Nexus Gold Reports Additional Assay Results at the Dakouli 2 Gold Concession, Burkina Faso, West Africa

(TheNewswire)

 

Nexus Gold Corp. (" Nexus " or the " Company ") (TSXV:NXS ) ( OTC:NXXGF ) ( FSE:N6E) is pleased to report it has received the results for the remaining six exploration holes drilled at its 100% owned Dakouli 2 Gold Project, located in Burkina Faso, West Africa

  Drill holes DKL-2020-RC-017 and 018 in this maiden drill program were conducted along the same fence as holes DKL-2020-RC-06 through 11 and positive results have extended the strike of the gold mineralization identified in those holes to over 400 meters.  This zone of mineralization has been intersected to vertical depths of 114 meters and remains open to depth and along strike to the west.  

  Significant results include:  

•  

    - Hole DKL-2020-RC-016 returned 8 meters of 1.13 grams-per-tonne ("g/t") gold ("Au"), including 2 meters of 3.99 g/t Au  

   

    - Hole DKL-2020-RC-017 which intersected 52 meters of .30 g/t Au, including 18 meters of .59 g/t Au, and 10 meters of 0.91 g/t, and 4 meters of 2.08 g/t Au  

   

    - Hole DKL-2020-RC-018 which intersected 6 meters of 1.35 g/t Au, including 2 meters of 3.36 g/t Au, and 8 meters of .53 g/t Au, and 2 meters of 1.43 g/t Au  

   
 

  The results of these holes are tabled below:  

  To the west of this reported drilling the Company has identified a geochemical gold trend which extends for over 1000 meters.  See following map:  

    
Click Image To View Full Size  

  "Results from these last few holes continue to add more positive data to the discovery at Dakouli," said President and CEO, Alex Klenman.  "We are seeing zones of higher grade material in conjunction with lengthier runs of near one-gram gold in this northeast corner of the property.  The goal now is to increase the mineralized footprint in a westerly direction, and ultimately to the southwest, where favorable geochemical results present a number of compelling drill targets over a significant distance.  It's quite a large area, so we have lots of ground to test.  We're going back to Dakouli in the next few weeks, before the onset of the wet season, where we will continue to define the scope and breadth of the gold mineralization encountered so far," continued Mr. Klenman.  

  "This is a very interesting system we have intersected, as we have had a couple of longer intercepts running half a gram and a number of more consistent zones running around 4 grams," said Warren Robb, VP of Exploration.  "The system is trending to the west and our efforts moving forward will be to test, with a diamond drill, this several kilometers long corridor that our termite mound and soil geochemistry has outlined.  This will help us to gain a better understanding of the nature of the mineralization and the geology hosting it," continued Mr. Robb.  

  The assay results were delayed due to Quality Control ("QC") checks implemented by the Company.  The QP for the Company is satisfied that the Company's data verification procedures were sufficient to identify any precision and accuracy errors and implemented check analysis to determine and report accurate gold assay data.  

  A follow up diamond drill program is scheduled for May.  Details will be announced in the coming weeks.  

  Drilling to Date at Dakouli  

  The maiden RC program at the 9,800-hectare (98-sq kms) concession consisted of 2,914 meters of exploratory drilling.  The program was designed to test several areas that have returned either high gold values from rock samples or coincidental soil geochemical and geophysical anomalies proximal to artisanal workings ("orpaillages").  Drilling has so far primarily been confined to a small section in the upper northeastern portion of the concession ground.  

  Significant results were encountered in hole DKL-20-RC-007, which returned 4.83 grams-per-tonne ("g/t") gold ("Au") over 20 meters, including 14.51 g/t Au over 6m (also including 39.6 g/t over 2m).  Other significant results were realized in hole DKL-20-RC-009, which returned 1.61 g/t Au over 10 meters, including 4.11 g/t Au over 2 meters, and DKL-20-RC-010, which returned 1.89 g/t Au over 8 meters, including 6.54 g/t Au over 2 meters   .  In addition, several holes returned lengthy intercepts of sub-one gram gold, including DKL-20-RC-006 which returned .33 g/t Au over 36 meters, including .59 g/t Au over 18 meters, and DKL-20-RC-002 which returned .64 g/t Au over 16 meters.  

  Table of significant results, maiden drill program:  

    
Click Image To View Full Size  

  Figure 2: Drill hole locations, 2020 maiden drill program, Dakouli 2 gold concession, Burkina Faso, West Africa  

  The maiden Dakouli drill program was designed to initially test depth extensions of geochemical gold anomalies identified through termite mound sampling, soil gold geochemistry which identified three trends intersecting the property (see Company news release dated June 11, 2019), and finally rock geochemistry which has returned higher grade gold results from selective grab samples extracted from Artisanal mining areas (see Company news releases dated January 8 and 15, 2019, June 23, 2020, and September 10, 2020).  

  The Dakouli 2 permit is located on the Goren greenstone belt, proximal to Nordgold's Bissa Mine, and is bisected by the gold bearing Sabce shear zone.  

    
Click Image To View Full Size  

  Figure 3: Dakouli 2 artisanal zones and bisecting Sabce faults in red, Burkina Faso, West Africa  

  About the Dakouli 2 Gold Concession  

  The Dakouli 2 exploration permit is a 98-sq km (9,800 hectares) gold exploration property located approximately 100 kilometers due north of the capital city Ouagadougou.  

  In late 2018 Company geologists conducted a comprehensive ground reconnaissance program to the west and south of the main orpaillage (artisanal zone) and identified new near surface workings being exploited by artisanal miners.   Rock samples collected from these new zones contained various concentrations of visible gold, including coarse nuggety samples.  

  Follow up work outlined an anomalous zone extending some 500 meters west from the sample zones. Based on those results the Company initiated a 150-line kilometer soil geochemical survey covering the northern half of the Dakouli 2 property and southern portions of the contiguous Niangouela property.   This survey identified three prominent gold geochemical trends.  

  The primary gold trend parallels the Sabce fault zone and extends for approximately 10 kilometers in a northeast-southwest direction and bisects the property from the north east corner of the property to its western boundary.  The Sabce fault hosts multiple deposits including Nordgold's 3.4M oz Bissa Mine, located approximately 25km east of the Dakouli ground.  

  Two secondary gold trends which extend for approximately 6.5 kilometers each are oriented in a northwest to southeast direction and bisect the primary trend.  All three gold geochemical trends are coincidental to geophysical trends identified from the national regional airborne geophysics.  

  Warren Robb P.Geo., Vice President, Exploration, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for, and has approved, the technical information contained in this release.  

  Nexus Closes Private Placement  

  The Company also announces   that it has closed a non-brokered private placement through the issuance of 6,592,640 units (each, a "   Unit"   ) for gross proceeds of $329,632.  Each Unit consists of one common share of the Company, and one common share purchase warrant exercisable to acquire an additional share at a price of $0.07 for a period of thirty-six months.  

  No finders' fees or commissions were paid in connection with completion of the initial tranche of the private placement.  All securities issued in connection with the Offering are subject to a four-month-and-one-day statutory hold period in accordance with applicable securities law.  Completion of a further tranche of the private placement remains subject to approval of the TSX Venture Exchange.  

  The Company anticipates utilizing the proceeds of the Offering to advance exploration and drilling efforts at the Company's Dakouli 2 Gold Concession, located in Burkina Faso, West Africa, and for general working capital purposes.  

  About the Company  

  Nexus Gold is a Canadian-based gold exploration and development company with an extensive portfolio of eleven 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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