Nexus Gold Reports Initial Assay Results from December Drilling at the Mckenzie Gold Project, Red Lake, Ontario

Nexus Gold Reports Initial Assay Results from December Drilling at the Mckenzie Gold Project, Red Lake, Ontario

(TheNewswire)

Nexus Gold Corp.

- Hole MK-21-024 returns 2.19 g/t Au over 22 meters

- Includes high-grade intercepts of 24.5 g/t Au over 1.5m and 21 g/t Au over 1m

- Drilling successfully extends strike length over 400 meters

Nexus Gold Corp. (" Nexus " or the " Company ") (TSXV:NXS ) ( OTC:NXXGF ) ( FSE:N6E) is pleased to report initial assay results from its second round of phase two diamond drilling on its 100% owned McKenzie Gold Project located at Red Lake, Ontario

This second round of drilling, completed in December 2021, was designed to test gold anomalies occurring in and around historic trenches identified earlier in the fall by prospecting teams employed by the Company.  The program was also testing the potential strike extension of mineralization identified in the first round of phase two drilling in the spring of 2021.   The program consisted of eight drill holes totaling 2000 meters (full summary of the four holes received is tabled below).

Significant mineralization was encountered in three of the first four holes from the December drill program, which also substantially expanded the strike length of the mineralized zone.  Highlights from the first four holes received include:

  • MK-21-024 which assayed 22 meters ("m") of 2.19 grams-per-tonne ("g/t") gold ("Au"), which includes 1m of 21 g/t Au at 65m depth, and 1.5m of 24.5 g/t Au at 70.5m depth.

  • MK-21-027 returned 23m of .59 g/t Au, including 1m of 2.76 g/t Au and 1m of 6.31 g/t Au.

  • MK-21-030 returned multiple mineralized intercepts, including 3m of 1.41 g/t Au, 6m of 1.07 g/t Au, 6m of 1.17 g/t Au, and 2m of 2.41 g/t Au.  These higher-grade results were contained within lengthier sub-1 gram intercepts, including 25m of .52 g/t Au, 10m of .58 g/t Au, 22m of .52 g/t Au, and 12m of .63 g/t Au.

All drill holes were collared in the Dome Stock and successfully cored through granitic rock displaying zones of potassic ("K") alteration with zones of silica and sericitic alteration; sulphide mineralization consisting primarily of pyrite with lesser chalcopyrite; and occasional molybdenite and sphalerite hosted in quartz carbonate stringers and veins, which was reported occurring in both alteration styles but in greater amounts in the siliceous sericitically altered granite.

The following table includes significant results from four of the eight holes drilled in December 2021:

DRILL HOLE

UTM_E

UTM_N

ELEV (m)

AZIMUTH

DIP

FROM

TO

LENGTH

Au g/t

MK-21-024

437725

5652960

360

300

-45

54

76

22

2.19

includes

65

66

1

21.00

and

70.5

72

1.5

24.50

MK-21-026

437608

5652980

362

190

-50

NSR

MK-21-027

437718

5652792

360

195

-45

13

14

1

1.64

234

235

1

2.54

247

270

23

0.59

includes

234

265

1

2.76

and

269

270

1

6.31

MK-21-030

437725

5652342

380

350

-50

75

100

25

0.52

includes

76

77

1

1.84

90

91

1

1.14

97

100

3

1.41

includes

107

117

10

0.58

111

112

1

3.57

135

136

1

1.75

153

154

1

1.12

165

187

22

0.52

Includes

173

179

6

1.07

251

263

12

0.63

Includes

253

259

6

1.17

Includes

256

258

2

2.41

"We're pleased with these results so far, we were definitely successful in expanding the footprint of the mineralized zone," said president and CEO, Alex Klenman.  "It appears that we have a kink in the mineralized trend towards the northwest, which is an intriguing development.  We'll look to continue to chase the mineralization in that direction as there's a lot of ground up there to work.  We're also encouraged with the mix of higher grade intervals and extended sub and near 1-gram intercepts.  These results, as in previous drilling, continue to indicate similarity to the mineralization style over at the Hasaga project, located several kilometers to the east of us," continued Mr. Klenman.

"This round of drilling was a little more challenging as the mineralization we encountered in the north of Perch Lake displayed a varying degree of alteration to what we've been observing  in the holes south of the lake," said VP Exploration, Warren Robb.  "Holes drilled out under Perch Lake, on the other hand, resulted in intersecting similar alteration and mineralization as we encountered in holes 18 and 19 to the south," continued Mr. Robb.

