New Murchison Gold (ASX:NMG) intersects high-grade gold at Crown Prince

For a junior explorer, few sights are as exhilarating as visible gold shimmering in a fresh drill core. That’s precisely what New Murchison Gold (ASX:NMG) has uncovered at its flagship Crown Prince gold deposit, part of the broader Garden Gully project in Western Australia’s prolific Murchison goldfields.

A 16-metre-wide shear zone intercepted in diamond drill hole NGGRCDD974, beginning at 252 metres downhole, has revealed quartz-carbonate veining with strong showings of native gold.

The company is eager to see how the assays stack up, with results expected in two to three weeks.

A Deepening Story

NMG’s Crown Prince deposit already carries a mineral resource estimate, but the company’s latest drilling is extending the known mineralisation at depth and beyond its current resource model.

Notably, the visible gold intersected in NGGRCDD974 is the deepest recorded instance of mineralisation in the deposit’s south-eastern zone (SEZ).

New Murchison Gold CEO Alex Passmore is encouraged by the early indications, noting that while assays are still pending, the intersection is “highly encouraging and material in relation to the likely extension of the resource envelope.”

Beyond the Glitter

The Crown Prince deposit is an enigma in some ways—historically mined in the early 1900s, but never fully tested to depth.

NMG’s latest drilling aims to answer a critical question: how deep does this system go, and is the mineralisation continuous at economic grades?

To that end, NMG has lined up 12 diamond drill holes, with three already in the lab and a fourth awaiting processing.

While only NGGRCDD974 has delivered eye-visible gold, strong alteration and shearing in other holes suggest the system is alive and well below the known deposit.

Market Realities: A Tough Climate for Juniors

Gold prices are hovering around A$3,150 per ounce, a boon for explorers, but capital markets remain tough.

Despite its $75 million market cap, NMG is trading at a lowly 0.9 cents per share, indicative of the broader struggles of small-cap resources stocks to attract fresh investor interest.

That said, discoveries—and their associated speculative momentum—are often the best remedy for an undervalued explorer.

If assays confirm high-grade extensions at Crown Prince, NMG could suddenly find itself back on investor radars.

The Road Ahead

With a February feasibility study and an updated mineral resource estimate from November 2024, NMG is inching closer to potential development.

The deeper drilling now underway could provide the missing piece: confirmation that Crown Prince isn’t just a high-grade remnant, but a larger system waiting to be unlocked.

For now, it’s all eyes on the assay lab, if NGGRCDD974’s visible gold translates into grade, NMG may have just rewritten the story of Crown Prince.

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