Nexus Gold completes phase 2 exploration at McKenzie

Nov 11, 2019

2019-11-08 10:30 ET – News Release

Mr. Alex Klenman reports

NEXUS GOLD COMPLETES PHASE TWO EXPLORATION AT MCKENZIE GOLD PROJECT, RED LAKE, ONTARIO

Nexus Gold Corp. has been informed by geological consultant Rimini Exploration & Consulting that its second phase of prospecting on its 100-per-cent-owned McKenzie gold project located at Red Lake, Ont., has now been completed.

The phase 2 prospecting program, which included approximately 60 grab and chip samples, was designed to further determine areas of interest on the property’s southern end and to continue predrill phase data compilation to help determine initial drill targets. The focus of the prospecting was concentrated in and around Perch Lake, in the Saint Paul’s Bay area, located in the southernmost section of the 1,348.5-hectare property.

Historic drilling in this area has returned significant values, including 7.49 grams per tonne (g/t) gold (Au) over 8.2 metres, 2.2 g/t Au over 5.5 metres, 15.54 g/t Au over 0.8 metre, 17.02 g/t Au over 0.5 metre and 23.87 g/t Au over 0.2 metre.

“The ongoing mapping, sampling and data compilation Rimini is doing for us is critical in preparing McKenzie for an initial Nexus drill program,” said president and chief executive officer Alex Klenman. “McKenzie is a priority for us. It’s right in the middle of a world-class district, with prolific production and major success stories in the immediate area. The volume of high-grade samples and even the limited drilling done at McKenzie make it a very compelling exploration target. Drill targets are being determined now and we are eager to begin that phase of development,” continued Mr. Klenman.

Results from this phase 2 prospecting program will be reported once they have been received, tabulated and verified. The southern portion of the McKenzie gold project is bordered by Premier Gold Mines Ltd.’s Hasaga property and Pure Gold Mining’s Madsen gold property.

Compilation summary — McKenzie gold project

As reported in a news release dated Oct. 11, 2019, Nexus received a compilation summary of important historic data from project geological consultant Rimini Exploration. The compilation 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 more comprehensive data from the summary, coupled with the new data from the phase 2 prospecting program, is being utilized to determine suitable areas to be tested by drilling.

The Rimini compilation summary produced historical data the company was previously unaware of regarding multiple historical grab samples taken on the McKenzie claim block. The company had previously disclosed several high-grade historical grab sample results, including 331.14 g/t 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 its 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 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).

The Rimini data compilation summary also indicated 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 and 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 plus-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 ounce 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.

About Nexus Gold Corp.

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 square kilometres (over 56,000 hectares) of land located on active gold belts and proven mineralized trends, while its 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 three prospective gold-copper projects (3,300 hectares) in Newfoundland.

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https://www.nexusgoldcorp.com/