(TheNewswire)
Vancouver,Canada - TheNewswire – June 8, 2021 - NexusGold Corp. (“ Nexus ” or the “ Company ”)(TSXV:NXS ) ( OTC:NXXGF ) ( FSE:N6E) is pleased to report it has commenced exploration work on its2,525-hectare Gummy Bear (“GB”) property, located near Halls Bay (of the western Notre Dame Bay area) innorth-central Newfoundland, Canada.
Ongoing preliminary work consists of prospecting andreconnaissance-style soil sampling involving 50m-spaced samplestations on 100m-spaced, chained and paced, grid lines. Thewidely-spaced sampling pattern is intended to provide initial broadcoverage and assessment of the property’s gold and base metalpotential, with more detailed sample coverage to follow, pendingfavorable assay results (samples are to be regularly submitted foranalyses, at Eastern Analytical Ltd, of Springdale, located 20 km fromthe property).
The initial sampling approach will involve thecollection of roughly 750 soils. Sample line orientation is designedto cross-cut a number of EM conductors interpreted from historicalairborne geophysical surveys as well as an area of poorly-exposedsedimentary rocks cut by gold-bearing quartz veins; prospectorsampling at the latter site, in 1999, returned several anomalous goldvalues of up to 2.2 grams-per-tonne (“g/t”) gold (“Au”) withhighly anomalous arsenic associated (Quinlan,1999).
A portion of the western property area is underlain byfelsic and mafic volcanics of the early Ordovician Buchans-Roberts Arm(volcanic arc) Belt, host to the world-renownBuchans base metal deposits, located 88 km farther southwest. TheBuchans mines produced 16.2 Mt of ore averaging 14.5% zinc, 7.6% lead,1.3% copper (”Cu”), 126 g/t silver (“Ag”) and 1.37 g/t Au,during 1928 to 1984 (Thurlow & Swanson,1987). Other deposits within the belt,include: the former (1967-71) Gullbridge Mine (3 Mt - 1.1% Cu), located 12 km southwest of theproperty (Swinden, 1988, 1987); the Lake Bond copper-zinc deposit (2.6Mt - 0.3% Cu & 2.1% Zn) located 19 km farther southwest (MacPherson & Reed, 1989); and the historic (late 1800’s-early 1900’s) Crescent Lakeand Pilley’s Island mines, located 16.5 km and 25 km northeast ofthe property, respectively.
Most proximal to the Gummy Bear property, is theHandcamp base metal-gold prospect discovered in 1928, just 2.5 km tothe southwest. The prospect consists of pyrite, chalcopyrite,sphalerite, and galena with historic precious metal values of up to 74g/t Au and 587 g/t Ag (Hudson & Swinden,1989). Within the claims, to the west, areseveral chalcopyrite (copper) occurrences (Elias, 1957), two of which havemolybdenite associated, thus, indicating the presence of a latemineralizing hydrothermal/magmatic fluid system having beensuperimposed over the prospective VMS environment.
The major portion of the Gummy Bear property, i.e., tothe east of the Buchans-Roberts Arm Belt, is underlain by arc-related,rift-basinal, sediments (argillites & turbidites) and post-arc,Silurian-age, flyschoid-type siliciclastics (greywackes, sandstones& conglomerates) of the late Ordovician to Early Silurian BadgerGroup. The same are intruded by gabbros of the Silurian Hodges HillIntrusive Suite which demonstrates an environment similar to that ofthe Botwood basin (located farther east in central Newfoundland) where numerous quartz vein goldprospects occur in sediments intruded by gabbros of the Mt. PeytonIntrusive Suite; here, ongoing drilling, by New Found Gold Corp., attheir Queensway gold project, has encountered (and continues toencounter) very high gold grades, over significant widths, in quartzveins.
