Limousine Butte is an advanced stage gold and antimony exploration project located in White Pine County in eastern Nevada, approximately 70 km (45 miles) north-northwest of Ely. The property covers around 68 square kilometers of the southern Cherry Creek Range. Access to the site is excellent via a well-maintained gravel road from the town of Cherry Creek off U.S. Highway 93. This infrastructure, including locally available water and grid power within 13 km, supports field operations and future development.

The project is a brownfield site, hosting a previously mined open-pit, heap-leach gold operation from the late 1980s. Today, NevGold Corp. is advancing Limousine Butte as a potential domestic source of both gold and antimony. The project lies in an active mining district, surrounded by exploration projects from three major companies, which underscores the high prospectivity of the region.

Figure 1 – Limo Butte district map including other projects.

Exploration at Limousine Butte dates back to the 1940s–1950s, when prospectors were originally drawn by antimony occurrences. Two antimony showings (the Nevada Antimony Mine and the Lage Antimony Prospect) produced small amounts of antimony metal during that period. Antimony exploration led to the incidental discovery of gold mineralization at what later became the Golden Butte Pit and Resurrection Ridge zones.

Modern exploration resumed in the late 1970s, when Amselco, Teck, Chevron, and others completed early geochemistry, mapping, and drilling around Golden Butte. By the mid-1980s, the work was consolidated under Alta Bay Venture, which developed a small open-pit heap-leach operation. Mining began in 1988 and produced gold through 1990.

From 1997 to 2019, Nevada Pacific Gold (later U.S. Gold and McEwen Mining) compiled a comprehensive exploration database—nearly 900 drill holes totaling about 120,000 meters—culminating in a 2009 NI 43-101 resource across Resurrection Ridge, Cadillac Valley, and Coffee Mug.

NevGold acquired 100 percent interest of the Project in 2021 and has since re-energized the project with modern exploration methods and a refined geologic model targeting both gold and antimony mineralization.

Limousine Butte is a sediment-hosted “Carlin-type” system that hosts gold and antimony mineralization disseminated in Paleozoic carbonate rocks. The Devonian Pilot Shale is the principal local host to Carlin-type mineralization in the district. At Limo Butte, positive gold grades commonly coincide with silicification and formation of jasperoid breccias within the Pilot, an alteration style also observed where elevated antimony is reported. Antimony values at Limo Butte are unusually high for a Carlin-type system, with stibnite (antimony sulfide) and its oxide derivatives frequently present alongside the gold.

NevGold’s 2021–2025 work included integrating historical drilling, new mapping, and surface sampling which has produced an updated district model and has refined property-wide controls on mineralization. At Resurrection Ridge, Devonian–Silurian dolomite is exposed immediately east of known gold mineralization. Earlier explorers inferred that the overlying Pilot Shale had been eroded in this area, and they did not test eastward, despite shallow high-grade intercepts in the easternmost holes drilled at Resurrection Ridge. The new model indicates the older dolomite was thrust over the prospective Pilot Shale unit, creating structural preparation and a fluid trap that preserves the favorable host at depth, the classic architecture for a Carlin-type system.

Figure 2 – Comparison of historical geological model (left) and new NevGold geological model (right) outlining the thesis that the older dolomite unit was thrust over the prospective Pilot Shale unit. The preserved Pilot Shale unit extends more than 1 kilometer east of prior drilling at Resurrection Ridge.

Hole LB25-002, the first test of this new NevGold geological model, collared in dolomite, passed through the upper thrust plate, and intersected gold and antimony at multiple horizons within the Pilot Shale. This drillhole result validates the model and materially expands the prospective footprint: the preserved Pilot Shale extends more than one kilometer east of prior drilling at Resurrection Ridge.

Figure 3 – Cross section with results from LB25-002 and new Bullet Zone discovery. Thin colored discs show Antimony (Sb ppm) in drilling, and wide colored discs show Gold (Au ppm) in drilling.

Property-wide, the updated model outlines multiple Au–Sb target corridors that track outcrops and projected subsurface positions of the Pilot Shale, where repeated faulting and thrusting provided fluid pathways and focused mineralization. NevGold’s 2025 drill program continues to test these high-priority targets.

