22:02:49 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
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Nexus Gold Corp
Symbol NXS
Shares Issued 55,870,238
Close 2016-03-22 C$ 0.05
Market Cap C$ 2,793,512
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Nexus Gold to acquire Bouboulou Au concession

2016-03-23 09:49 ET - News Release

Mr. Peter Berdusco reports

NEXUS GOLD SIGNS LETTER OF INTENT TO ACQUIRE BOUBOULOU GOLD CONCESSION

Nexus Gold Corp. has entered into a letter of intent with Bureau D'Tude des Geosciences et de L'Enviroment, pursuant to which Nexus will acquire the right to earn up to 100-per-cent interest in the Bouboulou gold concession located in Burkina Faso, West Africa.

Nexus will have an option to acquire up to a 75-per-cent interest in the Bouboulou concession, in consideration for cash payments of $500,000 and the issuance of 900,000 common shares of Nexus, over a period of three years. Following acquisition of a 75-per-cent interest in the concession, Nexus will have the option to acquire the remaining 25-per-cent interest through a cash payment of $1-million with a 1-per-cent net-smelter-return royalty remaining with the optionor.

With the Bouboulou concession, the company is establishing a portfolio of advanced-stage-exploration gold projects for development. Bouboulou joins the company's flagship Walker Ridge gold project, which is located in Nevada, United States, where work is continuing. The company will also continue to fully utilize leading-edge technologies, such as element detection technology (EDT), in its exploration work. EDT was successfully used at Walker Ridge in further defining drill targets.

"Bouboulou is an excellent property with four zones of gold mineralization identified to date from previous exploration work. Prior drilling has defined high-grade intercepts, giving the property exceptional resource potential. Warren Robb, PGeo, and director of Nexus, is familiar with the project having reviewed the property in 2010 and later in 2012 while employed in Burkina Faso. We are extremely pleased to have negotiated the terms with the vendors and look forward to executing the definitive agreement in the coming weeks," stated president and chief executive officer Peter Berdusco.

Historical data

The Bouboulou property covers an area of 38.3 square kilometres and is located approximately 100 kilometres north by northwest of the capital city of Ouagadougou. Exploration on the permit area has been conducted by Boliden (1997 to 1999), Riverstone Resources (2005 to 2011) and Roxgold (2011 to 2012). Exploration has consisted of rotary air blast drilling; trenching; geological mapping; airborne electromagnetics, magnetometer surveys and radiometrics; and reverse circulation and diamond drilling.

Highlights of the previous exploration programs include surface rock sampling and trenching returning gold grades from 1.09 grams per tonne to 19.16 grams per tonne gold. Four zones of gold mineralization have been identified on the property, which are termed Koala, Rawema, Bouboulou 2 and Pelgtanga.

   
      SIGNIFICANT REVERSE CIRCULATION DRILLING RESULTS 
  
Hole               Depth    From      To    Interval        Au   
                      (m)     (m)     (m)         (m)     (g/t)
     
BBL-11-RC-006        115      70     110          40      1.52  
includes                      70      90          20      2.26              
BBL-11-RC-013        109      74     109          35      2.29      
includes                      74      86          12      5.46              
BBL-11-RC-020        103      40      50          10      2.84     
includes                      42      44           2     12.45             
BBL-11-RC-027        120      90     114          24      1.36   
BBL-11-RC-042        114      52      54           2      3.80  

            SIGNIFICANT DIAMOND DRILLING RESULTS 

Hole               Depth    From      To    Interval        Au   
                      (m)     (m)     (m)         (m)     (g/t)
    
BBL-11-DD-002        127      42      44           2      5.43      
BBL-11-DD-003        142      56      58           2      5.33  
                              78      82           4     12.53             
BBL-11-DD-005         79      74      80           6      4.62      
includes                    77.7      78         0.3     81.32             

All results reported are over intercepts lengths and 
are not true widths.

The property is situated at the north end of the Boromo greenstone belt underlain by an alternating sedimentary-basalt-sedimentary-volcanic progression, which strikes generally northeast-southwest, and is bisected by the Sabce shear zone, which hosts numerous artisanal gold zones over its 120-kilometre length, plus the Bissa mine operated by Norgold.

All securities issued in connection with the property option will be subject to a four-month-and-one-day statutory hold period. The property option remains subject to a number of conditions, including negotiation of definitive agreements, approval of the TSX Venture Exchange, and such other conditions as are customary in transactions of this nature.

We seek Safe Harbor.

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