Nexus GOLD Reports Initial Assay Results from December Drilling at 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 INITIAL ASSAY RESULTS FROM DECEMBER
DRILLING AT THE MCKENZIE GOLD PROJECT, RED LAKE, ONTARIO
• Hole MK-21-024 returns 2.19 g/t Au over 22 meters
• Includes high-grade intercepts of 24.5 g/t Au over 1.5m and 21 g/t Au over 1m
• Drilling successfully extends strike length over 400 meters
Vancouver, Canada – February 9, 2022 – Nexus Gold Corp. (“Nexus” or the “Company”) (TSX-V: NXS,
OTCQB: NXXGF, FSE: N6E) is pleased to report initial 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 mineralization
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).
Significant mineralization was encountered in three of the first four holes from the December drill
program, which also substantially expanded the strike length of the mineralized zone. Highlights from
the first four holes received include:
- MK-21-024 which assayed 22 meters (“m”) of 2.19 grams-per-tonne (“g/t”) gold (“Au”), which
includes 1m of 21 g/t Au at 65m depth, and 1.5m of 24.5 g/t Au at 70.5m depth.
- MK-21-027 returned 23m of .59 g/t Au, including 1m of 2.76 g/t Au and 1m of 6.31 g/t Au.
- MK-21-030 returned multiple mineralized intercepts, including 3m of 1.41 g/t Au, 6m of 1.07
g/t Au, 6m of 1.17 g/t Au, and 2m of 2.41 g/t Au. These higher -grade results were contained
within lengthier sub-1 gram intercepts, including 25m of .52 g/t Au, 10m of .58 g/t Au, 22m of
.52 g/t Au, and 12m of .63 g/t Au.
All drill holes were collared in the Dome Stock and successfully cored through granitic rock displaying
zones of potassic (“K”) alteration 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 significant results from four of the eight holes drilled in December 2021:
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
includes 107 117 10 0.58
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
“We’re pleased with these results so far, we were definitely successful in expanding the footprint of
the mineralized zone,” said president and CEO, Alex Klenman. “ It appears that we have a kink in the
mineralized trend towards the northwest, which is an intriguing development. We’ll look to continue
to chase the mineralization in that direction as th ere’s a lot of ground up there to work. We’re also
encouraged with the mix of higher grade intervals and extended sub and near 1-gram intercepts. These
results, as in previous drilling, continue to indicat e similarity to the mineralization style over at the
Hasaga project, located several kilometers to the east of us,” continued Mr. Klenman.
“This round of drilling was a little more challenging as the mineralization we encountered in the north
of Perch Lake displayed a varying degree of alteration to what we’ve been observing in the holes south
of the lake,” said VP Exploration, Warren Robb. “Holes drilled out under Perch Lake, on the other hand,
resulted in intersecting similar alteration and mineralization as we encountered in holes 18 and 19 to
the south,” continued Mr. Robb.
With the mineralization encountered in holes MK-21-027 and MK-21-030, extension of the strike of the
gold bearing zone now extends over 450 meters in length. Additional assays from the remaining four
holes are expected sometime in the next two weeks.
Image 1: New sample locations, new showings (red) and historical trenches, recent drill holes, with 2020 -2021
drill locations to the south, McKenzie Gold Project, Red Lake, ON
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).
Remaining assay results will be released once received, reviewed, and verified by the Company’s
Qualified Person.
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 (see Image 1).
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 stro ngly 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 pr operty. 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 M ines and is strategically
located proximal to the Balmer -Confederation regional unconformity, recognized as an important
geologic feature at the multi -million ounce past and currently 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)*.
Heidi Gutte named Chief Financial Officer
The Company has appointed Heidi Gutte as Chief Financial Officer, replacing Zula Kropivnitski who has
accepted a position elsewhere . Ms. Gutte specializes in providing corporate finance, financial
reporting, consulting, taxation, and other accounting services to both small businesses as well as public
companies in various industries.
Ms. Gutte earned her bachelor's degree of computer engineering from the University of Applied
Sciences in Brandenburg, Germany. She holds the professional designation of chartered professional
accountant (CPA, CGA) and is a member of Chartered Professional Accountants of British Columbia and
Canada. Ms. Gutte has had extensive experience as a controller and chief financial officer of numerous
publicly traded and private corporations across a variety of sectors.
The Company would like to extend sincere thanks to Ms. Kropivnitski for her years of service and wish
her well in her new endeavors.
* Reported lengths are intercepts and are not true widths
^ Grab samples are selected samples and are not necessarily rep resentative of mineralization hosted on the
property. All samples were sent to Activation Laboratories in Ontario, an accredited mineral analysis
laboratory, for analysis.
Drill core is logged and sampled in a secure core storage facility located in Red L ake 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 mineral analysis laboratory, for analysis. All samples are
analyzed for gold using standard Fire As say-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). No QA/QC issues were noted with the results reported
herein.
* NI 43-101 Technical Report, Hasaga Project, Red Lake Mining District, Ontario, Canada, NTS Map
Sheets 52K/13 and 52N/04 by Vincent Jourdain (Ph.D., P.Eng.), John Langton (M.Sc., P. Geo.) & Abderrazak
Ladidi (P.Geo.), February 24th, 2017.
Warren Robb P.Geo., Vice President, Exploration, is the designated Qualified Person and has reviewed
and approved the technical information contained in this release. Any historic drill and sample data
contained in this release was verified by the QP by comparing reported assay data with Certificates of
Analysis documented. The QP has verified mineral showings and areas of select sampling and the collars
of reported historic drill hole locations. It is the QP’s opinion that the data as presented is adequate
and can be relied upon for use in this press release.
About the Company
Nexus Gold is a Canadian -based gold exploration and development company with an extensive
portfolio of projects in Canada and West Africa. The Company’s prima ry focus is on its 100% -owned,
98-sq km Dakouli 2 Gold Concession in Burkina Faso, West Africa, and the approximately 1400 -ha
McKenzie Gold Project, located in Red Lake, Ontario. The Company is focusing on the development of
its core assets while seeking j oint-venture, earn-in, and strategic partnerships for other projects in its
portfolio.
For more information, please visit nxs.gold
On behalf of the Board of Directors of
NEXUS GOLD CORP.
Alex Klenman
President & CEO
604-558-1920
www.nexusgoldcorp.com
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may contain forward-looking statements. These statements are based on current expectations and assumptions
that are subject to risks and uncertainties. Actua l results could differ materially because of factors discussed in
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