Vancouver, Canada – TheNewswire – August 27, 2019 – Nexus Gold Corp. (“Nexus” or the “Company”) (TSXV:NXS) (OTC:NXXGF) (FSE: 6E) is pleased to report initial assay results from its recent preliminary field prospecting program on its New Pilot Gold Project, located near Gold Bridge, British Columbia.
The recently completed rock geochemical sampling program consisted of investigating historic areas of exploration to verify past work and outline areas for more detailed follow up. A total of 36 rock samples were collected over the program. A zone of copper-gold mineralization was confirmed, and selective samples returned gold values of 15.3 grams-per-tonne (“g/t”) gold (“Au”), 33.4 g/t, silver (“Ag”), and 2.5% copper (“Cu”), in addition to 4.27 g/t Au, 5.5 g/t Ag, and 0.27% Cu, and 3.91 g/t Au, 3.72 g/t Ag, and 0.51% Cu.
The mineralization identified consists of a shear occurring in a granodiorite proximal to the contact between the coastal intrusive rocks and Bridge River sedimentary rocks. The average of the 15 samples collected over this 13 by 16-meter zone is 2.37 g/t Au, 5.2 g/t Ag, and 0.55% Cu. The results from these samples are tabled below:
|SAMPLE||Type||g/t Au||g/t Ag||% Cu|
* Note bpd refers to backpack drill and the length of the sample in meters
* The reported lengths are intercept lengths and are not true widths
“We’re encouraged with the results from this preliminary program and are formulating follow up options to test the mineralization encountered,” said Senior VP Exploration, Warren Robb. “We are of the opinion that the shear encountered is the surface expression of the mineralization occurring in the old pilot mine workings. This represents a sizeable target zone and one we’re eager to continue to explore. These early results, combined with the historical data, make New Pilot a compelling exploration target,” continued Mr. Robb.
Historical records indicate the property was purchased by Pilot Gold Mines Ltd. in 1934, who developed the Pilot Mine, consisting of drifts, crosscuts and a winze totaling 1,500 metres of underground workings. Work ended at the mine in 1945.
The Company plans a follow up program that will test additional areas of interest on the property and to delineate further mineralized zones that add to the target inventory.
About the New Pilot Gold Project
New Pilot is a gold-copper exploration property located in the historic Bridge River Mining Camp, approximately 180 kilometers north of Vancouver, or 10.5 kilometres west of the village of Gold Bridge, British Columbia.
The 509-hectare (1,257 acre) property has been the subject of historical exploration. Between 1992 to 1994 Cogema Canada Ltd conducted detailed prospecting and sampling. 99 grab samples were taken in three zones, with three returning values in excess of 100 g/t Au, including 102 g/t Au, 106 g/t Au with visible gold, and 111g/t Au; three returning values in excess of 10 g/t Au (17 g/t Au, 21 g/t Au, 33 g/t Au); and 14 others returning values in excess of 1 g/t Au.
In addition, 59 soil samples, 229 rock samples, and 66 core samples from a small 108-meter diamond drill program were also obtained. Significant results obtained included chip samples of 4.03 g/t Au over 10 meters, and 1 g/t Au over 10.5 meters in drill core.
Three styles of mineralization have been identified on the Project: siliceous fractures containing sulphides, carbonate altered shears, and quartz veins containing arsenopyrite.
The Project location is situated at the contact of the Coast Crystalline Complex and the Bridge River sediments. Over the past 80 years several exploration programs have been conducted over or near the property, initially concentrating on the Pilot Mine and its strike extension. The Project is relatively close to the producing Bralorne Pioneer Mine, lying 18 kilometres to the south east.
Figure 1: New Pilot Project location, 180-kms north of Vancouver, BC, in the historic Bridge River Mining Camp
The Bralorne gold camp represents one of Canada’s most prolific mining operations. From 1928 to 1971, the Bralorne and nearby Pioneer and King mines produced 4.15 million ounces of gold from 7.9 million tons of ore*. The Bridge River Mining Camp is the largest past producer of gold in British Columbia**. In 2017, Blackstone Minerals Ltd, an Australian-based company, acquired the Little Gem Project, a high-grade cobalt and gold project, located approximately 900 meters from the New Pilot location.
*Avino Silver & Gold Mines, Ltd
** Bralorne Project 1992 Pilot Property BC Assessment Report, Schimann-Robb, 1992
About the Company
Nexus Gold is a Vancouver-based gold exploration and development company with a portfolio of active projects in West Africa and Canada. The Company is concentrating its efforts on establishing a compliant resource at one or more of it’s four current West African-based projects which total over 560-sq kms (56,000+ hectares) of land located on active gold belts and proven mineralized trends, while also conducting ongoing developmental work on its five 100%-owned Canadian projects, namely the McKenzie Gold Project in Red Lake, Ontario, the New Pilot Project, located in BC’s historic Bridge River Mining Camp, and three prospective gold-copper projects (3,300-ha) in the province of Newfoundland. For more information please visit www.nexusgoldcorp.com.
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.
On behalf of the Board of Directors of
NEXUS GOLD CORP.
President & CEO
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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