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Nevgold Corp ( (TSE:NAU) ) has provided an update.
NevGold Corp has announced an updated Mineral Resource Estimate (MRE) for its Nutmeg Mountain gold project in Idaho, highlighting significant growth in both indicated and inferred resources. The updated estimate reveals 1.19 million ounces of indicated resources and 548,000 ounces of inferred resources, showcasing the project’s potential as a high-quality, open-pit oxide gold project. The mineralization starts at the surface with a low strip ratio, indicating favorable economic prospects. The company plans to advance the project to a Preliminary Economic Assessment, aiming to capitalize on the strong growth potential and favorable macroeconomic conditions for gold.
Spark’s Take on TSE:NAU Stock
According to Spark, TipRanks’ AI Analyst, TSE:NAU is a Neutral.
Nevgold Corp’s overall stock score reflects the challenges typical of an exploration-stage mining company, including financial instability due to non-existent revenues and cash burn. However, positive technical indicators and recent promising corporate developments provide some optimism for future growth.
To see Spark’s full report on TSE:NAU stock, click here.
More about Nevgold Corp
NevGold Corp is a company operating in the mining industry, focusing on the exploration and development of gold mineral resources. The company is engaged in open-pit, heap-leach gold mining projects, with a particular emphasis on the Western USA, including the Nutmeg Mountain project in Idaho.
Average Trading Volume: 175,628
Technical Sentiment Signal: Strong Sell
Current Market Cap: C$32.72M
See more data about NAU stock on TipRanks’ Stock Analysis page.