IRW-News: Nexus Gold Corp.: Nexus Gold targeting program underway at McKenzie Gold Project in Red Lake, Ontario

Vancouver (Canada), 5. October 2021. Nexus Gold Corp. (TSX-V: NXS, OTCQB: NXXGF,
FWB: N6E) (Nexus or Company) is pleased to announce that the Company has initiated a trenching and targeting program at the Mackenzie Gold Project in Red Lake, Ontario, Canada, in connection with upcoming drilling plans.

The trenching program will be focused on the northern shore of Perch Lake in the St. Paul’s Bay area of ​​the 1,400-acre project and will be used to explore and confirm the extent of mineralization previously identified by the company as part of its diamond drilling program. has been designed. In spring 2021.

The current program has already produced positive results with the Trench Team identifying mineralization in two unidentified trenches (see Map 1). Mineralization within these trenches consists of quartz veins containing flakes and patches of semi-solid chalcopyrite, pyrite and molybdenite. The veins are located in the granite, which contains a strong, widespread influx of silica. The local hidden shear in both trenches is approximately 330° and eastward with a 70° to 80° slope and is similar to that observed during the spring drill program. The trenches lie on the northern shore of Perch Lake and extend the known mineral for about 400 meters to the north and northwest.

VP Exploration Warren Robb said this is an excellent start to our program as the recently identified mineralization will be extremely helpful in planning our upcoming drill programs. It appears that the mineralization identified in our previous drilling is moving north-northwest and our trench has now doubled the length of that mineralization to more than 800 meters, Robb said.

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Map 1: Location of recently discovered trenches north of Perch Lake with previous Nexus drill locations on the Mackenzie Gold Project

Samples from this program are submitted for analysis in the laboratory. Once the results of the assay are out and verified, plans will be finalized for a third diamond drill program of up to 2,000 meters in length, scheduled for the fourth quarter of this year.

To date, drilling in the Mackenzie Project’s St Paul’s Bay area in 2020 and 2021 has uncovered a broad area of ​​mineralization defined by a combination of significant high grade intercepts and long intercepts of less than 2 g/t gold. Highlights of the drill results include the following:

– Hole MK-20-006 Intersected 13.25 g/t Au over 2.75 m Including 36.2 g/t Au over 1 m

– MK-20-008 intersects 0.62 g/t Au over 117.5 m, which includes 1 g/t Au over 55 m

– MK-21-018 intersected 56 m grading 1.01 g/t Au (including 21.5 m grading 1.84 g/t Au and 10 m grading 3.30 g/t Au).

– MK-21-018 also intersected 37.6 m of 2.78 g/t Au (including 24.7 m of 4.05 g/t Au and 8 m of 12.04 g/t Au).

– MK-21-018 covers high grade intervals of 23.10 g/t Au over 1 m and 94.20 g/t Au over 1 m. The full length of the drill hole averages 0.99 g/t AU over 198 m

– MK-21-019 returned 136.5 m of 1.25 g/t Au (including 44.9 m of 3.00 g/t Au and 15.5 m of 5.25 g/t Au)

– MK-21-019 also intersects 29.4 m of 1.82 g / t Au (including 6 m of 5.45 g / t Au).

– MK-21-019 covers high grade gaps of 59.8 g/t Au over 1 m, 15.5 g/t Au over 1 m and 26.7 g/t Au over 1 m, with the average overall of the drill hole The length is 0.74 g / t. Au over 283.4 m and finished in mineral

For a full table of results from drilling the Nexus at Mackenzie, see the Projects section at www.nxs.gold.

All drill holes reported were drilled entirely in the granite rocks of the dome’s intrusive body and exhibited patchy, moderate to severe silica aging. Silica aging inhibitions are typically associated with high-density microfracturing and increased molybdenite and chalcopyrite mineralization. A fine-grained fluorescent skylight was also observed. Granite was strongly magnetic and contained 2–3% fine-grained magnetite.

