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Nexus Gold to Expand McKenzie Gold Project at Red Lake in Ontario

Mining News - Published on Thu, 21 May 2020

Image Source: Nexus Gold McKenzie Gold Project
Nexus Gold Corp announced that it has entered into an agreement with Shane Stares, an arms-length third-party, pursuant to which it proposes to acquire two additional mineral claims located in Red Lake in Ontario. The Additional Claims are located in the immediate vicinity of the Company’s wholly owned McKenzie Gold Project and expand the Company’s existing land package in the region. The two new claim blocks add 50 hectares to the western section of the McKenzie Island area of the project ground. With the new ground the McKenzie Gold Project now covers approximately 1,400 hectares.

In consideration for the acquisition of the Additional Claims, the Company is required to issue 400,000 common shares, and complete a one-time cash payment of $4,000. The Company is also required to grant a one percent (1.0%) net smelter returns royalty on commercial production from the Additional Claims.

The planned phase one diamond drill program at the McKenzie Gold Project is expected to commence in the next few weeks, when the drill rig and crew from contractor Chibougamau Diamond Drilling Ltd become available after completing another project in the area. Once a firm date for drill and crew mobilization are received, the Company will issue a news release with an updated timeline.

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Posted By : Yogender Pancholi on Thu, 21 May 2020
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