Fresh Drill Campaign Targets High-Grade Gold in Northern Ontario

Source: Streetwise Reports 01/30/2026

NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE) has commenced a 25,000-meter diamond drilling campaign at its Goliath Gold Complex in Ontario. The program is focused on deeper high-grade zones within the Goldlund Deposit and aligns with recent strength in gold prices and sustained global investor interest in the precious metals sector.

NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE) has kicked off a diamond drilling campaign at its Goliath Gold Complex in Ontario. The program will cover up to 25,000 meters, with drilling concentrated on the Goldlund Deposit. According to the company, the goal is to infill and potentially expand open-pit Mineral Resources—especially in deeper zones and high-grade plunging shoots.

The drill program began in late 2025 and is expected to continue through 2026. The Goliath Complex includes the Goliath, Goldlund, and Miller Deposits, with total Proven and Probable Mineral Reserves of 1,267,000 ounces of gold and 1,724,000 ounces of silver. At Goldlund alone, Probable Reserves stand at 621,000 ounces of gold contained within 16,256,000 tonnes grading 1.19 g/t gold.

Measured and Indicated open-pit Mineral Resources at Goldlund total 911,000 ounces of gold from 33,353,000 tonnes grading 0.85 g/t gold. An additional 680,200 ounces are classified as Inferred, based on 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 prices soared past US$5,200 per ounce, continuing a rally fueled by a weakening US dollar and declining confidence in sovereign bonds and fiat currencies. The report highlighted a 20% year-to-date gain in gold and a 50% surge in silver. Suki Cooper, global head of commodities research at Standard Chartered, attributed the shift to investor anxiety and said expectations of “a more dovish and less independent Federal Reserve,” alongside geopolitical tension, “are likely driving more rapid allocations to gold, led by retail investors.”

Yahoo Finance added on January 28 that gold futures breached US$5,500 per ounce after the Federal Reserve held rates steady and the dollar fell to its lowest point since early 2022. Robin Brooks, senior fellow at the Brookings Institution, remarked, “Dollar weakness is supercharging the rise in gold … adding fuel to the fire for the crazy rise in precious metals.”

Josh Chiat also reported that gold had cleared US$5,000 per ounce amid strong safe-haven buying and growing de-dollarization. Chris Louney of RBC Capital Markets said, “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 noted persistent demand from both investors and central banks, quoting one analyst: “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”

On January 13, Ron Stewart of Red Cloud Securities maintained a Buy rating and CA$4.30 target price on NexGold Mining Corp., writing, “Goldboro will be the first cab off the rank, with Goliath to follow.” He added, “We expect first gold production in 2028 as it ramps up to 100,000 ounces per annum (100 Koz/annum) initially.” Stewart noted that the company would evaluate optimal mine configurations at Goliath and conduct infill drilling at the Goldlund Deposit, stating, “This work will encompass infill drilling at the Goldlund deposit to improve resource definition at depth,” as well as further permitting studies with First Nations partners.

On January 23, newsletter writer Stewart Thomson featured NexGold among his highlighted juniors, writing, “I’m predicting they’ll ‘walk the mid-tier talk.’” He added, “Blastoff is here! Note the Strong Buy signal on the Stochastics oscillator (14,7,7 series) at the bottom of the chart.” He described NexGold’s jurisdiction and management positively and noted strong technical momentum.

Ongoing Drilling and Technical Programs at Goldlund

According to NexGold’s January 2026 investor presentation, the 25,000-meter drill program at Goldlund, launched in late 2025, will run throughout 2026. The goal is to improve drill density in deeper zones of the open-pit Mineral Resource and test the continuity of high-grade plunging shoots. [OWNERSHIP_CHART-1961]

The recently-announced drill campaign is part of a broader optimization initiative across the Goliath Gold Complex. Additional efforts include permitting, feasibility work, and continued engagement with First Nations communities. The company expects to release drill results regularly throughout 2026.

Ownership and Share Structure¹

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

NexGold has 245.6 million shares outstanding and a market capitalization of CA$442.1 million at the time of publishing.

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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/2026/01/30/fresh-drill-campaign-targets-high-grade-gold-in-northern-ontario.html