03:02 PM EDT, 09/03/2025 (MT Newswires) -- NevGold ( NAUFF ) was down near 5% Wednesday afternoon even after announcing the start of its 2025 drill program at the oxide gold-antimony Limousine Butte Project in Nevada.

This comes after NevGold ( NAUFF ) on August 28 entered into a standstill agreement under which GoldMining ( GLDG ) has agreed not to, directly or indirectly, sell common shares of NevGold ( NAUFF ) through open market transactions for a period of 18 months, subject to certain customary exceptions. GoldMining ( GLDG ) at the time held, and had control and direction over, 19,073,350 common shares, representing near 16.7% of NAU's outstanding common shares.

In that August 28 statement, NevGold ( NAUFF ) flagged an "extremely active" end to 2025, with more updates out shortly from its Limousine Butte (oxide gold-antimony), Nutmeg Mountain (oxide gold), and Zeus (copper) projects.

Sure enough, the company today said the objective of the Limo Butte drill program is to advance it to an initial oxide gold-antimony Mineral Resource Estimate. NevGold ( NAUFF ) noted this is the first drill program at the project under the approved Plan of Operations permit.

On new stibiconite (antimony oxide mineral) outcrops, NAU said as part of the road and drill pad construction, additional stibiconite outcrops were exposed. The eastern side of Resurrection Ridge has strong geological potential with mineralization open to the East.

NevGold ( NAUFF ) CEO, Brandon Bonifacio, said: "We are excited to commence our 2025 drill program at Limo Butte with the objective of advancing the Project to an initial oxide gold-antimony Mineral Resource Estimate. Over recent years our technical team has gained a strong understanding of the regional and project geology. We have a well defined program with the goal of significantly expanding the mineralization footprints at our two most advanced target areas, Resurrection Ridge and Cadillac Valley.

"Compared to most of the other gold-antimony or antimony projects in the United States, we have the ability to rapidly advance project development with our strong institutional knowledge of the Project. Our focus remains on unlocking the gold-antimony potential at Limo Butte as there is a strong macroeconomic environment and clear commitment from the United States to advance high-quality, domestic, mineral projects."

Shares of the company were last seen down 4.8% at $0.30 on the TSX Venture Exchange.

Price: 0.30, Change: -0.02, Percent Change: -4.76