Proactive's Tylah Tully break down Just the Facts from Nexus Minerals Ltd (ASX:NXM) latest ASX announcement.
Nexus has raised AU$4.1 million through a placement to advance its Wallbrook Gold Project in the north-eastern Goldfields of Western Australia. Shares were issued at AU$0.042, a 2.4% premium to the last closing price on September 3, 2024. After the placement, Nexus will have a net cash position of approximately AU$7.2 million.
The funds will be used for aircore, reverse circulation, and diamond drilling, as well as geophysical surveys, exploration activities, and mine studies at Wallbrook. The funds will also support minimum expenditure requirements at the Pinnacles Gold Project and other projects in New South Wales and Victoria.
Nexus recently reported regional exploration success at Wallbrook, with assays indicating strong growth opportunities. Highlights included 8 metres at 2.93 g/t gold within 28 metres, and 2 metres at 4.28 g/t gold within 6 metres at 1.6 g/t.
These exploration efforts aim to complement the current resource base, with further exploration set to commence soon.