Nexus Gold Conducts Due Diligence on Strategic Acquisitions
Tickers: US OTC: NXXGF, TSX.V: NXS, FSE: N6E
Tags: Mining, Gold, Precious Metals, Exploration
Vancouver, Canada – January 27, 2016 – Nexus Gold Corp. (“Nexus” or the “Company”) (TSX-V: NXS) is pleased to announce that it is currently conducting due diligence on potential strategic acquisitions of advanced exploration and resource definition stage gold projects.
The Company aims to take advantage of current market conditions to acquire undervalued assets with the objective of establishing a portfolio of advanced projects for development. A key component of the development plan is the utilization of the leading edge Element Detection Technology (EDT). EDT was successfully deployed at the Company’s flagship Walker Ridge Gold Project in Nevada, USA.
“The creation of a portfolio of advanced projects utilizing EDT potentially enables us to drill year-round and increase our access to financing,” commented President and CEO Peter Berdusco. “EDT represents a whole new way of exploring and defining resources. We believe Nexus is at the forefront of a technological advance in the industry and the upside of being a first mover is clear.”
The technology has greatly assisted the Company’s work at Walker Ridge. A secondary survey providing further drill target definition was recently completed on the property this past fall. It has identified several strata areas adjacent to the first hole that will be incorporated into the property’s 2016 exploration plan.
The Company will provide additional details on any proposed strategic acquisitions pending the outcome of due diligence or executed agreements.
Walker Ridge Gold Project
The Walker Ridge Gold Project is located directly between and adjacent to both the Jerritt Canyon mine & mill complex, and the Big Springs deposit. A 3200 x 3200 meter (2 sq. miles) bull’s-eye of highly-anomalous, geochemically defined pathfinder elements (antimony, arsenic, mercury) exists within the claim block, 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 for 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 38 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 reduces the risks and costs normally associated exploration drilling programs.
About the Company
Nexus Gold Corp. is a Vancouver-based mineral exploration company that develops precious metal mineral assets in the world’s premier mining and exploration districts. The company is currently concentrating its exploration efforts on the Walker Ridge Gold Project, a drill-ready, multiple-target, Carlin-type gold exploration 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 website at www.nexusgoldcorp.com .
The technical content of this release was reviewed and approved by Warren Robb, P.Geo., a Qualified Person under NI 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.