Nexus Minerals Ltd (ASX:NXM) is focused on progressing mining studies at Wallbrook Gold Project in the Eastern Goldfields and the Pinnacles Joint Venture Gold Project with Saracen Mineral Holdings Limited (ASX:SAR).
The company's progress and its future plans will be outlined by managing director Andy Tudor at the Proactive CEO Sessions in Sydney and Melbourne later this month.
In February, the Pinnacles JV upgraded the Pinnacles East combined mineral resource with 53% of the overall resources of 609,000 tonnes at 4 g/t gold for 78,000 ounces, now in the indicated category.
The open-pit resource is 159,000 tonnes at 2.4 g/t for 12,000 ounces and the underground resource is 450,000 tonnes at 4.6 g/t for 66,000 ounces.
This came after the drilling of 22 drill holes for 2,425 metres which intersected mineralisation from surface to around 350 metres vertical depth.
“Robust and viable gold mining operation”
Since entering the JV with Saracen, the company has drill tested the depth and continuity of the potential high-grade mineralisation through several depth staged drill programs.
Tudor said he was very pleased with the mineral resource in terms of both tonnes and grade: “These results, in conjunction with the current strong Australian gold price, further enhance the strength of the Pinnacles project and its ability to produce a robust and viable gold mining operation.
“Due to the pre-existing ore sales agreement with Saracen, there is very low capital expenditure required to initiate mining, with any ore mined to be processed through Saracen’s Carosue Dam Operation.”
Pinnacles East mineral resource model
Pinnacles East mining studies
Nexus is determining the feasibility of the open-cut potential of the Pinnacles East gold resource area, with deeper mineralisation being considered as a potential underground operation.
Consultants have been engaged to undertake a pit optimisation study and mine development plan with the aim to determine the financial viability of a gold mining operation.
Saracen’s Carosue Dam operation is less than 5 kilometres south and along strike from Pinnacles East.
Potential for Wallbrook open pit
Results from a 91-hole, 4,375-metre aircore drilling program on two high-priority drill targets within the Crusader and Templar prospects at the Wallbrook project in the December quarter intersected high-grade gold.
Best results included up to 8.37 g/t from 3 metres, including 1-metre at 24.43 g/t, and 18 metres at 1.40 g/t, including 4 metres at 6.46 g/t, as well as 26 metres at 1.02 g/t, including 4 metres at 5.03 g/t.
Nexus is continuing mine studies at the Crusader resource area, which contains 85,000 ounces of gold, with the aim of determining the potential for a stage-I starter pit and subsequent staged open-cut pit development options.
Geological mapping and sampling is being undertaken across the larger 250 square kilometre Wallbrook Gold Project tenement package.
March work program
During the March quarter, the company intends to continue analysis and modelling of drill data and complete mineral resource studies at Crusader as well as commencing Pinnacle mine studies.
Nexus is undertaking a research & development project using new exploration and geo-sensing techniques using spectral data at both the Wallbrook and Pinnacles gold projects.
During the March quarter, the company will analyse drill chip trays from the 2019 RC drill program at Wallbrook and aircore drilling program at Templar using a TerraSpec SWIR unit attached to spectra acquisition software.
Five companies presenting
The company will present to investors at the Proactive CEO Sessions in Sydney on Monday, March 23 and Melbourne on Tuesday, March 24.
Five companies will present at these events including Nexus, De Grey Mining Limited (ASX:DEG) (OTCMKTS:DGMLF) (FRA:DGD), Carnarvon Petroleum Ltd (ASX:CVN), Calima Energy Ltd (ASX:CE1) and Matador Mining Ltd (ASX:MZZ).
Register now for the CEO Sessions: