Nexus Gold Drills 20 meters of 4.83 g/t Au, Including 14.51 g/t Au over 6m, at the Dakouli 2 Gold Concession, Burkina Faso, West Africa

The RC program at the 9,800-hectare (98-sq kms) concession consisted of 2,914 meters of exploratory drilling. The program was designed to test several areas that have returned either high gold values from rock samples or coincidental soil geochemical and geophysical anomalies proximal to artisanal workings termed orpaillages.

Significant results were encountered in hole DKL-20-RC-007, which returned 4.83 grams-per-tonne ("g/t") gold ("Au") over 20 meters, including 14.51 g/t Au over 6m (also including 39.6 g/t over 2m). Other significant results were realized in hole DKL-20-RC-009, which returned 1.61 g/t Au over 10 meters, including 4.11 g/t Au over 2 meters, and DKL-20-RC-010, which returned 1.89 g/t Au over 8 meters, including 6.54 g/t Au over 2 meters. In addition, several holes returned lengthy intercepts of sub-one gram gold, including DKL-20-RC-006 which returned .33 g/t Au over 36 meters, including .59 g/t Au over 18 meters, and DKL-20-RC-002 which returned .64 g/t Au over 16 meters.

The gold mineralization encountered in the Northeast zone consists of disseminated sulfides, containing pyrite, chalcopyrite, galena, and particles of visible gold. The mineralization occurs at or proximal to contacts between clastic sedimentary rocks and Mafic volcanics rocks. The mineralized zones are part of pervasive hydrothermal alteration developed in these highly strained sedimentary and volcanic rocks. The company is interpreting the foliation observed in the RC chips as being loosely sub-parallel to the dominant foliation fabric of the Sabce shear zone. Assays are pending for the remaining six holes and the Company will report those results once received, reviewed, and verified.

"This new discovery is very exciting. The intercepts we have encountered from the northeast corner of the property are indicating a broad zone of gold mineralization," said VP Exploration, Warren Robb, P.Geo. "The extent of the mineralization is encouraging and certainly requires follow up with diamond drilling. This will allow us to generate better data concerning the nature of the mineralization and the lithologic and structural aspects of the host rocks. The location of the drilling corresponds well with our interpretation of the location of the Sabce shear zone and our ground geochemistry and termite sampling suggest that this mineralization may extend for at least a kilometer to the south west," continued Mr. Robb.

Table of significant results:

 ----------------------------------------------------------------------- |Hole ID      |UTM E |UTM N  |DIP|AZIMUTH|ELEV|FROM|TO |LENGTH  |Au  | |             |      |       |   |       |    |    |   |(meters)|G/T | |---------------------------------------------------------------------| |DKL-20-RC-001|625256|1441633|-55|350    |299 |40  |52 |12      |0.33| |---------------------------------------------------------------------| |DKL-20-RC-002|625218|1441603|-55|350    |281 |42  |58 |16      |0.59| |---------------------------------------------------------------------| |DKL-20-RC-006|637023|1445782|-45|360    |286 |82  |118|36      |0.33| |---------------------------------------------------------------------| |Includes     |      |       |   |       |    |100 |118|18     |0.56 | |---------------------------------------------------------------------| |Includes     |      |       |   |       |    |108 |110|2      |1.29 | |---------------------------------------------------------------------| |             |      |       |   |       |    |116 |118|2      |2.01 | |---------------------------------------------------------------------| |DKL-20-RC-007|636974|1445768|-60|350    |298 |108 |138|20      |4.83| |---------------------------------------------------------------------| |Includes     |      |       |   |       |    |118 |124|6      |14.51| |---------------------------------------------------------------------| |Includes     |      |       |   |       |    |120 |122|2      |39.60| |---------------------------------------------------------------------| |DKL-20-RC-008|636908|1445758|-45|360    |288 |108 |116|8       |0.72| |---------------------------------------------------------------------| |Includes     |      |       |   |       |    |108 |110|2      |1.13 | |---------------------------------------------------------------------| |DKL-20-RC-009|636851|1445785|-45|360    |288 |50  |60 |10      |1.61| |---------------------------------------------------------------------| |Includes     |      |       |   |       |    |52  |54 |2      |4.11 | |---------------------------------------------------------------------| |             |      |       |   |       |    |120 |126|6      |0.31 | |---------------------------------------------------------------------| |             |      |       |   |       |    |140 |150|10     |0.47 | |---------------------------------------------------------------------| |DKL-20-RC-010|636806|1445782|-45|360    |294 |64  |66 |2       |1.46| |---------------------------------------------------------------------| |             |      |       |   |       |    |74  |82 |8      |1.89 | |---------------------------------------------------------------------| |Includes     |      |       |   |       |    |76  |78 |2      |6.54 | |---------------------------------------------------------------------| |DKL-20-RC-011|636793|1445682|-45|360    |286 |78  |88 |10      |0.35| |---------------------------------------------------------------------| |DKL-20-RC-012|636793|1445682|-50|360    |285 |150 |154|4       |0.70| -----------------------------------------------------------------------

"We're certainly pleased with the early results at Dakouli," said President & CEO, Alex Klenman. "The drill program has confirmed widespread mineralization in the northeast zone of the property. Positive results, particularly like those received in hole 7, in this, a relatively small maiden drill program, is both significant and encouraging. And beyond the target areas we tested in this first phase, Dakouli presents a potential district-scale opportunity with numerous targets yet to drill, and a lot of ground still in need of detailed reconnaissance. We like what we're seeing so far and look forward to the next phase of drilling," continued Mr. Klenman.

