Vancouver, Canada TheNewswire - June 28, 2022 Nexus Gold Corp. (" Nexus Gold " or the " Company ") (TSXV:NXS ) ( OTC:NXXGF ) ( FSE:N6E) announces its intent to spinout (the " Spinout ") the Company's existing Canadian projects (collectively, the " Canadian Projects "), which include the McKenzie Gold Project, located in Red Lake, Ontario, and the 13,000-hectare Cyclone Gold-Nickel-Copper project, located in the James Bay region, Quebec.
In anticipation of the Spinout, the Company is transferring all of its rights to the Canadian Projects to Nexus Metals Corp. (" Nexus Metals "), a newly-established subsidiary of the Company. A total of 45,390,465 shares of Nexus Metals will then be distributed on a pro rata basis to shareholders of the Company pursuant to a plan of arrangement conducted in accordance with the Business Corporations Act (British Columbia). Based on the current outstanding share capital of the Company, it is anticipated that this will result in current shareholders receiving approximately 1 share of Nexus Metals for every 7 shares of the Company they hold as of the record date for the Spinout.
The Spinout is intended to allow the Company to segregate its assets for the purpose of more focused marketing and financing opportunities. Following the Spinout, the Company will continue to develop its West African projects while pursuing additional international opportunities, while Nexus Metals will focus on the Canadian Projects and the pursuit of North American-based opportunities.
"With the emergence of both McKenzie Gold Project in Red Lake, and the Dakouli 2 Gold Concession in Burkina Faso, West Africa, as viable, stand alone development projects, the Board feels the time is right to give both projects a more singular focus, " said president and CEO, Alex Klenman. "By spinning out the Canadian assets into a new reporting issuer we are able to pursue regionally specific acquisitions and financing opportunities. By keeping the Burkina Faso assets in Nexus, we can follow a similarly dedicated path with an international focus. This plan segregates the assets for both finance and marketing objectives, improves both acquisition and capital opportunities, and creates what we feel is a less restrictive path for project value to emerge. We believe this is the best course of action to pursue the next phase of development with our projects and we look forward to executing the plan in the coming months," continued Mr. Klenman.
The Company is also currently conducting due diligence on several potential project acquisitions for both companies to coincide with the proposed spinout transaction.
"We're currently looking at advanced projects for both entities," said CEO, Alex Klenman. "Nexus Metals will expand its focus to include not only gold, but other high-demand materials including lithium, and potentially copper as well. For Nexus Gold, we're looking at opportunities to acquire precious metals projects with established resources or that include enough data suggesting one isn't too far off. We have an opportunity here to change the landscape for Nexus, and the board is fully committed to creating a situation where value can be realized," continued Mr. Klenman.
Completion of the Spinout is subject to approval of the TSX Venture Exchange and the Supreme Court of British Columbia, as well as approval of the shareholders of the Company at a special meeting to be held on August 4, 2022 (the " Meeting "). Further information regarding the Spinout is available in the management information circular mailed to shareholders in connection with the Meeting, a copy of which will be available under the profile for the Company on SEDAR ( www.sedar.com ).
The board of directors has not yet determined a record date for the distribution of shares of Nexus Metals upon completion of the Spinout, and further details regarding completion of the Spinout will be provided in a subsequent news release. Following completion of the Spinout, Nexus Metals will become a reporting issuer in accordance with applicable Canadian securities laws. While the Company intends to seek a listing for Nexus Metal on a Canadian stock exchange, completion of any listing will be subject to Nexus Metals fulfilling the listing requirements.
The Company also announces that it has reached an agreement with an arms-length service provider to settle an outstanding payable (the " Payable ") in the amount of $50,000 related to the provision of accounting services to the Company. In settlement of the Payable, the Company has agreed to issue 1,000,000 common shares at a deemed price of $0.05. Completion of the settlement remains subject to the approval of the TSX Venture Exchange. The common shares issued in connection with the settlement will be subject to restrictions on resale for a period of four-months-and-one-day in accordance with applicable securities laws.
Nexus Gold is a Canadian-based gold exploration and development company with an extensive portfolio of projects in Canada and West Africa. The Company's primary focus is on its 100%-owned, Dakouli 2 Gold Concession in Burkina Faso, West Africa, and the McKenzie Gold Project, located in Red Lake, Ontario. The Company is focusing on the development of its core assets while seeking joint-venture, earn-in, and strategic partnerships for other projects in its portfolio.
For more information, please visit nxs.gold
On behalf of the Board of Directors of
info@nexusgoldcorp.com www.nexusgoldcorp.com
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 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) 2022 TheNewswire - All rights reserved.
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September 8, 2022 Nexus Gold Corp. (" Nexus Gold " or the " Company ") (TSXV:NXS ) ( OTCQB:NXXGF ) ( FSE:N6E) is pleased to announce that it has received court approval by way of a final order granted by the Supreme Court of British Columbia for the completion of its arrangement (the " Arrangement ") involving the spinout of Nexus Metals Corp. (" Nexus Metals ") and its Canadian resource projects to shareholders.
In anticipation of completion of the Arrangement, the Company has transferred all of its rights to the Canadian projects to Nexus Metals. A total of 45,390,465 shares of Nexus Metals will be distributed on a pro rata basis to shareholders of the Company, pursuant to the Arrangement. Based on the current outstanding share capital of the Company, it is anticipated that this will result in Nexus Gold shareholders receiving approximately one Nexus Metals share for every seven shares of the company they hold. Completion of the arrangement remains subject to approval of the TSX Venture Exchange.
The Company shall in due course determine the record date for the purpose of determining the Nexus Gold shareholders entitled to receive Nexus Metals shares under the Arrangement. A letter of transmittal will in due course be mailed to each Nexus Gold shareholder and be made available under Nexus Gold's profile on SEDAR.
Further information regarding the Arrangement is available in the Company's management information circular dated June 7, 2022, a copy of which is available under the Company's profile on SEDAR ( www.sedar.com ).
"This was an important step in moving our plan forward," said CEO, Alex Klenman. "We'll establish the record date for determining the new shareholders in Nexus Metals over the next week or two, with the intent to have that record date occur here in the month of September. Basically, the amount of shares of Nexus Gold owned on that record date will determine the amount of shares one receives in the new company. We're more than eager to get this spinout completed and move forward with two viable exploration companies with very specific mandates. We will issue more updates as we progress, including upcoming exploration plans," continued Mr. Klenman.
The Company also advises it is continuing with its due diligence process in regard to the acquisition of one or more projects for both Nexus Metals and Nexus Gold. The Company is focused on adding energy/battery metals (i.e., lithium, lopper, nickel, etc) projects to Nexus Metals, while continuing to focus on precious metals (gold, silver) projects in Nexus Gold. Project portfolios of Nexus Metals and Nexus Gold will be adjusted over time to reflect the more specific focus of each company.
Nexus Hires Milad Zareian as VP, Operations
The Company is also pleased to announce that Milad Zareian has been appointed Vice President, Operations. Mr. Zareian brings over 10 years experience working with both private and public companies in a variety of capacities. He's been directly involved with IPO, RTO and start-ups, having led financing, IR and business development initiatives for multiple companies.
"We're pleased to bring Milad on board," said CEO, Alex Klenman. "He has energy, drive, and has built an impressive global contact list, all of which will benefit Nexus Gold moving forward. The board looks forward to working with Milad over the coming months as we complete the spinout transaction for Nexus Metals and as we position Nexus Gold for its post-spinout plans," continued Mr. Klenman.
