Company
ASX:NXM
Nexus Minerals Ltd is a well-funded resource company with a portfolio of gold projects in Western Australia, gold-copper & critical minerals in New South Wales and porphyry copper-gold in Bethanga Victoria. The company is actively exploring for gold deposits on its highly prospective tenement package in the Eastern Goldfields of Western Australia.
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The company is in a trading halt which will remain in place until the start of trading on Thursday, November 19, or when an announcement is released to the market.
Three specific zones targeted in the RC drill program have confirmed high-grade mineralisation, prompting the company to accelerate its project timeline to complete a feasibility study in late 2020.
The first pass shallow drilling has confirmed broad and high-grade mineralisation extending over 700 metres and remaining open in all directions.
The RC drill program followed up on positive aircore drill results and geophysical targets, intersecting broad high-grade gold zones.
Nexus holds 125 square kilometres of highly prospective geological terrane within a major regional structural corridor and is exploring for gold deposits.
Nexus is actively exploring for gold deposits on its highly prospective 250 square kilometre tenement package in the Eastern Goldfields.
The date by which the option must be exercised to acquire 100% of the Edjudina Gold Project is set for the 14th of January 2021.
As part of the Pinnacles feasibility study, Nexus is determining the feasibility of the open cut potential of the Pinnacles East gold resource area, with deeper mineralisation to be considered as a potential underground operation.
The company’s Pinnacles JV Gold Project and Wallbrook Gold Project are both around 140 kilometres northeast of Kalgoorlie.
The company is exploring for gold deposits on its highly prospective tenement package in the Eastern Goldfields of Western Australia.
The junior miner has outlined its six-month program - with Pinnacles topping its list - after having completed a scoping study and embarking on a feasibility study.
The Pinnacles East scoping study confirmed the company’s belief in the prospectivity of the project.
The study results justify Nexus committing to the next stage of exploration and development by progressing to a feasibility study this year.
The company is undertaking mining studies at the Pinnacles JV gold project and using spectral data to analyse results from the Wallbrook project.
The Pinnacles East combined resource has been updated to 609,000 tonnes at 4 g/t gold for 78,000 ounces.
The company is investing in new exploration techniques to refine the targeting approach for current and future tenements, including the use of spectral data.
Drilling has intersected high-grade gold mineralisation in the Crusader-Templar corridor.
Exploration has been focused on the Crusader, Paint and Templar prospects within the Wallbrook Gold Project.
Drilling follows the release of an 85,000-ounce gold resource grading 1.22 g/t at Crusader in July 2019.
The company has about $4 million in cash for further drilling across its compelling targets.