With the mineralization encountered in holes MK-21-027 and MK-21-030, extension of the strike of the gold bearing zone now extends over 450 meters in length.  Additional assays from the remaining four holes are expected sometime in the next two weeks.


Click Image To View Full Size

Image 1: New sample locations, new showings (red) and historical trenches, recent drill holes, with 2020-2021 drill locations to the south, McKenzie Gold Project, Red Lake, ON

Drill core is logged and sampled in a secure core storage facility located in Red Lake, Ontario.  Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories in Ontario, an accredited independent mineral analysis laboratory, for analysis.  All samples are analyzed for gold using standard Fire Assay-AA techniques.  Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Nexus's quality control/quality assurance program (QA/QC).

Remaining assay results will be released once received, reviewed, and verified by the Company's Qualified Person.

Drilling at McKenzie Gold Project

This 2000-meter drill program commenced with the first hole being drilled to test the northern extent of gold mineralization identified by earlier drilling conducted by the Company in April 2021 which included holes MK-21-018 and MK-21-019, both of which returned significant gold intercepts (see Company news releases dated May 25 and June 1, 2021), and to test gold mineralization recently identified during a fall targeting and prospecting program conducted north of Perch Lake.

Selective grab samples obtained during the fall program returned gold assays of ^13.40 grams-per-tonne ("g/t") gold ("Au"), 7.70 g/t Au, 6.83 g/t Au, 3.54 g/t Au, and 3.51 g/t Au, respectively, confirming mineralization in this new area.

Three  historical trenches and a new showing were also identified during the prospecting program (see image 1). The trenches are comprised of quartz veins containing clots and patches of semi massive chalcopyrite, pyrite and molybdenite.  The veins are hosted in granite which displays strong pervasive silica flooding.  Local discrete shearing in both trenches trend at approximate attitudes of 330° and dip 70° to 80° to the east, displaying similar trends and lithologies established in the Company's previous drill campaigns.

This second round of diamond drilling was planned to expand on the results obtained in the Company's previous drill programs.  These programs outlined a broad zone of gold mineralization in the St. Paul's Bay area, located in the southernmost section of the claim block below Perch Lake (see Image 1) .

Significant results from these drill programs include:

  • MK-20-RC-006: 2.75m of 13.25 grams-per-tonne ("g/t") gold ("Au") , including 1m of 36.20 g/t Au (68.75m to 70.5m)

  • MK-20-RC-008: 55.5m of 1 g/t Au (67.5m to 123m), including 16m of 1.42 g/t Au, 6m of 2.37 g/t Au, and 9m of 1.14 g/t Au

  • MK-21-DD-018: 56m of 1.01 g/t Au (13m to 69m), including 21.5m of 1.84 g/t Au, 10m of 3.30 g/t Au, and 1m of 23.1 g/t Au.  Other intercepts included 37.6m of 2.78 g/t Au (77m to 115m), including 24.7m of 4.05 g/t Au, 14m of 7.01 g/t Au, and 1m of 94.2 g/t Au.

  • The entire length of MK-21-DD-018 averaged .99 g/t Au over 198m

  • MK-21-DD-019: 136m of 1.25 g/t Au (148m to 285m), including 44.9m of 3.00 g/t Au, 15.5m of 5.25 g/t Au, 29.4m of 1.82 g/t Au, and 6m of 5.45 g/t Au.  High-grade intercepts included 1m of 59.8 g/t Au, 1m of 15.5 g/t Au, and 1m of 26.7 g/t Au.

  • Hole MK-21-DD-19 ended in mineralization at 285 meters, with an average grade of the hole returning .74 g/t Au over 283.4m

See Company news releases, September 3, 2020, May 25, 2021, and June 1, 2021, for more details on previous diamond drill programs.

All reported holes were drilled entirely in a granitic rock of the Dome stock and displayed patchy moderate-to-strong silica alteration. Silica altered intervals are typically associated with high density micro-fracturing and increased molybdenite and chalcopyrite mineralization. Fine-grained fluorescent scheelite was also observed. The granite was strongly magnetic, containing 2-3% fine-grained disseminated magnetite.


