NEXUS GOLD COMMENCES EXPLORATION PROGRAM AT BOUBOULOU GOLD CONCESSION, BURKINA FASO
Nexus Gold Corp. has mobilized to the project site, and exploration activities have commenced at the Bouboulou gold concession in Burkina Faso, West Africa.
Nexus Gold director, Warren Robb, PGeo, will plan and implement the fall exploration program at Bouboulou. Mr. Robb was chief geologist for Roxgold in 2012 where he wrote the 43-101 and oversaw drilling at the property (then called Bissa West). Immediate work includes reviewing legacy data, data compilation, geological mapping, drill hole mapping and selection, rock and core geochemical resampling, ground confirmation, and sourcing of drill operator, equipment and crew.
In addition to the four known gold zones at Bouboulou, a new area of interest has been observed on the property due to an increase in artisanal mining activity. Upon the initial property visit, the company geologist noted a large orpillage (area worked by artisanal miners). The zone being exploited by the orpilleurs is a shear hosted in meta-volcanics with crosscutting quartz veins and stringers. The orpaillage extends for approximately 250 metres along strike with the Bouda orpaillage which is adjacent to the property and located along the Sabce shear zone. This same shear zone also hosts Norgold's Bissa Hills mine. The company has sampled the dumps of the orpaillage and will integrate the geochemical data into its geological databases.
"The new area near Pelgtanga appears to be a deep structure; we're going to get a good look at it, but the increase in artisanal activity is interesting from an exploration perspective," said Mr. Robb, PGeo.
The Bouboulou gold concession is a near-surface, advanced-stage gold exploration target located in a known gold belt, within a prolific and highly active area. Previous drilling has identified multiple zones of gold mineralization on the property establishing both length (40 metres at 1.5 grams per tonne gold and 35 metres at 2.2 grams per tonne Au, among others) and grade (two metres at 12.45 grams per tonne Au, four metres at 12.53 grams per tonne Au and 0.3 metre at 81.32 grams per tonne Au, among others). Please see the news release of July 11, 2016, on the Nexus Gold website for more information on historical results.
The company also announces that it has reached agreements to settle outstanding indebtedness of $112,500 owing to holding companies controlled by Michael Kinley and Alex Klenman, both directors of the company, through the issuance of 1,666,666 common shares of the company at a price of 6.75 cents per share. Completion of the settlement is subject to the approval of the TSX Venture Exchange. All common shares issued in connection with the settlement will be subject to a four-month-and-one-day statutory hold period.
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