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Nexus Minerals drills out high-grade gold from Wallbrook in March quarter

The company also completed a $1,625,500 capital raising to allow accelerated drill testing of the Wallbrook Gold Project.

golden key
Nexus is planning a drill program at the Crusader prospect

Nexus Minerals Ltd (ASX:NXM) undertook a 6,960 metre reverse circulation (RC) drill program at the Wallbrook Gold Project in WA during the quarter ended March 31, 2019.

The Wallbrook project covers about 250 square kilometres of prospective geological terrain considered highly prospective for the discovery of significant gold mineralisation.

READ: Nexus Minerals hits high-grade gold up to 20.13 g/t at Wallbrook project

Nexus’ RC drill program completed at the Crusader and Paint prospects returned high-grade gold intersections including:

• Crusader: 27 metres at 3.18g/t gold from 61 metres;
• Crusader: 35 metres at 2.85g/t gold from 25 metres;
• Paint: 20 metres at 0.58g/t gold including 4 metres at 2.17g/t gold; and
• Paint: 16 metres at 0.89g/t gold including 8 metres at 1.70g/t gold.

June 2019 quarter work program

During the June 2019 quarter Nexus intends to undertake the following activities at the Wallbrook Gold Project:

• Analyse data received from recently completed RC drill program;
• Undertake 3D modelling of Crusader RC drill data;
• Drill program planning at Crusader prospect;
• Integrate and analyze gravity and high-resolution ground magnetic data from Templar prospect to generate drill targets along prospective mineralised corridor;
• Geological and structural mapping;
• Analysis of regional geochemistry; and
• Geophysical programs including high-resolution ground magnetics.

Well-funded for accelerated drilling

Nexus has also completed a $1,625,500 capital raising from a $1,254,000 private placement and a $371,500 share purchase plan.

The funds raised will allow accelerated drill testing of the company’s Wallbrook Gold Project.

Quick facts: Nexus Minerals Ltd

Price: 0.048 AUD

ASX:NXM
Market: ASX
Market Cap: $5.68 m
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