The Gummy Bear sediments also lie along strike from(and are correlatable with) similar Ordovician-Silurian sedimentslocated adjacent to the Buchans-Roberts Arm volcanic belt, 48 km tothe south, where structurally-controlled auriferous quartz veins, infolded and fractured sediments, at the Golden Promise prospect,comprise an estimated 119,00 ounces Inferred at 10.4 g/t Au (Jacobs,Pilgrim, Mosher, 2018). Similar to the Botwood Basin and GoldenPromise areas, the quartz vein gold mineralization (minimally) exposedin the eastern Gummy Bear property area, reveals abundant associatedarsenopyrite.
Updates and results from the ongoing program will bereleased once received, reviewed, and verified.
Image 1: Gummy Bear location, NorthCentral Newfoundland, Canada
Image 2: Historic showings, GummyBear, Newfoundland, Canada
- Grab samples are selective bynature and may not represent the true grade or style of mineralizationacross the property .
Warren Robb P.Geo., Vice President,Exploration, is the designated Qualified Person as defined by NationalInstrument 43-101 and is responsible for, and has approved, thetechnical information contained in this release.
About the Company
Nexus Gold is a Canadian-based gold exploration anddevelopment company with an extensive portfolio of projects in Canadaand West Africa. The Company’s primary focus is on its 100%-owned,98-sq km Dakouli 2 Gold Concession in Burkina Faso, West Africa, andthe approximately 1400-ha McKenzie Gold Project, located in Red Lake,Ontario. The Company is concentrating on thedevelopment of its core assets while seeking joint-venture, earn-in,and strategic partnerships for other projects in its portfolio.
For more information, please visit nxs.gold
On behalf of the Board of Directors of
NEXUS GOLD CORP.
Alex Klenman
President & CEO
604-558-1920
info@nexusgoldcorp.com
www.nxs.gold
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. This news release may containforward-looking statements. These statements are based on currentexpectations and assumptions that are subject to risks anduncertainties. Actual results could differ materially because offactors discussed in the management discussion and analysis section ofour interim and most recent annual financial statement or otherreports and filings with the TSX Venture Exchange and applicableCanadian securities regulations. We do not assume any obligation toupdate any forward-looking statements, except as required byapplicable laws.
REFERENCES
Elias, R.
1957: Geological report on the Rocky Pond Boiteaushowing area in the Halls Bay area, Newfoundland. British NewfoundlandExploration Limited (Brinex). Unpublished report.
Hudson, K.A., and Swinden, H.S.
1989. Geology and petrology of the Handcamp goldprospect, Robert's Arm Group, Newfoundland. In Current research, partB. Geological Survey of Canada, Paper 89-lB, pp. 93-105.
MacPherson, W.A. and Reed, S.Y.
1989: Lake Bond property, 12H/01, News Release; MacreeResources Incorporated, Dartmouth, Nova Scotia.
Quinlan, R.
1999: First year assessment report on prospecting andgeochemical exploration for licence 6009M on claims in the Gummy Pondarea, north-central Newfoundland.
Swinden, H.S.
1988: Geology and mineral deposits of the southern partof the Roberts Arm Group, including the Gullbridge and Lake Bonddeposits. In The volcanogenic sulphide districts of central Newfoundland,a guidebook and reference manual for volcanogenic sulphide deposits inthe early Paleozoic oceanic volcanic terranes of centralNewfoundland.
Swinden, H. S. and Sacks, P. E.
1986: Stratigraphy And Economic Geology Of The SouthernPart Of The Roberts Arm Group, Central Newfoundland. In CurrentResearch Part A. Geological Survey of Canada, Paper, No. 86-01A, pages213-220.
Swinden, H.S.
1984: The Gullbridge mine. In Mineral deposits ofNewfoundland-a 1984 perspective. Mineral Development Division,Department of Mines and Energy, Government of Newfoundland andLabrador Report 84-03, pages 131-140.
Thurlow, J. G. and Swanson, E. A.
1987: Stratigraphy and structure of the Buchans Group:Paper – Geological Survey of Canada, v. 86-24, p. 35-46.
Information on all mineraloccurrences and mines are also available through the NL Department ofNatural Resources’ online Mineral Occurrence Data System(MODS).
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