(TheNewswire)
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Grab sample assays up to 13.40 g/t Aufrom new targets north of Perch Lake
Vancouver, Canada – TheNewswire - November 4, 2021 – Nexus GoldCorp. (“ Nexus ” or the “ Company ”)(TSXV:NXS ) , ( OTC:NXXGF ) , ( FSE:N6E) is pleased to announce thatcrews and equipment have been mobilized to its 100%-owned McKenzieGold Project located at Red Lake Ontario, and drilling is nowunderway.
The planned up to 2000-meter drill program commencedwith the first hole being drilled to test the northern extent of goldmineralization identified by earlier drilling conducted by the Companyin April 2021 which included holes MK-21-018 and MK-21-019, both of which returned significantgold intercepts (see Company news releases dated May 25 and June 1,2021), and to test gold mineralization recentlyidentified during a fall targeting and prospecting program conductednorth of Perch Lake.
Selective grab samples obtained during the fall programhave now returned gold assays of ^13.40 grams-per-tonne (“g/t”)gold (“Au”), 7.70 g/t Au, 6.83 g/t Au, 3.54 g/t Au, and 3.51 g/tAu, respectively, confirming mineralization in this new area.
Three historical trenches and a new showing were alsoidentified during the prospecting program (see image 1). The trenches are comprised of quartz veinscontaining clots and patches of semi massive chalcopyrite, pyrite andmolybdenite. The veins are hosted in granite which displays strongpervasive silica flooding. Local discrete shearing in both trenchestrend at approximate attitudes of 330° and dip 70° to 80° to theeast, displaying similar trends and lithologies established in theCompany’s previous drill campaigns.
“We’re excited to test the new zones found north ofPerch Lake,” said president and CEO, Alex Klenman. “Thegeological environment is very similar to what we’ve alreadyencountered and successfully drilled south of the lake. Thehigh-grade samples obtained in this new zone confirm mineralizationexists within this favorable host rock. We’re eager to see thedata this first pass in the new area generates. We can potentiallyincrease the strike length at McKenzie considerably and open up awhole new target area for further exploration,” continued Mr.Klenman.
This second round of diamond drilling will be lookingto expand on the results obtained in the Company’s previous drillprograms. These programs outlined a broad zone of goldmineralization in the St. Paul’s Bay area, located in thesouthernmost section of the claim block below Perch Lake (see Image1) .
Significant results from these drill programsinclude:
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-- MK-20-RC-006: 2.75m of 13.25 grams-per-tonne (“g/t”) gold(“Au”) , including 1m of 36.20 g/t Au (68.75mto 70.5m)
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-- MK-20-RC-008: 55.5m of 1 g/t Au (67.5m to 123m),including 16m of 1.42 g/t Au, 6m of 2.37 g/t Au, and 9m of 1.14 g/tAu
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-- MK-21-DD-018: 56m of 1.01 g/t Au (13m to 69m),including 21.5m of 1.84 g/t Au, 10m of 3.30 g/t Au, and 1m of 23.1 g/tAu. Other intercepts included 37.6m of 2.78 g/t Au (77m to 115m),including 24.7m of 4.05 g/t Au, 14m of 7.01 g/t Au, and 1m of 94.2 g/tAu.
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-- T heentire length of MK-21-DD-018 averaged .99 g/tAu over 198m .
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-- MK-21-DD-019: 136m of 1.25 g/t Au (148m to 285m),including 44.9m of 3.00 g/t Au, 15.5m of 5.25 g/t Au, 29.4m of 1.82g/t Au, and 6m of 5.45 g/t Au. High-grade intercepts included 1m of59.8 g/t Au, 1m of 15.5 g/t Au, and 1m of 26.7 g/t Au.
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-- Hole MK-21-DD-19 ended inmineralization at 285 meters, with an average grade of the holereturning .74 g/t Au over 283.4m .
See Company news releases, September 3, 2020, May 25,2021, and June 1, 2021, for more details on previous diamond drillprograms.
All reported holes were drilled entirely in a graniticrock of the Dome stock and displayed patchy moderate-to-strong silicaalteration. Silica altered intervals are typically associated withhigh density micro-fracturing and increased molybdenite andchalcopyrite mineralization. Fine-grained fluorescent scheelite wasalso observed. The granite was strongly magnetic, containing 2-3%fine-grained disseminated magnetite.
