Tags: Mining

  • - 2017 high-grade grab samples include 331 g/t Au, and 313 g/t Au

    - 600-meter strike length established through prior drilling in 2005

    - 1,348.5-hecatre property located in the prolific Red Lake Gold Camp

Vancouver, Canada / TheNewswire / February 12, 2019 - Nexus Gold Corp. ("Nexus" or the "Company") (TSX-V: NXS, OTCQB: NXXGF, FSE: N6E) is pleased to announce that it has signed a definitive agreement with 1082545 B.C. Ltd. (the "Vendor"), an arms'-length party, to acquire the McKenzie Gold Project (the "Project"). The Project consists of a series of mineral claims located in the Red Lake region of Northwestern Ontario. In consideration for the Project, the Company is required to issue 4,000,000 common shares and complete a one-time cash payment of $150,000.

The McKenzie gold project is a 1,348.5-hectare property located in the heart of the Red Lake gold camp. The highly prospective geological setting is analogous to several past producers. McKenzie hosts nine documented historical gold occurrences with limited exploration.

"The acquisition of the McKenzie Gold Project adds a Canadian-based project with high-grade potential, in a marquee district, to our portfolio," said president & CEO, Alex Klenman. "Nexus now has a total of six projects on two continents, in prolific and proven gold producing regions. With multiple types of exploration targets and excellent jurisdictional diversity, we feel Nexus is well positioned for growth in 2019 and beyond," continued Mr. Klenman.

In 2017 a ground reconnaissance program resulted in a prospecting discovery, with high-grade samples returning up to 313 grams-per-tonne ("g/t") gold ("Au"). A new showing on the southwest corner of McKenzie Island, located in the northern portion of the project area, was also discovered during this program and returned multiple high-grade samples ranging from 9.37 g/t Au to 331 g/t Au. This new discovery lies approximately 100 meters west of a historical showing where gold values of up to 212.8 g/t Au have been reported in provincial government files.

In 2005, Cypress Development Corp conducted a small drill program near the southern boundary that intersected a strongly silicified, sericite-altered, east-west-trending mineralized zone up to 600 meters long and open along strike and to depth. Quartz veining accompanied by sphalerite, arsenopyrite, chalcopyrite and free gold returned gold values in drill core of up to and 2.2 g.t Au over 6 meters.

Quartz veining and sulphide mineralization are also reported in multiple locations on McKenzie Island, within the northern portion of the property boundary. Sampling conducted in 2017 returned up to 18.02 g/t Au in grab samples from the vein exposure.

NXS RedLake fig5 OWNERSHIP detail gpt
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NXS RedLake fig6 GEO detail gpt

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NXS RedLake fig7 MAG detail gpt

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