Nexus Granted Multi Year Drill Permit for Cree East

Rhea-AI Summary

Nexus Uranium Corp. (CSE: NEXU) (OTCQB: GIDMF) has received a three-year exploration permit from the Saskatchewan Ministry of Environment for the Cree East uranium project in the Athabasca Basin. The permit, valid through July 31st, 2027, allows for mineral exploration activities including geophysics and drilling, as well as camp construction. Nexus has the right to earn up to a 75% interest in the project from CanAlaska Uranium

The company recently completed a fieldwork program in July, which included relogging drill core. Condor Consulting Inc. is currently reinterpreting prior airborne and ground geophysical surveys. Upon completion, Nexus will finalize drill targets for an upcoming program. CEO Jeremy Poirier praised the efficient permit acquisition and the strong relationships with First Nations groups and the Saskatchewan Government.

Positive

• Received three-year exploration permit for Cree East uranium project
• Permit allows for geophysics, drilling, and camp construction
• Right to earn up to 75% interest in the project
• Completed fieldwork program in July
• Reinterpretation of geophysical surveys nearing completion

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - August 20, 2024) - Nexus Uranium Corp. (CSE: NEXU) (OTCQB: GIDMF) (FSE: 3H1) (the "Company" or "Nexus") is pleased to announce the receipt of a three-year exploration permit from the Saskatchewan Ministry of Environment for 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. ("CanAlaska") (TSX: CVV).

The permit, including the Ministry of Environment Crown Land Work Authorization, was issued under CanAlaska Uranium Ltd. and are valid through July 31^st, 2027. The permit allows the Company to conduct mineral exploration activities including geophysics and drilling, in addition to the construction of camps to facilitate the various planned programs.

The Company is currently reviewing data to finalize targets for an upcoming drill program. A successful fieldwork program was completed in July which included the relogging of drill core which will be combined with the reinterpretation of prior airborne and ground geophysical surveys currently being conducted by Condor Consulting Inc., is nearing completion. Subsequent to which, the Company will finalize the location of drill targets.

"The receipt of permits ahead of expectations is a testament to the team our partners at CanAlaska have assembled and the relationship they have fostered with both the various First Nations groups and the Saskatchewan Government" commented Jeremy Poirier, CEO of Nexus Uranium. "We look to finalize drill targets for our upcoming drill program on the receipt of the reinterpreted geophysical data."

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 Uravan 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.

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/220411

FAQ

What permit did Nexus Uranium Corp. (GIDMF) receive for the Cree East project?

Nexus Uranium Corp. received a three-year exploration permit from the Saskatchewan Ministry of Environment for the Cree East uranium project, valid through July 31st, 2027.

What activities does the exploration permit allow Nexus Uranium Corp. (GIDMF) to conduct at Cree East?

The permit allows Nexus to conduct mineral exploration activities including geophysics and drilling, as well as the construction of camps to facilitate planned programs.

What is Nexus Uranium Corp.'s (GIDMF) potential interest in the Cree East project?

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

What recent activities has Nexus Uranium Corp. (GIDMF) completed at the Cree East project?

Nexus completed a fieldwork program in July 2024, which included relogging of drill core, and is currently reinterpreting prior airborne and ground geophysical surveys.