Nexus gets option in Hemlo gold bet

Vancouver- based Nexus Resource Corp. has signed a joint venture option agreement with Carlson Mines and Black Gregor Explorations to earn a 50% interest in the latter’s Marathon gold claims in the Hemlo area of northwestern Ontario.

Under terms of the agreement, Nexus can earn a 15% interest in the 10,000-acre prospect by spending $300,000 before March 31. A further 35% interest can be earned by spending an additional $600,000 on exploration by Dec 31.

Black Gregor, operator of the project, has a 60% interest while Carlson owns 40%. The two will pay a finder’s fee to Primary Marketing Group of Vancouver, subject to regulatory guidelines.

The initial $300,000 will fund continuation of a 10,000-ft drilling program begun in January. The program is testing two mineralized structures identified by geological and geophysical work over the past three years.