Vancouver, Canada / TheNewswire / March 7, 2017 – Nexus Gold Corp. (“Nexus” or the “Company”) (TSX-V: NXS, OTC: NXXGF, FSE: N6E) is pleased to announce initial assay results from its phase one diamond drill program conducted on the 178-square kilometer Niangouela exploration permit located approximately 85 kilometers north of Ouagadougou, Burkina Faso.
The first phase diamond drill program was designed to test anomalous rock samples collected from underground artisanal workings and anomalous Rotary Air Blast (RAB) drilling completed by the company in December 2016. This initial program successfully intersected gold mineralization in eight of the first nine holes drilled on the concession. The mineralization was contained in a silicified shear zone occurring in the host granite, associated with the shear was primary quartz veins.
Significant gold mineralization was encountered in four of the eight holes reporting gold intercepts. NGL-17-DD-008 returned 26.69 grams per tonne (“g/t”) gold over 4.85 metres (including 8.50 g/t gold over 0.62 metre, and 120.00 g/t gold over 1.03 metres). Hole NGL-17-DD-006 returned 4.00 g/t gold over 6.20 metres (including 20.50 g/t gold over 1.00 metre). NGL-17-DD-009 returned 2.61 g/t gold over 4.00 metres (including 5.92 g/t gold over 1.00 metre), and NGL-17-DD-003 returned 1.80 g/t gold over 5.10 metres (including 6.14 g/t gold over 1.10 metres).
The assay results from the phase one program are tabled below:
|Hole ID||Azimuth||Dip||FROM (m)||TO (m)||INTERCEPT (metres)||Au gram/tonne|
|NGL-17-DD-005||185||-70||NO SIGNIFICANT RESULTS|
1. Denotes metallic screen analysis
2. Denotes gravimetric fire assay analysis
Note all assay results represent intercept lengths and are not true widths
The drill program tested the shear zone for over 200 metres along strike and intercepted the zone to depths of 105 metres below surface. The shear zone remains opens along strike and to depth. Additional artisanal workings have been discovered occurring along strike of the shear zone another 800 metres to the east of the drill area.
“We’re very pleased with the early assay results, with eight of the first nine holes returning gold mineralization,” said president & CEO, Pete Berdusco. “We’ve been able to follow up our excellent sampling results now with high grade drill intervals. These are the first ever drill holes at Niangouela, and we’re already seeing intercepts with potential economic promise. This is very encouraging, given how early we are in our exploration program, and how open the mineralized zone is. We will continue to drill the target areas in the coming months to identify further mineralized zones along the strike length.”
“These results are encouraging and complement our earlier sampling program extremely well,” said Senior Geologist Warren Robb. “The first samples we reported established the presence of high-grade gold in the quartz vein. Of the first nine holes we drilled, three have returned visible gold. We have now established additional high-grade mineralization, not only in the quartz vein, but also in the shear zone. Given that the shear and the quartz both show significant grade, our drill efforts will now focus on delineating additional mineralized zones up and down the strike length, and the higher-grade shoots that could be contained within it,” continued Mr. Robb.
The sampled core was delivered to the independent Actlabs laboratory in Ouagadougou where the samples underwent analysis by fire assay with an atomic absorption finish. If samples returned values greater than 10 ppm gold the sample was reanalyzed by gravimetric fire assay. Samples with identified visible gold were analyzed using a fire assay metallic screen analysis. The Company employs a QA/QC program of inserting standards, blanks and duplicates into the samples stream as a supplement to the internal checks employed by Actlabs.
The Company has now drilled 1470.5 metres of a planned 2000 metre phase one diamond drill program at the 178 square kilometer Niangouela exploration permit. The first phase is designed to test the primary quartz vein and associated shear zone at depth and along strike. The current program is targeting areas of gold anomalies identified from rock samples and Rotary Air Blast (RAB) drilling that was conducted by the Company in December 2016. The Company plans on completing the phase one diamond drill program later this month before planning and commencing a follow up drill program.
About the Niangouela Gold Concession
The 178 sq km Niangouela gold concession is located on the Boromo Greenstone Belt (as is the Company’s Bouboulou Gold Concession), and is proximal to the Kalsaka deposit and the Sabce Shear Zone. It is accessible by road and has one major orpaillage (artisanal workings).
In December 2016 the Company conducted an 802m rotary air blast (RAB) drill program that delineated an approximately 1,000-metre (1km) quartz vein and a 500-metre secondary strike, running oblique to the main vein. This vein has now been identified in trenches, artisanal workings and through RAB drilling. It remains open in all directions.
A total of 11 rock chip and grab samples were taken during the initial exploration phase. Eight of the 11 samples returned values of 1 gram-per-tonne (“g/t”) gold or better. Best results of the 11 include sample NG005, taken directly from the primary quartz vein at 46m depth (accessed via an artisanal mining shaft), which returned a value of 2,950 g/t gold. Sample NG006 was collected from the artisanal dumps of the sheared intrusive and returned a value of 23.9 g/t gold. Sample NG007 contained coarse visible gold, and was taken from material extracted from the eastern shaft from a depth of approximately 60m, returned values of 403 g/t gold. Sample NG008 was taken from the western shaft, 10 to 12 metres west of the eastern shaft, and consisted of a single large piece of primary quartz vein containing host rock inclusions and a cluster of visible gold. NG008 returned values of 49.8 g/t gold.
About Burkina Faso
Burkina Faso is a landlocked nation, located in West Africa. It covers an area of roughly 274,000 square kilometres and has an estimated population of more than 16 million people. The country has a stable political setting with a pro-mining and foreign investment stance. Burkina Faso is the fastest growing gold producer in Africa, and was the 4th largest gold producer in Africa in 2012. Eight new mines have been commissioned there over the past six years. The country has excellent geological potential. The Greenstone Belts that host all of the major deposits in Ghana and Cote d’Ivoire continue northward into Burkina Faso. Burkina Faso has undergone less than 15 years of modern mineral exploration, remaining under-explored in comparison to neighbouring Ghana and Mali; both of which host world-class gold mines in the same belts of Birimian rocks.
About the Company
Nexus Gold Corp. is a Vancouver-based gold exploration and development company operating in some of the world’s premier mining districts. The Company is currently concentrating its efforts on two gold projects located in Burkina Faso, West Africa. The Bouboulou gold concession is a 38-sq km advanced exploration target where previous drilling has confirmed multiple zones of gold mineralization. The Niangouela gold concession is a 178-sq km project featuring high grade gold occurring in and around a primary quartz vein 1km in length and associated shear zone. For more information on these projects, please visit the Company website at www.nexusgoldcorp.com.
Warren Robb P.Geo., Senior Geologist is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for the technical information contained in this release.
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.
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