Vancouver, British Columbia--(Newsfile Corp. - February 3, 2025) - Nexus Uranium Corp. (CSE: NEXU) (OTCQB: GIDMF) (FSE: 3H1) (the "Company" or "Nexus") is pleased to announce the start of drilling as part of the 2025 winter exploration program on the Cree East project (the "Project") in the southeastern Athabasca Basin (Figure 1). The drilling program will focus on a series of new high-priority targets designed based on the results of historical drilling and re-interpreted geophysical surveys. One drill has been mobilized to the project site and drilling has begun with the first holes focused on Target Area B. The Cree East Project is located approximately 35 kilometres northwest of the Key Lake Mine and Mill Complex. The Project is under option from CanAlaska whereby Nexus has the ability to earn up to a 70% interest in the Project.
The 2025 winter drill program on the Cree East project will consist of one diamond drill operating to achieve an estimated 6 - 8 target tests. Historically, the Cree East project has had over $20 million in exploration activity consisting of multiple geophysical surveys and 91 diamond drillholes since 2006 by CanAlaska plus 17 by previous operators. Over the past year, CanAlaska and Nexus have reviewed and re-processed the historical geophysical and diamond drilling information to generate a series of newly-identified high-priority targets on the Cree East project (Figure 2). This drill program represents the first drill program on the Cree East project in over a decade. The drill program will initially focus in Target Area B, where historical drilling intersected clay alteration that extends throughout the entire sandstone column with pyrite alteration and associated uranium enrichment in the lowermost sandstone. In this target area, the sandstone alteration is associated with wide intersections of brecciation and faulting, causing over 50 metres of vertical unconformity displacement. Hydrothermal alteration persists deep into the basement rocks.
Several additional targets have been identified for the drill program in Areas A, I, and an untested conductor based on the re-interpreted geological and geophysical model from historical drilling results. These targets are designed to test interpreted graphitic stratigraphy on both the footwall and hanging wall side of a large and rigid banded iron formation. The Company believes the competency contrast of graphitic stratigraphy against the large rigid banded iron formation creates the potential for post-Athabasca structural reactivation. This structural reactivation can create important conduits for the movement of uranium-bearing hydrothermal fluids that interact with graphitic structural zones.
The program is expected to take 8 to 10 weeks to complete.
"The geological structure, alterations, and uranium mineralization identified in previous exploration efforts bear a strong resemblance to those found in top-tier uranium deposits such as Cigar Lake and McArthur River" commented Jeremy Poirer, CEO of Nexus Uranium. "The Cree East project exhibits all the essential characteristics needed to develop a tier 1 deposit, and the current target inventory and initial drilling plan are designed to build on earlier findings. In a joint effort with our partners at CanAlaska, we been actively reviewing existing targets and identifying new high-priority ones for testing in 2025. The Cree East project, located just 35 kilometers from the Key Lake Mill, represents a significant opportunity at a time when new tier 1 uranium sources are in demand for Key Lake."
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.
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 program. 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 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.
