Nelson Resources Ltd (ASX:NES) has gained a new substantial holder in Maosen Zhong and associated entity Max Asset Holdings Pty Ltd with an 8.01% stake.
Melbourne-based Zhong acquired 10,656,934 shares between March 16, 2021 and May 5, 2021, while Max Asset Holdings acquired 1 million between February 1 and March 31, 2021.
These acquisitions give the investor a total of 11,656,934 shares in the company.
Woodline drilling program expanded
The company recently intersected 500 metres of bedrock gold-bearing strike during initial sighter drilling at Grindall within the Woodline project in Western Australia's Fraser Range.
This has been identified along the defined 20-kilometre geochemical anomaly and shear zone interpreted from geophysics.
Grades are well above background and indicate the presence of a potentially large gold-bearing system with the drilling also indicating that the mineralisation remains open at depth and along strike.
Importantly, results so far are only from the first few drill holes that were targeted to test a small section of the 20-kilometre shear zone and have successfully shown that the shear is mineralised.
Tenement applications
Nelson has made applications for four new tenements to the northeast of the existing Woodline tenure.
The location for the new tenement applications was selected following first-pass logging of the diamond drill core and the company’s interpretation of the potential extensions of the mineralised structures.
These new tenement applications include large inflections in the target structures, which the company considers to be an important aspect for targeting.