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Nexus Gold (TSXV:NXS) (OTC:NXXGF) (FSE:N6E) is pleased to announce that drill targets have now been determined for the Company’s upcoming diamond drill program at the 100%-owned McKenzie Gold Project, located in Red Lake, Ontario.
Nexus Gold Corp. (“Nexus” or the “Company”) (TSXV:NXS) (OTC:NXXGF) (FSE:N6E) is pleased to announce that drill targets have now been determined for the Company’s upcoming diamond drill program at the 100%-owned McKenzie Gold Project, located in Red Lake, Ontario.
The phase one program will consist of a minimum 1000-meter diamond drill campaign, with up to 10 drill holes targeted to depths between 100 to 200 meters, at angles ranging from 45 to 60 dips. Phase one is designed to test the mineralization potential of several gold targets occurring within a corridor located in the southernmost section of the 1,348-hectare claim block.
Historic drilling conducted in 2005 along this corridor returned significant results, including 7.49 grams-per-tonne (“g/t”) gold (“Au”) over 8.2 meters, 15.54 g/t Au over 0.8 meters (includes 23.4 g/t over 0.3 meters), 4.47 g/t gold over 1.4 meters, 17.02 g/t Au over 0.5 meters, and 2.1 g/t Au over 5.5 meters. Drilling will test the strike and/or depth extensions of intersections obtained by earlier drill programs, such as intersections in historic drill hole M05-14 (15.54 g/t Au over 0.80 meters) and M05-3 (4.04 g/t Au over 0.45m and 23.87 g/t Au over 0.2 meters).
The phase one program will also test the potential of East-West trending shears along the geological contact of the Dome Stock with Volcanic rocks of the Balmer assemblage for depth or lateral extent based on anomalous prospecting samples (1550 ppb Au, 1850 ppb Au, 962 ppb Au and 723 ppb Au) collected during the Company’s 2019 prospecting program.
This initial drill program is expandable, and the Company is currently reviewing additional targets to test if the decision is made to increase phase one meterage.
Figure 1: McKenzie Gold Project, Red Lake Ontario – see figure 2 for more detail on inset
“A 1000-meter diamond drill program is an excellent start to our goal of conducting multiple drill programs at McKenzie in 2020,” said president and CEO, Alex Klenman. “We’re eager to test and expand areas that have already shown high-grade mineralization in the past. There have been some narrow high-grade intercepts in this particular target zone, so we’re hoping to build on that. We are also reviewing additional targets in the immediate area and could expand the scope of this initial campaign,” continued Mr. Klenman.
Start of the phase one drill program is anticipated to begin later in May. The Company will announce equipment and crew mobilization, and drill commencement, when dates are finalized in the short term.
Figure 2: Phase One Drill Targeting, McKenzie Gold Project, Red Lake, Ontario
* Note the reported lengths are intercepts and are not true widths
Warren Robb P.Geo., Vice President, Exploration, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for the technical information contained in this release.
Compilation Summary – McKenzie Gold Project
As reported in a Company news release dated October 11, 2019, Nexus received a compilation summary of important historic data from project geological consultants, Rimini Exploration. The compilation integrated the regional geological and regional geophysical data, thus allowing the Company’s geological staff to compare these trends to the information obtained through ground exploration conducted to date on the property. The more comprehensive data from the summary, coupled with the new data from the phase two prospecting program, was utilized in determining suitable areas to drill test.
The Rimini compilation summary produced historical data the Company was previously unaware of regarding multiple historical grab samples taken on the McKenzie claim block. The Company had previously disclosed several high-grade historical grab sample results on the property, including 331.14 g/t Au, 18.02 g/t Au, 212.8 g/t Au, 313 g/t Au, 18.02 g/t Au and 9.37 g/t Au. In the summer of 2019 Nexus conducted its first ground reconnaissance program at McKenzie and results returned notable sample assays, including 135.4 g/t Au and 9.3 g/t Au (see Company news release dated June 25, 2019).
Additional high-grade historical grab samples previously unknown to the Company and revealed in the Rimini summary include several high-grade assays, including 142.49 g/t Au, 115.2 g/t Au, 114.57 g/t Au, 93.71 g/t Au, 68.03 g/t Au, 53.01 g/t Au, and 16.65 g/t Au from areas located on McKenzie Island (north block).
The data compilation summary also indicated that little to no exploration has been conducted over the actual lake portion of the claim block. The Company has noted from the regional data that a number of northerly trending geophysical trends extend within the lake itself and is viewing these trends as potential faults or breaks within the Dome Stock.
Preliminary review of lake sediment sampling conducted on the property in 1989 indicates coincidental anomalous gold geochemical values occurring. Historical values obtained from the analysis of +150 mesh screened lake sediment samples returned values of 0.159 ounce-per-ton (5.45 g/t) Au, 0.154 ounce per ton (5.28 g/t) Au, and 0.116 once per ton (3.98 g/t) Au. The Company now intends to conduct more exploration activity within the lake-bound portion of the project area to determine the prospectivity of a large underexplored section of the property.
About the Company
Nexus Gold is a Canadian-based gold development company with an extensive portfolio of eleven exploration projects in Canada and West Africa. The Company’s West African-based portfolio totals five projects encompassing over 750-sq kms of land located on active gold belts and proven mineralized trends, while it’s 100%-owned Canadian projects include the McKenzie Gold Project in Red Lake, Ontario, the New Pilot Project, located in British Columbia’s historic Bridge River Mining Camp, and four prospective gold and gold-copper projects (3,700-ha) in the Province of Newfoundland. The Company is focusing on the development of several core assets while seeking joint-venture, earn-in, and strategic partnerships for other projects in its growing portfolio.
For more information please visit nexus.gold.
On behalf of the Board of Directors of
NEXUS GOLD CORP.
Alex Klenman
President & CEO
604-558-1920
info@nexusgoldcorp.com
www.nexusgoldcorp.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
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