Vancouver, Canada – TheNewswire – September 3, 2020 – Nexus Gold Corp. (“Nexus” or the “Company“) (TSXV:NXS) (OTC:NXXGF) (FSE:N6E) is pleased to report it has received additional assay results from the recently completed phase one drill program at the Company’s 100% owned McKenzie Gold Project, located in Red Lake, Ontario.
The final seven holes drilled in this program were testing targets identified by the company in its 2019 surface prospecting programs. Drilling continued to intersect narrow intercepts in the 1-4 grams-per-tonne (“g/t”) gold (“Au”), as per historic and recent drilling by the Company, but also resulted in the discovery of a particular mineralized zone that has now produced longer intersections of greater than 50 to 100 meters in length.
Drill hole MK-20-008 returned a significant intercept of 117.5 meters of 0.62 g/t Au, including 55.5 meters of 1.00 g/t Au, which also includes intercepts of 6m of 2.37 g/t Au, 2m of 4.28 g/t Au, and 9m of 1.14 g/t Au, among others (see table 1). Drill hole MK-20-007, which was drilled approximately 25m east of hole MK-20-008, returned anomalous gold grades of 0.36 g/t Au over 117m, including notable intercepts 9.4m of 1.26 g/t Au, 4m of 1.13 g/t Au, and 1.5m of 4.64 g/t Au.
“This is extremely exciting, as our exploration program has identified a second style of gold mineralization on the McKenzie property,” said VP of Exploration, Warren Robb. “These disseminated, near one-gram gold intercepts more closely resemble the type of mineralization being explored by Premier Gold at the Hasaga Project, located to the south-east of our project ground. The deposits at Hasaga are estimated to host over one million ounces at just under a one-gram gold average. This, coupled with the earlier reported intercepts of 13 g/t Au over 3 meters in hole 6, suggests that there is a strong potential for economic mineralization occurring in the St. Paul’s Bay region of our claims,” continued Mr Robb.
Both holes 007 and 008 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.
Premier Gold’s 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*.
*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.) dated February 24th, 2017).
|
Hole ID |
UTM E |
UTM N |
DIP |
AZIMUTH |
ELEV |
FROM |
TO |
LENGTH (meters) |
Au G/T |
|
MK-20-007 |
437675 |
5652424 |
-50 |
360 |
367 |
5.6 |
123 |
117.4 |
0.33 |
|
including |
5.6 |
15 |
9.4 |
1.26 |
|||||
|
13.5 |
15 |
1.5 |
4.64 |
||||||
|
44 |
48 |
4 |
1.13 |
||||||
|
66 |
67.5 |
1.5 |
1.02 |
||||||
|
MK-20-008 |
437646 |
5652413 |
-50 |
360 |
366 |
5.5 |
123 |
117.5 |
0.62 |
|
including |
22.5 |
24 |
1.5 |
1.23 |
|||||
|
and |
67.5 |
123 |
55.5 |
1.00 |
|||||
|
Including |
72 |
73.5 |
1.5 |
1.44 |
|||||
|
And |
75.5 |
76.5 |
1 |
1.33 |
|||||
|
and |
77.5 |
79.5 |
2 |
1.21 |
|||||
|
and |
82.6 |
98.6 |
16 |
1.42 |
|||||
|
including |
90.6 |
96.6 |
6 |
2.37 |
|||||
|
including |
91.6 |
93.6 |
2 |
4.28 |
|||||
|
including |
93.6 |
98.6 |
5 |
1.26 |
|||||
|
And |
102.6 |
105.6 |
4 |
1.07 |
|||||
|
and |
110.6 |
119.6 |
9 |
1.14 |
|||||
|
and |
117.6 |
119.6 |
2 |
1.54 |
|||||
|
MK-20-009 |
437646 |
5652166 |
-50 |
360 |
374 |
125 |
126 |
1 |
1.34 |
|
127 |
128 |
1 |
1.36 |
||||||
|
MK-20-010 |
437562 |
5652193 |
-50 |
360 |
379 |
12 |
13 |
1 |
1.02 |
|
76.5 |
78 |
1.5 |
1.02 |
||||||
|
100 |
102 |
2 |
2.94 |
||||||
|
Including |
101 |
102 |
1 |
4.68 |
|||||
|
112.5 |
114.5 |
2 |
1.37 |
||||||
|
Including |
113.5 |
114.5 |
1 |
4.05 |
|||||
|
MK-20-011 |
437649 |
5652222 |
-50 |
360 |
384 |
70.5 |
72 |
1.5 |
1.12 |
|
MK-20-012 |
437232 |
5652390 |
-50 |
360 |
367 |
NSR |
– |
– |
– |
|
MK-20-013 |
437652 |
5652139 |
-65 |
360 |
372 |
53 |
54 |
1 |
Table 1: Notable intercepts, holes 7 through 13, 2020 maiden drill program, McKenzie Gold Project, Red Lake, Ontario
“We were certainly surprised by the lengthy gold intercepts in holes 7 and 8,” said President and CEO, Alex Klenman. “Considering both the grade and size established at the nearby Hasaga site, these holes represent a potentially significant discovery for us. We can continue to intersect these narrow veins near surface in the southern drill area, but ultimately, we’re going to need length to establish economics. These noticeably long intercepts are an important step in that direction. We’re eager to continue drilling around this newly discovered zone, and will do so shortly,” continued Mr. Klenman.
