The Critical Mineral Hiding in Plain Sight on a Past-Producing Nevada Gold Mine
Issued on behalf of NevGold Corp.
A near-surface, oxide antimony-gold project in Nevada is delivering up to 99% gold recoveries and high-grade antimony-gold drill hits — and the timing couldn't be sharper, with U.S. defense planners scrambling to rebuild a domestic antimony supply chain that, for now, has essentially zero primary production.
USA News Group News Commentary
NEW YORK, April 29, 2026 /PRNewswire/ -- USA News Group News Commentary — Antimony has quietly become one of the most strategically important critical minerals in the United States. It hardens armor-piercing rounds, sharpens night vision optics, primes ammunition, and lives inside everything from semiconductors to flame retardants. And there are currently no operating primary antimony mines in the country.
The vulnerability has been on Washington's radar for years, but it became a five-alarm fire when Beijing flipped the switch. China — which along with Russia and Tajikistan accounts for roughly 90% of global antimony mine supply, and which dominates global refining and processing — first restricted antimony exports beginning September 15, 2024, and then explicitly banned exports to the United States on December 3, 2024, citing dual-use military applications. China announced a one-year suspension of those export restrictions in November 2025, but the suspension is set to expire on November 27, 2026 — meaning the structural supply problem has not gone away.
This is the backdrop for NevGold Corp. (TSXV: NAU) (OTCQX: NAUFF), a Nevada and Idaho-focused gold and critical minerals junior whose Limousine Butte project has emerged as one of the more unusual antimony stories in the sector — because it isn't really an antimony story. It's a past-producing oxide gold mine that happens to host one of the highest-grade, near-surface antimony footprints in North America, sitting on a brownfield site in one of the world's most permitting-friendly mining jurisdictions.
Shares have responded. NevGold stock is up over 317% on a one-year basis (per Yahoo Finance data through April 2), and on February 26, 2026 the company was named one of the 2026 Top 50 TSX Venture Exchange companies, citing 330% share price appreciation and 515% market cap growth in 2025. The thesis is now being validated on multiple fronts: metallurgy, drill results, and a maiden antimony -gold Mineral Resource Estimate (MRE) tracking for Q2-2026.
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Q: Why is the metallurgy at Limo Butte such a big deal?
On April 2, 2026, NevGold reported Phase II metallurgical testwork results showing average gold recoveries greater than 93% — with individual samples reaching up to 99% — from cyanide shake leach tests on the residual tailings left over after antimony leaching. In plain English: the antimony recovery process has minimal to no impact on gold recovery. You can pull the antimony out first, then run the same material through a conventional gold leach circuit, and the gold comes out essentially intact.
That matters for one simple reason. Most global antimony projects are sulphide-hosted, narrow-vein, underground deposits that produce an antimony concentrate. Concentrates require third-party smelters and refiners, complex marketing terms, payable deductions, and exposure to whichever country happens to control the downstream processing — historically, China. Limo Butte is the inverse: a large, near-surface, oxide deposit amenable to direct on-site leaching, with the potential to produce antimony metal at the project rather than ship a concentrate.
NevGold CEO Brandon Bonifacio framed the result as a "key step" in optimizing the metallurgical flowsheet, noting that the project's two distinct mineralizing events — gold first, antimony second — are exactly what makes the simple sequential leach work. The company also flagged the discovery of additional antimony mineralization at surface in the historical pre-strip waste dump adjacent to the past-producing Golden Butte pit, with Phase I sampling completed and assays pending. That waste dump represents more potential at-surface antimony material on top of the historical leach pads already being drilled.
Q: What about the drill results — is the geology actually backing this up?
That answer came on March 19, 2026, when NevGold reported one of the more striking intercepts in the U.S. antimony space. Hole LB25-024 at the Resurrection Ridge target hit 11.42 g/t gold-equivalent over 7.7 meters (2.64% antimony and 1.17 g/t gold), within a thicker zone of 4.91 g/t AuEq over 27.4 meters (1.09% antimony and 0.67 g/t gold). The gold-equivalent calculation uses US$3,000/oz gold and US$40,000/tonne antimony with assumed recoveries of 80% gold and 75% antimony — and antimony pricing did move sharply during the 2024 export controls, jumping from roughly $11,300/tonne at the start of 2024 to about $40,000/tonne by year-end.
Re-assays of historical drill core have also upgraded the database for the upcoming MRE. Hole LB22-025 returned 5.36 g/t AuEq over 9.1 meters (1.30% antimony) within 1.75 g/t AuEq over 73.2 meters, while LB21-001 delivered 2.28 g/t AuEq over 46.8 meters at 0.22% antimony and 1.41 g/t gold. These are not narrow vein widths — they are bulk-tonnage style intercepts in the same near-surface envelope where the historical Golden Butte mine produced gold. NevGold also reported that significant oxide gold-antimony mineralization had been intercepted in all step-out drillholes at the Bullet Zone discovery — the kind of consistency that tends to translate well into a maiden resource calculation.
Q: How does this compare to what's already going on in U.S. critical minerals?
The most-cited comparable in this space is Perpetua Resources Corp. and its Stibnite gold-antimony project in Idaho — located approximately 130 km northeast of NevGold's Idaho-based Nutmeg Mountain and Zeus projects. Perpetua has attracted nearly US$75 million in U.S. Department of Defense awards, a non-binding Letter of Interest of up to US$1.8 billion from the U.S. Export-Import Bank, a US$180 million strategic equity investment from Agnico Eagle Mines, and a US$75 million investment from JPMorganChase's $1.5 trillion Security and Resiliency Initiative.
