(TheNewswire)
Vancouver, BC - TheNewswire - March 30, 2023 - Nexus Gold Corp. (“ NexusGold ” or the “ Company ”) (TSXV:NXS ) ( OTC:NXXGF ) ( FSE:N6E) is pleased to announce it has signed anon-biding letter of intent to acquire a 90% interest in the 6,200-ha(62km²) Fofora Gold Project exploration permit located 450km to thesouthwest of Ouagadougou, Burkina Faso, West Africa.
The Fofora permit is located on the eastern side of theHounde greenstone belt in the Kampti department; in the province ofPoni, near the border with Cote D’Ivoire. TheHounde Greenstone Belt is host to several large-scale operating goldmines, including Endeavour’s Mana and Hounde Mines, FuturnaSilver’s Yaramoko Mine as well as multiple other producing mines andlarge-scale discoveries.
“We’re pleased to potentially add this highlyprospective project to our existing West African portfolio,” saidCEO, Milad Zareian. “The gold endowment in West Africa, andspecifically in Burkina Faso, is well established. The potential forfurther impactful discoveries, for the delineation of additionalsizeable resources, is as good as any place on the planet. We areeager to move Nexus forward and begin to develop our projects. Wehave work to be done, but we’re committed to increasing our marketcap and unlocking the value of our projects,” continued Mr.Zareian.
Fig 1: Nexus Gold projects,significant deposits/mines, Burkina Faso, West Africa
Historical work on the Fofora property has consisted ofsoil geochemistry and silt sampling completed in 2008 by VoltaResources. This early work outlined a two-kilometernortheast-southwest trending soil anomaly straddling the contractbetween andesitic rocks and basaltic rocks within the Houndegreenstone belt.
Historical silt sampling with the permit area was alsocompleted in 2008 with 38 silts samples being collected from drainageand seeps on the property. Values ranged from 1 ppb gold to 327 ppbgold. An Initial reconnaissance program was attempted in January butdue to flooding in the area the program was cut short. Despite thisdelay the Company geologists were able to access one artisanaloperation and collected three samples which returned gold values of9.8 grams per tonne (“g/t”) gold (“Au”), .108 g/t Au, and0.056 g/t Au respectively.
Fig 2: Fofora Gold Project, adjacentto Fortuna’s Boussoura project, Burkina Faso, West Africa
The property is immediately adjacent and contiguous toFortuna Silver’s Boussoura Project . Historical drill results reported by Roxgold (now FortunaSilver) returned the following results:
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35 metres (“m”) at 4.1 grams pertonne (“g/t Au”) in drill holeBSR-21-RC-FFR-218 from 86m including:
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9m at 12.1 g/t Au from 96m
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6m at 11.3 g/t Au in drill hole BSR-21-RC-FFR-167 from 90mincluding:
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1m at 65.6 g/t Au from 94m
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2m at 11.7 g/t Au in drill hole BSR-21-RC-FFR-187 from 37mincluding:
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1m at 20.9 g/t Au from 38m
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3m at 33.6 g/t Au in drill hole BSR-21-RC-FFR-201 from 6m
As part of its due diligence the company will beconducting further ground follow up on the Fofora permit to identifysuitable target areas for drill testing.
Warren Robb P.Geo., Vice President, Exploration, is the designatedQualified Person and has reviewed and approved the technicalinformation contained in this release. It is the QP’s opinionthat the data as presented is adequate and can be relied upon for usein this press release.
* Management cautions that pastresults or discoveries on adjacent properties may not necessarily beindicative to the presence of mineralization on the Company’sproperties.
About the Company
Nexus Gold is a Canadian-based gold exploration anddevelopment company with an extensive portfolio of projects in WestAfrica. The Company will continue development of assets in WestAfrica in addition to potentially broadening its scope to includeother jurisdictions.
For more information, please visit nxs.gold
On behalf of the Board of Directors of
NEXUS GOLD CORP.
Milad Zareian
CEO
info@nexusgoldcorp.com
www.nexusgoldcorp.com
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