10:08 AM EST, 01/30/2025 (MT Newswires) -- NeXGold Mining ( NXGCF ) was at last look up about 5% on Thursday as the company starts its next phase of diamond drilling at NeXGold's Goliath Gold Complex in Ontario.

A statement noted Phase 2 comprises up to 13,000 metres and is a continuation of the multi-phased 25,000-metre diamond drill program announced on Aug. 7, that has included drilling at Interlakes, C Zone and Far East.

NeXGold said Phase 2 is designed to build on recent success intersecting mineralization outside of the current Goliath Mineral Resource which may expand open pit mine life or add to potential underground development. Drilling will include further drill testing of high-grade plunging shoots at the Goliath Deposit adjacent to the existing Mineral Resource Estimate.

"Phase 2 drilling will also include drilling two kilometres southwest of the Goldlund Deposit where mineralization is believed to continue along strike," the company added in a statement.

The company will be conducting geophysical and geochemical surveys on various regional prospects with the goal of developing more drill-ready targets, in the months ahead.

"The goal of the exploration program is to demonstrate the potential scale and size of the district within 65 kilometres of strike potential. ...While we continue to drill, we will also pursue further discoveries by advancing other mineral prospects. As we advance two near-term gold development projects at Goliath in Ontario and the Goldboro Gold Project in Nova Scotia, we do so with an eye on creating significant near-term and long-term value for all shareholders, Rightsholders and stakeholders," said NexGold Mining ( NXGCF ) Chief Executive Kevin Bullock.

Shares were last seen up $0.030 at $0.66 in early morning trade on the TSX Venture Exchange.

Price: 0.66, Change: +0.03, Percent Change: +4.76