Nexus Announces Commencement of Fieldwork at Cree East

Rhea-AI Summary

Nexus Uranium Corp. (CSE: NEXU) (OTCQB: GIDMF) has announced the start of fieldwork at the Cree East uranium project in Saskatchewan's Athabasca Basin. Nexus has the option to earn up to a 75% interest in the project from CanAlaska Uranium Mobilization is set to begin in early July, focusing initially on relogging and recompiling data from historical drilling, with drilling to follow pending permit approvals. The project, with over $20 million spent on past exploration, is seeing renewed activity after more than a decade, marking a significant step post the Fukushima-induced industry slowdown. CEO Jeremy Poirier emphasized the systematic and data-driven approach to this highly prospective site.

Positive

• Nexus has commenced new fieldwork at Cree East, beginning early July 2024.
• Nexus can earn up to a 75% stake in Cree East from CanAlaska Uranium.
• The project has seen over $20 million in prior exploration investments.
• Renewed activity after a 12-year hiatus marks strategic progress.

Negative

• Exploration was delayed for over 12 years due to the Fukushima nuclear accident.

Vancouver, British Columbia--(Newsfile Corp. - June 27, 2024) - Nexus Uranium Corp. (CSE: NEXU) (OTCQB: GIDMF) (FSE: 3H1) (the "Company" or "Nexus") is pleased to announce the commencement of fieldwork at the Cree East uranium project in the Athabasca Basin of Saskatchewan, Canada (the "Cree East" or the "Project"). Nexus has the right to earn up to a 75% interest in the Project from CanAlaska Uranium Ltd. (TSX: CVV) ("CanAlaska"). Mobilization for the upcoming program is anticipated to commence in the first week of July with the initial focus on relogging and recompiling the data from the historical drilling in preparation for the upcoming drill program, pending the receipt of final permits.

"We are excited to get up to site and commence initial fieldwork in preparation for the start of our drill program," commented Jeremy Poirier, CEO of Nexus Uranium. "While this project has seen over $20 million in past exploration, it's been over twelve years since the last meaningful exploration program was concluded in 2012 following the Fukushima nuclear accident which curtailed uranium exploration globally. The fieldwork we are embarking on, in conjunction with the comprehensive review and data compilation provided by Condor Consulting, demonstrate our measured approach to exploration in this highly prospective land position."

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 and the Wray Mesa uranium-vanadium project in Utah in addition to its precious metals portfolio that includes the development-stage Independence mine located adjacent to Nevada Gold Mine's Phoenix-Fortitude mine in Nevada, 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 Wray Mesa project covers 6,282 acres within the heart of the prolific Uruvan mining district in Utah and has extensive historical drilling of over 500 holes defining multiple mineralized zones. The Independence project hosts an M&I (measured and indicated) resource of 334,300 ounces of gold (28M tonnes at 0.41 g/t gold) and an inferred resource of 847,000 ounces (9M tonnes at 3.22 g/t gold) of gold with a substantial silver credit. A 2022 Preliminary Economic Assessment (PEA) outlined a low-cost heap leach operation focusing on the near-surface resource with total production of 195,443 ounces of gold at an all-in sustaining cost of $1,078 (U.S.) per ounce of gold. 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.

Nexus Uranium cautions investors the preliminary economic assessment is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. The Company further cautions investors Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability and further cautions investors the quantity and grade of the reported inferred Mineral Resources are uncertain in nature ‎and there has been insufficient exploration to define these inferred Mineral Resources as ‎indicated Mineral Resources.

The Company cautions investors it has yet to verify the historical data and further cautions investors grab samples are selective by nature and are unlikely to represent average grades of sampling on the entire property.

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.

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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: planned permitting and exploration at the Cree East Project; any exercise of the option to acquire the Cree East Project and the anticipated potential for discovery of high-grade unconformity-style uranium mineralization at the 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 CSE will approve the Option Agreement; the assumption that the Project has the potential for high-grade unconformity-style uranium mineralization; the assumption that the Company will be successful in obtaining all necessary permits to complete exploration; and the assumption that such exploration will be able to commence this year..

These 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 CSE will not approve the Option Agreement 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/214463

FAQ

What is Nexus Uranium Corp.'s current project?

Nexus Uranium Corp. has commenced fieldwork at the Cree East uranium project in Saskatchewan's Athabasca Basin.

When will Nexus Uranium Corp. begin mobilizing for the Cree East project?

Mobilization for the Cree East project is set to begin in the first week of July 2024.

What is the potential ownership stake Nexus can earn in the Cree East project?

Nexus can earn up to a 75% interest in the Cree East project from CanAlaska Uranium.

What are the initial activities planned by Nexus at the Cree East project?

The initial activities include relogging and recompiling data from historical drilling in preparation for upcoming drilling.

How much has been previously invested in the Cree East project exploration?

The Cree East project has seen over $20 million in past exploration investments.

Why was there a 12-year gap in exploration at Cree East?

Exploration stalled due to the Fukushima nuclear accident, which affected global uranium exploration.