Click Image To View Full Size

Figure 2: McKenzie Gold Project, Red Lake, Ontario, with nearby advanced prospects, producers, and past producers

About the McKenzie Gold Project

The 100%-owned McKenzie Gold Project is an approximately 1,400-hectare gold exploration project located in the heart of the historic Red Lake gold camp, in western Ontario, Canada.  Areas of high-grade gold mineralization have been established within the northern portion of the claim block (McKenzie Island), with significant gold values having been drilled along a 600-meter strike in the southern portion of the property (St. Paul's Bay area).

Significant results from the Company's initial drill program in August 2020 include hole MK-20-006 which returned 2.75 meters of 13.25 g/t Au, including 1m of 36.2 g/t Au; hole MK-20-007 which returned 117.4m of 0.33 g/t Aum including 9.4m of 1.26 g/t Au, and 1.5m of 4.64 g/t Au; and hole MK-20-007, which returned 117.5m of .62 g/t Au, including 55.5m of 1.00 g/t Au, which included 16m of 1.42 g/t Au (including 6m of 2.37 g/t Au and 2m of 4.28 g/t Au), and 9m of 1.14 g/t Au.  See the Company website – www.nxs.gold – for the complete McKenzie project drill table.

Results from the Company's initial summer 2020 drill program returned values similar to historic drilling in the area, which have been typically higher-grade intercepts over narrow widths (i.e., 0.5m to 1m of > 5 g/t Au).  In addition, holes 007 and 008 identified a second style of gold mineralization on the McKenzie property.  These lengthy (> 100m) disseminated, sub and near one-gram gold intercepts more closely resemble the type of mineralization being explored at the Hasaga Project, located approximately 5kms to the south-east of the McKenzie project ground.

The Hasaga property is host to the past-producing Hasaga and Gold Shore Mines and is strategically located proximal to the Balmer-Confederation regional unconformity, recognized as an important geologic feature at the multi-million ounce past and currently producing Red Lake area mines.  The deposits on the Hasaga Project are estimated as hosting an Indicated mineral resource of 42.294 million tonnes at a grade of 0.83 g/t gold representing 1,123,900 ounces of gold (Indicated)*.

Heidi Gutte named Chief Financial Officer

The Company has appointed Heidi Gutte as Chief Financial Officer, replacing Zula Kropivnitski who has accepted a position elsewhere.  Ms. Gutte specializes in providing corporate finance, financial reporting, consulting, taxation, and other accounting services to both small businesses as well as public companies in various industries.

Ms. Gutte earned her bachelor's degree of computer engineering from the University of Applied Sciences in Brandenburg, Germany.  She holds the professional designation of chartered professional accountant (CPA, CGA) and is a member of Chartered Professional Accountants of British Columbia and Canada.  Ms. Gutte has had extensive experience as a controller and chief financial officer of numerous publicly traded and private corporations across a variety of sectors.

The Company would like to extend sincere thanks to Ms. Kropivnitski for her years of service and wish her well in her new endeavors.

* Reported lengths are intercepts and are not true widths

^ Grab samples are selected samples and are not necessarily representative of mineralization hosted on the property.  All samples were sent to Activation Laboratories in Ontario, an accredited mineral analysis laboratory, for analysis.

Drill core is logged and sampled in a secure core storage facility located in Red Lake Ontario.  Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories in Ontario, an accredited mineral analysis laboratory, for analysis.  All samples are analyzed for gold using standard Fire Assay-AA techniques.  Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Nexus's quality control/quality assurance program (QA/QC).  No QA/QC issues were noted with the results reported herein.

* NI 43-101 Technical Report, Hasaga Project, Red Lake Mining District, Ontario, Canada, NTS Map Sheets 52K/13 and 52N/04 by Vincent Jourdain (Ph.D., P.Eng.), John Langton (M.Sc., P. Geo.) & Abderrazak Ladidi (P.Geo.) , February 24 th , 2017.

Warren Robb P.Geo., Vice President, Exploration, is the designated Qualified Person and has reviewed and approved the technical information contained in this release.  Any historic drill and sample data contained in this release was verified by the QP by comparing reported assay data with Certificates of Analysis documented. The QP has verified mineral showings and areas of select sampling and the collars of reported historic drill hole locations.  It is the QP's opinion that the data as presented is adequate and can be relied upon for use in this press 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 focusing 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.

Copyright (c) 2022 TheNewswire - All rights reserved.

