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$NXXGF Nexus Gold Returns High-Grade 135 g/t Au Sample at McKenzie Gold Project, Red Lake, Ontario
Tuesday, June 25, 2019 8:30 AM
$NXXGF
VANCOUVER, BC / ACCESSWIRE / June 25, 2019 / Nexus Gold Corp. ("Nexus" or the "Company") (TSX-V: NXS, OTCQB: $NXXGF, FSE: N6E) is pleased to announce it has received assay results from the initial ground reconnaissance program at the Company's 100% owned, 1,348-hectare, McKenzie Gold Project, located at Red Lake, Ontario.
Nexus senior geologist Warren Robb, assisted by personnel from Rinimi Explorations, completed a first phase prospecting campaign designed to identify and verify locations of previous exploration activities and mineralization. A total of seven samples were collected covering areas on McKenzie Island and in the St. Paul Bay area of the property.
Significant results were obtained from localities on McKenzie Island with samples returning 135.4 grams-per-tonne ("g/t") gold ("Au") and 9.3 g/t Au, respectively. The 135.4 g/t Au value was obtained from a select sample on a quartz vein hosted in igneous rocks of the dome stock, while the 9.3 g/t Au value was obtained in a select sample of a quartz vein hosted in felsic meta-volcanic rocks on the northern portion of the property.
"McKenzie represents a high-grade opportunity for Nexus in a prolific, world-class district," said president & CEO, Alex Klenman. "To date the project has now produced several bonanza-grade samples. We have just begun our work there so to add more of this type of result at the outset is certainly encouraging. McKenzie is a flagship property for us, one that we believe has considerable upside. We're going to obtain as much data as we can in the next few months to best define our drill targets moving forward. With a handful of high-grade results having now been documented and obtained, McKenzie is trending in a very positive direction. We're looking forward to the development work ahead," continued Mr. Klenman.
"We are extremely encouraged with what our prospecting has identified thus far," said Company Geologist and VP Exploration, Warren Robb. "We look forward to hitting the ground a little harder over the summer months to identify new and delineate known mineralization," continued Mr. Robb.
The Company is currently conducting a detailed prospecting and reconnaissance program, supplemented with ground geochemical and geophysical surveys, over the property to identify geologic trends and structures suitable for drill testing. Phase one field work (including detailed mapping and sampling), under the direct supervision of Nexus Gold senior geologist and Vice President of Exploration, Warren Robb, is continuing throughout the summer months.
Samples were delivered to SGS prep facility in Red Lake, Ontario. The samples were analyzed by SGS where a 50-gram split of pulverized rock was analyzed by fire assay with ICP-OES finish, samples returning greater than 10,000 ppb (10 g/t Au) were re assayed with a gravimetric finish.
About the McKenzie Gold Project
The McKenzie Gold Project is a 1,348.5-hectare high-grade prospect located in the heart of the world-famous Red Lake gold camp. The highly prospective geological setting is analogous to several past producers. McKenzie hosts nine documented historical gold occurrences with limited exploration and is preferentially situated adjacent to Newmont Goldcorp on its east and northern boundaries, and Pure Gold Mining's Madsen project on the southern boundary.
Historical work on the property has resulted in several significant prospecting discoveries, with bonanza-grade samples returning up to 313 g/t Au. A new showing on the southwest corner of McKenzie Island, located in the northern portion of the project area, was also discovered and returned multiple high-grade samples ranging from 9.37 g/t Au to 331 g/t Au (see accompanying photo). This newer discovery lies approximately 100 meters west of a historical showing where gold values of up to 212.8 g/t Au have been reported in provincial government files.
In 2005, Cypress Development Corp conducted a minimal drill program near the southern boundary that intersected a strongly silicified, sericite-altered, east-west-trending mineralized zone up to 600 meters long and open along strike and to depth. Quartz veining accompanied by sphalerite, arsenopyrite, chalcopyrite and free gold returned gold values in drill core of up to and 2.2 g.t Au over 6 meters.
Quartz veining and sulphide mineralization are also reported in multiple locations on McKenzie Island, within the northern portion of the property boundary. Sampling conducted in 2017 returned up to 18.02 g/t Au in grab samples from the vein exposure.
