Nexus Minerals Ltd (ASX:NXM)’s annual report reveals it has delivered a strong performance in its 2024 financial year, with continued progress at its Wallbrook Gold Project in Western Australia.
The company, with a portfolio of high-potential exploration projects, announced a 70% increase in the JORC 2012 mineral resource estimate (MRE) at the Crusader-Templar project, Wallbrook.
Updated MRE
The updated MRE amounts to 5.67 million tonnes at 1.7 grams per tonne (g/t) of gold for 304,000 ounces (oz) of contained gold.
The resource includes 2.46 million tonnes at 1.8g/t gold in the indicated category, representing 140,000 ounces of contained gold, and 3.21 million tonnes at 1.6g/t gold in the inferred category, for 164,000 ounces of gold.
This expansion points to the open-pit potential of the Wallbrook project, which remains open along strike and down plunge of high-grade shoots.
The mineralisation is also expected to extend to parallel lodes to the east, indicating further exploration upside.
Nexus also continues to assess the larger Crusader-Templar Exploration Target, which ranges between 10–14 million tonnes at grades of 1.5–1.75g/t gold, for a contained gold range of between 480,000 and 790,000 ounces.
The company emphasised that while this target remains conceptual, it illustrates the large-scale potential of the broader Wallbrook area.
Regional aircore (AC) drilling within Wallbrook also delivered promising results.
Highlights included 8 metres at 2.93g/t gold within a broader 28 metres at 1.05g/t from 28 metres, and 8 metres at 2.33g/t gold within 14 metres at 1.37g/t from 32 metres at Target MC2.
Other notable intersections from regional drilling include 4 metres at 2.88g/t gold and 2 metres at 4.28g/t gold.
Pinnacles gold project advances
In addition to Wallbrook, Nexus is advancing its Pinnacles gold project near Northern Star Resources’ Carosue Dam mining operations and pursuing opportunities at a porphyry copper-gold project in Victoria.
The company also holds a substantial greenfields critical minerals project in New South Wales, spanning 15,000 square kilometres.
Financially, Nexus remains in a robust position, with a cash balance of A$7.1 million as of September 18, giving the company the runway to continue rigorous exploration activities across its portfolio.