Nexus Minerals Ltd (ASX:NXM) has signed an agreement with Newmont Exploration to acquire a 190 square kilometre tenement package adjacent to Nexus’ Wallbrook Gold Project in Western Australia.
Nexus will acquire the tenements for a total consideration of $13,100 and a 2% net smelter royalty on all mineral product extracted and recovered from the tenements.
The tenements are located along strike immediately to the north, south and encompassed within the existing Wallbrook Gold Project tenements owned by Nexus.
Over 5 million ounces of gold resources within the Carosue Dam district are hosted in a similar geological setting to Nexus’ tenement holding
Post completion, Nexus’ greater Wallbrook Gold Project will cover 250 square kilometres of prospective geological units known to host significant district gold mineralisation.
READ: Nexus Minerals’ drilling confirms high-grade gold intersections at Wallbrook Gold Project
Nexus recently confirmed high-grade gold hits from a reverse circulation (RC) drill program at Wallbrook.
High-grade intersections from 1 metre samples include:
• 3 metres at 19.36 g/t gold (including 2 metres at 27.18 g/t gold);
• 3 metres at 6.04 g/t gold (including 1 metre at 14.76 g/t gold); and
• 3 metres at 4.88 g/t gold (including 1 metre at 9.70 g/t gold).
Upcoming exploration program
Exploration activities to be undertaken at the Wallbrook Gold Project over the coming six months will include:
• Historical data review and database integration;
• Geological and structural mapping;
• Analysis of regional geochemistry;
• Geophysical programs including gravity and induced polarisation (IP) surveys; and
• Drilling of exploration targets identified.