NevGold (NAU.V) has added a second drill rig at its flagship Limousine Butte oxide gold project in Nevada. The company already had a core rig in the field before and has now added an RC drill rig which will help to speed up the ongoing 10,000 meter drill program on the Resurrection Ridge and Cadillac Valley targets (which are currently being drilled).
That’s good news but we are obviously also anxiously awaiting to see the first batch of assay results from the ongoing drill program as drilling already started a few weeks ago. According to Chief Geologist Unger the core that has already been pulled out of the ground looked strongly oxidized and the assay results should be available fairly soon.
In our initial report on NevGold which was published in August, an eternity ago, we explained the low-hanging fruit at the Limousine Butte target. NevGold aims to update the existing resource to a total of in excess of a million ounces and hopefully that will help to make the company pop up on some more radar screens. The assay results will be very important as they will provide a first indication of the exploration success at Limousine Butte. According to the recent SEDI filings, CEO Bonifacio has purchased an additional 85,000 shares on the open market since January 1st, spending a total of just over C$35,000 on buying additional stock.
Disclosure: The author has a long position in NevGold. NevGold is a sponsor of the website. Please read our disclaimer.
