Tickers: XOTC:NXXGF, XTSX:NXS, FRAA:N6E
Vancouver, Canada - TheNewswire - February 27, 2020 - Nexus Gold Corp. ("Nexus" or the "Company") (TSXV:NXS) (OTC:NXXGF) (FSE:N6E) is pleased to announce early sampling results from the 100%-owned Manzour-Dayere gold exploration permit, located 325 km south west of the capital city of Ouagadougou, Burkina Faso, West Africa.
Upon acquiring the 190.53 sq-km (19,053-hectare) concession (see Company News Release dated February 4, 2020) Company geologists began a comprehensive ground reconnaissance program to identify potential mineralized zones, and map active orpaillages (areas of artisanal mining activity).
Results of the first dozen grab samples have been received from an active artisanal zone in the northeast corner of the concession. Highlights of this initial round of sampling includes 9.60 grams-per-tonne ("g/t") gold ("Au"), 7.07 g/t Au, 5.73 g/t Au, 3.84 g/t Au and 2.84 g/t Au. These new samples add to the historical data collected to date and will assist Company geologists in determining potential exploration targets for future drilling.
Recent historical exploration on the property conducted between 2011 and 2014 returned reported high-grade values of 132 g/t Au, 85.40 g/t Au, 61.20 g/t Au, and 27.9 g/t Au, from select grab samples of quartz veining at the main orpaillage in the extreme northeast corner of the property, while select grab samples of the sedimentary host rock returned values of 103 g/t Au and 21.40 g/t Au, respectively. The workings on the main orpaillage are extensive and extend to depths of 60 to 80 meters below surface.
Situated in southwestern Burkina Faso, near the border with Ghana, the area is home to several producing mines, including Yaramoko (Roxgold), Hounde (Endeavour), Poura (Newmont), Bondi (Sarama) and Gaoua (B2Gold).
Figure 1: Burkina Faso country map with producing mines and Nexus Gold projects
Figure 2: Manzour-Dayere concession boundary with location of historical and newly acquired samples
The Company's in-country geological team is presently compiling all available historical data, as well as conducting ongoing sampling and reconnaissance programs. With the addition of Manzour-Dayere, Nexus now controls over 750-sq kms of prospective ground in Burkina Faso.
* Please note that while the Company considers sampling results from the Manzour-Dayere concession to be accurate, readers are cautioned that a Qualified Person has been unable to verify the laboratory involved in the analysis of these samples, and no documentation was available regarding quality control procedures utilized in the analysis.
Warren Robb P.Geo., Vice President, Exploration, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for the technical information contained in this release.
The Company also announces that it has reached an agreement with an arms-length creditor to settle outstanding indebtedness of $31,500 related to services previously provided to the Company. The Company intends to settle the indebtedness through the issuance of 630,000 common shares, at a deemed price of $0.05 per share.
All shares issued by the Company in connection with the settlement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities law. Completion of the settlement remains subject to the approval of the TSX Venture Exchange.
About the Company
Nexus Gold is a Canadian-based gold development company with an extensive portfolio of ten exploration projects in West Africa and Canada. The Company's West African-based portfolio totals five projects encompassing over 750-sq kms (75,000+ hectares) of land located on active gold belts and proven mineralized trends, while it's 100%-owned Canadian projects include the McKenzie Gold Project in Red Lake, Ontario, the New Pilot Project, located in British Columbia's historic Bridge River Mining Camp, and three prospective gold-copper projects (3,300-ha) 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.
For more information please visit www.nexusgoldcorp.com.
On behalf of the Board of Directors of
NEXUS GOLD CORP.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
Copyright (c) 2020 TheNewswire - All rights reserved.