Nexus GOLD Contracts Driller FOR Mckenzie GOLD Project, Red Lake, Ontario
NEXUS GOLD CORP.
Suite 802, 750 West Pender Street
Vancouver, BC, V6C 2T8
604-558-1919
NEWS RELEASE
NEXUS GOLD CONTRACTS DRILLER FOR MCKENZIE GOLD PROJECT,
RED LAKE, ONTARIO
Vancouver, Canada – April 30, 2020 – Nexus Gold Corp. (“Nexus” or the “ Company”) (TSX-V: NXS,
OTCQB: NXXGF, FSE: N6E) is pleased to report that after a thorough review of potential candidates it
has engaged Chibougamau Diamond Drilling Ltd to conduct its upcoming diamond drilling program at
the Company’s 100%-owned McKenzie Gold Project, located in Red Lake, Ontario.
As reported in a Company news release dated April 22, 2020, Nexus recently received, through the
Ontario Ministry of Energy, Northern Development and Mines, an exploration drill permit for its
proposed phase one drill campaign at the McKenzie Gold Project.
The phase one drill program will be managed by the Company’s onsite contractor, Rimini Exploration,
and will consist of a minimum of 1000 meters of diamond drilling to test the mineralization potential
of several gold targets occurring within a corridor along the southern contact of the Dome Stock with
felsic Volcanics of the Balmer Assemblage.
Historic drilling conducted in 2005 along this corridor returned significant values, including 7.49 grams-
per-tonne (“g/t”) gold (“Au”) over 8.2 meters, 15.54 g/t Au over .8 meter (includes 23.4 g/t over 0.3
meter), 4.47 g/t gold over 1.4 meters, 17.02 g/t Au over .5 meter, 23.87 g/t Au over .2 meter, and 2.1
g/t Au over 5.5 meters* (see figure 2).
The initial drill program at McKenzie is designed to follow up on anomalous rock samples that were
collected as part of the 2019 fall prospecting program completed in the St. Paul’s Bay area of the
property. The prospecting program traced the mineralized contact corridor to the property’s eastern
boundary to further determine areas of interest on the property’s southern end. The focus of the
prospecting was concentrated in and around Perch Lake, in the Saint Paul’s Bay area, located in the
southernmost section of the 1,348.5-hectare property.
This initial drill program is expandable, and the Company is currently reviewing additional targets to
test if the decision is made in the near term to expand phase one meterage.
Figure 1: McKenzie Gold Project, Red Lake, Ontario, with area for upcoming drill program circled in red
Drill targeting is underway in consultation between Company geologist Warren Robb and
representatives of Rimini Exploration. Updates regarding the location of phase one targets, crew and
equipment mobilization, and drilling commencement, will be issued in the coming weeks.
Figure 2: Historic drill results in the southern section of the McKenzie Gold Project, Red Lake, Ontario
The southern portion of the McKenzie Gold Project is bordered by Premier Gold Mines Ltd Hasaga
property and Pure Gold Mining’s Madsen Gold property.
* Note the reported lengths are intercepts and are not true widths
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.
Compilation Summary – McKenzie Gold Project
As reported in a Company news release dated October 11, 2019, Nexus received a compilation
summary of important historic data from project geological consultants, Rimini Exploration. The
compilation integrated the regional geological and regional geophysical data, thus allowing the
Company's geological staff to compare these trends to the information obtained through ground
exploration conducted to date on the property. The more comprehensive data from the summary,
coupled with the new data from the phase two prospecting program, was utilized in determining
suitable areas to drill test.
The Rimini compilation summary produced historical data the Company was previously unaware of
regarding multiple historical grab samples taken on the McKenzie claim block. The Company had
previously disclosed several high-grade historical grab sample results on the property, including 331.14
g/t Au, 212.8 g/t Au, 313 g/t Au, 18.02 g/t Au and 9.37 g/t Au. In the summer of 2019 Nexus conducted
it's first ground reconnaissance program at McKenzie and results returned notable sample assays,
including 135.4 g/t Au and 9.3 g/t Au (see Company news release dated June 25, 2019).
Additional high-grade historical grab samples previously unknown to the Company and revealed in the
Rimini summary include several high-grade assays, including 142.49 g/t Au, 115.2 g/t Au, 114.57 g/t
Au, 93.71 g/t Au, 68.03 g/t Au, 53.01 g/t Au, and 16.65 g/t Au from areas located on McKenzie Island
(north block).
The data compilation summary also indicated that little to no exploration has been conducted over the
actual lake portion of the claim block. The Company has noted from the regional data that a number
of northerly trending geophysical trends extend within the lake itself and is viewing these trends as
potential faults or breaks within the Dome Stock.
Preliminary review of lake sediment sampling conducted on the property in 1989 indicates coincidental
anomalous gold geochemical values occurring. Historical values obtained from the analysis of +150
mesh screened lake sediment samples returned values of 0.159 ounce-per-ton (5.45 g/t) Au, 0.154
ounce per ton (5.28 g/t) Au, and 0.116 once per ton (3.98 g/t) Au. The Company now intends to conduct
more exploration activity within the lake-bound portion of the project area to determine the
prospectivity of a large underexplored section of the property.
Debt Settlement and Consulting
The Company announces that it has reached an agreement with an arms’-length creditor to settle
outstanding indebtedness of $15,750 related to services previously provided to the Company. The
Company intends to settle the indebtedness through the issuance of 315,000 common shares, at a
deemed price of $0.05 per share.
The Company also announces that it has engaged MTHM Consulting Ltd., an arms-length third-party,
to assist the Company with the identification and analysis of acquisition and development
opportunities in the natural resources sector, and to advise on the marketing and positioning of the
Company within that sector. The engagement is for an initial term of twelve months, through until
April 2021. In consideration for the services provided, the Company has agreed to pay $50,000, which
will be satisfied through the issuance of 1,000,000 common shares, at a deemed price of $0.05 per
share. The shares will be issuable in four equal tranches of 250,000 shares each quarter, during the
term of the engagement, as services are provided to the Company.
All shares issued in connection with the settlement and the service arrangement will be subject to a
four-month-and-one-day statutory hold period in accordance with applicable securities
laws. Completion of the settlement, and the issuance of shares under the service arrangement,
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 eleven
exploration projects in Canada and West Africa. The Company’s West African-based portfolio totals five
projects encompassing over 750-sq kms 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.
Alex Klenman
President & CEO
604-558-1920
www.nexusgoldcorp.com
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.