Tickers: XOTC:NXXGF, XTSX:NXS, FRAA:N6E
Vancouver, Canada – TheNewswire – July 2, 2020 – Nexus Gold Corp. (“Nexus” or the “Company“) (TSXV:NXS) (OTC:NXXG) (FSE:N6E) is pleased to report it has added an additional 1000 meters to its phase one diamond drill program currently underway at the Company’s 100% owned McKenzie Gold Project, located in Red Lake, Ontario.
As previously announced on June 19, 2020, the Company commenced a phase one 1000-meter diamond drill program at the McKenzie project. Phase one drilling will now be increased, doubling in size for a total of 2000 meters. The added meterage will focus on drill targets previously identified in the southernmost section of the property.
“With the first few holes complete, we’ve decided its in our best interests to execute a larger drill program,” said president and CEO, Alex Klenman. “The environment is right for a more aggressive allocation of assets, so we’re doubling the initial commitment. It’s obvious a good drill hole can have a significant impact. Increasing the phase one meterage gives us the opportunity to cover more ground and test more targets. We think it’s the right time to do that,” continued Mr. Klenman.
The phase one program is designed to test the mineralization potential of several gold targets occurring within an east-west trending corridor along the southern contact of the Dome Stock occurring within volcanic rocks of the Balmer Assemblage. Historic drilling conducted in 2005 along this corridor returned significant values, including 7.49 grams-per-tonne (“g/t”) gold (“Au”) over 8.2 meters, 15.54 g/t Au over 0.8m (includes 13.08 g/t over 0.3m and 17.02 over 0.5m), 4.47 g/t gold over 1.4m, and 2.15 g/t Au over 5.5m.
The current drill program at McKenzie is intended to expand on 2005 drilling and to follow up on anomalous rock samples that were collected as part of the Company’s fall 2019 prospecting program completed in the St. Paul’s Bay area of the property. The prospecting program traced the mineralized contact corridor to the property’s eastern boundary and helped further determine drill targets on the property’s southern end. The focus of the prospecting was concentrated in and around Perch Lake, in the Saint Paul’s Bay area, located in the southernmost section of the property (figure 2).
Figure 1: McKenzie Gold Project, Red Lake, Ontario, with phase one drill location in red
Figure 2: Phase one drill locations, southernmost area of McKenzie Gold Project, Red Lake, Ontario
The Company anticipates executing additional drilling later in the year to test multiple targets located in the northern portion of the property.
About the McKenzie Gold Project
The 100%-owned McKenzie Gold Project is a 1,400-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
Warren Robb P.Geo., Vice President, Exploration, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for the technical information contained in this 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.
President & CEO
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