3000m Drill Program at Rakounga Gold Concession, Burkina Faso, West Africa
Nexus Gold Corp. (NXS.V) reported its upcoming fall work program will include a 3000-metre reverse circulation (“RC”) drill program at the newly optioned Rakounga property, located adjacent to the Company’s Bouboulou gold concession in Burkina Faso, West Africa.
The exploration program at Rakounga has been designed to test the nature of the mineralization occurring at each of the three orpaillages that we have identified and sampled. Initially, the Koaltenga and Gounga orpaillages displayed shear hosted gold mineralization. The initial program will test this style of mineralization to depth by drilling under the exposed surface workings and then along strike as the work progresses. The Porphyry orpaillage displays more of a quartz vein-style mineralization. The goal of the program will be to gain as many intersections in the vein and attempt to determine grade and orientation (strike and dip).
To date, four rock samples were collected from the Porphyry orpaillage returning elevated gold values of 19.95 gram per tonne (“g/t”) gold (“Au”), 2.57 g/t Au, and 1.175 g/t Au, respectively.
A total of eight samples were collected from workings from the Gounga orpaillage, located approximately 1000 metres south of the Porphyry orpaillage. Samples GGA-05 and GGA-07 returned gold values of 14.90 g/t Au, and 5.30 g/t Au, respectively.
Initial rock samples from dumps of the artisanal workings at the Koaltenga orpaillage returned values of 17.30 g/t Au, 2.33 g/t Au, and 1.45 g/t Au, respectively.
“We have been successful in identifying gold mineralization from three different areas at Rakounga. Now we are looking to establish structural relationships between them, and with the known trends on our contiguous Bouboulou property,” said Peter Berdusco, President and CEO of Nexus Gold Corp. “This puts Nexus Gold in an advantageous position of having multiple premium exploration properties in Burkina Faso in which to advance our goal of establishing a significant resource in West Africa,” continued Mr. Berdusco.
The Company is also pleased to announce that it has completed an initial tranche of a private placement through the issuance of 5,333,168 units at a price of $0.075 for gross proceeds of $399,988. Each “unit” consists of one common share and one-half-of-one common share purchase warrant exercisable to acquire an additional common share at a price of $0.12 for a period of twenty-four months. In connection with completion of this tranche, the Company paid cash finders’ fees of $2,799 and issued 37,320 warrants exercisable on the same terms as the unit warrants.
The Company anticipates completing additional tranches of the placement, and will provide further information as soon as it becomes available. Completion of additional tranches remains subject to the approval of the TSX Venture Exchange. All securities issued in connection with the private placement will be subject to a four-month-and-one-day statutory hold period.
About the Company
Nexus Gold Corp. is a Vancouver-based gold exploration and development company operating in some of the world’s premier mining districts. The Company is currently concentrating its efforts on two gold projects located in Burkina Faso, West Africa. The Bouboulou gold project consists of the 38-sq km Bouboulou claims and the adjacent 250-sq km Rakounga gold concession. The Niangouela gold concession is a 178-sq km project featuring high-grade gold occurring in and around a primary quartz vein 1km in length and associated shear zone.
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