Nexus begins sampling program at Dakouli 2
2020-08-26 10:54 ET – News Release
Mr. Alex Klenman reports
NEXUS GOLD BEGINS WORK PROGRAM AT DAKOULI 2 GOLD CONCESSION, BURKINA FASO, WEST AFRICA
Nexus Gold Corp.’s reconnaissance and sampling program is under way at the company’s 100-per-cent owned, Dakouli 2 gold concession, located in Burkina Faso, West Africa.
As announced in a company news release dated June 23, 2020, during recent site visits Nexus personnel noted an increase in artisanal mining activity along strike at the main mineralized zone. The increased strike activity now extends the limits of the eastern zone some 200 metres to the east, thus expanding the zone of mineralization to over 400 m along an east-west trend while also measuring over 200 m in a north-south direction. Company geologists are currently at the Dakouli 2 site to both determine drill pad sites for the upcoming maiden drill program, scheduled for the fall, and to conduct sampling in and around the expanded artisanal zone.
“I hate to sound cliche, but we really are genuinely excited to drill Dakouli,” said president and chief executive officer, Alex Klenman. “The project has never been drilled, and with what we’ve seen in samples and the level of artisanal activity, there is no doubt it’s a compelling target. Mineralization appears to be abundant. This current recon program will provide updates on the scope of current artisanal activity, the length and depth of their efforts, some sample numbers from newly broken ground of the orpaillage, and most importantly, drill targets and drill pad locations,” continued Mr. Klenman
Sampling at Dakouli 2 to date has produced several significant results, tabled in the article, as reported in company news releases dated Jan. 8, 2019, and Jan. 15, 2019, and June 23, 2020:
NEXUS -- DAKOULI SIGNIFICANT SAMPLES TO DATE
Sample-ID Comment Au g/t
DKL-001 Qtz from orpaillage pit, about 8 m depth, light grey to smoky qtz,
looks like flat vein 3.15
DKL-004 Milky qtz vein from orpaillage pit, about 8 m depth,
several pieces of VG show from panning 27.5
DKL-009 Milky qtz vein from orpaillage pit, 18 m depth 2.90
DKL-010 Light grey qtz vein from orpaillage pit 4.93
DKL-011 Qtz from orpaillage pit, VG show in panning and on a piece of quartz
coming from the same shaft, about 10 m depth 29.5
DKL-012 Qtz from orpaillage pit, about 8 m depth, VG show in panning 12.4
DKL-021 Qtz from orpaillage pit, 15 m depth, white to light grey 2.72
DKL-022 Qtz from orpaillage pit, 25 m depth 11.1
DKL-023 Qtz and VG from orpaillage pit, 40 m depth 17.6
DKL-024 Qtz from orpaillage pit, 40 m depth 1.74
DKL-025 Qtz from orpaillage pit, 17 m depth 3.68
DKL-027 Crushed material, very fine gold, 40 m depth 10.8
About the Dakouli 2 gold concession
The Dakouli 2 exploration permit is a 98-square-kilometre (9,800 hectares) gold exploration property located approximately 100 km 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.
Of the first 25 samples collected in late 2018, 11 returned assay values greater than 1 g/t Au, with multiple samples showing various concentrations of visible gold, with values between 11.1 g/t Au and 29.5 g/t Au (See company news release dated Jan. 8, 2019).
Follow up work outlined an anomalous zone extending some 500 m 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 extends for approximately 10 km, 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 oz Bissa mine, located approximately 25 km east of the Dakouli ground.
Two secondary gold trends which extend for approximately 6.5 km 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. The geochemical surveys and sampling work done to date have generated multiple targets the company intends to begin testing in this initial drill program.
The Dakouli 2 permit lies immediately south of, and contiguous to, the company’s Niangouela gold concession, which has been explored over the past three years. Drilling at Niangouela has returned significant intercepts, including 26.69 g/t Au over 4.85 m, including 132 g/t Au over one metre, and 4 g/t Au over six metres, including 20.5 g/t Au over one metre (See company news releases dated March 7, 2017, and April 5, 2017).
The company also announces that it has closed a non-brokered private placement through the issuance of 2,352,941 units at a price of 8.5 cents per unit for gross proceeds of $200,000. Each unit consists of one common share of the company, and one common share purchase warrant exercisable to acquire an additional common share of the company at a price of 12 cents until Aug. 20, 2024. The company anticipates utilizing the proceeds of the placement for further project development work, and for general working capital purposes.
No finder’s fees or commissions were payable in connection with completion of the placement. All securities issued in connection with the placement are subject to a statutory hold period until Dec. 21, 2020, in accordance with applicable securities laws.
Warren 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.
About 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-ha) in the province of Newfoundland.
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