Nexus Gold is a Canadian-based gold exploration and development company with an extensive portfolio of projects in Canada and West Africa. The Company's primary focus is on its 100%-owned, Dakouli 2 Gold Concession in Burkina Faso, West Africa, and the McKenzie Gold Project, located in Red Lake, Ontario. The Company is focusing on the development of its core assets while seeking joint-venture, earn-in, and strategic partnerships for other projects in its portfolio.
For more information, please visit nxs.gold
On behalf of the Board of Directors of
info@nexusgoldcorp.com www.nexusgoldcorp.com
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 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) 2022 TheNewswire - All rights reserved.
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Vancouver, Canada TheNewswire - August 10, 2022 Nexus Gold Corp. (" Nexus Gold " or the " Company ") (TSXV:NXS ) ( OTC:NXXGF ) ( FSE:N6E) is pleased to advise that its proposed plan of arrangement (the " Arrangement "), announced June 28, 2022, has received approval of the shareholders of the Company. The Arrangement, which involves the spinout (the " Spinout ") of the Company's Canadian projects (which include the McKenzie Gold Project, located in Red Lake, Ontario, and the 13,000-hectare Cyclone Gold-Nickel-Copper project, located in the James Bay region, Quebec) was approved at a special shareholders meeting held on August 4, 2022, by 99% of the votes cast at the meeting.
The Arrangement remains subject to approval by the Supreme Court of British Columbia. The court hearing to obtain a final order approving the Arrangement is scheduled to take place on August 10, 2022. Completion of the Arrangement is also subject to approval of the TSX Venture Exchange.
In anticipation of completion of the Spinout, the Company has transferred all of its rights to the Canadian projects to Nexus Metals Corp. (" Nexus Metals "), a newly-established subsidiary of the Company. A total of 45,390,465 shares of Nexus Metals (" Nexus Metals Shares ") will be distributed on a pro rata basis to shareholders of the Company (" Nexus Gold Shareholders ") pursuant to the Arrangement. Based on the current outstanding share capital of the Company, it is anticipated that this will result in Nexus Gold Shareholders receiving approximately 1 Nexus Metals Share for every 7 shares of the Company they hold.
Completion of the Arrangement is expected to occur on or about August 31, 2022.
"With shareholder approval we're pleased to move forward with the spinout plan," said CEO, Alex Klenman. "We look forward to listing Nexus Metals and revamping Nexus Gold to create two separate, viable exploration companies with very specific mandates. The board feels this is the most effective way to realize value contained within our project portfolios and we're excited to move to the next steps in the process," continued Mr. Klenman.
The Company also advises it is continuing with its due diligence process in regard to the acquisition of one or more projects for both Nexus Metals and Nexus Gold. Updates on this initiative, as well has exploration plans for the months ahead, will be provided for both companies in the next few weeks.
Further information regarding the Arrangement and the Spinout is available in the Company's management information circular dated June 7, 2022, a copy of which is available under Nexus Gold's profile on SEDAR at www.sedar.com .
The Company shall in due course determine the record date for the purpose of determining the Nexus Gold Shareholders entitled to receive Nexus Metals Shares under the Arrangement (the " Distribution Record Date "). The payout date for the Nexus Metals Shares to be distributed to Nexus Gold Shareholders pursuant to the Arrangement will be three Business Days following the Distribution Record Date. A letter of transmittal will in due course be mailed to each Nexus Gold Shareholder and be made available under Nexus Gold's profile on SEDAR at www.sedar.com .
The Company is pleased to announce that it has entered into Stock Option Cancellation Agreements with option holders holding in aggregate 7,000,000 incentive stock options to acquire common shares of the Company at various prices. Pursuant to the agreements, the Company intends to cancel these options without any further consideration.
The Company announces that it has completed the settlement of an outstanding payable in the amount of $50,000 owing to an arms-length service provider through the issuance of one million common shares at a deemed price of $0.05 per share. The common shares issued in connection with the settlement will be subject to restrictions on resale until November 12, 2022, in accordance with applicable securities laws.
Nexus Gold is a Canadian-based gold exploration and development company with an extensive portfolio of projects in Canada and West Africa. The Company's primary focus is on its 100%-owned, Dakouli 2 Gold Concession in Burkina Faso, West Africa, and the McKenzie Gold Project, located in Red Lake, Ontario. The Company is focusing on the development of its core assets while seeking joint-venture, earn-in, and strategic partnerships for other projects in its portfolio.
For more information, please visit nxs.gold
On behalf of the Board of Directors of
info@nexusgoldcorp.com www.nexusgoldcorp.com
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 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) 2022 TheNewswire - All rights reserved.
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Vancouver, Canada TheNewswire - March 9, 2022 - Nexus Gold Corp. (" Nexus " or the " Company ") (TSXV:NXS ) ( OTC:NXXGF ) ( FSE:N6E) is pleased to announce it has commenced exploration at its wholly-owned 13,166-hectare Cyclone Project, a gold-nickel-copper property which covers a 28-kilometre strike length of the Aquilon Greenstone Belt in the James Bay Region of northern Quebec.
The Company has contracted Prospectair Geosurveys Inc of Gatineau, Quebec, to conduct a property-wide, 1,127 line-kilometers (line-spacing of 150 meters) combined magnetic (MAG) and time-domain electromagnetic (TDEM) airborne survey.
The property was acquired based on its high potential for gold, nickel, and copper mineralization, but only limited historical exploration. The magnetic component of the survey will guide the lithological interpretation of the basement rocks, as well as define structural off-sets and potential alteration features. The electromagnetic (EM) of the survey aims to define conductive features which may be related to sulphide accumulations with the potential for nickel and copper mineralization related to the large volumes of ultramafic intrusions on a portion of the Property.
The Cyclone property consists of a large, district-scale, gold-nickel-copper exploration project, located in the James Bay Region of northern Quebec. Within the James Bay Region are several past / producing gold mines including Newmont's Eleonore Gold Mine, which began production in 2014. Cyclone comprises 260 mineral claims covering a 28-kilometer-long portion of the Aquilon Greenstone Belt. The Aquilon Belt is a relatively newly characterized (2011) series of volcano-sedimentary rocks that hosts potential for gold and nickel/copper mineralization.
Historical exploration at Cyclone consists of regional-scale mapping and prospecting, as well as an airborne magnetic-electromagnetic (EM) survey. The regional-scale mapping confirmed the mafic and ultramafic rocks, felsic volcanics and iron-formation. During the regional-scale mapping, some of the ultramafic rocks were found to contain minor sulphide (pyrhhotite, chalcopyrite and pyrite) with elevated nickel and chromium. The EM conductors remain largely un-tested.
Two types of gold mineralization have been identified within the western part of the belt. High grade vein-type gold mineralization found in auriferous quartz and carbonate veins hosted within felsic rock associated with felsite's and disseminated pyrite halos. Mineralization tends to be found along a strong lineament known as the Wolfe Corridor. And lower grade gold mineralization associated with bands of disseminated sulphides (Py-Po) with some anomalous copper and zinc values. Large volumes of ultramafic rock at the Cyclone Property suggest there is good potential for magmatic sulphide mineralization (Ni +/- PGE's).
