(TheNewswire)
- Hole MK-21-024 returns 2.19 g/t Auover 22 meters
- Includes high-grade intercepts of24.5 g/t Au over 1.5m and 21 g/t Au over 1m
- Drilling successfully extendsstrike length over 400 meters
Vancouver, Canada - TheNewswire - February 9, 2022 - Nexus GoldCorp. (“ Nexus ” or the “ Company ”)(TSXV:NXS ) ( OTC:NXXGF ) ( FSE:N6E) is pleased to report initial assay results from its second round ofphase two diamond drilling on its 100% owned McKenzie Gold Projectlocated at Red Lake, Ontario.
This second round of drilling, completed in December2021, was designed to test gold anomalies occurring in and aroundhistoric trenches identified earlier in the fall by prospecting teamsemployed by the Company. The program was also testing the potentialstrike extension of mineralization identified in the first round ofphase two drilling in the spring of 2021. The program consisted ofeight drill holes totaling 2000 meters (full summary of the four holesreceived is tabled below).
Significant mineralization was encountered in three ofthe first four holes from the December drill program, which alsosubstantially expanded the strike length of the mineralized zone. Highlights from the first four holes received include:
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MK-21-024 which assayed 22 meters (“m”) of 2.19grams-per-tonne (“g/t”) gold (“Au”), which includes 1m of 21g/t Au at 65m depth, and 1.5m of 24.5 g/t Au at 70.5m depth.
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MK-21-027 returned 23m of .59 g/t Au, including 1m of2.76 g/t Au and 1m of 6.31 g/t Au.
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MK-21-030 returned multiple mineralized intercepts,including 3m of 1.41 g/t Au, 6m of 1.07 g/t Au, 6m of 1.17 g/t Au, and2m of 2.41 g/t Au. These higher-grade results were contained withinlengthier sub-1 gram intercepts, including 25m of .52 g/t Au, 10m of.58 g/t Au, 22m of .52 g/t Au, and 12m of .63 g/t Au.
All drill holes were collared in the Dome Stock andsuccessfully cored through granitic rock displaying zones of potassic(“K”) alteration with zones of silica and sericitic alteration;sulphide mineralization consisting primarily of pyrite with lesserchalcopyrite; and occasional molybdenite and sphalerite hosted inquartz carbonate stringers and veins, which was reported occurring inboth alteration styles but in greater amounts in the siliceoussericitically altered granite.
The following table includes significant results fromfour of the eight holes drilled in December 2021:
DRILL HOLE | UTM_E | UTM_N | ELEV (m) | AZIMUTH | DIP | FROM | TO | LENGTH | Au g/t |
MK-21-024 | 437725 | 5652960 | 360 | 300 | -45 | 54 | 76 | 22 | 2.19 |
includes | 65 | 66 | 1 | 21.00 | |||||
and | 70.5 | 72 | 1.5 | 24.50 | |||||
MK-21-026 | 437608 | 5652980 | 362 | 190 | -50 | NSR | |||
MK-21-027 | 437718 | 5652792 | 360 | 195 | -45 | 13 | 14 | 1 | 1.64 |
234 | 235 | 1 | 2.54 | ||||||
247 | 270 | 23 | 0.59 | ||||||
includes | 234 | 265 | 1 | 2.76 | |||||
and | 269 | 270 | 1 | 6.31 | |||||
MK-21-030 | 437725 | 5652342 | 380 | 350 | -50 | 75 | 100 | 25 | 0.52 |
includes | 76 | 77 | 1 | 1.84 | |||||
90 | 91 | 1 | 1.14 | ||||||
97 | 100 | 3 | 1.41 | ||||||
includes | 107 | 117 | 10 | 0.58 | |||||
111 | 112 | 1 | 3.57 | ||||||
135 | 136 | 1 | 1.75 | ||||||
153 | 154 | 1 | 1.12 | ||||||
165 | 187 | 22 | 0.52 | ||||||
Includes | 173 | 179 | 6 | 1.07 | |||||
251 | 263 | 12 | 0.63 | ||||||
Includes | 253 | 259 | 6 | 1.17 | |||||
Includes | 256 | 258 | 2 | 2.41 |
“We’re pleased with these results so far, we weredefinitely successful in expanding the footprint of the mineralizedzone,” said president and CEO, Alex Klenman. “It appears that wehave a kink in the mineralized trend towards the northwest, which isan intriguing development. We’ll look to continue to chase themineralization in that direction as there’s a lot of ground up thereto work. We’re also encouraged with the mix of higher gradeintervals and extended sub and near 1-gram intercepts. Theseresults, as in previous drilling, continue to indicate similarity tothe mineralization style over at the Hasaga project, located severalkilometers to the east of us,” continued Mr. Klenman.
