 target price following the initial reverse circulation results.
According to Stewart, the tight drilling spacing of 12.5 meters has provided more detailed geological and mineralization data for the western portion of the deposit, planned as the initial mining area. He reported that the program returned an average gold grade of 2.06 g/t and a weighted average gold grade of 2.13 g/t, adding that this information should support future resource updates beyond the feasibility study and is "critical for converting the 484,000 ounces of gold in the inferred resource category to the measured category."
Stewart also outlined several development activities planned for the remainder of 2026, including completing the updated mineral resource estimate and feasibility study for Goldboro, project financing activities, a final investment decision, and initiating the early construction program in the second half of the year. Beyond Goldboro, Stewart highlighted a planned 25,000-meter infill drilling program at the Goldlund deposit within the Goliath Gold Complex project, additional exploration on the broader asset package, and environmental baseline and technical studies aimed at supporting permitting work with Indigenous communities and other stakeholders.
