A 4,000-m diamond drill program has begun on Nexus Resource Corp.’s 493-claim Birch Lake property, about 65 miles east of Red Lake, Ont., the company says.
The target is gold mineralization associated with wide alteration zones hosted by a granodiorite intrusive and volcanic rocks. To date 12 holes comprising 1,750 m have been completed on the Horseshoe Zone A and Zone B alteration zones. The diamond drilling is designed to evaluate the down- plunge and down-dip potential of the Horseshoe Island Zone A mineralization. Current plans call for the start-up of a second drill this month.
Assay results from the first eight holes drilled on the Horseshoe Island Zone A are summarized below. Assays from the remaining holes are pending. Assay Results Horseshoe Island Zone A
Core Gold
Length Assays Hole # (feet) (oz/ton) 86-40 24.61 0.13 86-41 22.97 0.14 86-42 31.56 0.19 86-43 40.29 0.20 86-44 9.84 0.12 86.45 19.16 0.13 86-46 9.84 0.15 86-47 18.57 0.23
A 100-km geophysical survey is now under way on the Rice Bay and Green-Hager portion of the property where numerous gold showings and drill intersections remain to be followed up.
Nexus can earn a 40% interest in this property from St. Joe Canada by spending an aggregate of $3 million over three years.
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