Nexus Provides Permitting Update for Cree East

Rhea-AI Summary

Nexus Uranium provided an update on the Cree East uranium project. The company has applied for a three-year exploration permit which includes up to 40,000 metres of drilling and 300 line-kilometres of geophysics. The permit application, submitted on March 19, 2024, has been sent for Duty to Consult as part of the First Nation and Métis Consultation Policy. The consultation process is expected to take 90 to 100 days, with final permits anticipated between mid-September and mid-October. The CEO, Jeremy Poirier, emphasized the flexibility the permits offer for adapting drilling locations based on survey results and prior successes. The company has also announced a flow-through private placement to fund the first phase of the exploration.

Positive

• Nexus Uranium has submitted a comprehensive three-year exploration permit for the Cree East project.
• The permit allows for up to 40,000 metres of drilling and 300 line-kilometres of geophysics.
• Permitting process anticipated to complete within 90 to 100 days.
• The company plans to adapt drilling locations based on geophysical survey results and prior successes.
• A flow-through private placement has been announced to fund the first phase of the exploration program.

Negative

• The permitting process requires consultation with First Nation and Métis communities, which could introduce delays or complications.
• The final approval of permits is not guaranteed and is contingent on the completion of the Duty to Consult process.

Vancouver, British Columbia--(Newsfile Corp. - June 19, 2024) - Nexus Uranium Corp. (CSE: NEXU) (OTCQB: GIDMF) (FSE: 3H1) (the "Company" or "Nexus") is pleased to provide an update on the proposed permitting 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. (TSX: CVV) ("CanAlaska"). A three-year exploration permit application was submitted on March 19^th, 2024, which would allow for year-round exploration of up to 40,000 metres of drilling plus 300 line-kilometres of geophysics and other exploration programs. On June 6^th, 2024, the Company was notified that the permit was sent for Duty to Consult ("DTC") which is part of the First Nation and Métis Consultation Policy Framework. Under this framework, it is anticipated that the permitting process can take about 90 to 100 days to complete with final permits anticipated between mid-September to mid-October.

"The permits submitted allow us for a multi-year exploration program and provide significant flexibility to adapt our proposed drilling locations based on prior success and the results from the property-wide geophysical survey," commented Jeremy Poirier, CEO of Nexus Uranium. "The recently announced flow-through private placement was designed to provide funding for our first phase exploration program and advance certain aspects of the exploration program that are not contingent on the drill permitting, such as generative fieldwork and geophysics."

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/213473

FAQ

What is the latest update on Nexus Uranium's Cree East project?

Nexus Uranium has applied for a three-year exploration permit for the Cree East project, which includes up to 40,000 metres of drilling and 300 line-kilometres of geophysics.

When was the exploration permit for the Cree East project submitted?

The exploration permit for the Cree East project was submitted on March 19, 2024.

What is the Duty to Consult process in the context of Nexus Uranium's permit application?

The Duty to Consult process involves consultation with First Nation and Métis communities as part of the permitting process. It is expected to take 90 to 100 days.

When are the final permits for the Cree East project expected?

Final permits for the Cree East project are anticipated between mid-September and mid-October.

What is the funding strategy for Nexus Uranium's exploration program at Cree East?

Nexus Uranium has announced a flow-through private placement to fund the first phase of the exploration program at Cree East.