(TheNewswire)
Vancouver, Canada - TheNewswire - March 9, 2020 - Nexus GoldCorp. (“ Nexus ” or the “ Company ”)(TSXV:NXS ) ( OTC:NXXGF ) ( FSE:N6E) is pleased to report it has engaged Full Force Diamond Drilling for theupcoming diamond drill program at theCompany’s 100% owned McKenzie Gold Project, located in Red Lake,Ontario.
The Company is set to conduct its second round ofdrilling, a 2000 meter diamond drill program, at its 1.398-hectareMcKenzie Gold Project, in late March. This follow up program isdesigned to test and expand on the gold results obtained in the August2020 drill program in the St. Paul’s Bay area of the property. Highlighted intercepts of that program included 13.25grams-per-tonne (“g/t”) gold (“Au”) over 2.75 meters,including 36.20 g/t Au over 1 meter in hole MK-20-006, and 55 metersof 1.00 g/t Au, including 16 meters of 1.42 g/t Au, in Hole MK-20-008.
Exploration Contractor, Rimini Exploration(“ Rimini ”), has informed the Company that it will begin mobilizingthe drill team to Red Lake once its regional core logging explorationteam has completed its current assignment. Rimini has established adedicated core logging and sampling facility and has established acomprehensive sample tracking and transporting system resulting anefficient turn around time for drill core analysis.
“We’re looking forward to the follow up program atMcKenzie,” said Alex Klenman, President and CEO. “Lastsummer’s drilling produced some compelling results. We saw narrowhigher-grade gold intercepts, combined with very lengthy lower-gradeintercepts, all within the same basic area. We’re going to try toexpand on these results and increase the known mineralized footprint. Although gold is going through a correction, and gold equities seemsomewhat out of favour with the general investing public at themoment, we are nevertheless committed to moving our projects forward. We believe a sector rebound is approaching and the work we are doingand have done to date will generate value for our shareholders,”continued Mr. Klenman.
Results from the summer 2020 McKenzie drill programreturned values similar to historic drilling in the area, which havebeen typically higher-grade intercepts over narrow widths (i.e., 0.5mto 1m of > 5 g/t Au). In addition, holes 007 and 008 drilledduring the 2020 program identified a second style of goldmineralization on the McKenzie property. These lengthy (> 100m)disseminated, sub and near one-gram gold intercepts more closelyresemble the type of mineralization being explored by Premier Gold atthe Hasaga Project, located approximately 5kms to the south-east ofthe McKenzie project ground.
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*.
Significant drill results from August 2020 are tabledbelow:
Hole ID | UTM E | UTM N | DIP | AZIMUTH | ELEV | FROM | TO | LENGTH (meters) | Au G/T |
MK-20-001 | 437729 | 5652199 | -50 | 360 | 382 | 41.25 | 41.75 | 0.5 | 5.75 |
86 | 90 | 4 | 1.41 | ||||||
Including | 89 | 90 | 1 | 4.30 | |||||
MK-20-002 | 437601 | 5652153 | -50 | 360 | 370 | 50.2 | 50.7 | 0.5 | 5.21 |
MK-20-004 | 437651 | 5652138 | -50 | 360 | 370 | 130 | 131 | 1 | 7.43 |
MK-20-005 | 437684 | 5652197 | -50 | 360 | 381 | 10 | 11 | 1 | 1.57 |
44 | 45 | 1 | 1.61 | ||||||
46 | 47 | 1 | 3.42 | ||||||
93.9 | 94.4 | 0.5 | 5.27 | ||||||
100.5 | 107 | 1.5 | 1.07 | ||||||
MK-20-006 | 437684 | 5652197 | -65 | 360 | 381 | 12.5 | 13.5 | 1 | 1.25 |
15.5 | 18 | 2.5 | 1.01 | ||||||
68.75 | 71.5 | 2.75 | 13.25 | ||||||
Including | 69.5 | 70.5 | 1 | 36.20 | |||||
MK-20-007 | 437675 | 5652424 | -50 | 360 | 367 | 5.6 | 123 | 117.4 | 0.33 |
including | 5.6 | 15 | 9.4 | 1.26 | |||||
13.5 | 15 | 1.5 | 4.64 | ||||||
44 | 48 | 4 | 1.13 | ||||||
66 | 67.5 | 1.5 | 1.02 | ||||||
MK-20-008 | 437646 | 5652413 | -50 | 360 | 366 | 5.5 | 123 | 117.5 | 0.62 |
Including | 67.5 | 123 | 55.5 | 1.00 | |||||
and | 72 | 73.5 | 1.5 | 1.44 | |||||
and | 77.5 | 79.5 | 2 | 1.21 | |||||
and | 82.6 | 98.6 | 16 | 1.42 | |||||
including | 90.6 | 96.6 | 6 | 2.37 | |||||
including | 91.6 | 93.6 | 2 | 4.28 | |||||
including | 93.6 | 98.6 | 5 | 1.26 | |||||
And | 102.6 | 105.6 | 4 | 1.07 | |||||
and | 110.6 | 119.6 | 9 | 1.14 | |||||
and | 117.6 | 119.6 | 2 | 1.54 | |||||
MK-20-010 | 437562 | 5652193 | -50 | 360 | 379 | 12 | 13 | 1 | 1.02 |
76.5 | 78 | 1.5 | 1.02 | ||||||
100 | 102 | 2 | 2.94 | ||||||
Including | 101 | 102 | 1 | 4.68 | |||||
112.5 | 114.5 | 2 | 1.37 | ||||||
Including | 113.5 | 114.5 | 1 |
Table 1: Significant results fromthe August 2020 drill program, McKenzie Gold Project, Red Lake,ON
