NxGold Ltd. Receives Recommendation from Fundamental Research - Video Available on Investmentpitch.com

December 04, 2018 9:10 AM EST | Source: InvestmentPitch Media

Vancouver, British Columbia--(Newsfile Corp. - December 4, 2018) -  Today's buy recommendation comes from Fundamental Research Corp. Analyst Sid Rajeev gives NxGold Ltd. (TSXV: NXN) a buy rating and a fair value estimate of $0.31 per share, a premium of 138% to the $0.13 closing price on September 26th, the day the report was issued.

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NxGold, an exploration and development company, is focused on pursuing high grade gold opportunities in world-class mining districts. The company holds an 80% interest in the Mt. Roe gold project in Pilbara, Western Australia, which is located next to Nova Resources (TSXV:NVO) and Artemis Resources' (ASX:ARV) Karratha gold project and approximately 30 kilometers south of Karratha. The Mt. Roe project covers 1,232 hectares over two blocks.

Discovery of multiple gold nuggets in July 2017 by Nova and Artemis prompted a gold rush in the Pilbara, making it one of the hottest areas for gold exploration.

The company identified 7 kilometers of potential strike length and recovered several gold nuggets at surface. Some of these nuggets have similar characteristics as the ones recovered by Novo and Artemis, others are indicative of primary proximal mineralization.

The company recently completed a follow-up phase to the initial anomalous stream sediment samples, which included additional stream samples, gridded soil samples and rock/grab samples. A total of 47 stream silt samples were collected which identified numerous target areas including an approximately 1.2 kilometer long section of the Sholl ridge, host to the Eagle, Kangaroo and Bulldog target areas and coincident with a large magnetic high feature identified from the detailed UAV-magnetics survey. Assay results from gridded soil samples from the Eagle area are pending.

The Hawk, Swan and Sun target areas were expanded by the additional stream samples. Results from the gridded soil samples are pending from the Hawk and Swan areas.

At the Prinsep tenements, an initial work program focused on historical areas worked by prospectors using metal detectors. A total of 7 stream sediment samples were collected and a soil grid with 80 meter line spacing and 80 meter sample spacing was sampled fore 60 samples collected. Results from this program are pending.

Christopher McFadden, President and CEO, stated: "In a relatively short period of time since acquiring the property this year, our team has evaluated the property for different mineralisation styles and advanced to the drill target delineation stage through the systematic exploration of the Mt Roe tenements. This approach will also be used to evaluate the Prinsep tenements and the pending tenements on Mt. Roe which are expected to be granted shortly. The identification of vein structures in the Eagle, Hawk and Swan areas among others, supports the existence of primary gold mineralisation on the property."

Analyst Sid Rajeev stated: "Mt. Roe is considered to have potential for conglomerate hosted deposits, similar to other recent discoveries in Pilbara, and the Witwatersrand gold deposits of South Africa. The Witwatersrand basin is the world's largest producer of gold, having produced over 1.5 billion ounces of gold since the 19th century from the conglomerate beds (gold reefs) of the basin."

The company has also entered into an earn-in agreement to earn up to a 70% interest in the Kuulu Project, formerly known as the Peter Lake Gold Project, in Nunavut. Multiple clusters of quartz carbonate boulders containing high-grade gold have been discovered on the Property with strong evidence that the bedrock source is also within the Property.

The shares are trading at $0.07, a significant discount to Fundamental's $0.31 fair value target.

For more information please visit the company's website www.nxgold.ca, contact Travis McPherson, Vice-President Corporate Development, at 604-428-4112 or by email at tmcpherson@nxgold.ca.

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