Click Image To View Full Size
Image 1: Cyclone property located on the Aquilon Greenstone Belt, North-Central Quebec, Canada
Sirios Resources has conducted several exploration programs in the same greenstone belt at their Aquilon Property, located immediately to the west of the Cyclone Property. Sirios' property has thirty (30) high-grade surface gold showings, including some with spectacular gold grades up to 800 grams-per-tonne and more (see Sirios Resources news releases September 22, 2020, and January 19, 2011). Numerous shallow drill holes were completed on the property over the years (205 holes totaling 12,247m), with the majority of the work concentrated on four of the showings.
* Management cautions that past results or discoveries on adjacent properties may not necessarily be indicative to the presence of mineralization on the Company's properties.
The Cyclone Project has not yet seen any drilling, or a systematic exploration program for gold or base-metals. At the north end of the Property, it is approximately 1.5 kilometres from an all-weather access road to the La Forge hydroelectric facility, and the all-weather Trans-Taiga Highway passes less than 1 kilometer from the south end of the Property.
Neil McCallum P.Geo., of Dahrouge Geological Consulting Ltd., is the designated Qualified Person as defined by National Instrument 43-101 has approved, the technical information contained in this release.
Nexus Gold is a Canadian-based gold exploration and development company with an extensive portfolio of projects in Canada and West Africa. The Company's primary focus is on its 100%-owned, 98-sq km Dakouli 2 Gold Concession in Burkina Faso, West Africa, and the approximately 1400-ha McKenzie Gold Project, located in Red Lake, Ontario. The Company is concentrating on the development of its core assets while seeking joint-venture, earn-in, and strategic partnerships for other projects in its portfolio.
For more information, please visit nxs.gold
On behalf of the Board of Directors of
info@nexusgoldcorp.com www.nexusgoldcorp.com
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 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) 2022 TheNewswire - All rights reserved.
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Hole MK-21-025 returns 10.21 g/t Au over 2 meters
Hole MK-21-028 returns 74m of 0.65 g/t Au
Includes 13m of 1.15 g/t Au and 7m of 1.06 g/t Au
Strike length now over 475 meters
Vancouver, Canada - TheNewswire - February 15, 2022 - Nexus Gold Corp. (" Nexus " or the " Company ") (TSXV:NXS ) ( OTC:NXXGF ) ( FSE:N6E) is pleased to report additional assay results from its second round of phase two diamond drilling on its 100% owned McKenzie Gold Project located at Red Lake, Ontario.
This second round of drilling, completed in December 2021, was designed to test gold anomalies occurring in and around historic trenches identified earlier in the fall by prospecting teams employed by the Company. The program was also testing the potential strike extension of mineralization identified in the first round of phase two drilling in the spring of 2021. The program consisted of eight drill holes totaling 2000 meters (full summary of the four holes received is tabled below).
Highlights from the final four holes from the December drill program include:
MK-21-025 returned 2 meters ("m") of 10.21 grams-per-tonne ("g/t") gold ("Au"), which includes .8m of 23.7 g/t Au
MK-21-028 returned 0.65 g/t Au over 74m, including 7m of 1.16 g/t Au, 6m of 0.94 g/t Au, and 13m of 1.15 g/t Au
MK-21-029 returned multiple intercepts, including 133m of 0.52 g/t Au, which includes 11m of 1.01 g/t Au, 7m of 1.37 g/t Au, 2m of 1.61 g/t Au among others, and 48m of 0.48 g/t Au (see table following)
Seven of the eight holes drilled in December successfully intersected gold mineralization. To date Nexus has drilled 30 holes at McKenzie, with 27 returning gold values of 1 gram-per-tonne gold or better (visit nxs.gold for a complete drill table under the McKenzie Gold Project tab). Data generated shows a mineralized trend that develops south of Perch Lake and continues in a north/north-westerly direction.
All drill holes were collared in the Dome Stock and successfully cored through granitic rock displaying zones of potassic ("K") alteration with zones of silica and sericitic alteration; sulphide mineralization consisting primarily of pyrite with lesser chalcopyrite; and occasional molybdenite and sphalerite hosted in quartz carbonate stringers and veins, which was reported occurring in both alteration styles but in greater amounts in the siliceous sericitically altered granite.
The following table includes results from the final four holes drilled in December 2021:
"This round of drilling has shown that the longer gold intercepts hosted in the silicious and sericitic altered granite is trending to the north west, towards the historic Trench 3 found in our recent prospecting program," said VP Exploration, Warren Robb. "We clipped this zone in hole 27 but clearly intersected it in hole 28 adding an addition 50 meters to this zone's strike extent. The drilling north of Perch Lake has intersected a higher grading quartz vein which was intersected by holes 24 and 25 and we have traced it now for 50 meters," continued Mr. Robb.
"The drilling we've done so far at McKenzie has resulted in the discovery of a well mineralized gold system, combining higher grade gold in quartz veins with lengthy, near 1-gram intercepts that permeate out into the intrusives," said President and CEO, Alex Klenman. "The vast majority of the holes we've drilled have returned positive results. We've established almost 500 meters of strike length. We are now planning a follow up drill program to pursue the mineralization to the north west and extend the known strike," continued Mr. Klenman.
Click Image To View Full Size
Initial holes from the December drill program, previously reported (NR dated February 9, 2022):
Drill core is logged and sampled in a secure core storage facility located in Red Lake, Ontario. Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories in Ontario, an accredited independent mineral analysis laboratory, for analysis. All samples are analyzed for gold using standard Fire Assay-AA techniques. Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Nexus's quality control/quality assurance program (QA/QC).
Drilling at McKenzie Gold Project
This 2000-meter drill program commenced with the first hole being drilled to test the northern extent of gold mineralization identified by earlier drilling conducted by the Company in April 2021 which included holes MK-21-018 and MK-21-019, both of which returned significant gold intercepts (see Company news releases dated May 25 and June 1, 2021), and to test gold mineralization recently identified during a fall targeting and prospecting program conducted north of Perch Lake.
Selective grab samples obtained during the fall program returned gold assays of ^13.40 grams-per-tonne ("g/t") gold ("Au"), 7.70 g/t Au, 6.83 g/t Au, 3.54 g/t Au, and 3.51 g/t Au, respectively, confirming mineralization in this new area.
Three historical trenches and a new showing were also identified during the prospecting program (see image 1). The trenches are comprised of quartz veins containing clots and patches of semi massive chalcopyrite, pyrite and molybdenite. The veins are hosted in granite which displays strong pervasive silica flooding. Local discrete shearing in both trenches trend at approximate attitudes of 330° and dip 70° to 80° to the east, displaying similar trends and lithologies established in the Company's previous drill campaigns.
This second round of diamond drilling was planned to expand on the results obtained in the Company's previous drill programs. These programs outlined a broad zone of gold mineralization in the St. Paul's Bay area, located in the southernmost section of the claim block below Perch Lake.
Significant results from these drill programs include:
MK-20-RC-006: 2.75m of 13.25 grams-per-tonne ("g/t") gold ("Au") , including 1m of 36.20 g/t Au (68.75m to 70.5m)
MK-20-RC-008: 55.5m of 1 g/t Au (67.5m to 123m), including 16m of 1.42 g/t Au, 6m of 2.37 g/t Au, and 9m of 1.14 g/t Au
MK-21-DD-018: 56m of 1.01 g/t Au (13m to 69m), including 21.5m of 1.84 g/t Au, 10m of 3.30 g/t Au, and 1m of 23.1 g/t Au. Other intercepts included 37.6m of 2.78 g/t Au (77m to 115m), including 24.7m of 4.05 g/t Au, 14m of 7.01 g/t Au, and 1m of 94.2 g/t Au.
