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Nexus Gold Corp. is pleased to update shareholders on the upcoming drill campaign 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 update shareholders on the upcoming drill campaign at the 100%-owned McKenzie Gold Project, located in Red Lake, Ontario.
The drill permitting process has been underway and is anticipated to conclude shortly. Upon confirmation that permits have been received the Company will commence a phase one, minimum 1000-meter, diamond drill program to test the mineralization potential of a corridor occurring along the southern contact of the Dome Stock with felsic Volcanics of the Balmer Assemblage.
Historic drilling conducted in 2005 along this corridor in the St. Paul’s area returned significant values, including 7.49 grams-per-tonne (“g/t”) gold (“Au”) over 8.2 meters, 15.54 g/t Au over .8 meter (includes 23.4 g/t over 0.3 meter), 4.47 g/t gold over 1.4 meters, 17.02 g/t Au over .5 meter, 23.87 g/t Au over .2 meter, and 2.1 g/t Au over 5.5 meters* (see figure 2).
The upcoming drill program is designed to test anomalous rock samples that were collected as part of the 2019 fall prospecting program completed by Rimini Exploration in the St. Paul’s Bay area of the property. The prospecting program traced the mineralized contact corridor to the property’s eastern boundary to further determine areas of interest on the property’s southern end, and to continue pre-drill phase data compilation to help determine initial drill targets. The focus of the prospecting was concentrated in and around Perch Lake, in the Saint Paul’s Bay area, located in the southernmost section of the 1,348.5-hectare property.
Figure 1: McKenzie Gold Project, Red Lake, Ontario, with area for upcoming drill program circled in red
“We’re eager to get our first drill program at McKenzie underway,” said president and CEO, Alex Klenman. “Prior work by other operators at McKenzie has produced some compelling results, both through sampling and through limited drilling. There have been some high-grade intercepts in the southern portion of the property, so we’d like to follow up and see if we can replicate or improve those numbers. We’re going to go in and beginning testing the southern most target area now and work our way north with subsequent drilling later in the year. It’s a target rich property and we intend to drill test several zones over the coming months,” continued Mr. Klenman.
The Company anticipates permitting to be completed in the coming weeks and drilling to begin shortly thereafter. Updates will be provided throughout the process.
Figure 2: Historic drill results in the southern section of the McKenzie Gold Project, Red Lake, Ontario
The southern portion of the McKenzie Gold Project is bordered by Premier Gold Mines Ltd Hasaga property and Pure Gold Mining’s Madsen Gold property.
* 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 it’s 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 Rimini 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.
Correction
Total fees paid on the recent financing amounted to $74,803 and 1,438,045 warrants. They were incorrectly stated on the Company’s January 31, 2020, news release.
About the Company
Nexus Gold is a Canadian-based gold development company with an extensive portfolio of ten exploration projects in West Africa and Canada. The Company’s West African-based portfolio totals over 750-sq kms (75,000+ hectares) 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 three prospective gold-copper projects (3,300-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 www.nexusgoldcorp.com.
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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