Vancouver, Canada – TheNewswire – August 26, 2020 – Nexus Gold Corp. (“Nexus” or the “Company“) (TSXV:NXS) (OTC:NXXGF) (FSE: N6E) is pleased to announce a reconnaissance and sampling program is underway at the Company’s 100%-owned, Dakouli 2 Gold Concession, located in Burkina Faso, West Africa.
As announced in a Company news release dated June 23, 2020, during recent site visits Nexus personnel noted an increase in artisanal mining activity along strike at the main mineralized zone. The increased strike activity now extends the limits of the eastern zone some 200 meters to the east, thus expanding the zone of mineralization to over 400 meters along an east-west trend while also measuring over 200 meters in a north-south direction. Company geologists are currently at the Dakouli 2 site to both determine drill pad sites for the upcoming maiden drill program, scheduled for the fall, and to conduct sampling in and around the expanded artisanal zone.
“I hate to sound cliche, but we really are genuinely excited to drill Dakouli,” said president & CEO, Alex Klenman. “The project has never been drilled, and with what we’ve seen in samples and the level of artisanal activity, there is no doubt it’s a compelling target. Mineralization appears to be abundant. This current recon program will provide updates on the scope of current artisanal activity, the length and depth of their efforts, some sample numbers from newly broken ground of the orpaillage, and most importantly, drill targets and drill pad locations,” continued Mr. Klenman
Sampling at Dakouli 2 to date has produced several significant results, tabled below, as reported in Company news releases dated January 8 and January 15, 2019, and June 23, 2020:
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Nexus – Dakouli significant samples to date |
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|
Sample-ID |
Comment |
Au g/t |
|
DKL-001 |
Qtz from orpaillage pit, about 8m depth, light grey to smoky qtz, looks like flat vein |
3.15 |
|
DKL-004 |
Milky qtz vein from orpaillage pit, about 8m depth, several pieces of VG show from panning |
27.5 |
|
DKL-009 |
Milky qtz vein from orpaillage pit, 18m depth |
2.90 |
|
DKL-010 |
Light grey qtz vein from orpaillage pit |
4.93 |
|
DKL-011 |
Qtz from orpaillage pit, VG show in panning and on a piece of quartz coming from the same shaft, about 10m depth |
29.5 |
|
DKL-012 |
Qtz from orpaillage pit, about 8m depth, VG show in panning |
12.4 |
|
DKL-021 |
Qtz from orpaillage pit, 15m depth, white to light grey |
2.72 |
|
DKL-022 |
Qtz from orpaillage pit, 25m depth |
11.1 |
|
DKL-023 |
Qtz + VG from orpaillage pit, 40m depth |
17.6 |
|
DKL-024 |
Qtz from orpaillage pit, 40m depth |
1.74 |
|
DKL-025 |
Qtz from orpaillage pit, 17m depth |
3.68 |
|
DKL-027 |
Crushed material, very fine gold, 40m depth |
10.8 |
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.
Of the first 25 samples collected in late 2018, 11 returned assay values greater than 1 g/t Au, with multiple samples showing various concentrations of visible gold, with values between 11.1 g/t Au and 29.5 g/t Au (see Figure 1, and Company news release dated January 8, 2019).
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 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. The geochemical surveys and sampling work done to date have generated multiple targets the Company intends to begin testing in this initial drill program.
The Dakouli 2 permit lies immediately south of, and contiguous to, the Company’s Niangouela Gold Concession, which has been explored over the past three years. Drilling at Niangouela has returned significant intercepts, including 26.69 g/t Au over 4.85m, including 132 g/t Au over 1m, and 4 g/t Au over 6m, including 20.5 g/t Au over 1m (see Company news releases dated March 7, 2017 and April 5, 2017).
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Figure 1: Nexus Gold projects in Burkina Faso, in relation to well known deposits and producing mines
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Figure 2: Dakouli 2 concession with bisecting Sabce faults in red
The Company also announces that it has closed a non-brokered private placement through the issuance of 2,352,941 units (each, a “Unit”) at a price of $0.085 per Unit for gross proceeds of $200,000. Each “Unit” consists of one common share of the Company, and one common share purchase warrant exercisable to acquire an additional common share of the Company at a price of $0.12 until August 20, 2024. The Company anticipates utilizing the proceeds of the placement for further project development work, and for general working capital purposes.
No finders’ fees or commissions were payable in connection with completion of the placement. All securities issued in connection with the placement are subject to a statutory hold period until December 21, 2020 in accordance with applicable securities laws.
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.
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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