Nexus Gold Intersects Gold Mineralization on First Drill Hole at Walker Ridge, Nevada
Tickers: US OTC: NXXGF, TSX.V: NXS, FSE: N6E
Tags: Mining, Gold, Precious Metals, Exploration
Vancouver, Canada – November 12, 2015 – Nexus Gold Corp. (“Nexus” or the “Company”) (TSX-V: NXS) is pleased to report initial assays received from drill hole WR-2015-01 confirm gold and silver mineralization has been discovered at its Walker Ridge Gold Project in the Jerritt Canyon-Independence Trend, Nevada, USA.
Summary of results:
– Gold and silver discovered in the lower plate host rocks
– Drill hole intersections of mineralization were encountered over a 355-foot section including:
– 1.57 g/t gold (Au) over 15 feet (including 3.22 g/t over 5 feet)
– 10.6 g/t silver (Ag) over 205 feet (including 18.25 g/t over 20 feet)
– Additional 1,700 feet of drill core to be assayed
– Element Detection Technology (EDT) Cluster #3 (2,100 feet x 1,800 feet) confirmed as gold bearing
– Priority drilling to focus on the heart of Cluster #3 to extend intersection lengths and drill higher-grade mineralization
– Comprehensive drilling merited on two-sq. mile highly-anomalous bulls-eye target which includes an additional seven clusters and 33 Point of Interest (POI) targets
– Company is currently permitting an extensive 25 drill pad program for 2016
“We are extremely pleased Walker Ridge hosts gold, and equally as pleased to make this announcement on our very first drill hole. Not only have these results strongly supported the geological data sets for the property’s two square mile bull’s-eye target area, but they have also correlated extremely well with our model of mineralization in the lower plate” commented President and CEO, Peter Berdusco.
“In addition, the use of Vital GeoSURVEYS’ Element Detection Technology (EDT) has substantially fast-tracked our discovery of gold mineralization in the host rocks,” continued Mr. Berdusco. “Priority drilling will now focus on the heart of EDT Cluster #3 to extend the intersection lengths, increase gold grades and define a Carlin-type gold-bearing system. We are also permitting an extensive 25 drill pad program for 2016 to focus on the property’s additional POI targets and clusters as identified by the EDT survey. The discovery of mineralization at Walker Ridge is a significant milestone for our Company and we look forward to further successes.”
Drill hole intersections of mineralization were encountered over a 355 foot section (2,453 – 2,808 ft) in the lower plate host rocks. Intersections of 1.57 g/t over 15 ft (including 3.22 g/t over 5 ft), .46 g/t over 10ft of gold, and 10.6 g/t over 205 ft (including 18.25 g/t over 20 ft) of elevated silver were drilled. A more detailed table of the results can be found below. A further 1,700 ft of upper plate drill core remain to be assayed.
This first hole was designed to test the northern edge of Cluster #3 as defined in the Company’s 2014 EDT survey. It was drilled directly over one of eight locations within Cluster #3 identified as containing gold atomization. The cluster is strongly supported by the property’s gravity, CSAMT and geo-chemistry data. Cluster #3 is the fourth largest (2,100 x 1,800 ft) of eight clusters identified in the 2014 survey as containing gold atomization. The largest of the clusters is Cluster #4 which is 3,000 x 3,500 ft in diameter. (See next paragraph for definition of “gold atomization”).
Gold atomization is determined when EDT energy is injected into the property to source a targeted material. In the case of Walker Ridge the targeted material is gold. If the targeted material is present, a signature response is induced in the targeted material that is specific to this method and permits its detection from the surface. Its detection is then cataloged as a “point of interest”, which is a point indicating an area that is “gold atomized” or contains “gold atomization”.
WR-2015-01 passed into the lower plate at a depth of 1,800 feet. The hole penetrated a series of calcareous dolomites, limestones and clay-cemented breccias of the Roberts Mountain and Hanson Creek Formations. Several thin dikes of altered felsic intrusive were also intersected. Extensive intervals of argillic alteration, breciation and/or free carbon were noted through the core as was disseminated and veinlets of pyrite. The hole continued in the host rocks of the Roberts Mountain and Hanson Creek Formations reaching a total depth of 3,302 ft.
“The lower plate rocks at Walker Ridge are characterized by extensive zones of brecciation, argillization and free elemental carbon. These are all attributes indicative of a favorable environment for Carlin-type gold deposition. The discovery of precious metals within the lower plate at Walker Ridge was the last remaining component required for the discovery of a gold-bearing system” commented Dr. Douglas Oliver, VP – Exploration. “Further drilling at Walker Ridge will consist of penetrating the heart of Cluster #3 with an objective of intersecting higher-grade gold mineralization.”
A summary of significant intersections within hole WR-2015-01) are shown in the table below:
Table 1 – WR-2015-01 Intersections
|From (ft)||To (ft)||Length (ft)||Au (g/t)||Ag (g/t)|
The above assayed intervals are intercept lengths and are not true widths.
The hole was drilled vertical (- 90°).
Analyses were performed by ALS Minerals, an accredited and internationally used firm, with preparation performed at their facility in Elko, Nevada, and assays conducted at their facility in Vancouver, BC. Nexus Gold’s internal QA/QC program involved the submission of either a blank or one of two Au-Ag analytical standards every 50 feet. Examination of the QA/QC data does not indicate any irregularities in the analytical results.
Walker Ridge Gold Project
The Walker Ridge Gold Project is located one mile south of the Big Springs Deposit and five miles north of the Jerritt Canyon Deposits, Nevada, USA. It is also seven miles north of the Jerritt Canyon mill complex. The 4,690 acre property contains a two-square-mile bull’s-eye of highly-anomalous, geochemically defined pathfinder elements (antimony, arsenic, mercury), coincident to geophysical anomalies both in gravity and resistivity. A Carlin-age (Eocene) intrusion, as verified through uranium-lead radiometric age dating (35.9m years), has been discovered on the property at the center of the geochemical/geophysical anomalies.
In the fall of 2014, the Company employed Vital GeoSURVEYS Ltd to perform a geophysical survey utilizing a leading-edge Element Detection Technology. Prior to the survey on Walker Ridge, the technology had been used primarily in the oil and gas sector over the past five years, accumulating a track record of success. The proprietary nature of the innovative technology allows for the in situ detection and the mapping of signals specific to the targeted element. In the case of Walker Ridge, the targeted element is gold (Au). In application, the technology deploys energy and if the target element is present a signature response is detected. The strength of these signature responses is measured and catalogued as “Points of Interest”.
The fall 2014 survey identified 34 Points of Interest occurring in eight clusters over approximately a two-square mile area within the Company’s claim block. Seven of these clusters are coincidental to data sets identified through the Company’s previous work programs on the property: anomalous mercury and antimony geochemical levels, a prominent gravity geophysical low coincident to the surface mercury anomaly, and an electromagnetic/magnetotelluric resistivity low/high. The results of the survey, particularly when applied to the existing data sets, potentially reduce the costs normally associated with exploration drilling programs.
About the Company
Nexus Gold Corp. is a Vancouver-based resource company that develops precious metal mineral assets in the world’s premier mining districts. The company is currently concentrating its efforts on the Walker Ridge Gold Project, a drill-ready, multiple-target, Carlin-type gold project located in the Independence/Jerritt Canyon Gold Trend, Nevada, USA. For more information on the Walker Ridge Gold Project, including specific survey results, please visit the company’s website at www.nexusgoldcorp.com.
The technical content of this release was reviewed and approved by Warren Robb, P.Geo. a Qualified Person within the meaning of National Instrument 43-101.
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.