Nexus Gold Commences Exploration Program at Bouboulou Gold Concession, Burkina Faso
TSX VENTURE: NXS
Vancouver, BC / TheNewswire / September 8, 2016 - Nexus Gold Corp. ("Nexus" or the "Company") (TSX-V: NXS) is pleased to announce that the Company has mobilized to the project site and exploration activities have commenced at the Bouboulou Gold Concession in Burkina Faso, West Africa.
Nexus Gold Director, Warren Robb, P.Geo, will plan and implement the fall exploration program at Bouboulou. Mr. Robb was Chief Geologist for Roxgold in 2012 where he wrote the 43-101 and oversaw drilling at the property (then called Bissa West). Immediate work includes reviewing legacy data, data compilation, geological mapping, drill hole mapping and selection, rock and core geochemical re-sampling, ground confirmation, and sourcing of drill operator, equipment and crew.
In addition to the four known gold zones at Bouboulou, a new area of interest has been observed on the property due to an increase in artisanal mining activity. Upon the initial property visit the company geologist noted a large orpillage (area worked by artisanal miners). The zone being exploited by the orpilleurs is a shear hosted in meta volcanics with coross cutting quartz veins and stringers. The orepillage extends for some 250 meters along strike with the Bouda orpaillage which is adjacent to the property and located along the Sabce shear zone. This same shear zone also hosts Norgold's Bissa Hills mine. The Company has sampled the dumps of the orpillage and will integrate the geochemical data into its geological databases.
"The new area near Pelgtanga appears to be a deep structure, we're going to get a good look at it, but the increase in artisanal activity is interesting from an exploration perspective," said Warren Robb, P.Geo.
The Bouboulou Gold concession is a near-surface, advanced stage gold exploration target located in a known gold belt, within a prolific and highly active area. Previous drilling has identified multiple zones of gold mineralization on the property establishing both length (40m @ 1.5 g/t Au, 35 m @ 2.2 g/t Au, among others) and grade (2m @ 12.45 g/t Au, 4m @ 12.53 g/t Au, and .3m @ 81.32 g/t Au, among others). Please see the News Release of July 11, 2016, on the Nexus Gold website for more information on historical results: http://nexusgoldcorp.com/index.php/news-releases/2016-news
The Company also announces that it has reached agreements to settle outstanding indebtedness of $112,500 owing to holding companies controlled by Michael Kinley and Alex Klenman, both directors of the Company, through the issuance of 1,666,666 common shares of the Company at a price of $0.0675 per share. Completion of the settlement is subject to the approval of the TSX Venture Exchange. All common shares issued in connection with the settlement will be subject to a four-month-and-one-day statutory hold period.
About Burkina Faso
Burkina Faso is a landlocked nation, located in West Africa. It covers an area of roughly 274,000 square kilometres and has an estimated population of more than 16 million people. The country has a stable political setting with a pro-mining and foreign investment stance. Burkina Faso is the fastest growing gold producer in Africa, and was the 4th largest gold producer in Africa in 2012. Eight new mines have been commissioned there over the past six years. The country has excellent geological potential. The Greenstone Belts that host all of the major deposits in Ghana and Cote d'Ivoire continue northward into Burkina Faso. Burkina Faso has undergone less than 15 years of modern mineral exploration, remaining under explored in comparison to neighbouring Ghana and Mali; both of which host world class gold mines in the same belts of Birimian rocks.
About the Company
Nexus Gold Corp. is a Vancouver-based mineral resource company that develops precious metal mineral assets in the world's premier mining districts. The Company is currently concentrating its efforts on the Bouboulou Gold Concession, an advanced exploration project located in Burkina Faso, West Africa and 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 these projects, please visit the company website at www.nexusgoldcorp.com.
Warren Robb P.Geo., Senior Geologist is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for the technical information contained in this release.
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.
Copyright (c) 2016 TheNewswire - All rights reserved.