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Nevgold Releases Positive Progress Update Through CEO Letter to Shareholders
Vancouver, British Columbia, March 13, 2023 (GLOBE NEWSWIRE) -- Dear Shareholders, it has been a fast paced start to 2023 for NevGold Corp. (“NevGold” or the “C
About this update from Nevgold Corp
[{"type":"text","content":" Vancouver, British Columbia, March 13, 2023 (GLOBE NEWSWIRE) -- Dear Shareholders, it has been a fast paced start to 2023 for NevGold Corp. (“NevGold” or the “Company”) (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50), with a lot of positive operational progress since closing our oversubscribed +C$4.1M financing on December 5, 2022. I write this update to shareholders very excited about what the future has in store as we drill our first holes at Nutmeg Mountain in Idaho, and continue our resource development and exploration at Limousine Butte in Nevada. The NevGold story has significantly advanced and evolved since our first day of public trading on June 29, 2021 and we are dedicated to becoming one of the “go-to” oxide, heap-leach gold resource development and exploration companies in the Western USA. Market Update Along with it being a busy week with the Prospectors and Developers Association of Canada (PDAC) mining conference in Toronto from March 5 to 8, it was also one with many key data points and developments including: Federal Reserve rhetoric with a more hawkish stance from Chairman Jerome Powell in his testimony to the Senate Banking Committee; United States job data including initial jobless claims and non-farm payrolls; And a critical event to end the week related to the debacle of the Silicon Valley Bank and the “run on the bank” with US regulators eventually shutting the institution shortly after 12PM EST on Friday, March 10; the situation is developing and would be the second-largest bank failure in US history after the 2008 collapse of Washington Mutual Silicon Valley is a lender to some of the largest technology companies in the world Gold had a volatile week trading between approximately US$1,810/oz and ending the week at just under US$1,870/oz up over US$35/oz on the day after the news broke on Silicon Valley Bank. What does this mean for gold going forward? Overall, it is clear that gold is performing as expected and is one of the very few asset classes that continuously performs in times like these. The “safe haven” characteristics of gold are second to no other asset class and this creates an interesting setup in the short to medium term, with a potential larger secular bullish move over time. One could speculate and say it is a matter of “when, not if”. Followers of the gold market over recent years have been wa...