Image 1: New sample locations, newshowings (red) and historical trenches, north side of Perch Lake, with2020-2021 drill locations to the south, McKenzie Gold Project, RedLake, ON
Figure 2: McKenzie Gold Project, RedLake, Ontario, with nearby advanced prospects, producers, and pastproducers
About the McKenzie GoldProject
The 100%-owned McKenzie Gold Project is anapproximately 1,400-hectare gold exploration project located in theheart of the historic Red Lake gold camp, in western Ontario, Canada. Areas of high-grade gold mineralization have been established withinthe northern portion of the claim block (McKenzie Island), withsignificant gold values having been drilled along a 600-meter strikein the southern portion of the property (St. Paul’s Bay area).
Numerous high-grade historical samples^ have beenrecovered 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 thesummer of 2019, the Company conducted it's first ground reconnaissanceprogram at McKenzie and results returned notable sample assays,including 135.4 g/t Au and 9.3 g/t Au (see Company news releases datedJune 25, 2019, and October 11, 2019).
Additional high-grade historical grab samples^previously unknown to the Company and revealed in a report supplied byRimini Exploration include several high-grade assays, including 142.49g/t Au, 115.2 g/t Au, 114.57 g/t Au, 93.71 g/t Au, 68.03 g/t Au, 53.01g/t Au, and 16.65 g/t Au from areas located on McKenzie Island (northblock) (see Company news release dated October 11, 2019).
Significant results from the Company’s initial drillprogram in August 2020 include hole MK-20-006 which returned 2.75meters of 13.25 g/t Au, including 1m of 36.2 g/t Au; hole MK-20-007which returned 117.4m of 0.33 g/t Aum including 9.4m of 1.26 g/t Au,and 1.5m of 4.64 g/t Au; and hole MK-20-007, which returned 117.5m of.62 g/t Au, including 55.5m of 1.00 g/t Au, which included 16m of 1.42g/t Au (including 6m of 2.37 g/t Au and 2m of 4.28 g/t Au), and 9m of1.14 g/t Au. See the Company website – www.nxs.gold – for thecomplete McKenzie project drill table.
Results from the Company’s initial summer 2020 drillprogram returned values similar to historic drilling in the area,which have been typically higher-grade intercepts over narrow widths(i.e., 0.5m to 1m of > 5 g/t Au). In addition, holes 007 and 008identified a second style of gold mineralization on the McKenzieproperty. These lengthy (> 100m) disseminated, sub and nearone-gram gold intercepts more closely resemble the type ofmineralization being explored at the Hasaga Project, locatedapproximately 5kms to the south-east of the McKenzie project ground.
The Hasaga property is host to the past-producingHasaga and Gold Shore Mines and is strategically located proximal tothe Balmer-Confederation regional unconformity, recognized as animportant geologic feature at the multi-million ounce past andcurrently producing Red Lake area mines. The deposits on the HasagaProject are estimated as hosting an Indicated mineral resource of 42.294 million tonnes at a grade of 0.83 g/t gold representing1,123,900 ounces of gold*.
* Reported lengths are interceptsand are not true widths
^ Grab samples are selected samplesand are not necessarily representative of mineralization hosted on theproperty. All samples were sent to Activation Laboratories in Ontario, anaccredited mineral analysis laboratory, for analysis.
Drill core is logged and sampled ina secure core storage facility located in Red Lake Ontario. Coresamples from the program are cut in half, using a diamond cutting saw,and are sent to Activation Laboratories in Ontario, an accreditedmineral analysis laboratory, for analysis. All samples are analyzedfor gold using standard Fire Assay-AA techniques. Certified goldreference standards, blanks and field duplicates are routinelyinserted into the sample stream, as part of Nexus’s qualitycontrol/quality assurance program (QA/QC). No QA/QC issues werenoted with the results reported herein.
* 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 February24 th , 2017).
Warren Robb P.Geo.,Vice President, Exploration, is the designated Qualified Person andhas reviewed and approved the technical information contained in thisrelease. Any historic drill and sample data contained in thisrelease was verified by the QP by comparing reported assay data withCertificates of Analysis documented. The QP has verified mineralshowings and areas of select sampling and the collars of reportedhistoric drill hole locations. It is the QP’s opinion that thedata as presented is adequate and can be relied upon for use in thispress 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 focusing 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.nexusgoldcorp.com
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