Nexus Gold drills 55.5 m of one g/t Au at McKenzie
2020-09-03 06:20 ET – News Release
Mr. Alex Klenman reports
NEXUS GOLD DRILLS 55.5M OF 1.00 G/T AU, INCLUDING 16M OF 1.42 G/T AU AND 6M OF 2.37 G/T AU, AT THE MCKENZIE GOLD PROJECT, RED LAKE, ONTARIO
Nexus Gold Corp. has received additional assay results from the recently completed phase 1 drill program at the company’s 100-per-cent-owned McKenzie gold project, located in Red Lake, Ont.
The final seven holes drilled in this program were testing targets identified by the company in its 2019 surface prospecting programs. Drilling continued to intersect narrow intercepts in the one-to-four-gram-per-tonne Au range, as per historic and recent drilling by the company, but also resulted in the discovery of a particular mineralized zone that has now produced longer intersections of greater than 50 to 100 metres in length.
Drill hole MK-20-008 returned a significant intercept of 117.5 metres of 0.62 g/t Au, including 55.5 metres of 1.00 g/t Au, which also includes intercepts of six m of 2.37 g/t Au, two m of 4.28 g/t Au and nine m of 1.14 g/t Au, among others. Drill hole MK-20-007, which was drilled approximately 25 m east of hole MK-20-008, returned anomalous gold grades of 0.36 g/t Au over 117 m, including notable intercepts 9.4 m of 1.26 g/t Au, four m of 1.13 g/t Au, and 1.5 m of 4.64 g/t Au.
“This is extremely exciting, as our exploration program has identified a second style of gold mineralization on the McKenzie property,” said vice-president of exploration Warren Robb. “These disseminated, near-one-gram gold intercepts more closely resemble the type of mineralization being explored by Premier Gold at the Hasaga project, located to the southeast of our project ground. The deposits at Hasaga are estimated to host over one million ounces at just under a one-gram gold average. This, coupled with the earlier reported intercepts of 13 g/t Au over three metres in hole 6, suggests that there is a strong potential for economic mineralization occurring in the St. Paul’s Bay region of our claims,” continued Mr. Robb.
Both holes 007 and 008 were drilled entirely in a granitic rock of the Dome stock and displayed patchy moderate to strong silica alteration. Silica-altered intervals are typically associated with high-density microfracturing and increased molybdenite and chalcopyrite mineralization. Fine-grained fluorescent scheelite was also observed. The granite was strongly magnetic, containing 2 to 3 per cent fine-grained disseminated magnetite.
Premier Gold’s Hasaga property is host to the past producing Hasaga and Gold Shore mines and is strategically located proximal to the Balmer-Confederation regional unconformity, recognized as an important geologic feature at the multimillion-ounce past and currently producing Red Lake area mines. The deposits on the Hasaga project are estimated as hosting an indicated mineral resource of 42,294,000 tonnes at a grade of 0.83 g/t gold representing 1,123,900 ounces of gold.
NOTABLE INTERCEPTS, HOLES 7 THROUGH 13, 2020 MAIDEN DRILL
PROGRAM, MCKENZIE GOLD PROJECT, RED LAKE, ONT.
Hole ID From To Length Au
(m) (m) (m) (g/t)
MK-20-007 5.6 123 117.4 0.33
including 5.6 15 9.4 1.26
13.5 15 1.5 4.64
44 48 4 1.13
66 67.5 1.5 1.02
MK-20-008 5.5 123 117.5 0.62
including 22.5 24 1.5 1.23
and 67.5 123 55.5 1.00
Including 72 73.5 1.5 1.44
And 75.5 76.5 1 1.33
and 77.5 79.5 2 1.21
and 82.6 98.6 16 1.42
including 90.6 96.6 6 2.37
including 91.6 93.6 2 4.28
including 93.6 98.6 5 1.26
and 102.6 105.6 4 1.07
and 110.6 119.6 9 1.14
and 117.6 119.6 2 1.54
MK-20-009 125 126 1 1.34
127 128 1 1.36
MK-20-010 12 13 1 1.02
76.5 78 1.5 1.02
100 102 2 2.94
including 101 102 1 4.68
112.5 114.5 2 1.37
including 113.5 114.5 1 4.05
MK-20-011 70.5 72 1.5 1.12
MK-20-012 NSR - - -
MK-20-013 53 54 1 2.39
“We were certainly surprised by the lengthy gold intercepts in holes 7 and 8,” said president and chief executive officer Alex Klenman. “Considering both the grade and size established at the nearby Hasaga site, these holes represent a potentially significant discovery for us. We can continue to intersect these narrow veins near surface in the southern drill area, but ultimately, we’re going to need length to establish economics. These noticeably long intercepts are an important step in that direction. We’re eager to continue drilling around this newly discovered zone, and will do so shortly,” continued Mr. Klenman.
Follow-up drilling is currently being planned for an additional two phases, which will include further drilling in and around holes MK-020-006, 007 and 008, and on the McKenzie Island section of the property, where several historic high-grade grab samples have been recovered in the past. Details regarding the timing of these follow-up and additional drill programs are forthcoming and will be announced in the coming weeks.
Previously reported drill results from the 2020 maiden drill program are shown in the associated table (see company news release dated Aug. 18, 2020).
SIGNIFICANT RESULTS FROM FIRST 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
MK-20-005 10 11 1 1.57
44 45 1 1.61
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
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 consultant 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.
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 the Company
Nexus Gold is a Canada-based gold exploration and development company with an extensive portfolio of 11 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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