News Provided by TheNewsWire via QuoteMedia

NXS:CA
The Conversation (0)
Nexus Gold and Belgravia Hartford Jointly Announce Revised Debt Settlement Transaction

Nexus Gold and Belgravia Hartford Jointly Announce Revised Debt Settlement Transaction

Nexus Gold CORP. (TSXV: NXS) (OTCQB: NXXGF) (FSE: N6E) (the "Nexus Gold") and BELGRAVIA HARTFORD CAPITAL INC. (CSE: BLGV) ("Belgravia Hartford") (collectively, the "Parties") are pleased to jointly announce that the Parties have entered into a debt settlement agreement (the "Revised Agreement"). Under the Revised Agreement, Nexus Gold will issue a total of 3,600,000 common shares at a deemed price of $0.05 per common share in satisfaction of outstanding indebtedness owing to Belgravia Hartford totalling $180,000. The outstanding indebtedness comprises principal amounts which were previously advanced to Nexus Gold for working capital purposes, along with accrued interest. The common shares issuable pursuant to the Revised Agreement will be subject to restrictions on resale for a period of four months and one day in accordance with applicable securities laws. Completion of the debt settlement remains subject to the approval of the TSX Venture Exchange.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Nexus Gold Options the Fofora Gold Project, Hounde Greenstone Belt, Burkina Faso

Nexus Gold Options the Fofora Gold Project, Hounde Greenstone Belt, Burkina Faso

(TheNewswire)

Nexus Gold Corp.

Vancouver, Canada TheNewswire - June 7, 2023 Nexus Gold Corp. (" Nexus Gold " or the " Company ") (TSXV:NXS ) ( OTC:NXXGF ) ( FSE:N6E) is pleased to announce it has signed an option agreement to acquire a 90% interest in the 6,200-ha (62km²) Fofora Gold Project exploration permit located 450km to the southwest of Ouagadougou, Burkina Faso, West Africa.  The Company can earn up to a 90% interest in the property by making a combination of cash USD $300,000 and 500,000 share payments over 54 months.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Nexus Gold Closes First Tranche of $1 Million Private Placement and Files Amended and Restated Offering Document

Nexus Gold Closes First Tranche of $1 Million Private Placement and Files Amended and Restated Offering Document

(TheNewswire)

Nexus Gold Corp.

Nexus Gold CORP. ("Nexus" or the "Company") (TSXV:NXS ) ( OTC:NXXGF ) ( FSE:N6E) is pleased to announce that it has closed the first tranche of its non-brokered $1 million private placement, as described in its press release of April 14, 2023 (the " Offering ") and has issued 10,000,000 units of the Company (each, a " Unit ") at a price of $0.05 per Unit for aggregate proceeds of $500,000

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Nexus Gold Signs LOI to Acquire the Fofora Gold Project, Hounde Greenstone Belt, Burkina Faso

Nexus Gold Signs LOI to Acquire the Fofora Gold Project, Hounde Greenstone Belt, Burkina Faso

(TheNewswire)

Nexus Gold Corp.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Nexus Gold Announces Management Changes

Nexus Gold Announces Management Changes

(TheNewswire)

Nexus Gold Corp.

Vancouver, Canada February 28, 2023 Nexus Gold Corp. (" Nexus Gold " or the " Company ") (TSXV:NXS ) ( OTC:NXXGF ) ( FSE:N6E) is pleased to announce the appointment of Milad Zareian as CEO, replacing Alex Klenman, who will remain as a director.  Mr. Zareian, who has been with the Company as Vice President, Operation, since September of 2022, brings over 10 years experience working with both private and public companies in a variety of capacities.  He has been directly involved with new public listings and start-ups, having led financing, shareholder communications and business development initiatives for multiple companies.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less

Newmont Announces Successful Early Tender Results for the Exchange Offers and Consent Solicitations

Newmont Corporation (Newmont or the Company) announced today, in connection with the previously announced offers to exchange (each, an "Exchange Offer" and, collectively, the "Exchange Offers") any and all outstanding notes (the "Existing Newcrest Notes") issued by Newcrest Finance Pty Limited, a wholly owned subsidiary of Newmont ("Newcrest Finance" and, together with Newmont, the "Issuers"), for (1) up to $1.65 billion aggregate principal amount of new notes to be issued by the Issuers (the "New Newmont Notes") and (2) cash, and related consent solicitations (each, a "Consent Solicitation" and, collectively, the "Consent Solicitations") to adopt certain proposed amendments to each of the indentures governing the Existing Newcrest Notes (the "Existing Newcrest Indentures Amendments"), that the Issuers have received tenders with respect to the aggregate principal amounts of Existing Newcrest Notes set forth below, which constitute the requisite consents needed to adopt the Existing Newcrest Indentures Amendments with respect to each of the three outstanding series of the Existing Newcrest Notes that are subject to the Exchange Offers and the Consent Solicitations. Newcrest Finance intends to enter into supplemental indentures with the trustee for the Existing Newcrest Notes to implement the Existing Newcrest Indentures Amendments on or prior to the settlement date of the Exchange Offers and the Consent Solicitations.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
gold bars and stock chart

