Nexus Minerals Ltd (ASX:NXM) has intersected further zones of high-grade gold mineralisation at Crusader-Templar prospect of the Wallbrook Project in Western Australia, increasing confidence in the prospect's potential.
Reverse circulation (RC) drilling was completed over 19 holes for 4,455 metres, exploring strike and depth continuity of known mineralisation. Notable results include:
- 5 metres at 9.53 g/t gold within 11 metres at 5.32 g/t from 96 metres;
- 7 metres at 5.36 g/t within 19 metres at 2.65 g/t from 65 metres;
- 4 metres at 4.1 7g/t within 15 metres at 1.32 g/t from 94 metres;
- 2 metres at 13.28 g/t from 247 metres;
- 3 metres at 4.75 g/t from 86 metres;
- 4 metres at 3.06 g/t within 10 metres at 1.44 g/t from 263 metres;
- 5 metres at 2.08 g/t within 9 metres at 1.22 g/t from 157 metres; and
- 8 metres at 1.71 g/t within 12 metres at 1.20 g/t from 31 metres.
Results build confidence
“The five drill rigs continue to operate on-site as planned. The initial 30,000-metre RC program has been completed with the follow-up 40,000-metre RC program now underway at Crusader-Templar,” Nexus Minerals managing director Andy Tudor said.
“We are pleased to have received results for 19 RC holes, with all 19 holes intersecting gold mineralisation, within significant zones of alteration.
“The strength of these results continues to build our confidence in the potential for the Crusader-Templar Prospect to evolve into a very large mineralised system.
“The regional drilling being undertaken at both Solomon and Branches prospects shows very positive indications that the mineralised corridor, and certainly the ‘right rocks’, extend a further 3 kilometres to the north of Crusader-Templar and remain open.
“This provides a huge level of confidence that our exploration strategy and drill targeting methodologies are valid, as we build our exploration knowledge in an area with no prior drill activities.”
Nexus – along with the rest of the industry – is experiencing some assay result delays, still awaiting laboratory results for 45 holes (13,973 metres) drilled late last year, now expected to be received in April.
The company is also awaiting results for four diamond drill holes, expected in the coming week.
Regional and operational highlights
Nexus has also completed an initial 17-hole, 3,812-metre RC drilling program at Solomon Prospect of the Wallbrook Project.
The company intersected hematite altered/silicified quartz porphyry intrusives within volcaniclastic host rocks, the same geological setting as the Crusader-Templar mineralised corridor.
Another RC program is underway at the Branches prospect, with seven holes and 1,366 metres of an 18-hole, 3,750-metre program completed. Here too, drilling has intersected the same geological setting as Crusader-Templar.
Finally, a regional gravity survey has also started, designed to cover an area of 95 square kilometres at Wallbrook.
Overall, three RC and two diamond drill rigs are operating on-site, supported by a 48-person camp operating at full capacity.
About Nexus Minerals
Nexus Minerals is a well-funded resource company with a portfolio of gold projects in Western Australia and a well-credentialed board, assisted by an experienced management team.
The company recently expanded its existing project portfolio with the addition of the Bethanga Porphyry Copper-Gold Project in Victoria.
In Western Australia, the consolidation of the highly prospective Wallbrook Gold Project (250 square kilometres) by the amalgamation of existing Nexus tenements with others acquired, offers an opportunity to advance gold exploration efforts.
Nexus Minerals’ tenement package at Wallbrook begins immediately to the north of Northern Star’s multi-million-ounce Carosue Dam mining operations, and current operating Karari and Whirling Dervish underground gold mines.
The company is investing in new exploration techniques to refine the targeting approach for its current and future tenements.