Signs Definitive Agreement – Gold Project Burkina Faso, West Africa
Nexus Gold Corp. (TSXV: NXS), has entered into a definitive agreement to earn up to a 100% interest in a gold project in Burkina Faso, West Africa. The 38.3 square kilometre Bouboulou Concession is located approximately 100 kilometres north/northwest of Ouagadougou, the capital city of Burkina Faso.
The property is situated at the north end of the Boromo greenstone belt, which hosts numerous artisanal gold zones over its 120 kilometre length, plus the Bissa Mine operated by Norgold.
To acquire the initial 75%, Nexus must pay US$500,000 and issue 900,000 shares over a period of 3 years. Nexus has the option to acquire the remaining 25% through a cash payment of US$1 million with a 1% net smelter royalty remaining with the optionor.
The property has been worked on by Boliden, Riverstone Resources and Roxgold between 1997 and 2012. Exploration included Rotary Air Blast Drilling, trenching, geological mapping, Airborne EM, along with reverse circulation and diamond drilling. Highlights of the previous exploration programs include surface rock sampling and trenching returning gold grades from 1.09 to 19.16 grams per tonne, with 4 zones of gold mineralization already identified on the property.
For more information on previous drill results, please refer to the July 11, 2016 news release by the company.
Some of the world’s most productive mines are located in West Africa’s greenstone belts, which cover approximately 3 million square kilometres. Pro-mining Burkina Faso currently accounts for 21% of West Africa’s greenstone belt exposure and is the fastest growing gold producer if Africa, and ranked 4th in the continent. Since 2013, there are 7 gold mines in production.
The company is currently concentrating its efforts on the Walker Ridge Gold Project, a drill-ready, multiple-target, Carlin-type gold project located in the Independence/Jerritt Canyon Gold Trend in Nevada, and its Bissa West Concession, an advanced exploration project also located in Burkina Faso.