Nexus Gold drills 2.75 m of 13.25 g/t Au at McKenzie
2020-08-18 06:14 ET – News Release
Mr. Alex Klenman reports
NEXUS GOLD DRILLS 13.25 G/T AU OVER 2.75M, INCLUDING 36.2 G/T AU OVER 1M AT THE MCKENZIE GOLD PROJECT, RED LAKE, ONTARIO
Nexus Gold Corp. has received initial assay results from the first six holes of the recently completed phase 1 drill program at the company’s 100-per-cent-owned McKenzie gold project, located in Red Lake, Ont.
This first round of drilling conducted in the St. Paul’s Bay area was designed to test depth extensions of surface rock sampling conducted by the company in June and November of 2019, and to test historic drill intercepts encountered by the properties previous owners in 2001 to 2005.
Of the first six holes drilled (784 total metres), six returned elevated gold assays while the last three holes, MK2020-004, 005 and 006, all contained zones reporting visible gold. Significant gold results were returned from hole MK 2020-006, which intersected a zone containing a blue-grey quartz vein and returned values of 13.25 grams per tonne (g/t) gold (Au) over 2.75 metres from 68.75 to 71.50 metres, which includes one metre of 36.20 g/t Au.
Drill holes MK-2020-005 and 006 were drilled from the same location and successfully intersected the same blue-grey vein in both holes; the vein was intersected at 44 metres in hole MK 2020-005 and at 69.5 metres in hole 006. Based on these findings the company decided to expand its drill program from 1,000 metres to 2,000 metres and continued drilling. Results from the remaining seven holes (MK-2020-007 to 013), approximately 1,200 metres, are currently pending and expected later this month.
“We’re pleased with the progression of the results received from the first few holes,” said president and chief executive officer Alex Klenman. “These initial holes produced similar results to historical drilling in the same area, [that is,] narrow intercepts of one to seven g/t gold over various lengths between one and four metres. Holes 5 and 6 began showing greater concentrations of these types of intercepts, culminating with the best result of 13 grams over almost three metres. Results were getting more interesting the further we got into the drill program, so naturally we’re eager to see what the next batch of assays reveal and to see if we can both extend intercept lengths, and continue to see additional significant mineralization,” continued Mr. Klenman.
NOTABLE INTERCEPTS, INITIAL SIX HOLES, 2020 MAIDEN DRILL PROGRAM,
MCKENZIE GOLD PROJECT, RED LAKE, ONT.
Hole ID From To Length Au
(m) (m) (m) (g/t)
MK-20-001 41.25 41.75 0.5 5.75
86 90 4 1.41
including 89 90 1 4.30
MK-20-002 50.2 50.7 0.5 5.21
MK-20-003 107.5 108 0.5 1.82
MK-20-004 130 131 1 7.43 VG
MK-20-005 10 11 1 1.57
44 45 1 1.61 VG
46 47 1 3.42
93.9 94.4 0.5 5.27
100.5 107 1.5 1.07
MK-20-006 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 36.20 VG
“This is a really positive start; visible gold in core is always exciting,” said vice-president of exploration Warren Robb. “Our efforts are to now try and define the nature and extent of this mineralization, and to determine how these structures relate to the contact with the Dome stock and the Balmer assemblage volcanics,” continued Mr. Robb.
The initial phase 1 diamond drill program was intended to test the mineralization potential of several gold targets occurring within an east-west-trending corridor along the southern contact of the Dome stock occurring within volcanic rocks of the Balmer assemblage.
Historic drilling conducted in 2005 along this corridor returned significant values, including 7.49 grams per tonne gold over 8.2 metres, 15.54 g/t Au over 0.8 m (includes 13.08 g/t over 0.3 m and 17.02 over 0.5 m), 4.47 g/t gold over 1.4 m and 2.15 g/t Au over 5.5 m.
The initial drill program at McKenzie expanded upon 2005 drilling to follow up on anomalous rock samples that were collected as part of the 2019 fall prospecting program completed in the St. Paul’s Bay area of the property. The prospecting program traced the mineralized contact corridor to the property’s eastern boundary to further determine areas of interest on the property’s southern end. 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 property.
About the McKenzie gold project
The 100-per-cent-owned McKenzie gold project is a 1,398.5-hectare high-grade gold prospect located in the heart of the historic Red Lake gold camp, in Western Ontario, Canada. Areas of high-grade gold mineralization have been established within the northern portion of the claim block (McKenzie Island), with significant gold values having been drilled along a 600-metre strike in the southern portion of the property (St. Paul’s Bay area).
As reported in a company news release dated Oct. 11, 2019, Nexus received a compilation summary of important historic data from project geological consultants, Rimini Exploration. The compilation integrated the regional geological and regional geophysical data, thus allowing the company’s geological staff to compare these trends with 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, were utilized in determining suitable areas to drill test.
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 on the property, 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 at McKenzie 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 several high-grade assays, including 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 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 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.
Options
The company also announces that it has granted one million incentive stock options to certain arm’s-length consultants engaged by the company, in accordance with the terms of its incentive stock option plan. The options vest immediately and are exercisable at a price of 10.5 cents for a period of 36 months.
Mr. Robb is the designated qualified person and has reviewed and approved the technical information contained in this release. The historic drill data contained in this release were verified by the QP by comparing reported assay data with certificates of analysis documented. The QP has verified mineral showings and areas of select sampling and the collars of reported historic drill hole locations. It is the QP’s opinion that the data as presented are adequate and can be relied upon for use in this press release.
About Nexus Gold Corp.
Nexus Gold is a Canada-based gold development company with an extensive portfolio of 11 exploration projects in Canada and West Africa. The company’s West Africa-based portfolio totals five projects encompassing over 750-square kilometres 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 four prospective gold and gold-copper projects (3,700 hectares) in the province of Newfoundland.
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