17 hours ago
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NexGold secures key permit for Nova Scotia gold mine
The government of Nova Scotia has granted NexGold Mining (TSXV:NEXG) Industrial Approval for its Goldboro gold mine in the eastern part of the province
NexGold is a gold-focused company developing a project portfolio spread across Canada and Alaska
NexGold stock has given back approximately 10 per cent since adopting the NexGold name in July 2024
The government of Nova Scotia has granted NexGold Mining (TSXV:NEXG) Industrial Approval for its Goldboro gold mine in the eastern part of the province.
Following a final review, with a date of completion notice expected within 60 days, the permit will allow for the operation, construction and reclamation of a surface mine, setting a series of conditions to mitigate potential adverse environmental effects. The application, submitted in August 2023, follows a successful Environmental Assessment in 2022.
According to Tuesday's news release, 'the IA is typically one of the last permits to be issued by the Government of Nova Scotia to allow for the commencement of construction and eventual operations.'
The feasibility-stage Goldboro project holds an estimated after-tax net present value of C$328 million, with initial capital costs of C$271 million, and houses proven and probable reserves of 1.15 million ounces of gold, measured and indicated resources of 2.58 million ounces and inferred resources of 484,000 ounces.
Proven and probable reserves alone translate into over US$3.8 billion in the ground – using the gold price of US$3,381 per ounce at the time of writing – representing an exponential multiple beyond the company's current C$114 million market capitalization. Leadership insights
'We are extremely proud to receive the notice that our Industrial Approval submissions have been deemed complete by the Government of Nova Scotia,' Kevin Bullock, NexGold Mining's president and chief executive officer, said in a statement. 'This is a major milestone that paves the way for the potential development of the Goldboro gold project. The letter we received is the culmination of years of work by the NexGold team and we look forward to future constructive dialogue with the province to work towards a positive IA conclusion in the next two months.' About NexGold Mining
NexGold is a gold-focused company developing a portfolio spread across Canada and Alaska.
NexGold stock (TSXV:NEXG) is up by 0.63 per cent trading at C$0.80 as of 10:49 am ET. The stock has given back approximately 10 per cent since adopting the NexGold name in July 2024.
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