Figure 4 – Large cross section at the Project outlining the strong expansion potential between Resurrection Ridge and Crashed Airplane Valley, which spans +2.5 kilometers.

Antimony is designated as a U.S. “Critical Mineral” (U.S. Geological Survey 2022) due to its vital use in a range of military and high-tech applications (from ammunition and armor to batteries and semiconductors) and the risks associated with its supply chain. The U.S. currently relies entirely on imports for antimony supply, primarily from China and Russia. In late 2024, China’s government imposed new restrictions on antimony exports – specifically curtailing shipments to the United States – underscoring the vulnerability of this supply. In response, the U.S. Department of Defense and other agencies have prioritized domestic antimony sources. For example, Perpetua Resources’ Stibnite gold-antimony project in Idaho has received federal grants and loans to help kick-start production of this critical mineral on U.S. soil.

Limousine Butte was historically recognized for its antimony occurrences, within the project boundary are two small past-producing antimony prospects (the Nevada Antimony Mine and the Lage prospect) where stibnite-rich material was mined from shallow workings. Jasperoid outcrops on the property carry exceptionally high antimony grades. An academic study of the Golden Butte pit documented rock samples with over 5% Sb (including one with nearly 10% Sb), and NevGold’s recent field work has confirmed similar numbers. In early 2025, surface rock chip assays returned values up to 6.8% Sb (with numerous samples above 1% Sb) in silicified breccias.

Review of the historical database and a 2025 re-assay program of historical drillhole cuttings has allowed NevGold to define a large footprint of antimony mineralization at the prorject.  Limo Butte presents an opportunity to quickly develop a domestic antimony source alongside its gold resource, contributing to U.S. supply chain security.

Antimony in Drilling Highlights (2025 Re-assay Program):

• LB21-004 (Resurrection Ridge): 60.3 meters grading 2.27 g/t Au and 0.13% Sb (including 11.6 m @ 8.92 g/t Au and 0.17% Sb).
• RR03-01 (Resurrection Ridge, historic hole re-assayed): 56.4 meters grading 1.74 g/t Au and 0.10% Sb (including 6.1 m @ 10.60 g/t Au and 0.18% Sb).
• LB010 (Cadillac Valley area): 57.2 meters grading 1.45 g/t Au and 0.16% Sb (including 26.2 m @ 2.24 g/t Au and 0.21% Sb).

In 2009, a NI 43-101 compliant Mineral Resource Estimate outlined approximately 241,000 ounces of gold in the Measured + Indicated categories, plus about 50,700 ounces Inferred, across the Resurrection Ridge, Cadillac Valley, and Coffee Mug zones (see table below). This estimate is now considered historical and not current for disclosure, but it demonstrates the scale of previously known gold mineralization. NevGold’s ongoing exploration is scheduled to produce an updated NI 43-101 Mineral Resource for both gold and antimony in early 2026.

Historical Mineral Resource Estimate (2009) – Telesto (July 2009)

Note: This Mineral Resource Estimate is considered historical and is not current under NI 43-101. A Qualified Person has not done sufficient work to update it, and NevGold is not treating it as a current resource.

NevGold carried out preliminary metallurgical testwork in 2025. Two composite samples were collected for initial lab tests: one from oxide drill core (representative of the Pilot Shale gold zone at depth) and one from high-grade antimony surface material (jasperoid from the Golden Butte area). The core composite contained roughly 1% Sb and the surface composite over 4% Sb, reflecting the significant antimony present in the system alongside gold.

Several processing methods were tested, with acid leach processing achieving up to 92% recovery, and sulfidized floatation achieving up to 78% recovery.  Notably, preliminary testing shows antimony extraction does not affect gold recoveries. NevGold is currently advancing the most successful methods into the next phase of metallurgical testing.

All key exploration activities at Limousine Butte are fully permitted. In November 2024, the Bureau of Land Management (BLM) approved a comprehensive Plan of Operations for the project, a major milestone that expands the allowable exploration footprint. The permit allows drilling and related work across the entire 68 km² property for up to 10 years, with up to 200 acres of disturbance.