Sign up Australia
Proactive Investors - Run By Investors For Investors

Nexus Minerals' shares bound higher, while valuation intrigue remains

Nexus is an active gold explorer in a multi-million ounce gold region.
Nexus Minerals' shares bound higher, while valuation intrigue remains
Ground magnetics survey at Pinnacles Gold Project

Nexus Minerals Ltd's (ASX:NXM) shares rallied 9.6% yesterday to close at $0.08, following high priority gold targets being identified at the company's Pinnacles Gold Project, located in the Eastern Goldfields of Western Australia.

Nexus sits at a market cap. circa $6.5 million, yet holds a cash balance of $5.5 million, providing an enterprise value of just $1 million.

The valuation is intriguing based on the assets of the company, highlighted by the tenement package at Pinnacles.

The project is largely underexplored and commences less than 5 kilometres to the south of, and along strike from, Saracen Minerals Holdings Ltd (ASX:SAR) plus 4 million gold ounce Carosue Dam mining operations, and current operating Karrari underground gold mine.

In total Nexus holds a land package of 100 square kilometres of highly prospective geological terrain, and is actively exploring for gold deposits.

Latest exploration

A  detailed auger soil survey was recently completed, delivering high priority gold targets for drill testing.

Highlights include:

- GT5 anomaly, 400 metres by 200 metres >80ppb gold core;
- GT6 anomaly, 400 metres by 300 metres >80ppb gold core; and
- GT8 anomaly, 300 metres by 150 metres >40ppb gold core.

A 4000 metre reverse circulation drilling program has now commenced over these targets.

Pinnacles joint venture

Nexus has entered into a farm-in and joint venture over Pinnacles with Saracen Gold Mines Pty Ltd, a subsidiary of Saracen Mineral Holdings.

The agreement provides Nexus with the opportunity to utilise mine and mill infrastructure, as a pathway to gold production.





Register here to be notified of future NXM Company articles
View full NXM profile View Profile

Nexus Minerals Ltd Timeline

Related Articles

barseele_master.png
January 14 2017
The firm owns 45% of the property, while joint venture partner Agnico Eagle has the rest (55%).
no_picture_pai.jpg
July 10 2017
Find out more from Lithium Power International Ltd at the Proactive's CEO Sessions.
Colin Bird
August 29 2017
Xtract Resources is on the cusp of significant cashflow, generated by alluvial gold production from Mozambique

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use