Nexus Gold to Expand McKenzie Gold Project, Red Lake, Ontario

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[{"type":"text","content":"Nexus Gold to Expand McKenzie Gold Project, Red Lake, Ontario(via TheNewswire)\n \n \nVancouver, Canada - TheNewswire - May 20, 2020 - Nexus Gold Corp. (\"Nexus\" or the \"Company\") (TSXV:NXS) (OTC:NXXGF) (FSE:N6E) is pleased to announce that it has entered into an agreement with Shane Stares (the \"Vendor\"), an arms-length third-party, pursuant to which it proposes to acquire two additional mineral claims located in Red Lake, Ontario (the \"Additional Claims\"). \n\n\n \nThe 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. \n\n\n \nIn 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. \n\n\n \n\"We're happy to add ground to the McKenzie project, particularly on the island,\" said president and CEO, Alex Klenman. \"Some of the more robust historical assays were obtained on McKenzie Island. By adding significantly to our island land position, we feel we've added value to the project prospectivity. We will look to implement a prospecting and sampling program on the new ground in the next couple of months,\" continued Mr. Klenman.\n\n\n \nAll securities to be issued in connection with the acquisition of the Additional Claims will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. The acquisition remains subject to the approval of the TSX Venture Exchange and cannot be completed until such time as approval is obtained.\n\n\n \n\nClick Image To View Full Size\n\n \n \nFigure 1: McKenzie Gold Project, Red Lake, Ontario, with new claims in red\n\n\n \nMcKenzie Gold Project - Drill Program Update\n\n\n \nThe 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...

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