Nexus Gold Receives Data Compilation from Rimini Exploration on the Mckenzie Gold Project, Red Lake, Ontario
- Additional high-grade historic samples up to 142.49 g/t Au noted
Vancouver, Canada - TheNewswire - October 11, 2019 - Nexus Gold Corp. ("Nexus" or the "Company") (TSXV:NXS) (OTC:NXXGF) (FSE:N6E) is pleased to announce it has received a compilation of important historic data from project geological consultants Rimini Exploration, on its 100%-owned, 1,348.5 hectare McKenzie Gold Project, located in Red Lake, Ontario.
The compilation has integrated the regional geological and regional geophysical data, thus allowing the Company's geological staff to compare these trends to the information obtained through ground exploration conducted to date on the property. The company is currently utilizing the more comprehensive data sets to design its follow up exploration program which will be designed to verify and prioritize anomalous areas that the company determines suitable to be tested by drilling.
The Rimini compilation provides data the Company was previously unaware of on multiple historical grab samples taken on the McKenzie claim block. The Company has previously disclosed several high-grade historical grab sample results, including 331.14 ("g/t") gold ("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 Nexus conducted it's first ground reconnaissance program on the McKenzie property, and results returned notable sample assays, including 135.4 g/t Au and 9.3 g/t Au (see Company news release dated June 25, 2019).
Additional high-grade historical grab samples previously unknown to the Company and now revealed in the Rimini summary include 142.49 g/t Au, 115.2 g/t Au, 114.57 g/t Au, 93.71 g/t Au, 68.03 g/t Au, 53.01 g/t Au, and 16.65 g/t Au from areas located on McKenzie Island (north block).
There has also been limited drilling on the property, as noted in the report, with historical intercepts obtained on the southern section, including 7.49 g/t Au over 8.2 meters, 2.1 g/t Au over 5.5m, 15.54 g/t Au over 0.8m, and 17.02 g/t Au over 0.5m. Historical intercepts reported on the northern section include 1.89 g/t Au over 1.3m, 1.97 g/t Au over 1m, 5.56 g/t Au over 0.4m, and 2.3 g/t Au over 0.75m.
"The additional data received from Rimini gives us a much greater understanding of McKenzie island property will aid us immensely in determining drill targets," said President and CEO, Alex Klenman. "The abundance of high-grade historic samples and limited historic drill results clearly indicate there is high-grade mineralization present in multiple locations. Determining drill targets is a priority for us, and we will continue to aggressively push the development of the McKenzie Gold Project forward," continued Mr Klenman.
The Rimini data compilation summary also indicates that little to no exploration has been conducted over the actual lake portion of the claim block. The Company has noted from the regional data that a number of northerly trending geophysical trends extend within the lake itself. The company is viewing these trends as potential faults or breaks within the Dome Stock. Preliminary review of lake sediment sampling conducted on the property in 1989 indicates coincidental anomalous gold geochemical values occurring. Historical values obtained from the analysis of +150 mesh screened lake sediment samples returned values of 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 now intends to conduct more exploration activity within the lake-bound portion of the project area to determine the prospectivity of a large underexplored section of the property.
"The team at Rimini have done a great job for us," said VP Exploration, Warren Robb. "We identified some new areas and trends that we weren't aware of and we look forward to getting more detailed follow up completed in the near term," continued Mr. Robb
Company Hires Quebec-based IR Firm for French Language Representation
The Company also announces that it has engaged Maricom Inc to help develop and optimize bilingual and French presentations and investor materials, and to assist in the distribution of those materials to Maricom's network of investment professionals. The engagement of Maricom is for an initial three-month term, for which they will receive a cash fee of $9,000 and will be granted 200,000 incentive stock options (the "Options"). The Options will vest in four equal parts over a twelve-month term and will be exercisable at a price of $0.08 for a sixty-month term. Completion of the engagement of Maricom, and the grant of the Options, remains subject to the approval of the TSX Venture Exchange.
About the Company
Nexus Gold is a Canadian-based gold development company with an extensive portfolio of nine exploration projects in West Africa and Canada. The Company's West African-based portfolio totals over 560-sq kms (56,000+ hectares) of land located on active gold belts and proven mineralized trends, while it's 100%-owned Canadian projects include the McKenzie Gold Project in Red Lake, Ontario, the New Pilot Project, located in British Columbia's historic Bridge River Mining Camp, and three prospective gold-copper projects (3,300-ha) in the Province of Newfoundland. The Company is focusing on the development of several core assets while seeking joint-venture, earn-in, and strategic partnerships for other projects in its growing portfolio.
For more information please visit www.nexusgoldcorp.com.
On behalf of the Board of Directors of
NEXUS GOLD CORP.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.