Nexus Minerals Ltd (ASX:NXM) has appointed the experienced Andy Tudor as managing director.
Tudor has been CEO since July 2014, and has worked successfully in that time to assess a large number of prospective projects resulting in joint venture arrangements over the Pinnacles JV, Pinnacles Regional and Triumph projects.
The Pinnacles JV project is a partnership with mid-tier gold producer, Saracen Mineral Holdings Ltd (ASX:SAR) whereby Nexus can earn up to an 85% interest with a staged drilling and project development spend.
Pinnacles is located north-east of Kalgoorlie.
The Pinnacles opportunity
There is an opportunity to significantly grow the gold resource base and with it a near term production profile.
Nexus has sufficient cash to take the Pinnacles JV project to a “Decision to Mine”.
With $5.6 million cash on hand (May 2016) and a Pinnacles JV agreement with Saracen in place, the road to medium term production opportunity is significantly de-risked.
As Saracen will buy any ore produced under the JV agreement and process it at their 2.4Mtpa mill at Carosue Dam Mining Operations, just 13 kilometres to the north of the Pinnacles JV project.
Nexus has full access to Saracen infrastructure, haul roads and camp facilities.
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