Th e entire length of MK-21-DD-018 averaged .99 g/t Au over 198m
MK-21-DD-019: 136m of 1.25 g/t Au (148m to 285m), including 44.9m of 3.00 g/t Au, 15.5m of 5.25 g/t Au, 29.4m of 1.82 g/t Au, and 6m of 5.45 g/t Au. High-grade intercepts included 1m of 59.8 g/t Au, 1m of 15.5 g/t Au, and 1m of 26.7 g/t Au.
Hole MK-21-DD-19 ended in mineralization at 285 meters, with an average grade of the hole returning .74 g/t Au over 283.4m
See Company news releases, September 3, 2020, May 25, 2021, and June 1, 2021, for more details on previous diamond drill programs.
All reported holes were drilled entirely in a granitic rock of the Dome stock and displayed patchy moderate-to-strong silica alteration. Silica altered intervals are typically associated with high density micro-fracturing and increased molybdenite and chalcopyrite mineralization. Fine-grained fluorescent scheelite was also observed. The granite was strongly magnetic, containing 2-3% fine-grained disseminated magnetite.
Click Image To View Full Size
Figure 2: McKenzie Gold Project, Red Lake, Ontario, with nearby advanced prospects, producers, and past producers
About the McKenzie Gold Project
The 100%-owned McKenzie Gold Project is an approximately 1,400-hectare gold exploration project located in the heart of the historic Red Lake gold camp, in western Ontario, Canada. Areas of high-grade gold mineralization have been established within the northern portion of the claim block (McKenzie Island), with significant gold values having been drilled along a 600-meter strike in the southern portion of the property (St. Paul's Bay area).
Significant results from the Company's initial drill program in August 2020 include hole MK-20-006 which returned 2.75 meters of 13.25 g/t Au, including 1m of 36.2 g/t Au; hole MK-20-007 which returned 117.4m of 0.33 g/t Aum including 9.4m of 1.26 g/t Au, and 1.5m of 4.64 g/t Au; and hole MK-20-007, which returned 117.5m of .62 g/t Au, including 55.5m of 1.00 g/t Au, which included 16m of 1.42 g/t Au (including 6m of 2.37 g/t Au and 2m of 4.28 g/t Au), and 9m of 1.14 g/t Au. See the Company website – www.nxs.gold – for the complete McKenzie project drill table.
Results from the Company's initial summer 2020 drill program returned values similar to historic drilling in the area, which have been typically higher-grade intercepts over narrow widths (i.e., 0.5m to 1m of > 5 g/t Au). In addition, holes 007 and 008 identified a second style of gold mineralization on the McKenzie property. These lengthy (> 100m) disseminated, sub and near one-gram gold intercepts more closely resemble the type of mineralization being explored at the Hasaga Project, located approximately 5kms to the south-east of the McKenzie project ground.
The Hasaga property is host to the past-producing Hasaga and Gold Shore Mines and is strategically located proximal to the Balmer-Confederation regional unconformity, recognized as an important geologic feature at the multi-million ounce past and currently producing Red Lake area mines. The deposits on the Hasaga Project are estimated as hosting an Indicated mineral resource of 42.294 million tonnes at a grade of 0.83 g/t gold representing 1,123,900 ounces of gold (Indicated)*.
Nexus Amends Dorset Option Agreement
Nexus Gold Corp. (the "Company") is pleased to announce that it has reached an agreement (the "Amended Agreement") with Leocor Gold Inc. ("Leocor") (CSE: LECR), dated February 8, 2022, pursuant to which it has agreed to amend the terms by which Leocor can acquire the Dorset Gold Project (the "Project") located in the Province of Newfoundland. The Amended Agreement replaces the existing property option agreement (the "Option Agreement") entered into between the Company and Leocor, dated April 22, 2020.
Under the terms of the Amended Agreement, Leocor will continue to hold a right to acquire up to a one-hundred percent interest in the Project. Consideration for the acquisition will now consist of the following:
Leocor will also assume responsibility for a two percent net smelter returns royalty on the Project, currently held by United Gold Inc. and Margaret Duffitt. All common shares of Leocor issued to the Company will be subject to statutory restrictions on resale for a period of four-months-and-one-day following issuance in accordance with applicable securities laws.
Alex Klenman is a director and senior officer of both the Company and Leocor, however the Amended Agreement and the Option Agreement are not considered related party transactions within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions . The Company and Leocor are considered to be "non-arms' length parties" under the policies of the TSX Venture Exchange, and as a result the Amended Agreement is subject to review by the TSX Venture Exchange.
The Amended Agreement and the Option Agreement have been reviewed and approved by the independent directors of each of the Company and Leocor, but the acquisition of any interest in the Project by Leocor, under the terms of the Amended Agreement, remains subject to the approval of the TSX Venture Exchange.
Nexus Appoints Brian Shin to the Board of Directors
The Company is also please to announce the appointment of Mr. Brian Shin as a Director of the Company effective immediately.
Mr. Shin specializes in providing financial reporting, corporate finance, auditing, corporate strategy, risk management and other accounting services to both public and private companies in various industries. He holds the professional designation of Chartered Professional Accountant (CPA) in B.C. and Canada and Certified Management Consultant (CMC). Mr. Shin has had extensive experience as a consultant, controller and auditor for numerous publicly traded and private corporations in several industries in multiple countries such as Canada, Hong Kong and South Korea.
Alex Klenman, President and CEO of Nexus Gold states, "On behalf of Nexus Gold's Board of Directors, I am very pleased to welcome Brian Shin to the Company. We are confident that Brian's experience and perspective will be of great value to Nexus Gold as the Company grows."
* Reported lengths are intercepts and are not true widths
^ Grab samples are selected samples and are not necessarily representative of mineralization hosted on the property. All samples were sent to Activation Laboratories in Ontario, an accredited mineral analysis laboratory, for analysis.
Drill core is logged and sampled in a secure core storage facility located in Red Lake Ontario. Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories in Ontario, an accredited mineral analysis laboratory, for analysis. All samples are analyzed for gold using standard Fire Assay-AA techniques. Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Nexus's quality control/quality assurance program (QA/QC). No QA/QC issues were noted with the results reported herein.
* NI 43-101 Technical Report, Hasaga Project, Red Lake Mining District, Ontario, Canada, NTS Map Sheets 52K/13 and 52N/04 by Vincent Jourdain (Ph.D., P.Eng.), John Langton (M.Sc., P. Geo.) & Abderrazak Ladidi (P.Geo.) , February 24 th , 2017.
Warren Robb P.Geo., Vice President, Exploration, is the designated Qualified Person and has reviewed and approved the technical information contained in this release. Any historic drill and sample data contained in this release was verified by the QP by comparing reported assay data with Certificates of Analysis documented. The QP has verified mineral showings and areas of select sampling and the collars of reported historic drill hole locations. It is the QP's opinion that the data as presented is adequate and can be relied upon for use in this press release.
Nexus Gold is a Canadian-based gold exploration and development company with an extensive portfolio of projects in Canada and West Africa. The Company's primary focus is on its 100%-owned, 98-sq km Dakouli 2 Gold Concession in Burkina Faso, West Africa, and the approximately 1400-ha McKenzie Gold Project, located in Red Lake, Ontario. The Company is focusing on the development of its core assets while seeking joint-venture, earn-in, and strategic partnerships for other projects in its portfolio.