The point is not that NevGold is Perpetua. The point is that the U.S. capital and defense apparatus has demonstrated, in dollar terms, what it's willing to pay for permitted, advanced-stage domestic antimony — and that NevGold is trying to slot itself into that same story with a different angle: a brownfield site, near-term production from historical leach pads (no new mining required), and a longer-term commercial gold-antimony development scenario alongside it.
Q: What's the near-term catalyst path?
The 2026 work program at Limo Butte is sequenced around three deliverables. First, the maiden gold-antimony MRE on the historical leach pads, tracking to Q2-2026. Second, ongoing metallurgical testwork on the same leach pad material to firm up the production scenario. Third, a further 20,000 meters of drilling planned in 2026 focused on the Bullet Zone and Armory Fault discoveries — both new structural finds made in 2025 that significantly expanded the mineralization footprint at Resurrection Ridge, on top of approximately 5,000 meters across 30 drillholes already completed.
State and federal permitting is also moving forward, with the company prioritizing the near-term antimony processing pathway on the historical leach pads — material that does not require any new mining. That is an unusually short permitting runway for a critical minerals story.
Other Companies Tracking Trends in Gold and Precious Metals Juniors
Hycroft Mining Holding Corporation (NASDAQ: HYMC) is a U.S.-based gold and silver company developing the Hycroft Mine in northern Nevada. On April 2, 2026, the company reported additional drill results from its 2025-2026 Exploration Drill Program, headlined by Hole H25D-6083 at the Vortex zone, which intersected 53.4 meters grading 304.14 g/t silver and 1.33 g/t gold, including a 0.9-meter sub-interval at 2,890 g/t silver and 33.70 g/t gold. Hycroft ended Q1 2026 with approximately $189 million in unrestricted cash and is debt-free.
STLLR Gold Inc. (TSX: STLR) (OTCQX: STLRF) reported on April 27, 2026 that drilling at the Jonpol Deposit on its Tower Gold Project in the Timmins Mining Camp returned 6.03 g/t Au over 22.25 meters (including 12.67 g/t Au over 9.25 meters) and 2.14 g/t Au over 33.86 meters (including 14.89 g/t Au over 2.33 meters). The company is targeting an expansion of the Jonpol open-pit strike length from 400 meters to approximately 1,200 meters.
Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) announced its first-ever discovery at Antino North on April 2, 2026, drilling 17.22 g/t Au over 3.6 meters within a broader 24.6-meter intercept of 2.81 g/t Au — from the first drillhole ever completed in the Antino North concession in southeastern Suriname's Guiana Shield. The intercept began just 1.5 meters down-hole, and a second rig is now active on a kilometre-scale gold auger anomaly.
Maple Gold Mines Ltd. (TSXV: MGM) (OTCQX: MGMLF) reported on April 1, 2026 multiple high-grade gold intercepts from its 100%-owned Douay/Joutel Gold Project in Quebec's Abitibi Greenstone Belt, including 17.9 g/t Au over 3.9 meters within 8.6 g/t Au over 10.4 meters in the Telbel Mine area (drill hole JO-26-11). The company has now extended high-grade gold mineralization up to 450 meters beyond the historical Eagle-Telbel underground workings, with a maiden Joutel MRE on track for delivery in H1 2026.
For more updates and information on NevGold Corp. (TSXV: NAU) (OTCQX: NAUFF), click here.
Frequently Asked Questions
1. What is NevGold Corp. and what does it do?
NevGold Corp. (TSXV: NAU) (OTCQX: NAUFF) is a Nevada and Idaho-focused exploration and development company. Its flagship Limousine Butte project in Nevada is a past-producing brownfield gold site that hosts a large, near-surface oxide antimony-gold deposit. The company also holds the Cedar Wash gold project in Nevada and the Nutmeg Mountain gold project and Zeus copper project in Idaho.
2. What is antimony and why does it matter?
Antimony is a metalloid designated as a Critical Mineral by the U.S. Geological Survey. It is used in armor-piercing ammunition, night vision optics, infrared sensors, flame retardants, semiconductors, and lithium-ion batteries. Roughly 90% of global mined antimony comes from China, Russia, and Tajikistan combined, and China dominates global refining and processing — making domestic North American supply a national-priority issue.
3. What were the recent Phase II metallurgical results at Limo Butte?
On April 2, 2026, NevGold reported average gold recoveries greater than 93%, with individual samples reaching up to 99%, from cyanide shake leach tests on residual tailings from the prior antimony leaching stage. The result confirms that antimony and gold can be recovered sequentially with minimal to no impact on gold recovery.
4. When is the Mineral Resource Estimate expected?
NevGold has guided to an initial gold-antimony MRE in Q2-2026, including the historical leach pads, Resurrection Ridge, the Bullet Zone, and Cadillac Valley.
5. What was the highest-grade intercept reported?
Hole LB25-024 at Resurrection Ridge intercepted 11.42 g/t gold-equivalent over 7.7 meters (2.64% antimony and 1.17 g/t gold), within 4.91 g/t AuEq over 27.4 meters at 1.09% antimony and 0.67 g/t gold. Gold-equivalent calculations use assumed prices of US$3,000/oz gold and US$40,000/tonne antimony with assumed recoveries of 80% gold and 75% antimony.
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