Nexus Minerals with a renewed focus in the Eastern Goldfields
Nexus Minerals intends to turn its exploration focus to the Pinnacles regional project.
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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Nexus Minerals intends to turn its exploration focus to the Pinnacles regional project.
Many of the high-grade intercepts confirmed the widths and grades of previous drilling.
Nexus aims to complete mine potential studies this quarter.
Nexus Minerals Ltd has received assays from the Pinnacles JV Project.
Today's news shows that Nexus is moving quickly to complete 85% ownership of the project.
Nexus has now received results from the diamond and reverse circulation drilling campaign at the Pinnacles East gold resource, which is part of the joint venture, and located 120 kilometres northeast of Kalgoorlie.
Funds will be used to accelerate exploration activities, including drilling on the company’s Pinnacles JV tenement and Pinnacles Regional tenements, located 130 kilometres northeast of Kalgoorlie, Western Australia.
Nexus is undertaking a share placement to raise capital to fund the advancement of the Pinnacles gold project located 120 kilometres from Kalgoorlie.
Nexus had $5.6 million cash on hand (May 2016) and with the Pinnacles JV agreement with Saracen in place, the medium-term gold production opportunity is significantly de-risked. Drilling results are expected in September.
The Pinnacles JV project is a partnership with mid-tier gold producer, Saracen Mineral Holdings Ltd whereby Nexus can earn up to an 85% interest with a staged drilling and project development spend.
Nexus has partnered with mid-tier gold producer Saracen Mineral Holdings at Pinnacles near Kalgoorlie. Pinnacles has the potential for near term gold production.
The aeromagnetic work has yielded a coherent district and local geological framework and generated multiple targets similar to the Pinnacles East resource, located north-east of Kalgoorlie.
Nexus has identified five soil geochemical gold anomalies on the Pinnacles JV gold project 100 kilometres north east of Kalgoorlie.
The company held $5.8 million in cash in February 2016, significant for a small cap company with a near term production opportunity in a venture with a major gold producer.
The Pinnacles JV provides Nexus with the opportunity for near-term gold production. The current drilling program will follow-up on previous high-grade gold intersections, with the existing resource open in all directions.
Nexus Minerals Ltd Sydney/Melbourne Investor Luncheon Presentation
Nexus Minerals remains an “under the radar company”, trading at close to cash backing while conducting joint venture exploration work with mid-tier producer Saracen Mineral Holdings.We are joined exclusively by Andy Tudor, manag
Highlights from the most recent campaign at Pinnacles included 11 metres at 5.6g/t gold, 2 metres at 13.9g/t gold, 13 metres at 4.6g/t gold and 2 metres at 10.7g/t gold.
Nexus is trading at close to cash backing, is leveraged to news flow, and is in a JV with the $740M capped producer Saracen Mineral Holdings. Find out more from Andy Tudor, CEO for Nexus, at Proactive's Spotlight CEO Sessions in March. Regi