TSX-V-, Frankfurt- and OTCQB-listed NevGold has reported positive results from its Phase I pit sampling programme at the Limo Butte project, in Nevada, in the US, confirming consistent antimony and gold grades from historic gold leach pads and supporting a near-term antimony production opportunity.

The historic leach pads were generated from mining operations conducted between 1989 and 1990, when gold prices were below $400/oz and antimony was not a focus of mining or processing.

Based on historic records, the leach pads are estimated to contain between 2.4-million and three-million tonnes of previously mined material that is already at surface. Surface sampling undertaken by NevGold returned consistent and positive antimony and gold grades across both leach pads.

The material is divided into a crushed leach pad and a run-of-mine leach pad. The crushed leach pad is estimated, based on historic records, to contain between 1.4-million and 1.7-million tonnes of material with an average grade of 0.72% antimony and 0.43 g/t

 gold. The material size is about three-quarters of an inch. The run-of-mine leach pad is estimated to contain between one-million and 1.3-million tonnes of material, averaging 0.31% antimony and 0.81 g/t gold, with variable material size.

According to the company, antimony and gold grades are very consistent throughout both historic leach pads, with all sample pits showing significant mineralisation. Certain areas of the leach pads returned antimony grades ranging from 0.47% to 0.81%, based on individual sample results.

NevGold said there is strong future potential to extract remaining gold mineralisation alongside antimony from the historic leach pads. Metallurgical testwork completed by the company has highlighted favourable geometallurgical characteristics at Limo Butte, with antimony leaching identified as the preferred recovery method.

Testwork completed last year demonstrated antimony recoveries of up to 92% using acid leaching, with minimal to no impact on gold recovery.

The company said the historic gold contained within the leach pads could potentially be recovered in the future following antimony processing. Acid leaching is being reviewed as the preferred metallurgical process for antimony, with no reliance on downstream processing at third-party smelters.

Under this scenario, antimony metal would be produced on site through a conventional leaching and electrowinning process, similar to solvent extraction and electrowinning (SX/EW) commonly used in the oxide copper industry.

Antimony is classified as one of the highest priority critical minerals owing to its strategic importance and military applications. Limo Butte is a brownfield mine site in Nevada that hosts near-surface, high-grade antimony mineralisation.

NevGold said the historic leach pads represent a near-term antimony production opportunity, while a larger commercial gold/antimony opportunity can be advanced in parallel.

Beyond the leach pads, the company is progressing drilling, metallurgical test work, and preparation of a mineral resource estimate (MRE) at Resurrection Ridge, as well as at the Cadillac Valley area and the high-grade antimony Bullet Zone discovery made in 2025.

NevGold said a staged development approach could provide multiple development scenarios over the next 12 to 24 months, with the potential for near-term production and cash flow.

As part of its 2025 to 2026 work programme at Limo Butte, NevGold has completed an evaluation of the historic geological database with a focus on gold and antimony and has advanced Phase II metallurgical test work.

Ongoing drilling to test gold/antimony targets has resulted in 30 drill holes completed to date. The company is also advancing the crushed and run-of-mine leach pads for near-term antimony production, has commenced sonic drilling following completion of Phase I sampling and metallurgical work, and is progressing an initial gold-antimony MRE.

“These results rapidly de-risk and advance the near-term production potential of the leach pads at Limo Butte, which is a key brownfield mine site for near-term antimony production. Limo Butte has the advantage of hosting a large amount of historically mined material already at surface in the leach pads, which were previously focused only on gold mineralisation.

“With the addition of antimony, multiple development scenarios become viable and are currently being evaluated. We believe this represents one of the near-term solutions for building a fully vertically integrated antimony supply chain in the US.

“In parallel with advancing the historic leach pad opportunity, we are also progressing the larger commercial gold-antimony mining operation at the project through drilling, metallurgical test work, and the planned gold-antimony MRE at Resurrection Ridge, Cadillac Valley and the high-grade Bullet gold/antimony discovery made in 2025. This provides the company with significant optionality as we look to advance Limo Butte toward production and cash flow,” NevGold CEO Brandon Bonifacio said.