Follow up drilling is currently being planned for an additional two phases, which will include further drilling in and around holes MK-020-006, 007 and 008, and on the McKenzie Island section of the property, where several historic high-grade grab samples have been recovered in the past. Details regarding the timing of these follow up and additional drill programs are forthcoming and will be announced in the coming weeks.
Previously reported drill results from the 2020 maiden drill program are tabled below (see Company news release dated August 18, 2020).
|
Hole ID |
UTM E |
UTM N |
DIP |
AZIMUTH |
ELEV |
FROM |
TO |
LENGTH (METERS) |
Au G/T |
|
MK-20-001 |
437729 |
5652199.7 |
-50 |
360 |
382 |
41.25 |
41.75 |
0.5 |
5.75 |
|
86 |
90 |
4 |
1.41 |
||||||
|
Including |
89 |
90 |
1 |
4.30 |
|||||
|
MK-20-002 |
437601 |
5652153.5 |
-50 |
360 |
370 |
50.2 |
50.7 |
0.5 |
5.21 |
|
MK-20-003 |
437601 |
5652153.5 |
-65 |
360 |
370 |
107.5 |
108 |
0.5 |
1.82 |
|
MK-20-004 |
437651 |
5652138.7 |
-50 |
360 |
370 |
130 |
131 |
1 |
7.43 |
|
MK-20-005 |
437684 |
5652197.3 |
-50 |
360 |
381 |
10 |
11 |
1 |
1.57 |
|
44 |
45 |
1 |
1.61 |
||||||
|
46 |
47 |
1 |
3.42 |
||||||
|
93.9 |
94.4 |
0.5 |
5.27 |
||||||
|
100.5 |
107 |
1.5 |
1.07 |
||||||
|
MK-20-006 |
437684 |
5652197.3 |
-65 |
360 |
381 |
12.5 |
13.5 |
1 |
1.25 |
|
15.5 |
18 |
2.5 |
1.01 |
||||||
|
28 |
29 |
1 |
1.34 |
||||||
|
68.75 |
71.5 |
2.75 |
13.25 |
||||||
|
Including |
69.5 |
70.5 |
1 |
36.20 |
Table 2: Significant results from first six holes, 2020 maiden drill program, McKenzie Gold Project, Red Lake, ON
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Figure 1: McKenzie Gold Project, Red Lake, Ontario, with phase one drill location in red
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Figure 2: Phase one drill locations, McKenzie Gold Project, Red Lake, Ontario
About the McKenzie Gold Project
The 100%-owned McKenzie Gold Project is a 1,398.5-hectare high-grade gold prospect 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).
As reported in a Company news release dated October 11, 2019, Nexus received a compilation summary of important historic data from project geological consultants, Rimini Exploration. The compilation integrated the regional geological and regional geophysical data, thus allowing the Company’s geological staff to compare these trends to the information obtained through ground exploration conducted to date on the property. The more comprehensive data from the summary, coupled with the new data from the phase two prospecting program, was utilized in determining suitable areas to drill test.
The Rimini compilation summary produced historical data the Company was previously unaware of regarding multiple historical grab samples taken on the McKenzie claim block. The Company had previously disclosed several high-grade historical grab sample results on the property, including 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. In the summer of 2019 Nexus conducted it’s first ground reconnaissance program at McKenzie and results returned notable sample assays, including 135.4 g/t Au and 9.3 g/t Au (see Company news release dated June 25, 2019).
Additional high-grade historical grab samples previously unknown to the Company and revealed in the Rimini summary include several high-grade assays, including 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 (north block).
The data compilation summary also indicated that little to no exploration has been conducted over the actual lake portion of the claim block. The Company has noted from the regional data that a number of northerly trending geophysical trends extend within the lake itself and is viewing these trends as potential faults or breaks within the Dome Stock.
Preliminary review of lake sediment sampling conducted on the property in 1989 indicates coincidental anomalous gold geochemical values occurring. Historical values obtained from the analysis of +150 mesh screened lake sediment samples returned values of 0.159 ounce-per-ton (5.45 g/t) Au, 0.154 ounce per ton (5.28 g/t) Au, and 0.116 once per ton (3.98 g/t) Au. The Company intends to conduct more exploration activity within the lake-bound portion of the project area to determine the prospectivity of a large underexplored section of the property.
* Note the 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
Warren Robb P.Geo., Vice President, Exploration, is the designated Qualified Person and has reviewed and approved the technical information contained in this release. The historic drill 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 development company with an extensive portfolio of eleven exploration 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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