Nexus GOLD Reports Additional Assay Results from the 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 REPORTS ADDITIONAL ASSAY RESULTS FROM THE MCKENZIE
GOLD PROJECT, RED LAKE, ONTARIO
• Hole MK-21-025 returns 10.21 g/t Au over 2 meters
• Hole MK-21-028 returns 74m of 0.65 g/t Au
• Includes 13m of 1.15 g/t Au and 7m of 1.06 g/t Au
• Strike length now over 475 meters
Vancouver, Canada – February 15, 2022 – Nexus Gold Corp. (“Nexus” or the “Company”) (TSX-V: NXS,
OTCQB: NXXGF, FSE: N6E) is pleased to report additional assay results from its second round of phase
two diamond drilling on its 100% owned McKenzie Gold Project located at Red Lake, Ontario.
This second round of drilling , completed in December 2021, was designed to test gold anomalies
occurring in and around historic trenches identified earlier in the fall by prospecting teams employed
by the Company. The program was also testing the potential strike extension of mineral ization
identified in the first round of phase two drilling in the spring of 2021. The program consisted of eight
drill holes totaling 2000 meters (full summary of the four holes received is tabled below).
Highlights from the final four holes from the December drill program include:
- MK-21-025 returned 2 meters (“m”) of 10.21 grams-per-tonne (“g/t”) gold (“Au”), which
includes .8m of 23.7 g/t Au
- MK-21-028 returned 0.65 g/t Au over 74m, including 7m of 1.16 g/t Au, 6m of 0.94 g/t Au, and
13m of 1.15 g/t Au
- MK-21-029 returned multiple intercepts, including 133m of 0.52 g/t Au, which includes 11m of
1.01 g/t Au, 7m of 1.37 g/t Au, 2m of 1.61 g/t Au among others, and 48m of 0.48 g/t Au (see
table following)
Seven of the eight holes drilled in December successfully intersected gold mineralization. To date
Nexus has drilled 30 holes at McKenzie, with 27 returning gold values of 1 gram -per-tonne gold or
better (visit nxs.gold for a complete drill table under the McKenzie Gold Project tab). Data generated
shows a mineralized trend that develops south of Perch Lake and continues in a north/north -westerly
direction.
All drill holes were collared in the Dome Stock and successfully cored through granitic rock displaying
zones of potassic (“K”) altera tion with zones of silica and sericitic alteration; sulphide mineralization
consisting primarily of pyrite with lesser chalcopyrite; and occasional molybdenite and sphalerite
hosted in quartz carbonate stringers and veins, which was reported occurring in both alteration styles
but in greater amounts in the siliceous sericitically altered granite.
The following table includes results from the final four holes drilled in December 2021:
DRILL HOLE UTM_E UTM_N ELEV (m) AZIMUTH DIP FROM TO LENGTH Au g/t
MK-21-023 437725 5653016 366 240 -45 107 108 1 1.32
MK-21-025 437608 5652926 362 130 -45 66 68 2 10.21
Includes 66 67 .8 23.70
MK-21-028 437718 5652729 360 230 -45 203 276 74 0.65
Includes 207 214 7 1.06
And 220 226 6 0.94
And 260 273 13 1.15
Includes 272 273 1 4.65
MK-21-029 437725 5652342 380 290 -70 40 88 48 0.48
Includes 47 48 1 3.43
And 53 54 1 1.36
And 58 60 2 1.52
And 80 81 1 1.00
115 116 1 1.78
132 265 133 0.52
Includes 141 142 1 2.57
And 163 165 2 1.61
And 168 170 2 1.49
And 178 180 2 1.47
And 200 211 11 1.01
And 227 228 1 1.82
And 231 232 1 2.67
And 243 250 7 1.37
Includes 243 244 1 6.77
And 264 265 1 1.59
“This round of drilling has shown that the longer gold intercepts hosted in the silicious and sericitic
altered granite is trending to the north west , towards the historic Trench 3 found in our recent
prospecting program,” said VP Exploration, Warren Robb. “We clipped this zone in hole 27 but clearly
intersected it in hole 28 adding an addition 50 meters to this zone’s strike extent. The drilling north of
Perch Lake has intersected a higher grading quartz vein which was intersected by holes 24 and 25 and
we have traced it now for 50 meters,” continued Mr. Robb.
