Nexus Gold begins exploration program at Gummy Bear Gold-Copper project, North Central Newfoundland, Canada
Vancouver, Canada – The press wire – June 8, 2021 – Nexus Gold Corp. (“Link“or the”Company“) (TSXV: NXS) (OTC: NXXGF) (FSE: N6E) is pleased to announce it has started exploration work on its 2,525 hectare Gummy Bear (“GB”) property, located near Halls Bay (in the western region of Notre Dame Bay) in north-central Newfoundland, Canada.
The preliminary work in progress consists of soil sampling of the prospecting and reconnaissance type involving sampling stations spaced 50 m apart on grid lines spaced 100 m apart, chained and rhythmic. The widely spaced sampling model aims to provide a broad initial coverage and assessment of the property’s gold and base metal potential, with more detailed sample coverage to follow, pending favorable assay results ( samples should be submitted for analysis on a regular basis to Eastern Analytical Ltd., Springdale, located 20 km from the property).
The initial sampling approach will involve the collection of approximately 750 soils. The orientation of the sampling line is designed to intersect a number of EM conductors interpreted from historical airborne geophysical surveys as well as an area of poorly exposed sedimentary rocks cut by gold-bearing quartz veins; prospectors’ sampling at the latter site in 1999 returned several anomalous gold values of up to 2.2 grams per tonne (“g / t”) of gold (“Au”) with strong arsenic associated anomalous (Quinlan, 1999).
Part of the western area of the property rests on felsic and mafic volcanic rocks of the Buchans-Roberts Arm (volcanic arc) belt of the Early Ordovician, host of the the world-renowned Buchans base metal deposits, located 88 km further southwest. The Buchans mines produced 16.2 Mt of ore containing an average of 14.5% zinc, 7.6% lead, 1.3% copper (“Cu”), 126 g / t silver (“Ag And 1.37 g / t Au, between 1928 and 1984). (Thurlow and Swanson, 1987). Other deposits within the belt include: the first (1967-71) Gullbridge Mine (3 Mt – 1.1% Cu), located 12 km southwest of the property (Swinden, 1988, 1987); the Lake Bond copper-zinc deposit (2.6 Mt – 0.3% Cu and 2.1% Zn) located 19 km further southwest (MacPherson and Reed, 1989); and the historic (late 1800s-early 1900s) Crescent Lake and Pilley’s Island mines, located 16.5 km and 25 km northeast of the property, respectively.
The closest to the Gummy Bear property is the Handcamp base metals and gold prospect discovered in 1928, just 2.5 km southwest. The prospect consists of pyrite, chalcopyrite, sphalerite and galena with historical precious metal values of up to 74 g / t Au and 587 g / t Ag (Hudson and Swinden, 1989). Within the claims, to the west, are several occurrences of chalcopyrite (copper) (Elias, 1957), two of which have associated molybdenite, indicating the presence of a late mineralizing hydrothermal / magmatic fluid system that has been superimposed on the potential VMS environment.
Most of the Gummy Bear property, i.e. east of the Buchans-Roberts Arm belt, sits on arc-related sediments, rift-basinal (argillites and turbidites) and post -arc, Silurian age, flyschoid- type siliciclastics (greywackes, sandstones and conglomerates) from the late Ordovician to the early Silurian Badger Group. The same are invaded by gabbros from the Hodges Hill Silurian intrusive suite which demonstrates an environment similar to that of the Botwood Basin (located further east in central Newfoundland) where numerous gold-bearing quartz vein prospects are found in sediments intersected by gabbros from Mt. Peyton intrusive suite; here, ongoing drilling by New Found Gold Corp. at their Queensway gold project has encountered (and continues to encounter) very high gold grades, over large widths, in quartz veins.
Gummy Bear sediments also occur along the direction of (and correlate with) similar Ordovician-Silurian sediments located adjacent to the Buchans-Roberts Arm volcanic belt, 48 km to the south, where veins of structurally controlled gold-bearing quartz, in folded and fractured sediments, at the Golden Promise prospect, comprises approximately 119.00 ounces inferred at 10.4 g / t Au (Jacobs, Pilgrim, Mosher, 2018). Similar to the Botwood Basin and Golden Promise regions, gold mineralization of quartz veins (at a minimum) exposed in the eastern zone of the Gummy Bear property reveals abundant associated arsenopyrite.
Updates and results of the ongoing program will be released once received, reviewed and verified.
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Image 1: Location of the gummy bear, north-central Newfoundland, Canada
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Image 2: Historical exhibits, Gummy Bear, Newfoundland, Canada
– Pick samples are selective in nature and may not represent the true grade or style of mineralization across the property.
Warren Robb P.Geo., Vice President, Exploration, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for and has approved the technical information contained in this press release.
About the company
Nexus Gold is a Canada-based gold exploration and development company with an extensive portfolio of projects in Canada and West Africa. The company is primarily focused on its 100% owned Dakouli 2 gold concession of 98 km² in Burkina Faso, West Africa, and on the McKenzie gold project with an area of approximately 1,400 ha, located in Red Lake. , Ontario. The Company is focused on developing its core assets while seeking joint ventures, holdings 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.
President and CEO
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 press release may contain forward-looking statements. These statements are based on current expectations and assumptions which are subject to risks and uncertainties. Actual results could differ materially due to factors discussed in the Management Commentary and Analysis section of our interim and most recent annual financial statements or other reports and documents filed with the TSX Venture Exchange and Canadian Regulators. applicable securities. We assume no obligation to update any forward-looking statements, except as required by applicable law.
1957: Geological report on the Rocky Pond Boiteau showing area in the Halls Bay area, Newfoundland. British Newfoundland Exploration Limited (Brinex). Unpublished report.
Hudson, KA, and Swinden, HS
1989. Geology and petrology of the Handcamp gold prospect, Robert’s Arm Group, Newfoundland. In Current research, part B. Geological Survey of Canada, Paper 89-lb, pp. 93-105.
MacPherson, WA and Reed, SY
1989: Lake Bond Property, 12:01 PM, Press Release; Macree Resources Incorporated, Dartmouth, Nova Scotia.
1999: First year assessment report on prospecting and geochemical exploration for Permit 6009M on claims in the Gummy Pond area, north-central Newfoundland.
1988: Geology and mineral deposits of the southern part of the Roberts Arm group, including the Gullbridge and Lake Bond deposits. In The Volcanogenic Sulphide Districts of Central Newfoundland, A Guide and Reference Manual for Volcanogenic Sulphide Deposits in Paleozoic Oceanic Volcanic Terranes of Central Newfoundland.
Swinden, HS and Bags, PE
1986: Stratigraphy and economic geology of the southern part of the Roberts Arm group, central Newfoundland. In Current Research Part A. Geological Survey of Canada, Document, No. 86-01A, pages 213-220.
1984: The Gullbridge mine. From the Mineral Deposits of Newfoundland a Perspective 1984. Mineral Development Division, Department of Mines and Energy, Government of Newfoundland and Labrador Report 84-03, pages 131-140.
Thurlow, JG and Swanson, EA
1987: Stratigraphy and structure of the Buchans Group: Paper – Geological Survey of Canada, c. 86-24, p. 35-46.
Information on all mineral occurrences and mines is also available through the Newfoundland Department of Natural Resources Online Mineral Occurrence Data System (MODS).