Figure 1: Area map showing McKenzie Gold Project and surrounding companies/projects
Figure 2: Detailed area map showing McKenzie Gold Project and surrounding companies/projects
Figure 3: 331 g/t Au Sample obtained at the McKenzie Gold Project, Red Lake, Ontario
About the Company
Nexus Gold is a Vancouver-based gold exploration and development company with a portfolio of active projects in West Africa and Canada. The Company is concentrating its efforts on establishing a compliant resource at one or more of it's four current West African-based projects which total over 560-sq kms (56,000+ hectares) of land located on active gold belts and proven mineralized trends, while also conducting developmental phases on its 100%-owned Canadian projects, McKenzie Gold Project in Red Lake, Ontario, the New Pilot Project, located in BC's historic Bridge River Mining Camp, and three projects in Newfoundland totalling 3,325 hectares. For more information please visit http://www.nexusgoldcorp.com.
Warren Robb P.Geo., Vice-President, Exploration, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for the technical information contained in this release.
On behalf of the Board of Directors of
NEXUS GOLD CORP.
Alex Klenman
President & CEO
604-558-1920
info@nexusgoldcorp.com
http://www.nexusgoldcorp.com
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 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.
SOURCE: Nexus Gold Corp.
https://www.accesswire.com/549771/Nexus-Gold-Returns-High-Grade-135-gt-Au-Sample-at-McKenzie-Gold-Project-Red-Lake-Ontario
$NXXGF .07
With Gold Over 1400 It's Time To Hit Pay Dirt
(link: https://www.nexusgoldcorp.com/) nexusgoldcorp.com
$NXXGF Portfolio Expansion At The Right Time, Large Land Position In West Africa, Canadian Portfolio In Proven Districts, High Grade Upside In Red Lake.
#Stocks #Pennystocks #Gold #Goldbugs
Didn't they just do a private placement at $0.25 pps in July? Is there something I am not undersanding about the stock structure then and now? I don't get it given today's pps. I wonder if that investor will exercise the warrants? Where do they find these investors?
https://www.nexusgoldcorp.com/news/2018-news/nexus-gold-closes-final-tranche-of-private-placement
Nexus has now upgraded to OTCQB, added/deleted management, and recently announced successful confirmation of a 15km gold trend. They operate among majors in proven gold rich ground. This video just came online and is good for anybody wondering if this deal is undervalued and poised for upside if the metal itself can find some legs.
Nexus has now upgraded to OTCQB, added/deleted management, and recently announced successful confirmation of a 15km gold trend. They operate among majors in proven gold rich ground. This video just came online and is good for anybody wondering if this deal is undervalued and poised for upside if the metal itself can find some legs.
Nexus has now upgraded to OTCQB, added/deleted management, and recently announced successful confirmation of a 15km gold trend. They operate among majors in proven gold rich ground. This video just came online and is good for anybody wondering if this deal is undervalued and poised for upside if the metal itself can find some legs.
Searchlight11 do you think now is a good time to get in. Not hopping for a recession but we never know.
Interesting article -
https://equity.guru/2018/04/16/no-bullshit-no-hiding-nexus-gold-nxs-v-rolls-back-rolls/
The problem is the Burkina Faso project. Projects in Africa don't get much respect by the market. The political situation is a never-ending issue. Particularly when you factor in ISIS-style insurgents moving down from the north.
NXXGF reverse split 1 for 10 effective April 13, 2018
http://otce.finra.org/DLSymbolNameChanges
Still managing to find new lows. Burkina Faso... Yeah, that's the place to be, alright. It looks like even the boys at Nexus have given up trying to prop up their share price.
Maybe putting all their eggs in Burkina Faso wasn't such a great idea.
http://time.com/5182513/attack-french-embassy-burkina-faso/
This place is turning into a war zone. War zones and mining don't mix so well.
Nexus just hit a new low for the year at C$0.055/share. Amazingly enough, it still has a market cap of $7.9 million.
The bizarre aspect of this is that Nexus is run by a couple Investor Relations guys. You would think that they would be able to do a better job of talking it up than they have. They've gotten decent results in Burkina Faso but to look at how the stock has performed you'd think they'd just drilled a series of dusters.
I don't know what you do when you've lost the faith of the investment community. And based on what's happened with the stock price, that seems to be what's happened.
I predicted a couple months ago that Nexus would be back to it's low for the year this fall. Well, it's happened.
What is interesting is that they have an active drilling program going on in Burkina Faso. You would think that the markets would give them a premium on the hope that they might hit something worthwhile. It seems as if the bloom is off that rose.
Here is where any future raises will get very dilutive. They already have 125,000,000 shares out (the warrants are all underwater). Assuming they do a $1,000,000 raise at $C0.05, that adds another 20,000,000 shares + warrants.
Frankly, I don't see a long-term path forward for Nexus.
32m of 1.01 gpt/Au at 108 meters depth in Burkina Faso isn't even close to being economic. Furthermore, the stock market seems to know this based on the current stock price.
"Nexus Gold Plans 300m Drill Program At Rakounga Gold Concession, Burkina Faso, West Africa."