“The drilling we’ve done so far at McKenzie has resulted in the discovery of a well mineralized gold
system, combining higher grade gold in quartz veins with lengthy, near 1 -gram intercepts that
permeate out into the intrusives,” said President and CEO, Alex Klenman. “The vast majority of the
holes we’ve drilled have returned positive results. We’ve established almost 500 meters of strike
length. We are now planning a follow up drill program to pursue the mineralization to the north west
and extend the known strike,” continued Mr. Klenman.
Image 1: Map of December 2021 drill locations, McKenzie Gold Project, Red Lake, ON
Initial holes from the December drill program, previously reported (NR dated February 9, 2022):
DRILL HOLE UTM_E UTM_N ELEV (m) AZIMUTH DIP FROM TO LENGTH Au g/t
MK-21-024 437725 5652960 360 300 -45 54 76 22 2.19
includes 65 66 1 21.00
and 70.5 72 1.5 24.50
MK-21-026 437608 5652980 362 190 -50 NSR
MK-21-027 437718 5652792 360 195 -45 13 14 1 1.64
234 235 1 2.54
247 270 23 0.59
includes 234 265 1 2.76
and 269 270 1 6.31
MK-21-030 437725 5652342 380 350 -50 75 100 25 0.52
includes 76 77 1 1.84
90 91 1 1.14
97 100 3 1.41
107 117 10 0.58
Includes 111 112 1 3.57
135 136 1 1.75
153 154 1 1.12
165 187 22 0.52
Includes 173 179 6 1.07
251 263 12 0.63
Includes 253 259 6 1.17
Includes 256 258 2 2.41
Drill core is logged and sampled in a secure core storage facility located in Red Lake , Ontario. Core
samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation
Laboratories in Ontario, an accredited independent mineral analysis laboratory, for analysis. All
samples are analyzed for gold using standard Fire Assay -AA techniques. Certified gold reference
standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Nexus’s
quality control/quality assurance program (QA/QC).
Drilling at McKenzie Gold Project
This 2000-meter drill program commenced with the first hole being drilled to test the northern extent
of gold mineralization identified by earlier drilling conducted by the Company in April 2021 which
included holes MK-21-018 and MK-21-019, both of which returned significant gold intercepts (see
Company news releases dated May 25 and June 1, 2021) , and to test gold mineralization recently
identified during a fall targeting and prospecting program conducted north of Perch Lake.
Selective grab samples obtained during the fall program returned gold assays of ^13.40 grams-per-
tonne (“g/t”) gold (“Au”), 7.70 g/t Au, 6.83 g/t Au, 3.54 g/t Au, and 3.51 g/t Au, respectively, confirming
mineralization in this new area.
Three historical trenches and a new showing were also identified during the prospecting program (see
image 1). The trenches are comprised of quartz veins containing clots and patches of semi massive
chalcopyrite, pyrite and molybdenite. The veins are hosted in granite which displays strong pervasive
silica flooding. Local discrete shearing in both trenches trend at approximate attitudes of 330° and dip
70° to 80° to the east, displaying similar trends and lithologies established in the Company’s previous
drill campaigns.
This second round of diamond drilling was planned to expand on the results obtained in the Company’s
previous drill programs. These programs outlined a broad zone of gold mineralization in the St. Paul’s
Bay area, located in the southernmost section of the claim block below Perch Lake.
Significant results from these drill programs include:
- MK-20-RC-006: 2.75m of 13.25 grams -per-tonne (“g/t”) gold (“Au”) , including 1m of 36.20 g/t
Au (68.75m to 70.5m)
- MK-20-RC-008: 55.5m of 1 g/t Au (67.5m to 123m), including 16m of 1.42 g/t Au, 6m of 2.37 g/t
Au, and 9m of 1.14 g/t Au
- MK-21-DD-018: 56m of 1.01 g/t Au (13m to 69m), including 21.5m of 1.84 g/t Au, 10m of 3.30
g/t Au, and 1m of 23.1 g/t Au. Other intercepts included 37.6m of 2.78 g/t Au (77m to 115m),
including 24.7m of 4.05 g/t Au, 14m of 7.01 g/t Au, and 1m of 94.2 g/t Au.
- The entire length of MK-21-DD-018 averaged .99 g/t Au over 198m.
