Mr. Alex Klenman reports

NEXUS GOLD TO EXPAND NEWFOUNDLAND HOLDINGS THROUGH ACQUISITION OF DORSET GOLD PROJECT

Nexus Gold Corp. has entered into an agreement, dated effective March 6, 2020, with Union Gold Inc. and Margaret Duffitt pursuant to which the company proposes to acquire the Dorset gold project. The project consists of a series of mineral claims located in Newfoundland, south of the Pine Cove gold mine.

The Dorset gold project is a 275-hectare land package containing multiple gold occurrences and mineralized zones. The main zone includes three historic occurrences, with up to 409 grams per tonne gold in grab samples, with channel sampling results of 177 g/t Au over 0.35 metre, 22 g/t Au over 1.5 m, 17.2 g/t Au over 1.5 m and 14.7 g/t Au over 1.5 m. Historic drilling includes DDH 87-1, which intersected 9.5 g/t Au over 1.3 m (MacDougall, 1990). The reported drill intercept is an intersected length and is not a true width.

Historic select sampling at the Braz zone returned values of 314 g/t Au, 40 g/t Au, 31.4 g/t Au, 21.2 g/t Au, 19.2 g/t Au and 14.8 g/t Au. Historic channel sampling across the vein returned 9.5 g/t Au over 0.4 m, 5.7 g/t Au over 0.5 m and 1.2 g/t Au over 0.65 m. Weighted averages of historic rock sampling encompassing vein and mineralized wall rock returned values of 5.8 g/t Au over 1.9 m, 3.1 g/t Au over two m and 2.5 g/t Au over 1.5 m (MacDougall, 1990).

Other zones include: the Albatross, where historic rock sampling of mineralized zones returned values up to 9.6 g/t Au and locally up to 30.3 g/t Au. Assay results from three 1987 diamond drill holes include one g/t over 7.3 m, 1.81 g/t over 4.3 m and 1.02 g/t over 2.2 m; the Phoenix zone, where grabs of altered gabbro assayed up to 5.8 g/t Au, 5.5 g/t Au and 3.3 g/t Au, and diamond drill hole intersection of 1.07 g/t Au over 5.45 m; and the Gunshot zone, where veins contain visible gold and pyrite, returned grab samples collected from the veins have assayed up to 162 g/t Au and channel samples have assayed up to 18 g/t Au over 0.4 m (MacDougall, 1989).

Terms

In consideration for the acquisition of the Dorset gold project, the company is required to issue 11 million common shares. The company is also required to grant a 2-per-cent net smelter returns royalty on commercial production from the project, one-half of which may be purchased at any time for a cash payment of $1-million. In connection with completion of the acquisition, the company also intends to issue 550,000 common shares to an arm's-length party, which assisted with introducing the opportunity to the company. The company is at arm's length from the vendors and the acquisition of the project does not constitute a fundamental acquisition under the policies of the TSX Venture Exchange. All securities to be issued in connection with the acquisition of the project will be subject to a four-month-and-one day statutory hold period in accordance with applicable securities laws. The acquisition remains subject to the approval of the TSX-V and cannot be completed until such time as approval is obtained.

Warren Robb, PGeo, vice-president, exploration, is the designated qualified person, and has reviewed and approved the technical information contained in this release. The historic data contained in this releases were verified by the qualified person by comparing reported assay data with certificates of analysis documented. The qualified person has not verified mineral showings or drill hole locations, or taken check samples in the field due to current winter conditions, but will do so once the property becomes accessible in the spring. It is the qualified person's opinion that the data as presented are adequate and can be relied upon for use in this press release.

About Nexus Gold Corp.

Nexus Gold is a Canadian-based gold development company with an extensive portfolio of 10 exploration projects in West Africa and Canada. The company's West African-based portfolio totals five projects encompassing over 750 square kilometres (75,000-plus hectares) of land located on active gold belts and proven mineralized trends, while its 100-per-cent-owned Canadian projects include the McKenzie gold project in Red Lake, Ont., the New Pilot project, located in British Columbia's historic Bridge River mining camp, and three prospective gold-copper projects (3,300 hectares) in Newfoundland.

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