NAUFF - Gold Explorer Stakes Copper Project Near Trend Discovery | Benzinga
Source: Streetwise Reports 04/04/2024
NevGold Corp. announced it has organically staked mineral claims in southwestern Idaho to create a new project, the Zeus Copper Project. Read on to see why one analyst says this company is headed toward a bull market.
NevGold Corp. (OTC: NAUFF) announced it has organically staked mineral claims in the Hercules Copper District of southwestern Idaho to create a new project, the Zeus Copper Project.
The 4,900-acre site is about 20 kilometers southwest of Hercules Silver's (OTC: BADEF) copper porphyry discovery announced last fall, which included drilling results of 85 meters of 0.84% copper (Cu), including 45 meters of 1.94% Cu.
Mining giant Barrick Gold Corp. (NYSE: GOLD) invested approximately CA$30 million in Hercules for a 30% equity stake after the discovery was announced.
"We moved very swiftly with our geological review and staking campaign on Zeus, and we strongly believe that we have consolidated some of the most strategic ground in this emerging copper porphyry belt" said NevGold Chief Executive Officer Brandon Bonifacio. "The Zeus Project has many of the same geological characteristics as the Hercules Project, and our team encountered signs of copper mineralization and porphyry copper alteration while staking over recent months."
NevGold said it will continue to remain focused on expanding its "oxide, heap-leach gold resource platform in the Western USA" with its Nutmeg Mountain project in Idaho and Limousine Butte in Nevada.
"We are always looking for opportunities to create value for our shareholders" Bonifacio said. "It is also very advantageous to have another project in the district, as we have already built a strong reputation in Washington County, Idaho, and we have many relationships to leverage as we advance both Zeus and Nutmeg Mountain."
The Catalyst: New Co. Bull Market Could Start 'Soon'
Even before the announcement, the company was in "a good spot to be in going forward with gold now embarking on its biggest bull market ever" Technical Analyst Clive Maund wrote.
The Barrick investment in Hercules "should give you an idea of the potential of this new NevGold property" Maund wrote after the news. "Giving the project the name Zeus is a smart move by NevGold, because in Greek mythology, Zeus was the father of Hercules, which implies that this project is ...