Drilling 25,000 Meters Into a Gold Bull Market

Source: Streetwise Reports 02/02/2026

NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE) has launched a 25,000-meter diamond drill program at its Goliath Gold Complex in Ontario, targeting high-grade zones within the Goldlund Deposit. The initiative comes amid surging gold prices and increasing global demand, with the company aiming to optimize resources and unlock additional value across the project.

NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE) has initiated a diamond drilling program at its Goliath Gold Complex in Ontario. The program will comprise up to 25,000 meters of drilling, primarily targeting the Goldlund Deposit. According to the company, the objective is to infill and potentially expand open-pit Mineral Resources, with a particular focus on the deeper portions of the deposit and high-grade plunging shoots.

The drill campaign was initiated in late 2025 and is expected to continue through 2026. The Goliath Complex includes the Goliath, Goldlund, and Miller Deposits, with combined Proven and Probable Mineral Reserves of 1,267,000 ounces of gold and 1,724,000 ounces of silver. Within the Goldlund Deposit specifically, Probable Reserves total 621,000 ounces of gold based on 16,256,000 tonnes grading 1.19 g/t gold.

The combined Measured and Indicated open-pit Mineral Resources at Goldlund total 911,000 ounces of gold contained in 33,353,000 tonnes grading 0.85 g/t gold. An additional 680,200 ounces are classified as Inferred Mineral Resources in 28,833,000 tonnes grading 0.73 g/t gold.

Kevin Bullock, President and CEO, stated in the news release, “We expect 2026 will be a transformational year for NexGold as we advance towards a final investment decision at the permitted open-pit Goldboro Gold Project in Nova Scotia. While that work progresses, we will continue our focus on creating value for shareholders, stakeholders, and Rightsholders, which includes the opportunity to optimize the Goliath Complex in Ontario. The current drill program is consistent with project optimization and value creation, which will also include continued engagement with First Nations communities, advancement of permitting activities, as well as feasibility and other technical studies. We anticipate regular updates on the drill program throughout the year as drill results are available.”

Gold Sector Conditions and Market Drivers

On January 27, Bloomberg reported that gold surpassed US$5,200 per ounce, continuing a powerful rally driven by weakness in the US dollar and a broader move away from sovereign bonds and fiat currencies. The article noted a 20% year-to-date gain for bullion and a more than 50% rise for silver.

According to Bloomberg, the drop in the dollar made precious metals more accessible to global buyers amid rising geopolitical tension and growing concern about fiscal policy. Suki Cooper, global head of commodities research at Standard Chartered, stated that expectations of “a more dovish and less independent Federal Reserve,” paired with geopolitical risks, “are likely driving more rapid allocations to gold, led by retail investors.”

A January 28 report from Yahoo Finance stated that gold futures rose above US$5,500 per ounce as the Federal Reserve held interest rates steady and the dollar fell to its lowest level since early 2022. The publication cited a more than 20% year-to-date increase in gold prices and rising investor preference for hard assets. Robin Brooks, senior fellow at the Brookings Institution, commented, “Dollar weakness is supercharging the rise in gold … adding fuel to the fire for the crazy rise in precious metals.”

On the same day, Josh Chiat reported on a sharp surge in gold and silver prices, with gold pushing past US$5,000 per ounce on the back of safe-haven buying and de-dollarization. Chris Louney of RBC Capital Markets stated that the rally remained within historical norms, noting, “This means the current duration is by no means an outlier.

Also, given the nature of gold, this is not a hard limit to the rally.” The article also cited ongoing interest from central banks and investors, with one analyst stating, “We do not think investor or central bank demand will fall away, with more tonnage added in our ETP database, and central banks still in the buying camp in search of diversification.”

Third-Party Expert Analysis: “Walking the Mid-Tier Talk”

In a January 13 report, Ron Stewart of Red Cloud Securities wrote that “Goldboro will be the first cab off the rank, with Goliath to follow.” Stewart stated that Red Cloud maintained a CA$4.30 per share target price on NexGold Mining Corp. and reiterated a Buy rating. He wrote, “We expect first gold production in 2028 as it ramps up to 100,000 ounces per annum (100 Koz/annum) initially.”

In discussing the Goliath project, Stewart noted that the company planned to assess options for an optimal mine configuration and plan, stating, “This work will encompass infill drilling at the Goldlund deposit to improve resource definition at depth.” He added that permitting efforts would be supported by “additional environmental work, including baseline and technical studies, in collaboration with the local First Nations communities and stakeholders.”

On January 23, newsletter writer Stewart Thomson included NexGold among the junior mining stocks he discussed. Referring to the company, Thomson wrote, “I’m predicting they’ll ‘walk the mid-tier talk.’” He also stated, “Blastoff is here! Note the Strong Buy signal on the Stochastics oscillator (14,7,7 series) at the bottom of the chart.” Thomson cited Canada as a favorable jurisdiction and described NexGold’s management and chart setup positively.

Ongoing Drilling and Technical Programs at Goldlund

According to the company’s January 2026 investor presentation, NexGold has launched a 25,000-meter diamond drill program at the Goldlund Deposit, which began in late 2025 and is scheduled to run throughout 2026. The primary aim of the program is to increase drill density in the deeper parts of the open-pit Mineral Resource and to further test the geological continuity of high-grade plunging shoots. [OWNERSHIP_CHART-1961]

The recently-announced drilling initiative is part of broader project optimization activities at the Goliath Gold Complex. These activities also include feasibility and other technical studies, continued engagement with First Nations communities, and the advancement of permitting processes. NexGold has indicated that it plans to provide regular updates on drill results as they become available throughout 2026.

Ownership and Share Structure ¹

Management and insiders own 2.0% of NexGold.  Institutions and strategic investors — including Frank Giustra, who owns 5.0% — collectively hold 66.0% of the company’s shares.

NexGold has 245.6 million shares issued and outstanding and a market cap of CA$442.1 million.

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Important Disclosures:

1. NexGold is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of NexGold.
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

( Companies Mentioned: NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE, )

Source: https://www.streetwisereports.com/article/2026/02/02/drilling-25-000-meters-into-a-gold-bull-market.html