RAKOUNGA GOLD CONCESSION

250-SQ KM CONCESSION CONTIGUOUS TO BOUBOULOU, HOSTS BOUBOULOU 1 GOLD SHOWING AND SIGNIFICANT ARTISANAL MINING ACTIVITY

The 250-sq km Rakounga concession, contiguous to Bouboulou concession, contains multiple active orpaillages, namely Koaltenga, Gounga and Porphyry, which confirm widespread gold mineralization is present
In the summer of 2017, the Company began a sampling program at Rakounga, with select sample highlights including 19.95 g/t Au at Porphyry, 14.90 g/t Au, at Gounga, and 17.30 g/t Au at Koaltenga
A 3000m RC drill program was conducted in October 2017, with 10 holes at Koaltenga successfully identifying a broad zone of gold mineralization extending over 300 meters along strike and to depths of 80 metres below surface
Highlights include hole RC-002 which intersected 32m of 1.01 g/t Au, including 2m of 5.65 g/t Au, and 6m of 2.81 g/t Au, and hole RC-008 which returned 34m of 1.00 g/t Au, including 4m of 5.57 g/t Au.
This structure remains open along strike both to the north east and south west and to depth

RC RESULTS – KOALTENGA ZONE

Koaltenga is an expanding and active orpaillage
The workings feature broad intercepts containing zones running 4 to 6 grams Au suggesting a prominent primary structure which has permeated out into the surrounding schists and volcanic rocks
Drill results now outline a trend of gold occurrences extending for over 16 kilometres between the company’s Rakounga and Bouboulou concessions

SOIL GRID PROGRAM

In July 2018, Nexus geologists conducted a 105-line-kilometer soil sampling survey at the Rakounga concession
The Survey was designed to investigate the gold-bearing potential on the ground connecting the Koaltenga gold zone, located near the western boundary, and the PR Trend, on the company’s adjacent Bouboulou property
Results from the survey successfully identified an anomalous gold trend which extends for approximately 7000m (7km) along the southwest-northeast axis and broadens to widths of 2500m
The newly identified gold trend aligns with the PR trend previously identified at Bouboulou, indicating the mineralized footprint at the combined Bouboulou-Rakounga concessions now exceeds 16km in length
The survey included line spacing of 400m with samples collected at stations established along the lines at intervals of 50m, with a total of 1,960 samples submitted to Actlabs in Burkina Faso for analysis

On December 4, 2019, Nexus entered an earn-in agreement with a private company, Kruger Gold, in which the optionee can earn a 75% interest in the Rakounga project by paying Nexus $1M CDN over 48 months, while conducting $1.25 CDN in work commitments over a 60-month period.

Subsequently, in February 2020, it was announced that Arbor Metals had entered a purchase agreement to acquire Kruger Gold, and upon completion of the proposed acquisition, would assume control of the earn-in agreement with Nexus.