Nexus Minerals Ltd (ASX:NXM) has provided an update on exploration activities across the Wallbrook gold project in the eastern goldfields of Western Australia, the Bethanga porphyry copper-gold project in northeast Victoria, and its critical minerals exploration tenure in NSW/Victoria.
Wallbrook Gold Project
Crusader-Templar prospect
Nexus continues to evaluate the Crusader-Templar resource area for open pit mine options.
It has commenced discussions and site visits with various contractors across the complete spectrum of the mining project requirements — from mine operators, trucking contractors, mine management and technical services groups. The company expects this to continue into 2024 as part of the study process.
Wallbrook regional prospects
The Wallbrook regional targets continue to provide positive drill results, with the prospectivity of an emerging “Gold Camp” increasing via systematic regional exploration success. The exploration team is focussed on deploying the validated and methodical exploration approach to build a suite of exploration targets for drill testing.
The project now has five mineralised corridors that remain substantially underexplored despite their proximity to existing mining operations. Given the project’s early stage, initial targeting is focussing on the top 100 metres below surface, which presents opportunity for a significant discovery.
Bethanga porphyry copper-gold project
A 2,000 metre diamond drill program, consisting of four 500 metre deep holes, is planned for February 2024 at Bethanga with a drill contractor tender process now underway.
Positive porphyry copper-gold fertility study results have revealed Bethanga to be highly prospective for hosting a porphyry copper-gold system.
Aeromagnetic and ground magnetic surveys have confirmed the existence of a multi-phase magnetic intrusive complex which is indicative of the core of a porphyry copper-gold system. The geochemical elemental association is that of magmatic-hydrothermal fluids originating from a fertile porphyry copper system.
The company notes that it has not been selected for the BHP Xplor 2024 accelerator program due to the high number of applications for the program this year.
NSW-Victoria critical mineral search
Nexus Minerals has secured the largest package of exploration tenure in NSW — and extending south into Victoria — to undertake the search for critical minerals including lithium, caesium, tantalum, tin and copper. Very limited exploration for these critical minerals has so far taken place in this highly prospective geological terrain.
Recognising this opportunity, the company strategically positioned itself as a first mover on a regional scale. It is applying a regional scale geological approach, hunting for large orebodies across over 15,000 sq kilometres of granted critical minerals tenure.
Nexus has now completed desktop studies and the geological field crews are mobilising to NSW next week to commence ground truthing areas of interest that were identified in historical reports.
It has identified prospective reduced, fractionated, peraluminous S-type granites capable of supporting lithium-caesium-tantalum (LCT) pegmatite formation via analysis of geological and litho-geochemical data from the Lachlan Orogen’s Wagga-Omeo Zone (WOZ) in southern NSW.
The interpretation of WOZ geophysical data has commenced to classify intrusive bodies and accurately map geological contact relationships with initial results expected in January. This data will be integrated with available government geological mapping, geochemical and petrological information.
Nexus expects the geology team to begin regional reconnaissance, mapping and initial geochemical sampling in early 2024. Given the scale and opportunity on the project, it remains focussed on a methodical, science driven approach to identify large mineralising systems.
Nexus Critical Minerals Projects Location over Geology