Nexus Gold Corp. (TSX.V: $NXS)
(OTC: $NXXGF) To Acquire 2nd Gold
Concession in Burkina Faso
Mobilizes Crews and Equipment for Drilling
Bouboulou Gold Project
Nexus Gold Corp.
(NXS-TSX.V NXXGF-OTC N6E-Frankfurt) announced that it has entered a
letter of intent with Precision Resources SARL which Nexus to acquire the right
to earn up to a 100% interest in the Niangouela gold concession located in Burkina
Faso, West Africa.
Nexus will have an option to acquire up to a 90%
interest in the Niangouela concession, in consideration for cash payments
totalling US$370,000 and the issuance of 600,000 common shares, over a period
of three years. Following acquisition of a 90% percent interest in the
concession, Nexus will have a further option to acquire the remaining interest
through a cash payment of US$1,000,000, subject to a 1.0% net smelter returns
royalty to remain with the Optionor.
The 178 square kilometre concession is located on
the Boromo Greenstone Belt, same as the Company’s Bouboulou Gold Concession and
is proximal to the Kalsaka deposit. The property is road accessible and
has one major orpaillage (artisanal workings).
To date 556 pits and 11 trenches have been
excavated, and rock and soil samples have been taken. A total of 1137
samples have been collected. Previous programs have identified a zone
which runs ENE and WSW occurring in the south central part of the concession.
This zone has returned gold in soil samples up to 34 g/t Au, rock
samples have returned values up to 18 g/t Au, and trenching has returned values
of 4.85 g/t Au over 10 meters.
“Niangouela combined with our Bouboulou project,
further solidifies our plans to build a portfolio of highly prospective
exploration projects,” commented Nexus President and CEO, Peter Berdusco.
“The property has returned excellent gold values to date, and is located
approximately an hour away from our Bouboulou concession. As we are already
deploying resources in the area, a concurrent work program at Niangouela makes
good sense and adds additional upside to the months ahead.”
Bouboulou Gold Project Update
Nexus geologist Warren Robb is on site in Burkina
Faso and is organizing crews, equipment and preparing drill pad locations. With
the completion of the rainy season and local crops harvested the Company will
provide further work updates in the coming weeks.
About
Burkina Faso
Burkina Faso is a landlocked nation, located in
West Africa. It covers an area of roughly 274,000 square kilometres and has an
estimated population of more than 16 million people. The country has a
stable political setting with a pro-mining and foreign investment stance.
Burkina Faso is the fastest growing gold producer in Africa, and was the 4th
largest gold producer in Africa in 2012. Eight new mines have been commissioned
there over the past six years. The country has excellent geological potential.
The Greenstone Belts that host all of the major deposits in Ghana and Cote
d'Ivoire continue northward into Burkina Faso.
Burkina Faso
has undergone less than 15 years of modern mineral exploration, remaining under
explored in comparison to neighbouring Ghana and Mali; both of which host world
class gold mines in the same belts of Birimian rocks.
About the
Company
Nexus Gold Corp. is a Vancouver-based mineral
resource company that develops precious metal mineral assets in the world’s
premier mining districts. The Company is currently concentrating its efforts on
the Bouboulou Gold Concession, an advanced exploration project located in
Burkina Faso, West Africa and the Walker Ridge Gold Project, a drill-ready,
multiple-target, Carlin-type gold project located in the Independence/Jerritt
Canyon Gold Trend, Nevada, USA.
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