- MK-21-DD-019: 136m of 1.25 g/t Au (148m to 285m), including 44.9m of 3.00 g/t Au, 15.5m of
5.25 g/t Au, 29.4m of 1.82 g/t Au, and 6m of 5.45 g/t Au. High-grade intercepts included 1m of
59.8 g/t Au, 1m of 15.5 g/t Au, and 1m of 26.7 g/t Au.
- Hole MK-21-DD-19 ended in mineralization at 285 meters, with an average grade of the hole
returning .74 g/t Au over 283.4m.
See Company news releases, September 3, 2020, May 25, 2021, and June 1, 2021, for more details on
previous diamond drill programs.
All reported holes were drilled entirely in a granitic rock of the Dome stock and displayed patchy
moderate-to-strong silica alteration. Silica altered intervals are typically associated with high density
micro-fracturing and increased molybdenite and chalcopyrite mineralization. Fine-grained fluorescent
scheelite was also observed. The granite was strongly magnetic, containing 2 -3% fine -grained
disseminated magnetite.
Figure 2: McKenzie Gold Project, Red Lake, Ontario, with nearby advanced prospects, producers, and past producers
About the McKenzie Gold Project
The 100%-owned McKenzie Gold Project is an approximately 1,400 -hectare gold exploration project
located in the heart of the historic Red Lake gold camp, in western Ontario, Canada. Areas of high-
grade gold mineralization have been established within the northern portion of the claim block
(McKenzie Island) , with significant gold values hav ing been drilled along a 600-meter strike in the
southern portion of the property (St. Paul’s Bay area).
Significant results from the Company’s initial drill program in August 2020 include hole MK -20-006
which returned 2.75 meters of 13.25 g/t Au, including 1m of 36.2 g/t Au; hole MK -20-007 which
returned 117.4m of 0.33 g/t Aum including 9.4m of 1.26 g/t Au, and 1.5m of 4.64 g/t Au; and hole MK-
20-007, which returned 117.5m of .62 g/t Au, including 55.5m of 1.00 g/t Au, which included 16m of
1.42 g/t Au (including 6m of 2.37 g/t Au and 2m of 4.28 g/t Au), and 9m of 1.14 g/t Au. See the Company
website – www.nxs.gold – for the complete McKenzie project drill table.
Results from the Company’s initial summer 2020 drill program returned values similar to historic drilling
in the area, which have been typically higher-grade intercepts over narrow widths (i.e., 0.5m to 1m of
> 5 g/t Au). In addition, holes 007 and 008 identified a second style of gold mineralization on the
McKenzie property . T hese lengthy (> 100m) disseminated, sub and near one -gram gold intercepts
more closely resemble the type of mineralization being explored at the Hasaga Project , located
approximately 5kms to the south-east of the McKenzie project ground.
The Hasaga property is host to the past -producing Hasaga and Gold Shore Mines and is strategically
located proximal to the Balmer -Confederation regional unconformity, recognized as an important
geologic feature at the multi -million ounce past and current ly producing Red Lake area mines. The
deposits on the Hasaga Project are estimated as hosting an Indicated mineral resource of 42.294 million
tonnes at a grade of 0.83 g/t gold representing 1,123,900 ounces of gold (Indicated)*.
Nexus Amends Dorset Option Agreement
Nexus Gold Corp. (the “Company”) is pleased to announce that it has reached an agreement (the
“Amended Agreement”) with Leocor Gold Inc. (“Leocor”) (CSE: LECR), dated February 8, 2022, pursuant
to which it has agreed to amend the terms by which Leocor can acquire the Dorset Gold Project (the
“Project”) located in the Province of Newfoundland. The Amended Agreement replaces the existing
property option agreement (the “Option Agreement”) entered into between the Company and Leocor,
dated April 22, 2020.
Under the terms of the Amended Agreement, Leocor will continue to hold a right to acquire up to a
one-hundred percent interest in the Project. Consideration for the acquisition will now consist of the
following:
Deadline Cash Payment Common
Shares
Initial $100,000
(Paid)
Nil
Year 1 $50,000 (Paid) Nil
February 28, 2022 $200,000 333,333
February 28, 2023 $200,000 333,333
February 28, 2024 Nil 333,334
Total $550,000 1,000,000
Leocor will also assume responsibility for a two percent net smelter returns royalty on the Project,
currently held by United Gold Inc. and Margaret Duffitt. All common shares of Leocor issued to the
Company will be subject to statutory restrictions on resale for a period of four -months-and-one-day
following issuance in accordance with applicable securities laws.