For more information, please visit nxs.gold
On behalf of the Board of Directors of
info@nexusgoldcorp.com www.nexusgoldcorp.com
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 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) 2022 TheNewswire - All rights reserved.
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- Hole MK-21-024 returns 2.19 g/t Au over 22 meters
- Includes high-grade intercepts of 24.5 g/t Au over 1.5m and 21 g/t Au over 1m
- Drilling successfully extends strike length over 400 meters
Nexus Gold Corp. (" Nexus " or the " Company ") (TSXV:NXS ) ( OTC:NXXGF ) ( FSE:N6E) is pleased to report initial assay results from its second round of phase two diamond drilling on its 100% owned McKenzie Gold Project located at Red Lake, Ontario
This second round of drilling, completed in December 2021, was designed to test gold anomalies occurring in and around historic trenches identified earlier in the fall by prospecting teams employed by the Company. The program was also testing the potential strike extension of mineralization identified in the first round of phase two drilling in the spring of 2021. The program consisted of eight drill holes totaling 2000 meters (full summary of the four holes received is tabled below).
Significant mineralization was encountered in three of the first four holes from the December drill program, which also substantially expanded the strike length of the mineralized zone. Highlights from the first four holes received include:
MK-21-024 which assayed 22 meters ("m") of 2.19 grams-per-tonne ("g/t") gold ("Au"), which includes 1m of 21 g/t Au at 65m depth, and 1.5m of 24.5 g/t Au at 70.5m depth.
MK-21-027 returned 23m of .59 g/t Au, including 1m of 2.76 g/t Au and 1m of 6.31 g/t Au.
MK-21-030 returned multiple mineralized intercepts, including 3m of 1.41 g/t Au, 6m of 1.07 g/t Au, 6m of 1.17 g/t Au, and 2m of 2.41 g/t Au. These higher-grade results were contained within lengthier sub-1 gram intercepts, including 25m of .52 g/t Au, 10m of .58 g/t Au, 22m of .52 g/t Au, and 12m of .63 g/t Au.
All drill holes were collared in the Dome Stock and successfully cored through granitic rock displaying zones of potassic ("K") alteration with zones of silica and sericitic alteration; sulphide mineralization consisting primarily of pyrite with lesser chalcopyrite; and occasional molybdenite and sphalerite hosted in quartz carbonate stringers and veins, which was reported occurring in both alteration styles but in greater amounts in the siliceous sericitically altered granite.
The following table includes significant results from four of the eight holes drilled in December 2021:
"We're pleased with these results so far, we were definitely successful in expanding the footprint of the mineralized zone," said president and CEO, Alex Klenman. "It appears that we have a kink in the mineralized trend towards the northwest, which is an intriguing development. We'll look to continue to chase the mineralization in that direction as there's a lot of ground up there to work. We're also encouraged with the mix of higher grade intervals and extended sub and near 1-gram intercepts. These results, as in previous drilling, continue to indicate similarity to the mineralization style over at the Hasaga project, located several kilometers to the east of us," continued Mr. Klenman.
"This round of drilling was a little more challenging as the mineralization we encountered in the north of Perch Lake displayed a varying degree of alteration to what we've been observing in the holes south of the lake," said VP Exploration, Warren Robb. "Holes drilled out under Perch Lake, on the other hand, resulted in intersecting similar alteration and mineralization as we encountered in holes 18 and 19 to the south," continued Mr. Robb.
With the mineralization encountered in holes MK-21-027 and MK-21-030, extension of the strike of the gold bearing zone now extends over 450 meters in length. Additional assays from the remaining four holes are expected sometime in the next two weeks.
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Image 1: New sample locations, new showings (red) and historical trenches, recent drill holes, with 2020-2021 drill locations to the south, McKenzie Gold Project, Red Lake, ON
Drill core is logged and sampled in a secure core storage facility located in Red Lake, Ontario. Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories in Ontario, an accredited independent mineral analysis laboratory, for analysis. All samples are analyzed for gold using standard Fire Assay-AA techniques. Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Nexus's quality control/quality assurance program (QA/QC).
Remaining assay results will be released once received, reviewed, and verified by the Company's Qualified Person.
Drilling at McKenzie Gold Project
This 2000-meter drill program commenced with the first hole being drilled to test the northern extent of gold mineralization identified by earlier drilling conducted by the Company in April 2021 which included holes MK-21-018 and MK-21-019, both of which returned significant gold intercepts (see Company news releases dated May 25 and June 1, 2021), and to test gold mineralization recently identified during a fall targeting and prospecting program conducted north of Perch Lake.
Selective grab samples obtained during the fall program returned gold assays of ^13.40 grams-per-tonne ("g/t") gold ("Au"), 7.70 g/t Au, 6.83 g/t Au, 3.54 g/t Au, and 3.51 g/t Au, respectively, confirming mineralization in this new area.
Three historical trenches and a new showing were also identified during the prospecting program (see image 1). The trenches are comprised of quartz veins containing clots and patches of semi massive chalcopyrite, pyrite and molybdenite. The veins are hosted in granite which displays strong pervasive silica flooding. Local discrete shearing in both trenches trend at approximate attitudes of 330° and dip 70° to 80° to the east, displaying similar trends and lithologies established in the Company's previous drill campaigns.
This second round of diamond drilling was planned to expand on the results obtained in the Company's previous drill programs. These programs outlined a broad zone of gold mineralization in the St. Paul's Bay area, located in the southernmost section of the claim block below Perch Lake (see Image 1) .
Significant results from these drill programs include:
MK-20-RC-006: 2.75m of 13.25 grams-per-tonne ("g/t") gold ("Au") , including 1m of 36.20 g/t Au (68.75m to 70.5m)
MK-20-RC-008: 55.5m of 1 g/t Au (67.5m to 123m), including 16m of 1.42 g/t Au, 6m of 2.37 g/t Au, and 9m of 1.14 g/t Au
MK-21-DD-018: 56m of 1.01 g/t Au (13m to 69m), including 21.5m of 1.84 g/t Au, 10m of 3.30 g/t Au, and 1m of 23.1 g/t Au. Other intercepts included 37.6m of 2.78 g/t Au (77m to 115m), including 24.7m of 4.05 g/t Au, 14m of 7.01 g/t Au, and 1m of 94.2 g/t Au.
The entire length of MK-21-DD-018 averaged .99 g/t Au over 198m
MK-21-DD-019: 136m of 1.25 g/t Au (148m to 285m), including 44.9m of 3.00 g/t Au, 15.5m of 5.25 g/t Au, 29.4m of 1.82 g/t Au, and 6m of 5.45 g/t Au. High-grade intercepts included 1m of 59.8 g/t Au, 1m of 15.5 g/t Au, and 1m of 26.7 g/t Au.
Hole MK-21-DD-19 ended in mineralization at 285 meters, with an average grade of the hole returning .74 g/t Au over 283.4m
See Company news releases, September 3, 2020, May 25, 2021, and June 1, 2021, for more details on previous diamond drill programs.
All reported holes were drilled entirely in a granitic rock of the Dome stock and displayed patchy moderate-to-strong silica alteration. Silica altered intervals are typically associated with high density micro-fracturing and increased molybdenite and chalcopyrite mineralization. Fine-grained fluorescent scheelite was also observed. The granite was strongly magnetic, containing 2-3% fine-grained disseminated magnetite.
