(TheNewswire)
Vancouver, Canada- TheNewswire – June 25, 2021 - Nexus Gold Corp.(“ Nexus ” or the “ Company ”) (TSXV:NXS ) ( OTC:NXXGF ) ( FSE:N6E) ispleased to report that it has completed itsground reconnaissance program over its 100% owned, 190.53 sq-km (19,053-hectare), Manzour-Dayere goldexploration permit located on the Boromo Greenstone belt, 325 kmsouthwest of the capital city of Ouagadougou, Burkina Faso, WestAfrica.
Members of the Company’s geological team conducted aseries of geological mapping and prospecting exercises over variousareas of the concession. The property is underlain by a wedge ofvolcano-sedimentary rocks which hosts numerous artisanal workings. Local artisanal miners are extracting material from quartz veinsoccurring in the volcano sedimentary package. The wedge iscompletely surrounded by felsic intrusive rocks.
A large alluvial mining camp is located near thenortheast corner of the property. Nexus geologists viewed severalareas in these workings where coarse free gold was being extracted. The alluvial workings are 500 meters downstream from theManzour-Dayere property suggesting that the property may havecontributed to gold deposition there. In total the geological teamtraversed over 250 kilometers of roads and trails, collecting multiplesamples from several areas of interest. Sample results will bereleased once received, reviewed, and verified.
Previous operators on the property identified ninestructures through an airborne magnetics survey. These structuresreceived little to no follow up work. Data accumulated by the teamfrom this program is currently being reviewed and once completed thescope and nature of follow up exploration plans will be determined.
Follow up programs will look to expand the goldmineralization that has already been identified in the Northeastcorner of the property and returned results of 9.60 grams-per-tonne (“g/t”) gold (“Au”), 7.07 g/tAu, 5.73 g/t Au, 3.84 g/t Au and 2.84 g/t Au (see Company news releasedated February 27, 2020).
Recent historical exploration on the property conductedbetween 2011 and 2014 returned reported high-grade values of 132 g/tAu, 85.40 g/t Au, 61.20 g/t Au, and 27.9 g/t Au, from select grabsamples of quartz veining at the main orpaillage in the extremenortheast corner of the property, while select grab samples of thesedimentary host rock returned values of 103 g/t Au and 21.40 g/t Au,respectively. The workings on the main orpaillage are extensive andextend to depths of 60 to 80 meters below surface.*
The Manzour-Dayere Concession is located along theBoromo Greenstone belt, an early Proterozoic Birimian sequence of theWest African Craton, that is home to several significant golddeposits. Situated in southwestern Burkina Faso, near the borderwith Ghana, the area is home to several producing mines, includingYaramoko (Roxgold), Hounde (Endeavour), Poura (Newmont), Bondi(Sarama).
Image 1: Nexus Gold projects andsignificant deposits/mines, Burkina Faso, West Africa
Image 2: Manzour-Dayere location,with and nearby deposits/mines, southern Burkina Faso, WestAfrica
Non-Brokered Private Placement
The Company also announces that it has completed theoffering of 16,109,450 units (each, a “ Unit ”). The Unitswere offered by way of non-brokered private placement, at a price of$0.05 per Unit, for gross proceeds of $805,472.50. Each Unitconsists of one common share and one common share purchase warrant(each, a “ Warrant ”) exercisable to acquire anadditional common share at a price of $0.07 until June 28, 2024. Thegross proceeds from the offering will be used for further projectdevelopment work and for general working capital purposes.
In connection with completion of the offering, theCompany paid finders' fees of $13,500 and issued 270,000 Warrants tocertain arm's-length parties that introduced subscribers to theoffering. All securities issued in connection with completion of theoffering are subject to a four-month-and-one-day statutory holdperiod, in accordance with applicable securities laws, until October29, 2021.
* Please note thatwhile the Company considers sampling results from the Manzour-Dayereconcession to be accurate, readers are cautioned that a QualifiedPerson has been unable to verify the laboratory involved in theanalysis of these samples, and no documentation was availableregarding quality control procedures utilized in theanalysis.
Grab samples are selective by natureand may not represent the true grade or style of mineralization acrossthe property .
Warren Robb P.Geo.,Vice President, Exploration, is the designated Qualified Person asdefined by National Instrument 43-101 and is responsible for 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.nexusgoldcorp.com
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 contain forward-looking statements.These statements are based on current expectations and assumptionsthat are subject to risks and uncertainties. Actual results coulddiffer materially because of factors discussed in the managementdiscussion and analysis section of our interim and most recent annualfinancial statement or other reports and filings with the TSX VentureExchange and applicable Canadian securities regulations. We do notassume any obligation to update any forward-looking statements, exceptas required by applicable laws.
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