08:32 AM EDT, 10/28/2024 (MT Newswires) -- NexGold Mining ( NXGCF ) said Monday that it intersected significant visible gold located below the current mineral resource on the eastern end of the C zone at the Goliath deposit within the Goliath gold complex in Ontario.

The visible gold found in drillhole TL24-678 was encountered 70 meters down dip of previously-released hole TL20-520, which intersected 1.35 grams per tonne (g/t) gold over 14.7 meters, including 6.00 g/t gold over 2.0 meters, the company said.

The drilling is part of its 25,000-meter drill program that started in August.

"Extending what is showing to be another high-grade zone at the Goliath deposit is just another example of the great continuity of the deposit, but also shows that there is visible gold present to guide our program," said Morgan Lekstrom, president of NexGold. "We believe we have just touched the surface at the Goliath deposit and that there is significant potential for more in the deeper holes aiming to find the higher grades."

NexGold's share price fell 1.2% last Friday to $0.80 on the TSXV.