* Note the reported lengths areintercepts and are not true widths
Image 1: Current drill locationcircled in red, McKenzie Gold Project, Red Lake, Ontario
Image 2: Summer 2020 drilllocations, St Paul’s Bay area, McKenzie Gold Project, Red Lake,Ontario
About the McKenzie GoldProject
The 100%-owned McKenzie Gold Project is a1,398.5-hectare gold project located in the heart of the historic RedLake gold camp, in western Ontario, Canada. Areas of high-grade goldmineralization have been established within the northern portion ofthe claim block (McKenzie Island), with significant gold values havingbeen drilled along a 600-meter strike in the southern portion of theproperty (St. Paul’s Bay area).
As reported in a Company news release dated October 11,2019, Nexus received a compilation summary of important historic datafrom project geological consultants, Rimini Exploration. Thecompilation integrated the regional geological and regionalgeophysical data, thus allowing the Company's geological staff tocompare these trends to the information obtained through groundexploration conducted to date on the property. The morecomprehensive data from the summary, coupled with the new data fromthe phase two prospecting program, was utilized in determiningsuitable areas to drill test.
The Rimini compilation summary produced historical datathe Company was previously unaware of regarding multiple historicalgrab samples taken on the McKenzie claim block. The Company hadpreviously disclosed several high-grade historical grab sample resultson 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 the summer of 2019 Nexusconducted it's first ground reconnaissance program at McKenzie andresults returned notable sample assays, including 135.4 g/t Au and 9.3g/t Au (see Company news release dated June 25, 2019).
Additional high-grade historical grab samplespreviously unknown to the Company and revealed in the Rimini summaryinclude several high-grade assays, including 142.49 g/t Au, 115.2 g/tAu, 114.57 g/t Au, 93.71 g/t Au, 68.03 g/t Au, 53.01 g/t Au, and 16.65g/t Au from areas located on McKenzie Island (north block).
The data compilation summary also indicated that littleto no exploration has been conducted over the actual lake portion ofthe claim block. The Company has noted from the regional data that anumber of northerly trending geophysical trends extend within the lakeitself and is viewing these trends as potential faults or breakswithin the Dome Stock.
Preliminary review of lake sediment sampling conductedon the property in 1989 indicates coincidental anomalous goldgeochemical values occurring. Historical values obtained from theanalysis of +150 mesh screened lake sediment samples returned valuesof 0.159 ounce-per-ton (5.45 g/t) Au, 0.154 ounce per ton (5.28 g/t)Au, and 0.116 once per ton (3.98 g/t) Au. The Company intends toconduct more exploration activity within the lake-bound portion of theproject area to determine the prospectivity of a large, underexploredsection of the property.
* Grab samples are selected samplesand are not necessarily representative of mineralization hosted on theproperty
* 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. The historic drill data contained in this release wasverified by the QP by comparing reported assay data with Certificatesof Analysis documented. The QP has verified mineral showings and areasof select sampling and the collars of reported historic drill holelocations. It is the QP’s opinion that the data as presented isadequate and can be relied upon for use in this pressrelease.
About the Company
Nexus Gold is a Canadian-based gold development companywith an extensive portfolio of eleven exploration projects in Canadaand West Africa. The Company’s West African-based portfolio totalsfive projects encompassing over 750-sq kms of land located on activegold belts and proven mineralized trends, whileit’s 100%-owned Canadian projects include the McKenzie Gold Projectin Red Lake, Ontario, the New Pilot Project, located in BritishColumbia's historic Bridge River Mining Camp, and four prospectivegold and gold-copper projects (3,700-ha) in the Province ofNewfoundland. The Company is focusing on thedevelopment of several core assets while seeking joint-venture,earn-in, and strategic partnerships for other projects in its growingportfolio.
For more information, please visit nexus.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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