Nexus Minerals Limited is more than 56% higher after returning multiple high-grade gold intersections from 13 reverse circulation (RC) holes at the Templar Prospect, within its Wallbrook Gold Project in the Eastern Goldfields of Western Australia.
The results of up to 10 metres at 5.64 g/t gold within 23 metres at 2.85 g/t from 132 metres effectively link the Templar and Crusader prospects together, into one large mineralised system.
Investors responded strongly with shares as much as 56.67% higher to 23.5 cents, a new 10-year high.
Mineralisation is hosted in silicified quartz porphyry unit with extensive alteration and stockwork veining and this is the same style of mineralisation as seen at the Crusader Prospect.
A deep diamond drill hole is underway at Templar, with a planned hole depth of 700 metres.
“Proud of work” leading to discovery
Nexus managing director Andy Tudor said: “These broad high-grade results received from Templar occur in the same altered and mineralised rocks we see at the Crusader prospect, 1.2 kilometres to the south."
“This has effectively linked the two prospects together into one large mineralised system."
He said: "Nexus is the first company to drill the Templar prospect and we are very proud of the work our exploration team has contributed leading to this discovery.”
All 13 holes intersect mineralisation
The 2021 RC and diamond drill programs at Templar were designed to follow up mineralisation intersected in previous shallow aircore drill campaigns undertaken by Nexus.
Gold mineralisation at the Templar Prospect is the same as that observed at the Crusader Prospect, which is 1.2 kilometres to the south, --- a quartz-goethite supergene stockwork in the oxide regolith profile.
The stockwork intensity correlates closely with higher gold grades.
In the fresh rock, high-grade mineralisation occurs within a series of steeply dipping structures defined by quartz sulphide veining of a potassic altered quartz porphyry unit within a volcaniclastic host rock.
The holes drilled tested the zone from surface to a depth of 300 metres, with every one of the 13 RC drill holes completed in this program intersecting mineralisation.
Gold mineralisation tenor and widths observed to date mirror that of Crusader, with broad lower grade mineralisation in the shallower levels less than 100 metres (72 metres at 1.68 g/t gold from 24 metres), giving way to the broad high-grade intersections at depths of more than 100 metres (10 metres at 5.64 g/t within 23 metres at 2.85 g/t from 132 metres).
The hole hosting the 23-metre intersection also returned 6 metres at 6.21 g/t, including 4 metres at 9.24 g/t from 90 metres, and 2 metres at 11.02 g/t from 220 metres.
Other results from the 13 new holes include:
- 28 metres at 3.64 g/t, including 4 metres at 10.11 g/t, within 72 metres at 1.68 g/t from 24 metres;
- 4 metres at 5.07 g/t within 20 metres at 1.42 g/t from 176 metres;
- 4 metres at 2.37 g/t within 36 metres at 1.10 g/t from 24 metres;
- 8 metres at 1.56 g/t within 16 metres at 1.00 g/t from 76 metres; and
- 24 metres at 1.08 g/t from 24 metres.
Future drill programs
Future drill programs at Templar will test for depth extensions to the mineralisation, as well as testing for further strike extensions to the Crusader/Templar mineralised corridor that currently extends over 1.6 kilometres.
This will only be constrained by the extent of drilling completed by Nexus to date.