Tickers: XOTC:NXXGF, XTSX:NXS, FRAA:N6E
Vancouver, Canada / TheNewswire / March 02, 2017 - Nexus Gold Corp. ("Nexus" or the "Company") (TSX-V: NXS, OTC: NXXGF, FSE: N6E) is pleased to report that it has completed 1470 metres of its phase one drill program on the Niangouela permit in Burkina Faso.
A total of 14 holes were drilled totaling 1470.5 metres. Of the 14 holes drilled, 13 successfully intersected the targeted shear zone. One hole had to be abandoned due to ground conditions. Of the 13 holes, three holes reported intersections hosting visible gold. Drill holes NIA-17-DD-003, 006, and 009, reported visible gold occurring as small points, or clusters of points, with the gold present in contorted quartz veins occurring within the shear. The company has forwarded all samples for assay to ACTLAB's laboratory in Ouagadougou. The company will report all assay data once it has been received, reviewed and verified.
The Company originally scheduled a 1000 metre phase one diamond drill program on its 178 square kilometre Niangouela exploration permit. The increased 1000 metres of diamond drilling announced in the Company's February 23, 2017, news release, is designed to further test the primary quartz vein and associated shear zone at depth and along strike. The current program is targeting areas of gold anomalies identified from rock samples and Rotary Air Blast (RAB) drilling that was conducted by the Company in December 2016 and January 2017. The Company plans on completing the phase one diamond drill program later this month.
The Company is pleased to welcome Rodney Stevens as an Independent Director. Mr. Stevens is a CFA charter holder with over ten years' experience in the capital markets, first as an Investment Analyst with Salman Partners Inc., then as a merchant and investment banker. While at Salman Partners, Mr. Stevens became a top-rated analyst by StarMine on July 17, 2007 for the metals and mining industry. Over the course of his career, Mr. Stevens has been instrumental in assisting in financing's and M&A activity worth over $1 billion in transaction value.
Mr. Stevens replaces Dean Humphreys, who resigned to pursue other ventures. The Company would like to thank Mr. Humphreys for his years of service and wish him well in his future endeavours.
About the Niangouela Gold Concession
The 178 sq km Niangouela gold concession is located on the Boromo Greenstone Belt (as is the Company's Bouboulou Gold Concession), and is proximal to the Kalsaka deposit and the Sabce Shear Zone. It is accessible by road and has one major orpaillage (artisanal workings).
In December 2016 the Company conducted an 802m rotary air blast (RAB) drill program that delineated an approximately 1,000-metre (1km) quartz vein and a 500-metre secondary strike, running oblique to the main vein. This vein has now been identified in trenches, artisanal workings and through RAB drilling. It remains open in all directions.
A total of 11 rock chip and grab samples were taken during the initial exploration phase. Eight of the 11 samples returned values of 1 gram-per-tonne ("g/t") gold or better. Best results of the 11 include sample NG005, taken directly from the primary quartz vein at 46m depth (accessed via an artisanal mining shaft), which returned a value of 2,950 g/t gold. Sample NG006 was collected from the artisanal dumps of the sheared intrusive and returned a value of 23.9 g/t gold. Sample NG007 contained coarse visible gold, and was taken from material extracted from the eastern shaft from a depth of approximately 60m, returned values of 403 g/t gold. Sample NG008 was taken from the western shaft, 10 to 12 metres west of the eastern shaft, and consisted of a single large piece of primary quartz vein containing host rock inclusions and a cluster of visible gold. NG008 returned values of 49.8 g/t gold.
About Burkina Faso
Burkina Faso is a landlocked nation, located in West Africa. It covers an area of roughly 274,000 square kilometres and has an estimated population of more than 16 million people. The country has a stable political setting with a pro-mining and foreign investment stance. Burkina Faso is the fastest growing gold producer in Africa, and was the 4th largest gold producer in Africa in 2012. Eight new mines have been commissioned there over the past six years. The country has excellent geological potential. The Greenstone Belts that host all of the major deposits in Ghana and Cote d'Ivoire continue northward into Burkina Faso. Burkina Faso has undergone less than 15 years of modern mineral exploration, remaining under-explored in comparison to neighbouring Ghana and Mali; both of which host world-class gold mines in the same belts of Birimian rocks.
About the Company
Nexus Gold Corp. is a Vancouver-based gold exploration and development company operating in some of the world's premier mining districts. The Company is currently concentrating its efforts on two gold projects located in Burkina Faso, West Africa. The Bouboulou gold concession is a 38-sq km advanced exploration target where previous drilling has confirmed multiple zones of gold mineralization. The Niangouela gold concession is a 178-sq km project featuring high grade gold occurring in and around a primary quartz vein 1km in length and associated shear zone. For more information on these projects, please visit the Company website at www.nexusgoldcorp.com.
Warren Robb P.Geo., Senior Geologist is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for the technical information contained in this release.
On behalf of the Board of Directors of
NEXUS GOLD CORP.
President and Chief Executive Officer
Neither 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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