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Figure 1: Drill hole locations, 2020 maiden drill program, Dakouli 2 gold concession, Burkina Faso, West Africa

The RC drill cuttings were bagged in the field and then taken to a secure compound where the intervals were split using a riffle splitter with one split being placed in a tagged 3-mil poly plastic bag. The samples were then shipped by Company vehicle to the ALS Global Geochemistry Lab located 100 kilometers south in the capital city of Ouagadougou. ALS Global is an ISO certified laboratory and is independent of Nexus Gold Corp. and its subsidiaries.

The maiden Dakouli drill program was designed to initially test depth extensions of geochemical gold anomalies identified through termite mound sampling, soil gold geochemistry which identified three trends intersecting the property (see Company news release dated June 11, 2019), and finally rock geochemistry which has returned higher grade gold results from selective grab samples extracted from Artisanal mining areas ("Orpaillages") (see Company news releases dated January 8 and 15, 2019, June 23, 2020, and September 10, 2020).

The Dakouli 2 permit is located on the Goren greenstone belt, proximal to Nordgold's Bissa Mine, and is bisected by the gold bearing Sabce shear zone.

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Figure 2: Dakouli 2 known mineralized zones and bisecting Sabce faults in red, Burkina Faso, West Africa

About the Dakouli 2 Gold Concession

The Dakouli 2 exploration permit is a 98-sq km (9,800 hectares) gold exploration property located approximately 100 kilometers due north of the capital city Ouagadougou.

In late 2018 Company geologists conducted a comprehensive ground reconnaissance program to the west and south of the main orpaillage (artisanal zone) and identified new near surface workings being exploited by artisanal miners. Rock samples collected from these new zones contained various concentrations of visible gold, including coarse nuggety samples.

Follow up work outlined an anomalous zone extending some 500 meters west from the sample zones. Based on those results the Company initiated a 150-line kilometer soil geochemical survey covering the northern half of the Dakouli 2 property and southern portions of the contiguous Niangouela property. This survey identified three prominent gold geochemical trends.

The primary gold trend parallels the Sabce fault zone and extends for approximately 10 kilometers in a northeast-southwest direction and bisects the property from the north east corner of the property to its western boundary. The Sabce fault hosts multiple deposits including Nordgold's 3.4M oz Bissa Mine, located approximately 25km east of the Dakouli ground.

Two secondary gold trends which extend for approximately 6.5 kilometers each are oriented in a northwest to southeast direction and bisect the primary trend. All three gold geochemical trends are coincidental to geophysical trends identified from the national regional airborne geophysics. To date, 40 samples have been collected at the Dakouli concession, with 20 returning assay values greater than 1 g/t Au, and 11 assaying greater than 10 g/t Au, with significant values as high as 98.9 g/t Au (see Company news release dated September 10, 2020).

The Dakouli 2 permit lies immediately south of, and contiguous to, the Company's Niangouela Gold Concession, which has been explored over the past three years. Drilling at Niangouela has returned significant intercepts, including 26.69 g/t Au over 4.85m, including 132 g/t Au over 1m, and 4 g/t Au over 6m, including 20.5 g/t Au over 1m (see Company news releases dated March 7, 2017 and April 5, 2017).

*Grab samples are selective by nature and may not represent the true grade or style of mineralization across the property.

Warren Robb P.Geo., Vice President, Exploration, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for, and has approved, the technical information contained in this release.

Nexus Gold Corp. to Host Live Corporate Update Webinar on Thursday, February 4th at 2:00 PM ET (11 AM PT)

Nexus Gold, President & CEO, Alex Klenman, will be hosting a live investor webinar on Thursday, February 4th to provide an update on key exploration developments in Canada and West Africa and upcoming milestones. You can register for the webinar below:

Date: Thursday, February 4th, 2021

Time: 2 PM EST (11 AM PT)

Register: by email nexus@rbmilestone.com or via direct link: Webinar Registration

http://7514767.hs-sites.com/www.rbmilestone.com/nexusgold_webinar_event_february_4_2021

HAVE QUESTIONS? Management will be available to answer your questions following the presentation on the webinar platform. You may also submit your question(s) beforehand via email to nexus@rbmilestone.com

About the Company

Nexus Gold is a Canadian-based gold exploration and development company with an extensive portfolio of eleven projects in Canada and West Africa. The Company's West African-based portfolio totals five projects encompassing over 750-sq kms of land located on active gold belts and proven mineralized trends, while it's 100%-owned Canadian projects include the McKenzie Gold Project in Red Lake, Ontario; the New Pilot Project, located in British Columbia's historic Bridge River Mining Camp; and four prospective gold and gold-copper projects (3,700-ha) in the Province of Newfoundland. The Company is focusing on the development of several core assets while seeking joint-venture, earn-in, and strategic partnerships for other projects in its growing portfolio.

For more information, please visit nexus.gold

On behalf of the Board of Directors of

Nexus Gold Corp.

Alex Klenman

President & CEO

604-558-1920

info@nexusgoldcorp.com
www.nexusgoldcorp.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.

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