Tickers: XOTC:NXXGF, XTSX:NXS, FRAA:N6E
Vancouver, Canada - TheNewswire - May 7, 2020 - Nexus Gold Corp. ("Nexus" or the "Company") (TSXV:NXS), (OTC:NXXGF), (FSE:N6E) is pleased to report that its option partner, Kruger Gold Corp. ("Kruger"), has completed an initial budget for upcoming exportation programs to be conducted at the Rakounga Gold Concession located in Burkina Faso, West Africa.
Kruger is currently working to finalize the details of the initial program, which is intended to expand on the existing historical data on the project, with work anticipated to commence in the summer of 2020. Additional information regarding the intended work programs will be provided as it becomes available. The Rakounga Gold Concession consists of an exploration permit totaling a 250 square kilometer area, adjacent to the Company's Bouboulou gold concession, and has been the subject of prior exploration work by the Company.
Kruger can acquire a 90% interest in the Rakounga project by completing a series of cash payments totaling CDN$1,000,000 and incurring expenditures of at least CDN$1,250,000 over a five-year term. Following completion of these payments and expenditures, Kruger can acquire the remaining 10% interest in the project by completing a one-time cash payment of CDN$1,000,000.
Figure 1: Nexus project locations, known deposits and producing mines in Burkina Faso, West Africa
Figure 2: Rakounga and Bouboulou projects, showing mineralized zones along the East-West PR trend
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 four prospective gold and gold-copper projects (3,700-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 nexus.gold.
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.
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