About the McKenzie Gold Project

The 100% owned Mackenzie Gold Project is an approximately 1,400 hectare gold exploration project located in the heart of the historic Red Lake Gold District in western Ontario, Canada. Identified areas of high grade gold mineralization in the northern part of the property block (Mackenzie Island), with drilling returning significant gold values ​​along a strike length of 600 m in the southern part of the property (St Paul’s Bay area). Has been. )

The property has returned several high-grade historical sampling results^ including 331.14 g/t Au, 212.8 g/t Au and 313 g/t Au. In the summer of 2019, the company held its first soil exploration event in Mackenzie, with samples showing significant assay results, including 135.4 g/t Au and 9.3 g/t Au (see company news June 25, 2019 and were issued on October 11, 2019). )

Additional high-grade historical samples^ were previously unknown to the company and a report by Rimini Exploration revealed several higher grades including 142.49 g/t Au, 115.2 g/t Au, 114.57 g/t Au, 93.71 g/t Au Assay results were returned. 68.03 g/t Au, 53.01 g/t Au and 16.65 g/t Au from the areas of Mackenzie Island (North Block) (see company news release dated 11 October 2019).

The results of the company’s first drill program in the summer of 2020 were similar to historic drilling in the area, which typically had high-grade, narrow-width intercepts (ie 0.5m to 1m > 5 g/t Au). A second type of gold mineralization has also been discovered at the Mackenzie property. These long (>100 m) blocks of gold blasted below and close to a gram are similar to the type of mineral discovered by Premier Gold on the Hasaga project about 5 km east of the Mackenzie project area.

Premier Gold’s Hasga property hosts the formerly producing Hasga and Gold Shore mines and is strategically located near the Balmer-Confederation Regional Discord, an important geological group of former and currently producing mines in the Red Lake region. feature. The Hasaga project is estimated to host an indicated mineral resource of 1,123,900 ounces of gold averaging 0.83 g/t AU. *

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Map 2: Mackenzie Gold Project, Red Lake, Ontario

The samples are selective in nature and do not necessarily have indications of any mineral in the property.

* Specified lengths are segments and not actual thicknesses.

* Hasaga Project Red Lake Mining District, Ontario, Canada NTS MAP Sheets 52K/13 and 52N/04 von Vincent Jarden (Ph.D., P.Eng.), John Langton (M.Sc., P. Geo.) and Abderrazak Ladidi (P.G.) .Geo.) vom 24. February 2017).

Warren Robb, PGO, Vice President, Exploration, is the company’s nominee for review and approval of the technical information in this news release. The historical drilling data contained herein has been verified by comparing the reported analysis data with a certificate of analysis documented by a qualified individual. Qualified person has verified mineral occurrences, selected sampling locations and reported historic drill holes locations. Qualified person believes that the data is reasonable and reliable for the purposes of this press release.

about the company

Nexus Gold is a Canada-based gold exploration and development company with an extensive portfolio of projects in Canada and West Africa. The company’s primary focus is on the 100% owned, 98 square kilometer Dakoli 2 gold concession in Burkina Faso, West Africa, and the approximately 1,400 hectare Mackenzie gold project in Red Lake, Ontario. The company is focused on developing its core projects while seeking joint ventures, earnings and strategic partnerships for other projects in its portfolio.

More information is available online: nxs.gold

To the Board of Directors of Nexus Gold Corp.

Alex Kleinman President and CEO 604-558-1920 [email protected] www.nexusgoldcorp.com

TSX Venture Exchange and its regulatory bodies (referred to in the TSX Venture Exchange’s Articles of Association as Regulation Service Providers) accept no responsibility for the adequacy or accuracy of this release. This press release may contain forward-looking statements. These statements are based on current expectations and assumptions that involve risks and uncertainties. Actual results may differ materially from those described in the Management Statement and Analysis (MD&A) section of our interim or current annual reports and other reports and documents submitted to the TSX Venture Exchange and applicable Canadian securities law. . We are not obligated to update any forward-looking statements except as required by applicable law.

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