The text then says 3000m which would make more sense but they claim to have only raised $400,000. Sounds a bit confused.
In any case, the stock didn't budge based on the news. Nothing here that would make me want to get back in.
At $0.07/share NEXUS is at the point where I'd consider getting back in... IF they come up with a plan of what they want to do AND how they are going to pay for it.
Frankly, I think Burkina Faso was a mistake. I suspect it made money for the principals in the company (for that matter, I got out at a good price) but there is no path forward there for them. I think they had better prospects in Nevada. For that matter, there are still opportunities in Nevada that they could pursue that would make sense (and money).
But if they have their heart set on Burkina Faso, well, my money will go elsewhere.
I looked over the the drill results in their press release from a couple days ago. A couple things -
1. They reported drill thicknesses rather than true thickness. Typically, these are steeply-dipping structures that you are intersecting with a steeply-dipping drill hole. Figure a minimum of 3 meters of true thickness for an underground mine. I didn't see a lot to convince me that they hit anything that thick.
2. Grades are an equal concern. Because these types of deposits are typically underground mines, you are going to need grades of ~10 gpt Au. I saw only two samples that high and they were only over 1.0 meter. It's possible that you could open pit the upper portions but even there you are going to need ~3 gpt Au to support an open pit mine with a high stripping ratio. Anything below 150 meters would be too deep for that.
There are hundreds of these orogenic shear-zone deposits scattered over Canada, Africa and Australia. Only a few percent are economically viable. Granted, they can make huge deposits, but the bulk are just teasers that eat up a lot of exploration dollars. This seems to be a teaser.
One last point is that this news made scarcely a ripple in the stock price. It was likely already discounted by the market (no news for over two months says a lot all by itself). People have been bailing on Nexus for the last month which suggests to me that this information found the light of day long before it got released. Funny how it always seems to work that way.
Good time... to Buy more shares here ??
A16
Nexus low for the year was $0.06 which was just before they started work on the Burkina Faso project. Based on the trajectory of the share price and the absence of news, the price will have decayed back to that sometime this fall.
In some ways it is almost like none of this happened. However, there was one material change which they can't reverse - they dropped their 'flagship' project in Nevada. In my opinion, the Walker Ridge project had a better chance of long-term success than these orogenic shear zones in west Africa. There are dozens of similar projects in Ghana, Liberia and Burkino Faso but only a few percent of them are economic.
I'd still consider investing in Nexus but they would first have to offer some guidance on what they see as their plan for moving forward. These guys remind me of boxers who walk into a ring with a plan for how they are going to win the fight only to have the plan go out the window the first time they get hit. In mineral exploration as with boxing it is GUARANTEED that you are going to get hit so that is what you need to plan for.
Not sure what that was about anymore than why they did a big run-up on huge volume over the last couple weeks. Still no news on the drilling but Nexus is getting to the point where I am looking to get back in. I thought it was over priced at $0.30 but at $0.12 I think it has a lot of upward potential once they sort out their drilling.
Novo Resources is a company that I have a lot of respect for. They are in two of the three best jurisdictions for exploration and mining (Nevada, Australia and Canada). While I'm only somewhat familiar with their Australian projects, I know of their Nevada project at Tuscarora (not that far from Walker Ridge). Another plus is that they are headed up by geologists. Greg Gibson of Jerritt Canyon Gold is also on the BofD.
If Novo decided to get more involved in Nevada, I'd probably invest in them. In a perfect world they would pick up Walker Ridge, find the next Gold Strike and become the next Barrick.
searchlight, thanks for the elaboration. That's useful input. I'm hearing some encouraging things about what's happening for them in BF, and I think we will know more in the next month or two as to whether what I'm hearing is based on fact or fiction.
Have you been following Novo Resources? Like every small exploration play, it has its risks, but the potential upside could be very significant.
To expand on my last post, I got into Nexus because of the Walker Ridge Project in Nevada. With all the discoveries made in Nevada over the last 50 years, the state looks like a giant pin cushion. Walker Ridge was an untested target only a few miles from the Jerritt Canyon roaster. The geology was similar to that of Barrick's Gold Strike which contains over 50 million ounces. To me, Walker Ridge was a once-in-a-lifetime opportunity to get in on the ground floor of a major discovery.
For all the money raised, Nexus drilled only one hole in it. God only knows what they did with the rest of the money, but I invested with the hope of seeing Walker Ridge get tested. When I heard that Nexus was abandoning Walker Ridge, my interest in Nexus disappeared. Fortunately, the stock had a run-up in March and I was able to exit with a profit. I'm keeping my eye on Walker Ridge. If a publicly traded company gets it, I'll likely put the proceeds from my Nexus stock into that.
