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Vancouver, Canada TheNewswire - March 9, 2022 - Nexus Gold Corp. (" Nexus " or the " Company ") (TSXV:NXS ) ( OTC:NXXGF ) ( FSE:N6E) is pleased to announce it has commenced exploration at its wholly-owned 13,166-hectare Cyclone Project, a gold-nickel-copper property which covers a 28-kilometre strike length of the Aquilon Greenstone Belt in the James Bay Region of northern Quebec.
The Company has contracted Prospectair Geosurveys Inc of Gatineau, Quebec, to conduct a property-wide, 1,127 line-kilometers (line-spacing of 150 meters) combined magnetic (MAG) and time-domain electromagnetic (TDEM) airborne survey.
The property was acquired based on its high potential for gold, nickel, and copper mineralization, but only limited historical exploration. The magnetic component of the survey will guide the lithological interpretation of the basement rocks, as well as define structural off-sets and potential alteration features. The electromagnetic (EM) of the survey aims to define conductive features which may be related to sulphide accumulations with the potential for nickel and copper mineralization related to the large volumes of ultramafic intrusions on a portion of the Property.
The Cyclone property consists of a large, district-scale, gold-nickel-copper exploration project, located in the James Bay Region of northern Quebec. Within the James Bay Region are several past / producing gold mines including Newmont's Eleonore Gold Mine, which began production in 2014. Cyclone comprises 260 mineral claims covering a 28-kilometer-long portion of the Aquilon Greenstone Belt. The Aquilon Belt is a relatively newly characterized (2011) series of volcano-sedimentary rocks that hosts potential for gold and nickel/copper mineralization.
Historical exploration at Cyclone consists of regional-scale mapping and prospecting, as well as an airborne magnetic-electromagnetic (EM) survey. The regional-scale mapping confirmed the mafic and ultramafic rocks, felsic volcanics and iron-formation. During the regional-scale mapping, some of the ultramafic rocks were found to contain minor sulphide (pyrhhotite, chalcopyrite and pyrite) with elevated nickel and chromium. The EM conductors remain largely un-tested.
Two types of gold mineralization have been identified within the western part of the belt. High grade vein-type gold mineralization found in auriferous quartz and carbonate veins hosted within felsic rock associated with felsite's and disseminated pyrite halos. Mineralization tends to be found along a strong lineament known as the Wolfe Corridor. And lower grade gold mineralization associated with bands of disseminated sulphides (Py-Po) with some anomalous copper and zinc values. Large volumes of ultramafic rock at the Cyclone Property suggest there is good potential for magmatic sulphide mineralization (Ni +/- PGE's).
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Image 1: Cyclone property located on the Aquilon Greenstone Belt, North-Central Quebec, Canada
Sirios Resources has conducted several exploration programs in the same greenstone belt at their Aquilon Property, located immediately to the west of the Cyclone Property. Sirios' property has thirty (30) high-grade surface gold showings, including some with spectacular gold grades up to 800 grams-per-tonne and more (see Sirios Resources news releases September 22, 2020, and January 19, 2011). Numerous shallow drill holes were completed on the property over the years (205 holes totaling 12,247m), with the majority of the work concentrated on four of the showings.
* Management cautions that past results or discoveries on adjacent properties may not necessarily be indicative to the presence of mineralization on the Company's properties.
The Cyclone Project has not yet seen any drilling, or a systematic exploration program for gold or base-metals. At the north end of the Property, it is approximately 1.5 kilometres from an all-weather access road to the La Forge hydroelectric facility, and the all-weather Trans-Taiga Highway passes less than 1 kilometer from the south end of the Property.
Neil McCallum P.Geo., of Dahrouge Geological Consulting Ltd., is the designated Qualified Person as defined by National Instrument 43-101 has approved, the technical information contained in this release.
About the Company
Nexus Gold is a Canadian-based gold exploration and development company with an extensive portfolio of projects in Canada and West Africa. The Company's primary focus is on its 100%-owned, 98-sq km Dakouli 2 Gold Concession in Burkina Faso, West Africa, and the approximately 1400-ha McKenzie Gold Project, located in Red Lake, Ontario. The Company is concentrating on the development of its core assets while seeking joint-venture, earn-in, and strategic partnerships for other projects in its portfolio.
For more information, please visit nxs.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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Figure 1: Location Map showing NAE’s Wagyu Gold Project (E47/2974) in the Gold Mineralisation Corridor shared with De Grey’s significant gold Mineral Resources, including Hemi, Mt Berghaus and Calvert.
