Nexus Gold Corp. has acquired the right to earn up to 100 percent interest in the Bouboulou gold concession located in Burkina Faso due to an agreement with Bureau D'Tude des Geosciences et de L'Enviroment.
Nexus will first acquire up to 75 percent and 900 Nexus shares for $500,000. After three years, the company will then have the option to purchase the remaining 25 percent with a $1 million cash payment and 1 percent net-smelter-return royalty.
Nexus is using the acquisition to grow its portfolio of advanced-stage-exploration gold projects across the globe. The company’s flagship project is in Walker Ridge, which is located in Nevada.
"Bouboulou is an excellent property with four zones of gold mineralization identified to date from previous exploration work. Prior drilling has defined high-grade intercepts, giving the property exceptional resource potential,” President and CEO Peter Berdusco said. “Warren Robb, PGeo and director of Nexus, is familiar with the project having reviewed the property in 2010 and later in 2012 while employed in Burkina Faso. We are extremely pleased to have negotiated the terms with the vendors and look forward to executing the definitive agreement in the coming weeks.”