Nexus Announces Drill Targets Ahead of Winter Program

Rhea-AI Summary

Nexus Uranium Corp has announced drill targets for its upcoming winter diamond drill program at the Cree East uranium project in Saskatchewan's Athabasca Basin. The program, set to commence in January 2025, will primarily focus on Area B, which previously yielded significant results but wasn't followed up after 2012.

The project has benefited from over $20 million in prior exploration drilling from 2009 to 2012. Area B showed intense alteration zones extending from 400m depth to near surface, featuring rehealed breccia, rotated blocks, and pyrite impregnations, along with arsenic geochemical halo and uranium enrichment.

The company plans three to four holes to test the contact between the EM conductor at the unconformity, utilizing prior drilling data and geophysics reinterpretation that confirmed anomalous mineralization.

Positive

• Leveraging $20 million worth of previous drilling and geophysics data, reducing time and costs
• Previous drilling in Area B showed promising results with intense alteration zones and uranium enrichment
• Clear drilling targets identified with joint-venture partner CanAlaska Uranium

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - December 5, 2024) - Nexus Uranium Corp. (CSE: NEXU) (OTCQB: GIDMF) (FSE: 3H1) (the "Company" or "Nexus") is pleased to announce the drill targets for the upcoming winter diamond drill program at the Cree East uranium project in the Athabasca Basin of Saskatchewan.

"We are excited to have finalized our initial targets for the upcoming drill program which is to commence in January 2025" commented Jeremy Poirier, CEO of Nexus Uranium Corp. "Leveraging over $20 million in prior drilling and geophysics provides us with notable time and cost savings in delineating targets. Our primary focus for drilling will be Area B as this was both the area that returned the most spectacular results and was never followed up on as it was the last area drilled by the prior operators in 2012."

Figure 1: Plan Map of Upcoming Drill Targets

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7273/232504_fc780fcfc4477b4b_001full.jpg

Following on from a joint technical operating committee (JTOC) meeting between the Company and its joint-venture partner, CanAlaska Uranium Ltd., the objectives and target locations have been finalized for the upcoming winter drill program. The winter drill program is anticipated to mobilize in early January 2025 with the tendering of contractors and service providers anticipated to commence in the coming weeks. A number of targets have been identified for the multi-phase program, with the initial testing to focus on Area B followed by Areas A, D and I (see Figure 1).

Figure 2: Cross Section of Area B Priority Target

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7273/232504_fc780fcfc4477b4b_002full.jpg

The Cree East project has seen over $20 million in prior exploration drilling from 2009 through to 2012, with the drilling on Area B at the end of the program shortly before work was suspended due to the collapse of the uranium market following the Fukushima nuclear incident. The most spectacular results were obtained on Area B, where a zone of extremely intense alteration was intersected that extend from below the unconformity at about 400m depth to near surface, with large intersections of rehealed breccia, large rotated blocks and fine pyrite impregnations. A broad arsenic geochemical halo characterizes this alteration, associated with some uranium enrichment. Despite the success of drilling at Area B, these results were never followed up on given the market fundamentals at the time and will be the focus of initial drilling in the upcoming program. Specifically, three to four holes are planned to test the contact between the EM conductor or interpreted graphitic pelite at the unconformity (see Figure 2), which has been vectored leveraging prior drilling and reinterpretation of the geophysics, which has confirmed both anomalous mineralization and basement geology.

About Nexus Uranium Corp.

Nexus Uranium Corp. is a multi-commodity development company focused on advancing the Cree East uranium project in the Athabasca Basin in addition to its precious metals portfolio that includes the Napoleon gold project in British Columbia and a package of gold claims in the Yukon. The Cree East project is one of the largest projects within the Athabasca Basin of Saskatchewan spanning 57,752 hectares (142,708 acres) and has seen over $20 million in exploration to date. The Napoleon project comprises over 1,000 hectares and prospective for multiple forms of gold mineralization, with exploration in the area dating back to the 1970s with the discovery of high-grade gold. The Yukon gold projects are comprised of almost 8,000 hectares of quartz claims prospective for high-grade gold mineralization with historical grab sampling highlights of 144 g/t gold.

The technical content of this news release has been reviewed and approved by Warren D. Robb, P.Geo. (BC), a Director and VP Exploration of Nexus Uranium Corp. and a Qualified Person under National Instrument 43-101.

FOR FURTHER INFORMATION PLEASE CONTACT:

Jeremy Poirier
Chief Executive Officer
info@nexusuranium.com

This news release includes certain statements and information that may constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information, including, but not limited to, any planned exploration at the Cree East Project. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release, including, but not limited to the assumption that the Company will be successful in finalizing its planned drill program, including retaining a contractor to complete such programThese forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including, but not limited to: the risk that the conditions to closing of the proposed sale of the Company's interest in the Independence Project will not be satisfied and inherent risks associated with the mining industry and the results of exploration activities and development of mineral properties, stock market volatility and capital market fluctuations, general market and industry conditions, as well as those risk factors discussed in the Company's most recently filed management's discussion & analysis.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232504

FAQ

When will Nexus Uranium (GIDMF) start its winter drilling program at Cree East?

Nexus Uranium plans to mobilize its winter drilling program in early January 2025.

How much was previously invested in exploration drilling at the Cree East project?

Over $20 million was invested in prior exploration drilling from 2009 through to 2012.

What is the primary target area for Nexus Uranium's (GIDMF) upcoming drilling program?

Area B is the primary focus for the upcoming drilling program, as it previously returned the most spectacular results.

At what depth was the alteration zone found in Area B of the Cree East project?

The zone of intense alteration extends from below the unconformity at about 400m depth to near surface.