“This round of drilling was a little more challengingas the mineralization we encountered in the north of Perch Lakedisplayed a varying degree of alteration to what we’ve beenobserving in the holes south of the lake,” said VP Exploration,Warren Robb. “Holes drilled out under Perch Lake, on the otherhand, resulted in intersecting similar alteration and mineralizationas we encountered in holes 18 and 19 to the south,” continued Mr.Robb.
With the mineralization encountered in holes MK-21-027and MK-21-030, extension of the strike of the gold bearing zone nowextends over 450 meters in length. Additional assays from theremaining four holes are expected sometime in the next twoweeks.
Image 1: New sample locations, newshowings (red) and historical trenches, recent drill holes, with2020-2021 drill locations to the south, McKenzie Gold Project, RedLake, ON
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 independent mineralanalysis laboratory, for analysis. All samples are analyzed for goldusing standard Fire Assay-AA techniques. Certified gold referencestandards, blanks and field duplicates are routinely inserted into thesample stream, as part of Nexus’s quality control/quality assuranceprogram (QA/QC).
Remaining assay results will be released once received,reviewed, and verified by the Company’s Qualified Person.
Drilling at McKenzie GoldProject
This 2000-meter drill program commenced with the firsthole being drilled to test the northern extent of gold mineralizationidentified by earlier drilling conducted by the Company in April2021 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 programreturned 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/t Au,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.
This second round of diamond drilling was planned toexpand 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 13.25grams-per-tonne (“g/t”) gold (“Au”) ,including 1m of 36.20 g/t Au (68.75m to 70.5m)
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MK-20-RC-008: 55.5m of 1 g/tAu (67.5m to 123m), including 16m of 1.42 g/tAu, 6m of 2.37 g/t Au, and 9m of 1.14 g/t Au
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MK-21-DD-018: 56m of 1.01 g/tAu (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/t Au. Other intercepts included37.6m 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/t Au.
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The entire length of MK-21-DD-018averaged .99 g/t Au over 198m
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MK-21-DD-019: 136m of 1.25 g/tAu (148m to 285m), including 44.9m of 3.00 g/tAu, 15.5m of 5.25 g/t Au, 29.4m of 1.82 g/t Au, and 6m of 5.45 g/t Au. High-grade intercepts included 1m of 59.8 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 in mineralization at 285 meters,with an average grade of the hole returning .74g/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.
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).
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 the completeMcKenzie 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 resemblethe type of mineralization being explored at the Hasaga Project,located approximately 5kms to the south-east of the McKenzie projectground.
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 of42.294 million tonnes at a grade of 0.83 g/t gold representing1,123,900 ounces of gold (Indicated)*.
Heidi Gutte named Chief FinancialOfficer
The Company has appointed Heidi Gutte as ChiefFinancial Officer, replacing Zula Kropivnitski who has accepted aposition elsewhere. Ms. Gutte specializes in providing corporatefinance, financial reporting, consulting, taxation, and otheraccounting services to both small businesses as well as publiccompanies in various industries.
Ms. Gutte earned her bachelor's degree of computerengineering from the University of Applied Sciences in Brandenburg,Germany. She holds the professional designation of charteredprofessional accountant (CPA, CGA) and is a member of CharteredProfessional Accountants of British Columbia and Canada. Ms. Guttehas had extensive experience as a controller and chief financialofficer of numerous publicly traded and private corporations across avariety of sectors.
The Company would like to extend sincere thanks to Ms.Kropivnitski for her years of service and wish her well in her newendeavors.
* 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.
* NI 43-101 Technical Report, HasagaProject, 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.) , February 24 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
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.
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