Vancouver, March 25, 2021 -
Nexus Gold Corp. ("Nexus" or the "Company") (TSXV:NXS) (OTC:NXXGF) (FSE:N6E) is pleased to report that its drilling contractor, Full Force Drilling, is currently mobilizing crews and equipment to the Company's 100%-owned McKenzie Gold Project, located in Red Lake, Ontario.
This phase two program will consist of up to 2000 meters of diamond drilling to test the lateral and depth extensions of gold mineralization found during last summer's drill program in the St. Paul's Bay area of the property. Drilling is expected to commence over the upcoming weekend.
During the company's 2020 phase one drill program gold mineralization was encountered in 11 of 13 holes drilled with significant intersections being reported from holes MK-20-006 which returned 2.75 meters of 13.25 grams-per-tonne ("g/t") gold ("Au"), including 36.20 g/t Au over 1m, and MK-20-008 returned a significant intercept of 117.5 meters of 0.62 g/t Au, including 55.5 meters of 1.00 g/t Au, which also includes intercepts of 6m of 2.37 g/t Au, 2m of 4.28 g/t Au, and 9m of 1.14 g/t Au, among others (see table 1). Drill hole MK-20-007, which was drilled approximately 25m east of hole MK-20-008, returned anomalous gold grades of 0.36 g/t Au over 117m, including notable intercepts 9.4m of 1.26 g/t Au, 4m of 1.13 g/t Au, and 1.5m of 4.64 g/t Au.
"We are happy to get back to McKenzie and potentially build on the positive results of last year," said Alex Klenman, President and CEO. "With that initial drill program, we were able to not only replicate the higher-grade, narrow gold intercepts previously encountered in historical drilling, but we were also able to establish the presence of lengthier runs of near one-gram disseminated gold, which hadn't been drilled there before. With two types of mineralization in the southern section of the property, it's a compelling target area and one we're eager to expand on," continued Mr. Klenman.
Gold intercepts from the phase one program are tabled below:
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|HOLE ID |UTM E |UTM N |Dip|Azimuth|From |To |Length|Au |
| | | | | | | |meters|g/t |
|----------------------------------------------------------------|
|MK-20-001 |437729|5652199.7|-50|360 |41.25|41.75|0.5 |5.75 |
|----------------------------------------------------------------|
| | | | | |86 |90 |4 |1.41
|
|----------------------------------------------------------------|
|including | | | | |89 |90 |1 |4.30
|
|----------------------------------------------------------------|
|MK-20-002 |437601|5652153.5|-50|360 |50.2 |50.7 |0.5 |5.21 |
|----------------------------------------------------------------|
|MK-20-003 |437601|5652153.5|-65|360 |107.5|108 |0.5 |1.82 |
|----------------------------------------------------------------|
|MK-20-004 |437651|5652138.7|-50|360 |130 |131 |1 |7.43 |
|----------------------------------------------------------------|
|MK-20-005 |437684|5652197.3|-50|360 |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|5652197.3|-65|360 |12.5 |13.5 |1 |1.25 |
|----------------------------------------------------------------|
| | | | | |15.5 |18 |2.5 |1.01
|
|----------------------------------------------------------------|
| | | | | |28 |29 |1 |1.34
|
|----------------------------------------------------------------|
| | | | | |68.75|71.5 |2.75
|13.25|
|----------------------------------------------------------------|
|including | | | | |69.5 |70.5 |1 |36
|
|----------------------------------------------------------------|
|MK-20-007 |437675|5652424 |-50|360 |5.6 |123 |117.4 |0.33 |
|----------------------------------------------------------------|
|including | | | | |5.6 |15 |9.4 |1.26
|
|----------------------------------------------------------------|
| | | | | |13.5 |15 |1.5 |4.63
|
|----------------------------------------------------------------|
| | | | | |44 |48 |4 |1.13
|
|----------------------------------------------------------------|
| | | | | |66 |67.5 |1.5 |1.02
|
|----------------------------------------------------------------|
|MK-20-008 |437646|5652413 |-50|360 |5.5 |123 |117.5 |0.62 |
|----------------------------------------------------------------|
| including| | | | |22.5 |24 |1.5 |1.23
|
|----------------------------------------------------------------|
| and | | | | |67.5 |123 |55.5 |1.00
|
|----------------------------------------------------------------|
|including | | | | |72 |73.5 |1.5 |1.44
|
|----------------------------------------------------------------|
|and | | | | |75.5 |76.5 |1 |1.33
|
|----------------------------------------------------------------|
|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-20-009 |437646|5652166 |-50|360 |125 |126 |1 |1.34 |
|----------------------------------------------------------------|
| | | | | |127 |128 |1 |1.36
|
|----------------------------------------------------------------|
|MK-20-010 |437562|5652193 |-50|360 |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 |4.05
|
|----------------------------------------------------------------|
|MK-20-011 |437649|5652222 |-50|360 |70.5 |72 |1.5 |1.12 |
|----------------------------------------------------------------|
|MK-20-013 |437652|5652139 |-65|360 |53 |54 |1 |2.39 |
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Table 1: Summary of significant drill results, summer 2020 drill program, McKenzie Gold Project
The company will be testing two styles of mineralization on the property, with a series of gold bearing quartz veins encountered in holes MK-20-1-6, 9, and 10 and broader, disseminated gold mineralization occurring in the Dome Stock in drill holes Mk-20-007 and 008. The company has once again contracted Rimini Exploration to operate the project and conduct the geological and technical logging as well as handling, splitting, and sampling of the drill core.
Click Image To View Full Size
Figure 1: McKenzie Gold Project, Red Lake, Ontario, Canada
Warren Robb P.Geo., Vice President, Exploration, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for, and has approved, the technical information contained in this release.
About the Company
Nexus Gold is a Canadian-based gold exploration and development company with an extensive portfolio of eleven projects in Canada and West Africa. The Company's West African-based portfolio totals five projects encompassing over 750-sq kms 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 four prospective gold and gold-copper projects (3,700-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 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.nxs.gold
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.
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