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Figure 2: McKenzie Gold Project, Red Lake, Ontario, with nearby advanced prospects, producers, and past producers
About the McKenzie Gold Project
The 100%-owned McKenzie Gold Project is an approximately 1,400-hectare gold exploration project located in the heart of the historic Red Lake gold camp, in western Ontario, Canada. Areas of high-grade gold mineralization have been established within the northern portion of the claim block (McKenzie Island), with significant gold values having been drilled along a 600-meter strike in the southern portion of the property (St. Paul's Bay area).
Significant results from the Company's initial drill program in August 2020 include hole MK-20-006 which returned 2.75 meters of 13.25 g/t Au, including 1m of 36.2 g/t Au; hole MK-20-007 which returned 117.4m of 0.33 g/t Aum including 9.4m of 1.26 g/t Au, and 1.5m of 4.64 g/t Au; and hole MK-20-007, which returned 117.5m of .62 g/t Au, including 55.5m of 1.00 g/t Au, which included 16m of 1.42 g/t Au (including 6m of 2.37 g/t Au and 2m of 4.28 g/t Au), and 9m of 1.14 g/t Au. See the Company website – www.nxs.gold – for the complete McKenzie project drill table.
Results from the Company's initial summer 2020 drill program returned values similar to historic drilling in the area, which have been typically higher-grade intercepts over narrow widths (i.e., 0.5m to 1m of > 5 g/t Au). In addition, holes 007 and 008 identified a second style of gold mineralization on the McKenzie property. These lengthy (> 100m) disseminated, sub and near one-gram gold intercepts more closely resemble the type of mineralization being explored at the Hasaga Project, located approximately 5kms to the south-east of the McKenzie project ground.
The Hasaga property is host to the past-producing Hasaga and Gold Shore Mines and is strategically located proximal to the Balmer-Confederation regional unconformity, recognized as an important geologic feature at the multi-million ounce past and currently producing Red Lake area mines. The deposits on the Hasaga Project are estimated as hosting an Indicated mineral resource of 42.294 million tonnes at a grade of 0.83 g/t gold representing 1,123,900 ounces of gold (Indicated)*.
Heidi Gutte named Chief Financial Officer
The Company has appointed Heidi Gutte as Chief Financial Officer, replacing Zula Kropivnitski who has accepted a position elsewhere. Ms. Gutte specializes in providing corporate finance, financial reporting, consulting, taxation, and other accounting services to both small businesses as well as public companies in various industries.
Ms. Gutte earned her bachelor's degree of computer engineering from the University of Applied Sciences in Brandenburg, Germany. She holds the professional designation of chartered professional accountant (CPA, CGA) and is a member of Chartered Professional Accountants of British Columbia and Canada. Ms. Gutte has had extensive experience as a controller and chief financial officer of numerous publicly traded and private corporations across a variety of sectors.
The Company would like to extend sincere thanks to Ms. Kropivnitski for her years of service and wish her well in her new endeavors.
* Reported lengths are intercepts and are not true widths
^ Grab samples are selected samples and are not necessarily representative of mineralization hosted on the property. All samples were sent to Activation Laboratories in Ontario, an accredited mineral analysis laboratory, for analysis.
Drill core is logged and sampled in a secure core storage facility located in Red Lake Ontario. Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories in Ontario, an accredited mineral analysis laboratory, for analysis. All samples are analyzed for gold using standard Fire Assay-AA techniques. Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Nexus's quality control/quality assurance program (QA/QC). No QA/QC issues were noted with the results reported herein.
* NI 43-101 Technical Report, Hasaga Project, Red Lake Mining District, Ontario, Canada, NTS Map Sheets 52K/13 and 52N/04 by Vincent Jourdain (Ph.D., P.Eng.), John Langton (M.Sc., P. Geo.) & Abderrazak Ladidi (P.Geo.) , February 24 th , 2017.
Warren Robb P.Geo., Vice President, Exploration, is the designated Qualified Person and has reviewed and approved the technical information contained in this release. Any historic drill and sample data contained in this release was verified by the QP by comparing reported assay data with Certificates of Analysis documented. The QP has verified mineral showings and areas of select sampling and the collars of reported historic drill hole locations. It is the QP's opinion that the data as presented is adequate and can be relied upon for use in this press release.
Nexus Gold is a Canadian-based gold exploration and development company with an extensive portfolio of projects in Canada and West Africa. The Company's primary focus is on its 100%-owned, 98-sq km Dakouli 2 Gold Concession in Burkina Faso, West Africa, and the approximately 1400-ha McKenzie Gold Project, located in Red Lake, Ontario. The Company is focusing on the development of its core assets while seeking joint-venture, earn-in, and strategic partnerships for other projects in its portfolio.
For more information, please visit nxs.gold
On behalf of the Board of Directors of
info@nexusgoldcorp.com www.nexusgoldcorp.com
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 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.
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Yorbeau Resources Inc. (TSX: YRB) (the " Company " or " Yorbeau ") is pleased to announce that it has completed a fully-subscribed private placement (the " Private Placement ") by issuing 25,000,000 Class A common shares composed of (i) 12,500,000 "flow-through" Class A common shares at a price of $0.045 per share and (ii) 12,500,000 non-flow-through Class A common shares at a price of $0.035 per share for an aggregate gross proceeds of $1,000,000.00.
The Company will use the proceeds raised from the issue of the flow-through Class A common shares to incur Canadian exploration expenses on its properties and the proceeds raised from the issue of the non-flow-through Class A common shares for general corporate purposes.
Five insiders subscribed for a total of 18,250,000 Class A common shares having an aggregate subscription price of $730,000.00. As insiders of the Company participated in the Private Placement, it is deemed to be a "related party transaction" as defined under Multilateral Instrument 61-101— Protection of Minority Security Holders in Special Transactions (" MI 61-101 "). The Private Placement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 (pursuant to subsections 5.5(a) and 5.7(a)) as neither the fair market value of the Class A common shares distributed to, nor the consideration received from, interested parties exceeded 25% of the Company's market capitalization. The Company did not file a material change report at least 21 days prior to the closing of the Private Placement as participation of the insiders had not been confirmed at that time.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the " 1933 Act "), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements.
The Rouyn Property, wholly-owned by the Company, contains four known gold deposits in the 6-km-long Augmitto-Astoria corridor situated on the western portion of the property. The Company signed a definitive agreement in December 2018, whereby IAMGOLD has the option to acquire a 100% interest in the Rouyn property, and a major drilling program is underway. Two of the four deposits, Astoria and Augmitto, benefit from substantial underground infrastructure and have been the subject of technical reports that include resource estimates and that were filed in accordance with Regulation 43-101. In 2015, the Company expanded its exploration property portfolio by acquiring strategic base metal properties in prospective areas of the Abitibi Belt of Quebec that feature infrastructure favourable for mining development. The newly acquired base metal properties include the Scott Project in Chibougamau, which bears important mineral resources (see the press release dated March 30, 2017) and on which a positive Preliminary Economic Assessment was recently completed.
