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.

View full NXM profile View Profile

Nexus Minerals Ltd Timeline

Related Articles

September 13 2018
The vanadium price is riding high, and so is Bushveld Minerals
Signpost saying Nevada
March 28 2018
The near-term transition of the Eureka Gold Project to a cash-generating asset will be a major milestone for Tyranna.
coal price rise sign
June 12 2018
City firm Peel Hunt has moved its recommendation to 'buy' from 'add'

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

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