Vancouver, Canada – TheNewswire – November 8, 2019 – Nexus Gold Corp. (<< Nexus >> or the << Company >>) (TSXV: NXS ) (OTC: NXXGF ) ( FSE: N6E) is pleased to announce that it has been informed by its geological consultants, Rimini Exploration & Consulting , that the second phase of exploration for its 100% owned McKenzie gold project, located in Red Lake, Ontario, is now complete.
The second phase of the prospecting program, which included approximately 60 chip samples, aimed to more precisely determine the areas of interest south of the property and to continue to compile data from the pre-drilling phase in order to determine the targets for initial drilling. The prospecting work mainly concerned Lake Perch and its surroundings, in the Saint-Paul Bay region, that is, the southernmost part of the 1,348.5 hectare property.
Historical drilling in this area has yielded significant values, notably 7.49 grams per tonne (g / t) of gold (Au) over 8.2 meters, 2.2 g / t of Au over 5.5 meters , 15.54 g / t Au over 8.2 meters, 17.02 g / t Au over 0.5 meters and 23.87 g / t Au over 0.2 meters (see Figure 2).
“Rimini’s ongoing mapping, sampling and compilation of data are essential to prepare the McKenzie project to allow Nexus to begin its initial drilling program,” said CEO Alex Klenman. “The McKenzie project is a priority for us. It is located right in the middle of a world class district, with prolific production and significant success in the immediate vicinity. The volume of the high grade samples as well as the limit holes drilled at McKenzie make it a very attractive exploration target. Drilling targets are being determined and we are looking forward to this development phase, “said Klenman.
Figure 1: The Mckenzie gold project located in Red Lake, Ontario, with the recent exploration zone surrounded in red
Figure 2: Historic drill holes in the southern part of the McKenzie gold project located at Red Lake in Ontario
The results of this second phase of the prospecting program will be reported once received, tabulated and verified. The southern part of the McKenzie gold project is bounded by the Hasaga property of Premier Gold Mines Ltd as well as by the Madsen gold property of Pure Gold Mining.
Summary of the compilation – McKenzie Gold Project
As stated in its press release dated October 11, 2019, Nexus has received a summary of the main historical data from the project’s geology consultants, Rimini Exploration. The compilation integrated regional geological and geophysical data, thus allowing the company’s geological specialists to compare these trends with the information obtained during the exploration work carried out in the field to date . More comprehensive summary data, combined with new data from the Phase Two prospecting program, are currently being used to determine the most suitable areas to test by drilling.
The summary of Rimini’s compilation generated historical data of which the company was not previously aware concerning several historical samples taken from the McKenzie concession. The company had previously communicated several results of historic samples with a high gold content, notably 331.14 g / t Au, 18.02 g / t Au, 212.8 g / t Au, 313 g / t Au, 18, 02 g / t Au and 9.37 g / t Au.
During the summer of 2019, Nexus conducted its first reconnaissance program on the McKenzie property. The results obtained gave notable analysis results, i.e. 135.4 g / t Au and 9.3 g / t Au (see company press release dated June 25, 2019).
Among the other historic samples with high gold content unknown to the company to date and now revealed in the Rimini summary, we find 142.49 g / t Au, 115.2 g / t Au, 114.57 g / t Au, 93.71 g / t Au, 68.03 g / t Au, 53.01 g / t Au and 16.65 g / t Au from areas located on McKenzie Island (the north block).
The summary of the compilation of data from Rimini also indicates that there has been little or no exploration on the lake part of the concession. Based on regional data, the company has found that a number of geophysical targets in the North extend within the lake itself and views these trends as potential faults or ruptures in the Dome .
Preliminary examination of lake sediment sampling carried out on the property in 1989 reveals the coincidence of anomalous geochemical values in gold. Historical values obtained from the analysis of lake sediment samples sieved with a sieve comprising +150 mesh gave values of 0.159 ounce / tonne (5.45 g / t) Au, 0.154 ounce / tonne (5 , 28 g / t) Au and 0.116 times per tonne (3.98 g / t) Au. The company now intends to conduct further exploration in the lake portion of the project, to determine the prospects for a large under-explored section of the property .
About Nexus Gold Corp
Nexus Gold is a Canadian based gold development company with a large portfolio of nine exploration projects in West Africa and Canada. The portfolio of thesociety in West Africa totals more than 560 km2 of land, or more than 56,000 hectares, which are located in gold zones in exploitation and which show proven mineralized trends. Its 100% owned Canadian projects include the McKenzie Gold project in Red Lake, Ontario, the new pilot project located in the historic Bridge River mining camp in British Columbia, and three potential gold projects totaling 3,300 hectares , in the province of Newfoundland. The company focuses on the development of its strategic assets while seeking joint venture, matching partnerships as well as strategic partnerships for other projects in its growing portfolio.
For more information, please visit our website: www.nexusgoldcorp.com .
On behalf of the board of directors of
NEXUS GOLD CORP.
CEO & president
For questions in French about Nexus Gold Corp:
Neither the TSX Venture Exchange nor its regulatory service provider (as defined in this term in the policies of the TSX Venture Exchange) assumes no responsibility for the adequacy or accuracy of this release. This press release may contain forward-looking statements. These statements are based on current expectations and on assumptions subject to risks and uncertainties. Actual results may differ significantly due to factors described in the “management analysis” section of our interim and most recent financial statements, or other reports and documents filed on the TSX Venture Exchange, as well as applicable Canadian securities regulations. We N’
Copyright (c) 2019 TheNewswire – All rights reserved.