For further information, please contact:
G. Bodnar Jr. President, Chief Financial Officer Yorbeau Resources Inc. gbodnar@yorbeauresources.com Tel: 514-384-2202
Toll free in North America: 1-855-384-2202
Forward-looking statements: Except for statement of historical fact, all statements in this news release, including, without limitation, statements regarding the use of proceeds of the Private Placement are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Yorbeau disclaims any obligation to update such forward-looking statements, other than as required by applicable securities laws.
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Nevada Sunrise Metals Corp. ("Nevada Sunrise", or the "Company", formerly Nevada Sunrise Gold Corp.) (TSXV: NEV) (OTC: NVSGF) announced today that commencement of the Phase 2 drilling program at the Company's 100%-owned Gemini Lithium Project ("Gemini") is imminent. Gemini is located in the Lida Valley basin in Esmeralda County, Nevada approximately 23 miles (35 kilometres) southeast of North America's only lithium mine at Silver Peak, Nevada . The Phase 2 drilling program is permitted for up to twelve (12) borehole locations and is planned as follow-up to the two successful boreholes that intersected significant lithium values during the maiden drilling program at Gemini in March and April 2022 (see Nevada Sunrise news releases dated May 18, 2022 and June 6, 2022 ).
The drilling contractor selected by Nevada Sunrise experienced delays at its previous work site during September and has provided assurance that the drill and crew will be mobilizing to Gemini in early October 2022 . The first drill hole of the program is GEM22-03, which is planned to reach a minimum depth of 1,500 feet (457 metres). Up to six boreholes are planned in Phase 2 for an estimated total of 8,000 feet (2,439 metres) of drilling. The exploration goals for the Phase 2 program are: (1) test lithium-bearing brine and sediments at greater depths than previous boreholes GEM22-01 and GEM22-02, and (2) determine the lateral extent of lithium-mineralized brine and sediments identified in the previous Gemini drill holes. Drill hole locations may be amended or revised during the Phase 2 program as results warrant.
For further information on Gemini, including location maps and photos click here
Gemini consists of 582 unpatented placer and lode claims located in the western Lida Valley, Esmeralda County , approximately 6 miles (10 kilometres) east of the town of Lida, Nevada . In the spring of 2022, Nevada Sunrise expanded the size of the Project to a land position covering approximately 5,700 acres (2,300 hectares). Gemini is situated adjacent to the Gold Point Solar Energy Zone, a BLM land reserve set aside for solar and wind power generation projects until 2033.
The Lida Valley is a flat, arid basin with a similar geological setting to the better-known Clayton Valley basin where Albermarle Corporation operates the Silver Peak lithium brine mine, which has operated continuously since 1966. Exploration at Gemini is complemented by the Company's 80.09 acre/feet/year water right, a pre-requisite for the exploration and development of lithium brine projects in Nevada . Under State of Nevada law, water cannot be pumped from a subterranean source without a valid water permit.
Nevada Sunrise drilled two reverse circulation ("RC") boreholes for a total of 2,020 feet (615.85 metres) in its maiden drilling program at Gemini in March and April 2022 . The initial results represent a new discovery of lithium-bearing sediments and lithium-in-water in the western Lida Valley, which has not been historically drill tested for lithium mineralization. The analytical results from boreholes GEM22-01 and GEM22-02, located 0.69 miles (1.1 kilometres) apart suggest that the extent of lithium-bearing clay layers and waters at Gemini may be widespread:
Water samples from borehole GEM-22-01 averaged 327.7 milligrams per litre ("mg/L") lithium over 220 feet (67.07 metres) from 600 to 820 feet (182.93 to 250 metres) with a peak value of 519 mg/L lithium . Water samples from borehole GEM22-02 returned an average of 116.28 mg/L lithium over 460 feet (140.24 metres) from 660 to 1,120 feet (201.22 to 341.46 metres) with a peak value of 286.0 mg/L lithium.
The results of geochemical analysis on sediment samples described in this news release were shipped in March and April 2022 to American Assay Laboratories and ALS Group USA ("ALS") and were analyzed utilizing a multi-element ICP-MS method. Specifically, the analytical method involves aqua regia digestion of the sample followed by the inductively coupled plasma (ICP) technique to ionize the sample, and spectrometry to determine elemental concentrations. Duplicates, field blanks, and certified reference standards were inserted at regular intervals in the sample stream to ensure accuracy of the analytical method.
Water parameters including TDS, conductivity, temperature, and pH values were obtained in the field by direct measurement with a handheld Hanna Model 98194 Multiparameter Meter, which meets Good Laboratory Practice (as proscribed by the Organization for Economic Cooperation and Development) for calibration and measurement. All depth measurements reported, including sample and interval widths are down-hole. As holes are oriented vertical and geologic stratigraphy is primarily horizontal to sub-horizontal, downhole measurements are assumed to be close to true thickness.
Groundwater samples were collected at 20-foot (6.1-metre) intervals and sent to Western Environmental Testing Laboratory in Reno , Nevada under project chain-of-custody protocols for analysis. Industry standard methods for examination of water were employed by the laboratory. General chemistry testing included analysis for specific gravity, total hardness, total alkalinity, bicarbonate, carbonate, hydroxide, total dissolved solids (TDS) and electrical conductivity. Anions (chloride, sulfate) were analyzed by ion chromatography. Trace metals (lithium, magnesium, boron, calcium, potassium, strontium, and sodium) were analyzed by inductively coupled plasma-optical emission spectroscopy (ICP-OES) methods.
The scientific and technical information contained in this news release has been reviewed and approved by Robert M. Allender, Jr. , CPG, RG, SME and a Qualified Person for Nevada Sunrise as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects .
Nevada Sunrise is a junior mineral exploration company with a strong technical team based in Vancouver, BC , Canada , that holds interests in lithium, gold, copper and cobalt exploration projects located in the State of Nevada, USA .
Nevada Sunrise owns 100% interests in the Gemini and Jackson Wash lithium projects, both of which are located in Esmeralda County, NV. The Company owns Nevada water right Permit 86863, located in the Lida Valley basin, near Lida, NV.
The Company's key gold asset is a 20.01% interest at the Kinsley Mountain Gold Project ("Kinsley Mountain") near Wendover, NV. Kinsley Mountain is a joint venture with Copaur Minerals Inc. ("Copaur"), following the completion of a plan of arrangement between Copaur and the Company's former joint venture partner, New Placer Dome Gold Corp. Kinsley Mountain is a Carlin-style gold project hosting a National Instrument 43-101 compliant gold resource consisting of 418,000 indicated ounces of gold grading 2.63 g/t Au (4.95 million tonnes), and 117,000 inferred ounces of gold averaging 1.51 g/t Au (2.44 million tonnes), at cut-off grades ranging from 0.2 to 2.0 g/t Au 1 .
1 Technical Report on the Kinsley Project, Elko County, Nevada, U.S.A., dated June 21, 2021 with an effective date of May 5, 2021 and prepared by Michael M. Gustin, Ph.D., and Gary L. Simmons, MMSA and filed under New Placer Dome Gold Corp.'s Issuer Profile on SEDAR ( www.sedar.com ).
Nevada Sunrise has right to earn a 100% interest in the Coronado VMS Project, located approximately 48 kilometers (30 miles) southeast of Winnemucca, NV. The Company owns a 15% interest in the historic Lovelock Cobalt Mine and the Treasure Box copper properties, each located approximately 150 kilometers (100 miles) east of Reno, NV , with Global Energy Metals Corp. holding an 85% participating interest.
