Vancouver, Canada – January 18, 2016 – Nexus Gold Corp. (“Nexus” or the “Company”) (TSX-V: NXS) is pleased to announce the appointment of Mr. Donald Birak (Regis. Mem SME), as geological advisor to the Board of Directors and independent consultant to the Company.
Mr. Birak is a geologist with over 37 years of experience in the minerals industry. He served as Senior Vice President of Exploration for Coeur Mining, Inc. (“Coeur”) from 2004 to October 2013. Previous to his time at Coeur, he served as Vice President of Exploration with AngloGold North America, Independence Mining Company, and Hudson Bay Mining and Smelting. Mr. Birak worked extensively in northern Nevada serving as the first Chief Mine Geologist for the Jerritt Canyon project and mine and then as exploration Manager for northern Nevada. In 2001, Mr. Birak was co‐recipient of the ‘Bill Dennis Prospector of the Year’ award given by the Prospectors and Developers Association of Canada. Mr. Birak received his Master of Science in Geology from Bowling Green State University, in Ohio.
Mr. Birak will advise the Company on its Walker Ridge Gold Project located in the Independence/Jerritt Canyon Gold Trend, Nevada, USA as well as other exploration opportunities.
The Walker Ridge Gold Project is located 1 mile south of the Big Springs Deposit and 5 miles north of the Jerritt Canyon Deposits, Nevada, USA. It is also 7 miles north of the Jerritt Canyon mill complex. The property consists of a 2 square mile bull’s-eye of highly-anomalous, geochemically defined pathfinder elements (antimony, arsenic, mercury), coincident to geophysical anomalies both in gravity and resistivity. A Carlin-age (Eocene) intrusion, as verified through uranium-lead radiometric age dating (35.9m years) has been discovered on the property at the center of the geochemical/geophysical anomalies.
In the fall of 2014, the Company employed Vital GeoSURVEYS Ltd to perform a geophysical survey utilizing a leading-edge element detection technology. Prior to the survey on Walker Ridge, the technology had been used primarily in the oil and gas sector for the past five years, accumulating a track record of success. The proprietary nature of the innovative technology allows for the in situ detection and the mapping of signals specific to the targeted element. In the case of Walker Ridge, the targeted element is gold (Au). In application, the technology deploys energy and if the target element is present a signature response is detected. The strength of these signature responses is measured and catalogued as “Points of Interest”.
The Company also announces it has settled outstanding indebtedness of US$249,394.70 with a third party creditor. The settlement will involve the issuance of 3,623,971 common shares of the Company, at an effective price of C$0.10 per share. A portion of the shares may be returned to treasury in the event the Company completes certain cash payments to the creditor prior to August 1, 2016. The settlement remains subject to the approval of the TSX Venture Exchange. Any common shares issued will be subject to a four-month-and-one-day statutory hold period.
About the Company
Nexus Gold Corp. is a Vancouver-based mineral exploration company that develops precious metal mineral assets in the world’s premier mining and exploration districts. The company is currently concentrating its exploration efforts on the Walker Ridge Gold Project, a drill-ready, multiple-target, Carlin-type gold exploration project located in the Independence/Jerritt Canyon Gold Trend, Nevada, USA. For more information on the Walker Ridge Gold Project, including specific survey results, please visit the company website at www.nexusgoldcorp.com.
The technical content of this release was reviewed and approved by Warren Robb, P.Geo. a Qualified Person within the meaning of National Instrument 43-101.
On behalf of the Board of Directors of
NEXUS GOLD CORP.
President and Chief Executive Officer
Neither 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.