(TheNewswire)
Vancouver, Canada – TheNewswire- May 25, 2021 – Nexus Gold Corp. (“ Nexus ” orthe “ Company ”)(TSXV:NXS ) , ( OTC:NXXGF ) , ( FSE:N6E) is pleased to report it has received initial assay results from therecently completed phase two diamond drillprogram at the Company’s 100% owned McKenzie Gold Project, locatedin Red Lake, Ontario.
The drilling completed in April was a follow up programdesigned to test and expand on the gold results obtained in theCompany’s summer 2020 drill program in the St. Paul’s Bay area ofthe property.
Significant results include hole MK-21-019 whichreturned 136 meters of 1.25 grams-per-tonne (“g/t”) gold(“Au”), from 148.5m depth to 285m depth, which includes 44.9m of3.00 g/t Au, 15.5m of 5.25 g/t Au, 29.4m of 1.82 g/t Au, and 6m of5.45 g/t Au.
This intercept also includes 1m of 59.8 g/t Au from149.5 to 150.5 meters, 1m of 15.5 g/t Au from 150.5 to 151.5 meters,and 1m of 26.7 g/t Au from 180.4 to 181.4 meters. This hole ended inmineralization at 285 meters, with an average grade of the holereturning 0.74 g/t Au over 283.4m.
Hole MK-21-017 returned 6.2m of 1.35 g/t Au, including1m of 6.38 g/t Au, and 40.3m of 0.58 g/t Au, including 11m of 1.04 g/tAu and 2m of 2.05 g/t Au.
Results from the first five holes reported are tabledbelow:
DRILL HOLE | UTM_E | UTM_N | ELEV (m) | AZIMUTH | DIP | FROM | TO | LENGTH | Au g/t |
MK-21-014 | 437622 | 5652384 | 376 | 0 | -50 | 17.5 | 21.5 | 4 | 0.99 |
97 | 98 | 1 | 1.51 | ||||||
147 | 148 | 1 | 1.27 | ||||||
153 | 158 | 5 | 1.12 | ||||||
Includes | 155 | 156 | 1 | 4.52 | |||||
165 | 168 | 3 | 1.08 | ||||||
165 | 166 | 1 | 1.93 | ||||||
190 | 191 | 1 | 1.21 | ||||||
MK-21-015 | 437554 | 5652350 | 372 | 0 | -50 | 30 | 31 | 1 | 1.77 |
MK-21-016 | 437515 | 5652317 | 377 | 0 | -50 | NSR | |||
MK-21-017 | 437564 | 5652202 | 375 | 35 | -50 | 97 | 98 | 1 | 2.28 |
274 | 280 | 6.2 | 1.35 | ||||||
Includes | 279.2 | 280.2 | 1 | 6.38 | |||||
287.2 | 327.5 | 40.3 | 0.58 | ||||||
Includes | 310.4 | 321.4 | 11 | 1.04 | |||||
Includes | 310.4 | 313.4 | 2 | 2.05 | |||||
Includes | 312.4 | 313.4 | 1 | 4.00 | |||||
MK-21-019 | 437704 | 5652260 | 383.6 | 0 | -65 | 47 | 54 | 7 | 0.45 |
79 | 80 | 1 | 1.31 | ||||||
85 | 92 | 7 | 0.99 | ||||||
Includes | 85 | 86 | 1 | 1.52 | |||||
148.5 | 285 | 136.5 | 1.25 | ||||||
Includes | 149.5 | 194.4 | 44.9 | ||||||
Includes | 148.5 | 164 | 15.5 | 5.25 | |||||
Includes | 149.5 | 150.5 | 1 | 59.80 | |||||
and | 150.5 | 151.5 | 1 | 15.50 | |||||
Includes | 165 | 194.4 | 29.4 | 1.82 | |||||
Includes | 166 | 170 | 4 | 2.20 | |||||
Includes | 178.4 | 184.4 | 6 | 5.45 | |||||
Includes | 180.4 | 181.4 | 1 | 26.70 | |||||
Includes | 186 | 189 | 3 |
* Reported lengths are intercepts and are not truewidths
Assays from holes MK-21-018, MK-21-020, MK-21-021 andMK-21-022 are pending, results will be released once received,reviewed, and verified by the Company’s Qualified Person.
“We’re pleased with the results in the first fewholes from the follow up program at McKenzie,” said Alex Klenman,President and CEO. “Our goal was to improve on the 2020 results,to extend the length of the mineralization previously encountered inthis particular zone, and if possible, better the grades. So far,we’ve been able to do that, specifically in hole 19 that returnedsome significant intercepts. The cores fromthe remaining holes were also well mineralized, so we’re lookingforward to seeing what they generate as well,” continued Mr.Klenman.
“ These are very encouraging results as we have now intersecteda couple of lengthy runs containing gold in holes that are over 170meters apart, and that appear to be improving as you go deeper,” said VP of Exploration, Warren Robb. “Thisinformation is really helpful and allows us get a handle on theorientation of this mineralized structure,” continued Mr.Robb.
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.
Drilling at St. Paul’s Bay area of the McKenzieproject has so far outlined a board zone of mineralization which hasbeen traced for approximately 200 meters, looks to be as wide as 40meters, and it appears to be striking to the northwest and dipping tothe east. It remains open to the northwest and to depth.
Figure 1: McKenzie Gold Project, Red Lake, Ontario,with nearby advanced prospects, producers, and past producers
Drill core is logged and sampled in a secure corestorage facility located in Red Lake Ontario. Core samples from theprogram are cut in half, using a diamond cutting saw, and are sent toActivation Laboratories in Ontario, an accredited mineral analysislaboratory, for analysis. All samples are analyzed for gold usingstandard Fire Assay-AA techniques. Certified gold referencestandards, blanks and field duplicates areroutinely inserted into the sample stream, as part of Nexus’squality control/quality assurance program (QA/QC). No QA/QC issueswere noted with the results reported herein.
About the McKenzie Gold Project
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.
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 by Premier Gold at the Hasaga Project,located approximately 5kms to the south-east of the McKenzie projectground.
Premier Gold’s Hasaga Property is host to thepast-producing Hasaga and Gold Shore Mines and is strategicallylocated proximal to the Balmer-Confederation regional unconformity,recognized as an important geologic feature at the multi-million ouncepast and currently producing Red Lake area mines. The deposits onthe Hasaga Project are estimated as hosting an Indicated mineralresource of 42.294 million tonnes at a grade of 0.83 g/t goldrepresenting 1,123,900 ounces of gold*.
^ Grab samples are selected samples and are notnecessarily representative of mineralization hosted on theproperty
* HASAGA PROJECT RED LAKE MININGDISTRICT, 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 and has reviewed andapproved the technical information contained in this release. Thehistoric drill data contained in this release was verified by the QPby comparing reported assay data with Certificates of Analysisdocumented. The QP has verified mineral showings and areas of selectsampling and the collars of reported historic drill hole locations. It is the QP’s opinion that the data as presented is adequate andcan be relied upon for use in this press 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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