This release may contain forward – looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and include disclosure of anticipated exploration activities. Although the Company believes the expectations expressed in such forward – looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward – looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward – looking statements whether as a result of new information, future events or otherwise.
Such factors include, among others, risks related to the Company's 2022 exploration plans at the Gemini Lithium Project; reliance on technical information provided by third parties on any of our exploration properties; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labor disputes and other risks of the mining industry; delays due to pandemic; delays in obtaining governmental approvals, financing, or in the completion of exploration, as well as those factors discussed in the section entitled "Risk Factors" in the Company's Management Discussion and Analysis for the Nine Months Ended June 30, 2022 , which is available under Company's SEDAR profile at www.sedar.com .
Although Nevada Sunrise has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Nevada Sunrise disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The securities of Nevada Sunrise Gold Corporation have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to the account or benefit of any U.S. person.
SOURCE Nevada Sunrise Gold Corporation
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Augusta Gold Corp. (TSX: G) (OTCQB: AUGG) (FSE: 11B ) (" Augusta Gold " or the " Company ") announces that all matters presented for approval at Augusta Gold's annual shareholder meeting held today, as more particularly set out in the Company's Management Information Circular and Proxy Statement dated August 15, 2022 have been approved. These matters included:
A summary of the results for the election of the Company's directors is provided below:
Augusta Gold is an exploration and development company focused on building a long-term business that delivers stakeholder value through developing the Reward and Bullfrog gold projects and pursing accretive M&A opportunities. The Reward and Bullfrog gold projects are located in the prolific Bullfrog mining district approximately 120 miles north-west of Las Vegas, Nevada and just outside of Beatty, Nevada . The Company is led by a management team and board of directors with a proven track record of success in financing and developing mining assets and delivering shareholder value. For more information, please visit www.augustagold.com .
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Empress Royalty Corp. (TSXV:EMPR)(OTCQB:EMPYF) ("Empress" or the "Company") is pleased to announce that it has completed the first tranche of its US$2M private placement by the issuance of 4,350,000 units at C$0.30 each for gross proceeds of US$1M with Rick Rule. The final tranche is expected to close shortly
"It is our absolute pleasure to welcome Rick Rule as a Strategic Investor in Empress Royalty and we look forward to closing the final tranche of this financing imminently," stated Alexandra Woodyer Sherron, CEO & President of Empress.
"I'm delighted to become a shareholder and participate in the growth of Empress Royalty", stated Rick Rule.
The Common Shares, Warrants and Warrant Shares will be subject to a resale hold period under Canadian securities laws until four months from closing. The Offering may close in one or more tranches. The Offering is subject to the approval of the Exchange.
The Company intends to use the proceeds of the Offering to evaluate potential royalty and streaming investment opportunities, increase market awareness in the U.S., and for general working capital purposes.
The securities to be offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Empress is a global royalty and streaming creation company providing investors with a diversified portfolio of gold and silver investments. Since listing in December 2020, Empress has built a portfolio of 17 precious metal investments and is actively investing in mining companies with development and production stage projects who require additional non-dilutive capital. The Company has strategic partnerships with Endeavour Financial and Terra Capital which allow Empress to not only access global investment opportunities but also bring unique mining finance expertise, deal structuring and access to capital markets. Empress is looking forward to continuously creating value for its shareholders through the proven royalty and streaming models.
ON BEHALF OF Empress Royalty Corp.
Per: Alexandra Woodyer Sherron, CEO and President
For further information, please visit our website at www.empressroyalty.com or contact Kaitlin Taylor, Investor Communications, by email at info@empressroyalty.com or by phone at +1.604.331.2080.
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 contains statements about Empress' expectations concerning the completion of the Offering, the intended uses of proceeds of the Offering, regulatory acceptance of the Offering and the Company's expectations on future plans which are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "believes", "anticipates", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Although Empress believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the assumptions and risks associated with the state of equity financing markets and results of future activities of the Company. The forward-looking statements contained in this news release are made as of the date hereof, and Empress undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law. Readers should not place undue reliance on forward-looking statements or information.
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Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) ("PRISMO" or the "Company") announces the results of its 2022 Annual and Special Meeting of shareholders held on Thursday, September 29th, 2022, in virtual format.
Shareholders approved all the resolutions detailed in the management information circular of the Company dated August 31, 2022, namely:
Electing all five of the nominees to the Board of Directors of the Company, namely Peter Craig Gibson, Jean-François Meilleur (*), Jorge Rafael Gallardo Romero, María Guadalupe Yeomans Otero (*), and Louis Doyle (*).
Appointing Davidson & Company LLP as auditor of the Company for the ensuing year and authorizing the directors to determine the auditor's compensation.
Approving the Company's long term performance incentive plan (the "LTIP") to replace the Company's prior stock option plan. The LTIP provides Prismo with a variety of security-related mechanisms to attract, retain, and motivate qualified directors, officers, employees, management company employees and consultants. A summary of the LTIP can be found in the management information circular dated August 31, 2022 (the "Circular"), filed under its profile on SEDAR at www.sedar.com. The LTIP, in its entirety, is also attached as Appendix "B" to the Circular."
(*) Indicates members of the audit committee.
Prismo (CSE: PRIZ) is junior mining company focused on precious metal exploration in Mexico.
Contact: Craig Gibson, Chief Executive Officer and Director 1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6 craig.gibson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Neither the Canadian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release may include certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks, the availability of financing, the potential impact of COVID-19 on the Company's exploration program and on the Company's general business, operations and financial condition, and other risks and uncertainties described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138914
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This document corrects and replaces in its entirety the previous release that was issued by Steppe Gold Limited earlier today, where it should have read, "The Triple Flag Gold Prepay Facility will be repaid over 6 months starting December 23, 2022 by six monthly deliveries of 500 oz of gold for a total of 3,000 oz." instead of "December 23, 2023." The corrected release is found below and all other content within this release is unchanged:
Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce that it has entered into an agreement with Triple Flag International Ltd ("Triple Flag") for a short-term gold prepay facility (the "Triple Flag Gold Prepay Facility").
One of the consequences of the zero covid policy in China and the attendant China/Mongolia border closures has been a shortage of available US dollars with banks in Mongolia. Steppe Gold sales revenue is received in Mongolian Tugrik. While most of its operating costs are also paid in local currency, we require US dollars to acquire reagents and to fund deliveries to Triple Flag. The Triple Flag Gold Prepay Facility allows Steppe Gold to continue to meet all of its obligations during this temporary market disruption.
The prepay represents an elegant funding solution for a short term currency issue. The Company is operating as planned with gold pours every two weeks and the advancement of the Phase 2 Expansion efforts continue.
Under the terms of the agreement Triple Flag has advanced net funds of US$4.6 million to Steppe Gold after fees and legal costs. The Triple Flag Gold Prepay Facility will be repaid over 6 months starting December 23, 2022 by six monthly deliveries of 500 oz of gold for a total of 3,000 oz.
Steppe Gold Limited Steppe Gold is Mongolia's premier precious metals company.
For Further information, please contact: Bataa Tumur-Ochir, CEO and President
Shangri-La office, Suite 1201, Olympic Street19A, Sukhbaatar District 1,Ulaanbaatar 14241, MongoliaTel: +976 7732 1914
Cautionary Note Regarding Forward-Looking Statements:
The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include, among other things, statements regarding the trading of the Common Shares and business, economic, and political conditions in Mongolia. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138884
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