When Stockhouse Editorial last caught up with Canadian gold exploration and development company
Nexus Gold Corp. (TSX-V: NXS, OTC: NXXGF, Forum), the Vancouver-based company
was gearing up for exploration at its Gummy Bear Gold-copper project in Newfoundland.
Now the company, which has an extensive portfolio of 10 exploration projects spanning across West Africa and Canada, is switching gears back over to its prolific McKenzie Gold Project in Red Lake, Ontario, which is a 1,398.5-hectare project where areas of high-grade gold mineralization have been established in the northern region of the claim block. The project is also known to have significant gold values that have been drilled along a 600 metre strike in the St. Paul’s Bay region.
Nexus Gold prepares for Phase 2 drilling
In a press release, the company said it is currently finishing the details on a 2000 metre diamond drill program at the McKenzie project, which is slated to begin in early November. At present, Nexus Gold is reviewing drill site locations, access requirements and other preparations ahead of the drilling program.
The company also said this program will test areas under and north from Perch Lake in order to increase the strike length of the mineralized zone. A recent survey of the property indicated a presence of historic trenches on the north side of the perch which is made up of quartz veins containing clots and patches of semi-massive Chalopryite, Pyrite and Molybdenite.
“The discovery of the historic trenches north of Perch Lake gives us the ability to potentially extend the known strike length of mineralization in the southern section of McKenzie,” Alex Klenman, president and CEO of Nexus Gold, said in a release. “The recent groundwork confirmed favorable lithology in the area, opening up a new target zone for us to drill test. The goal is to expand known gold mineralization, so we’re eager to get back in with the drills and move the project forward.”
The McKenzie Gold Project
Located in the historic Red Lake gold camp in western Ontario, the McKenzie Gold project has had two drill programs completed on it by the company. These programs outlined a broad zone of gold mineralization in the St. Paul’s Bay region, with results including:
- K-20-RC-006: 2.75m of 13.25 grams-per-tonne (“g/t”) gold (“Au”), including 1m of 36.20 g/t Au (68.75m to 70.5m)
- MK-20-RC-008: 55.5m of 1 g/t Au (67.5m to 123m), including 16m of 1.42 g/t Au, 6m of 2.37 g/t Au, and 9m of 1.14 g/t Au
- MK-21-DD-018: 56m of 1.01 g/t Au (13m to 69m), including 21.5m of 1.84 g/t Au, 10m of 3.30 g/t Au, and 1m of 23.1 g/t Au. Other intercepts included 37.6m of 2.78 g/t Au (77m to 115m), including 24.7m of 4.05 g/t Au, 14m of 7.01 g/t Au, and 1m of 94.2 g/t Au. The entire length of MK-21-DD-018 averaged .99 g/t Au over 198m.
- MK-21-DD-019: 136 meters of 1.25 g/t Au (148m to 285m), including 44.9m of 3.00 g/t Au, 15.5m of 5.25 g/t Au, 29.4m of 1.82 g/t Au, and 6m of 5.45 g/t Au. High-grade intercepts included 1m of 59.8 g/t Au, 1m of 15.5 g/t Au, and 1m of 26.7 g/t Au.
All of these holes were drilled completely in a granite rock of the Dome stock and indicated patchy moderate-to strong silica alteration intervals, which are usually associated with high density micro-fracturing and increased molybdenite and chalcopyrite mineralization.
Last year’s summer 2020 drill program returned values that are similar to historic drilling in the area, which have been typically high-grade intercepts over narrow widths. Meanwhile holes 007 and 008 identified a second kind of gold mineralization on the property.
Investment corner
The precious metal has long been considered a safe haven asset and remains one of the best performing assets to this day.
Meanwhile companies like Nexus Gold, which continue to ramp up operations at their Canadian projects, might provide high returns for investors. Case in point, Canada is one of the most prolific regions in the world for gold mining, and the province of Ontario sits on top as the country’s top producing region.
With Nexus Gold’s deep roots in Ontario, investors will want to capitalize on this opportunity sooner rather than later.
For more information please visit
nxs.gold.
FULL DISCLOSURE: This is a paid article produced by Stockhouse Publishing.