Top Stories This Week: Experts Talk Next Move for Gold, Uranium Catalysts Pile Up

The gold price has cooled since making a new all-time high on Monday (December 4), but it remained elevated ahead of the latest US non-farm payroll data and in advance of the US Federal Reserve's meeting next week.

For investors, the key question right now is whether the yellow metal will continue rising or make a retreat. Opinions vary, but I heard recently from two experts who aren't so sure that gold is set to break higher — at least in the near term.

Let's take a look at how David Morgan of the Morgan Report explained it:

Keep reading...Show less
kerry stevenson, open-pit mine

Kerry Stevenson: Gold, Uranium, Lithium — What I'm Doing with My Money

Kerry Stevenson, host of Making Money Matter, spoke with the Investing News Network about sentiment among Australian resource companies and investors, as well as what she's doing with her money right now.

She sees gold as a key portfolio component, especially during today's turmoil, and said she has exposure to physical gold and silver in addition to gold equities. "For me it's all about diversification. Because my view is that if you keep printing like drunken sailors, then hard assets are something that you really, strongly need to look at," she said.

However, Stevenson, who also runs the Australian Gold Conference, is following markets like uranium and lithium as they continue to gain traction on the back of the ongoing energy transition.

Keep reading...Show less
pile of gold bars over black background

Top 5 Gold Stocks on the TSX in 2023

Gold and gold companies have had a tumultuous year following insolvency in the banking system and tensions continuing between Russia and Ukraine and violence starting during Q4 in the Middle East.

Simultaneously, economic forces from central banks attempts to control 40-year high inflation levels saw interest rates pushing investors away from the yellow metal.

Despite opposing market elements, the price of gold remained elevated in 2023 and approached record prices in May and November before breaking them in December. The high prices have been a boon for gold mining companies, helping drive profits and fund projects and expansions.

Keep reading...Show less
don hansen, gold bars and stock charts

Investor Education: US Debt and Currency Collapse with Expert Don Hansen

Private investor Don Hansen has honed his resource sector investment approach for more than 20 years, and in a conversation with the Investing News Network he shared his research on the US debt-to-GDP ratio.

Looking back to 1945, the ratio was at 111 percent due to major spending on World War II. However, by 1965 it was down to just 43 percent — Hansen noted that this happened on the back of a balanced budget and good economic growth. The ratio remained fairly stable from 1965 to 1985, but rose dramatically from 1985 to 2005.

"The debt grew 9.3 percent between 1985 and 2005, but the GDP only grew 6.1," he noted. "So obviously then the debt-to-GDP ratio was climbing, and in 2005 it was up to 61. So you're going up 50 percent in 20 years." By 2025, Hansen expects the ratio to rise to 150 percent, with debt growing 9.5 percent annually and GDP only increasing by 3 percent.

Keep reading...Show less
 Karim Rayani, CEO of Falcon Gold

Falcon Gold Eyes Spring Drilling at Newfoundland Copper, Lithium and Gold Projects

Falcon Gold (TSXV:FG,FWB:3FA,OTCQB:FGLDF) is getting ready to ramp up exploration work at its gold, lithium and copper projects in Newfoundland, with permitting and subsequent drilling on the properties expected by spring 2024, according to CEO Karim Rayani.

“Once we get those permits in and we’re able to execute on our drill plan … we’ve been in a fairly slow period, but once drills start turning, I’m fairly optimistic we’ll be able to generate some high-grade material,” he said.

Falcon Gold’s Newfoundland landholdings are surrounded by significant deposits, which Rayani broke down in the interview. For example, its Golden Brook property hosts the Hope Brook zone, which is less than 10 kilometers from the new high-grade lithium discovery at Benton Resources (TSXV:BEX) and Sokoman Minerals' (TSXV:SIC,OTCQB:SICNF) Golden Hope project.

Keep reading...Show less

Latest Press Releases

Related News

×