Nexus Minerals Ltd (ASX:NXM) believes it is sitting on a bounty after new assays from the Wallbrook Gold Project’s Crusader-Templar prospect returned significant high-grade gold results, near-surface and at depth.
The company is in the midst of a large drill campaign at the Wallbrook project, 140 kilometres northeast of Kalgoorlie in WA, where three RC drill rigs and two diamond drill rigs are turning on site.
Highly prospective tenure
This highly prospective tenure is conveniently situated between Northern Star’s operating porphyry mining centre and its multi-million ounce Carosue Dam mining operation – and Northern Star’s 3.2 million tonne-per-annum gold processing plant.
The aim of the program is to extend a 300-metre-wide, 1.6-kilometre corridor of mineralisation to more than 5 kilometres of strike.
Nexus has received assay results from 35 reverse circulation (RC) holes across 9,590 metres and has considerable reason to be pleased with what it has found.
Investors also appear to be interested with shares as much as 9.68% higher in early trade to $0.34.
'Multiple bonanza gold grades"
The gold grades from Crusader-Templar speak for themselves. Shallow results include:
- 11 metres at 5.35 g/t gold within 77 metres at 1.36 g/t from 14 metres;
- 7 metres at 18.68 g/t within 29 metres at 5.29 g/t from 31 metres; and
- 8 metres at 13.76 g/t within 13 metres at 8.54 g/t from 267 metres.
Drilling at the prospect indicates that the mineralisation is continuous along the full extent of the corridor, with multiple sub-vertical sheeted mineralised porphyry units now mapped.
The program continues to drill test the mineralised porphyry units from near-surface to a depth of roughly 300 metres, and the density of drilling now provides evidence for a southerly plunge to the high-grade gold shoots, while deeper RC drilling is effectively targeting these zones.
Results at depth
Transition levels at around 100 metres depth:
- 3 metres at 5.78 g/t gold within 15 metres at 2.22 g/t from 143 metres; and
- 3 metres at 8.77 g/t within 7 metres at 4.15 g/t from 177 metres.
Deeper primary levels beyond 200 metres depth:
- 3 metres at 11.40 g/t gold and 4 metres at 9.6 g/t within 37 metres at 2.10 g/t gold from 252 metres; and
- 8 metres at 13.76 g/t within 13 metres at 8.54 g/t from 267 metres.
Evolving gold system
Nexus managing director Andy Tudor said: “The increased drill density is really aiding in our interpretation of this large mineralised system.
“There is a clear southerly plunge component comprising the multiple parallel high-grade gold shoots. These are now being targeted in the near-surface to 300-metre depth reverse circulation (RC) program.
“To have received multiple bonanza gold grades in both near-surface drilling and at a depth of over 250 metres vertically from these results, reflects the large scale and high-grade nature of this evolving gold system.”
There was a positive response from investors to the results with shares as much as 9.7% higher to $0.34.
What’s next?
The company expects its regional exploration program to yield further assay results next week, which will come from the 7,900-metre program at Branches and Solomon.
A gravity survey covering 95 square kilometres is 90% complete across the central project area.