Nexus Gold drills 8 m of 1.13 g/t Au at Dakouli 2

Apr 1, 2021

2021-04-01 11:27 ET – News Release

Mr. Alex Klenman reports

NEXUS GOLD REPORTS ADDITIONAL ASSAY RESULTS AT THE DAKOULI 2 GOLD CONCESSION, BURKINA FASO, WEST AFRICA

Nexus Gold Corp. has received the results for the remaining six exploration holes drilled at its 100-per-cent-owned Dakouli 2 gold project, located in Burkina Faso, West Africa.

Drill holes DKL-2020-RC-017 and 018 in this maiden drill program were conducted along the same fence as holes DKL-2020-RC-06 through 11 and positive results have extended the strike of the gold mineralization identified in those holes to over 400 metres. This zone of mineralization has been intersected to vertical depths of 114 metres and remains open to depth and along strike to the west.

Significant results include:

Hole DKL-2020-RC-016 returned eight metres of 1.13 grams per tonne gold, including two metres of 3.99 g/t Au;
Hole DKL-2020-RC-017 which intersected 52 metres of 0.30 g/t Au, including 18 metres of 0.59 g/t Au, and 10 metres of 0.91 g/t and four metres of 2.08 g/t Au;
Hole DKL-2020-RC-018 which intersected six metres of 1.35 g/t Au, including two metres of 3.36 g/t Au, and eight metres of 0.53 g/t Au and two metres of 1.43 g/t Au.

The results of these holes are shown in the attached table.

To the west of this reported drilling the company has identified a geochemical gold trend which extends for over 1,000 metres.

“Results from these last few holes continue to add more positive data to the discovery at Dakouli,” said president and chief executive officer, Alex Klenman. “We are seeing zones of higher-grade material in conjunction with lengthier runs of near one-gram gold in this northeast corner of the property. The goal now is to increase the mineralized footprint in a westerly direction, and ultimately to the southwest, where favourable geochemical results present a number of compelling drill targets over a significant distance. It’s quite a large area, so we have lots of ground to test. We’re going back to Dakouli in the next few weeks, before the onset of the wet season, where we will continue to define the scope and breadth of the gold mineralization encountered so far,” continued Mr. Klenman.

“This is a very interesting system we have intersected, as we have had a couple of longer intercepts running half a gram and a number of more consistent zones running around four grams,” said Warren Robb, vice-president of exploration. “The system is trending to the west and our efforts moving forward will be to test, with a diamond drill, this several-kilometres-long corridor that our termite mound and soil geochemistry has outlined. This will help us to gain a better understanding of the nature of the mineralization and the geology hosting it,” continued Mr. Robb.

The assay results were delayed due to quality control checks implemented by the company. The qualified person for the company is satisfied that the company’s data verification procedures were sufficient to identify any precision and accuracy errors and implemented check analysis to determine and report accurate gold assay data.

A follow-up diamond drill program is scheduled for May. Details will be announced in the coming weeks.

Drilling to date at Dakouli

The maiden RC program at the 9,800-hectare (98-square-kilometre) concession consisted of 2,914 metres of exploratory drilling. The program was designed to test several areas that have returned either high gold values from rock samples or coincidental soil geochemical and geophysical anomalies proximal to artisanal workings. Drilling has so far primarily been confined to a small section in the upper northeastern portion of the concession ground.

Significant results were encountered in hole DKL-20-RC-007, which returned 4.83 grams per tonne gold over 20 metres, including 14.51 g/t Au over six metres (also including 39.6 g/t over two metres). Other significant results were realized in hole DKL-20-RC-009, which returned 1.61 g/t Au over 10 metres, including 4.11 g/t Au over two metres, and DKL-20-RC-010, which returned 1.89 g/t Au over eight metres, including 6.54 g/t Au over two metres. In addition, several holes returned lengthy intercepts of sub-one gram gold, including DKL-20-RC-006 which returned 0.33 g/t Au over 36 metres, including 0.59 g/t Au over 18 metres, and DKL-20-RC-002 which returned 0.64 g/t Au over 16 metres.

The attached table shows significant results of the maiden drill program.

The maiden Dakouli drill program was designed to initially test depth extensions of geochemical gold anomalies identified through termite mound sampling, soil gold geochemistry which identified three trends intersecting the property (see company news release dated June 11, 2019), and finally rock geochemistry which has returned higher-grade gold results from selective grab samples extracted from artisanal mining areas (see company news releases dated Jan. 8 and 15, 2019, June 23, 2020, and Sept. 10, 2020).

The Dakouli 2 permit is located on the Goren greenstone belt, proximal to Nordgold’s Bissa mine, and is bisected by the gold-bearing Sabce shear zone.

About the Dakouli 2 gold concession

The Dakouli 2 exploration permit is a 98-square-kilometre (9,800-hectare) gold exploration property located approximately 100 kilometres due north of the capital city Ouagadougou.

In late 2018, company geologists conducted a comprehensive ground reconnaissance program to the west and south of the main orpaillage (artisanal zone) and identified new near-surface workings being exploited by artisanal miners. Rock samples collected from these new zones contained various concentrations of visible gold, including coarse nuggety samples.

Follow-up work outlined an anomalous zone extending some 500 metres west from the sample zones. Based on those results the company initiated a 150-line kilometre soil geochemical survey covering the northern half of the Dakouli 2 property and southern portions of the contiguous Niangouela property. This survey identified three prominent gold geochemical trends.

The primary gold trend parallels the Sabce fault zone and extends for approximately 10 kilometres in a northeast-southwest direction and bisects the property from the northeast corner of the property to its western boundary. The Sabce fault hosts multiple deposits including Nordgold’s 3.4-million-ounce Bissa mine, located approximately 25 km east of the Dakouli ground.

Two secondary gold trends which extend for approximately 6.5 kilometres each are oriented in a northwest-to-southeast direction and bisect the primary trend. All three gold geochemical trends are coincidental to geophysical trends identified from the national regional airborne geophysics.

Mr. Robb, PGeo, 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.

Nexus closes private placement

The company also has closed a non-brokered private placement through the issuance of 6,592,640 units for gross proceeds of $329,632. Each unit consists of one common share of the company and one common share purchase warrant exercisable to acquire an additional share at a price of seven cents for a period of 36 months.

No finders’ fees or commissions were paid in connection with completion of the initial tranche of the private placement. All securities issued in connection with the offering are subject to a four-month-and-one-day statutory hold period in accordance with applicable securities law. Completion of a further tranche of the private placement remains subject to approval of the TSX Venture Exchange.

The company anticipates utilizing the proceeds of the offering to advance exploration and drilling efforts at the company’s Dakouli 2 gold concession, located in Burkina Faso, West Africa, and for general working capital purposes.

About Nexus Gold Corp.

Nexus Gold is a Canadian-based gold exploration and development company with an extensive portfolio of 11 projects in Canada and West Africa. The company’s West-African-based portfolio totals five projects encompassing over 750 square kilometres of land located on active gold belts and proven mineralized trends, while it’s 100-per-cent-owned Canadian projects include the McKenzie gold project in Red Lake, Ont., the New Pilot project, located in British Columbia’s historic Bridge River mining camp, and four prospective gold and gold-copper projects (3,700 hectares) 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.

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https://nxs.gold/