February 10, 2022
Nexus Gold Corp. (TSXV:NXS, Not Rated, Timothy Lee) reported initial assays from the second round of phase two diamond drilling on its 100%-owned McKenzie Au project located in Red Lake, northern Ontario. These results are from the first four holes of the eight-hole (2,000m) drill program that were completed in December 2021, which were designed to 1) test gold anomalies around historic trenches, and 2) test for the potential of strike extension of mineralization identified in the first round of phase two drilling in the spring of 2021 (read more). We note that each of the first four holes encountered significant Au mineralization, with a highlight result that returned 2.19 g/t Au over 22m, including 21 g/t over 1m and 24.5 g/t over 1.5m (MK-21-024). Additionally, holes MK-21-027 and MK-21-030 encountered multiple intervals of mineralization, with a few higher-grade intervals, such as 6.31 g/t Au over 1m, within a broader, lower grade envelope. Both holes have extended known mineralization to the north, and combined with previous drilling, this zone appears to cover over 450m in length. Management also noted that the alteration style changed as drilling stepped to the north, and there appears to be a kink in the mineralized trend to the northwest. Nexus is expected to continue to chase the mineralization in that direction, and mentioned that assays for the remaining four holes are expected to be released within the next few weeks. Meanwhile, the company announced that it has appointed Heidi Gutte as Chief Financial Officer (CFO), replacing Zula Kropivnitski. Ms. Gutte is a CPA and has extensive experience in providing corporate finance, financial reporting, consulting taxation, and other accounting services to both small businesses as well as public companies in various industries. Overall, we believe these are encouraging results, as they continue to extend the area of near-surface mineralization. We also believe further drilling is warranted to continue to determine the extent of this trend and the continuity of mineralization, particularly the higher-grade portions. Read more
