Nexus Gold Commences Exploration Program at Bouboulou Gold Concession, Burkina Faso
Nexus Gold Starts Gold Exploration at Bouboulou Property in Burkina Faso West Africa
Nexus Gold Director, Warren Robb, P.Geo, 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 re-sampling, 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 coross cutting quartz veins and stringers. The orepillage extends for some 250 meters 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 orpillage 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 Warren Robb, P.Geo.
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 (40m @ 1.5 g/t Au, 35 m @ 2.2 g/t Au, among others) and grade (2m @ 12.45 g/t Au, 4m @ 12.53 g/t Au, and .3m @ 81.32 g/t Au, among others). Please see the News Release of July 11, 2016, on the Nexus Gold website for more information on historical results: goldcorp.com/index.php/news-releases/2016-news”>nexusgoldcorp.com/index.php/news-releases/2016-news
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 $0.0675 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.
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.