There are also aspects of Nexus behaviour that turn me off. They published the results of high-grade grab samples early in the year (something that should've gotten them a 'knock that crap off' letter from the BCSC), but won't release the results of drilling that took place over two months ago. That kind of selective reporting erodes trust in management, and if you can't trust management why would you ever invest?
As far as Burkina Faso, there are gold-bearing shear zones mined by artisanal miners all across west Africa. While the artisanal miners can make a good living with 1 gpt Au, anything averaging less than 10 gpt Au isn't going to get put into production at these prices. I haven't seen anything to indicate that Nexus is close to achieving that. 90% of all exploration ends in failure so the trick is finding exploration projects you believe in. On the risk versus reward continuum, there are more attractive investments.
I liquidated back in early March. I'll consider getting back in if they make a discovery and the price is right. Yeah, I've checked out Stockhouse from time to time on Nexus and other stocks. I know of one company that had a corporate communication guy who seemed to work full time flaming anybody who said anything derogatory about them. Between that and the endless cheerleading it got old in a hurry.
searchlight, I'm curious whether, given your long-term nervousness about the NXS, whether you actually own any. If you need more info to help you understand the possibilities, you might want to check out the Stockhouse board if you haven't already. In any event, I expect you will see some news in the next week or two.
Big volume and up 15% on no news (except for what they put out yesterday). Which begs the question, 'What is going on?' This kind of activity (large volume, big price moves, no news) always makes me nervous. Does somebody know something and are acting on it? The ugly underbelly of Canadian stocks is their long history of price manipulation and insider trading.
Nexus finally issues a news release after 6 weeks of silence. Unfortunately, it is not about the drilling that they started over 10 weeks ago. I think we can safely conclude that they didn't intersect anything significant or we would have heard about it by now. The press release is about picking up more land concessions down there. This should be pretty easy since there doesn't appear to be a rush to jump into Burkino Faso. If anything, exploration juniors seem to be packing up and finding better places to work.
'Seventeen dead in Burkina Faso attack in capitol' - BBC News. Al Quida militants have been spilling over the border from neighboring Mali for the last year. That isn't helpful. A lot of exploration companies gave up on Mexico when the drug cartels made the place too dangerous back in 2008.
The problem I have with Nexus is that its market cap ($21 million) is out of line with respect to other junior exploration companies. Broadly speaking, I would say you have three types of junior exploration companies - 1. Dead-in-the-water companies without a significant defined resource (Market Cap of <$10 million). 2. Companies with a potentially economic resource (Market Cap of $25 to 50 million). 3. Companies with a high-grade discovery and/or a path to near-term production (Market Cap of $70 to 100 million).
At its peak, Nexus had a market cap of $48 million. That put it ahead of companies that have defined million-ounce resources that are marginal at today’s gold price such as New Paramount ($25 million) or Comstock Mining ($41 million).
Two things can happen to bring Nexus’ Market Cap in line with other junior exploration companies - 1. it can either make a significant discovery in Burkino Faso. In that case Corvus Gold might be a realistic model to shoot for with its high-grade discovery (Market Cap of $79 million). 2. It can fail to find a discovery and its price will continue to slowly erode until it is more in line with other juniors.
This is why it very much needs a positive announcement regarding its current drilling. Without it, the price has nowhere to go but down.
Gold is going UP and Nexus will follow!!!
Another week and still no news on the drilling in Burkina Faso. Those crickets are getting louder.
Gold is going up... NXXGF will definitely follow!!
.
Oh gold is on the rise and Nexus will be also.
Today is the 20th which is the date I would expect to see results coming in from the drilling program that they started on the 13th of June. Based on past dissemination of information what I would expect are Positive Results = News Release, Negative Results = Crickets. As far as positive results go, Nexus needs to put together some thick, moderate to high grade intercepts in order to justify their market capitalization. Isolated holes of 5 meters of 3 gpt Au in Burkino Faso won't cut it.
Down big on big volume. No news and the price of gold is steady so that can't be it. Nexus is down 25% over the last month. Somebody knows something and they're letting their sell orders do the talking.
If Nexus started drilling at BouBoulou on the 13th, figure a couple weeks to get samples in to the lab. Add another three weeks to get assays back and a couple days to put a PR together. So the soonest there can be some substantive news is around the 20th of July. That is butting up against the August doldrums for the stock market. If there were any news regarding the previous drilling it would be out by now. In other words, I don't see much to get the stock to move anytime soon. And if they don't hit something economic at Bouboulou, maybe a whole lot later than that.
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