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Nexus Minerals shares jump on first gold assays

Shares in Nexus are up over 20% intra-day, currently trading at $0.105
drill rig drilling for gold
Assays for the remaining holes are expected over the coming weeks

Nexus Minerals (ASX:NXM) has received its first batch of drilling results from its recently completed 48 hole, 4,108-metre program at its Pinnacles Gold Project in Western Australia.

This first batch of assays accounts for 7 holes from the GT5 anomaly and features results of 4 metres at 19.74 g/t gold from 68 metres depth.

17 holes in total were drilled at the GT5 anomaly and the remaining holes from both this anomaly and the rest of the reverse circulation drilling program are expected over the coming three weeks.

Three anomalies were tested in the 48-hole program in total:

- GT5: 17 holes for 1,700 metres;
- GT6: 26 holes for 1,908 metres; and
- GT8: 5 holes for 500 metres.

GT5 anomaly

GT5 is a high priority 2.4x0.3 kilometre gold anomaly that shows good strike continuity within a sheared ultramafic unit.

Reverse circulation drill hole NMPRC40 intersected 4 metres at 19.74 g/t gold from 68-72 metres, in a highly sheared and altered lithology.

17 holes in total were drilled at GT5 and assays for the remaining 10 holes are expected shortly.

Background

Nexus owns a 125 square kilometre portfolio of four gold projects all located in the Eastern Goldfields of Western Australia.

The company is focusing its attention on regional exploration programs over this prospective Pinnacles regional tenement package.

The Pinnacles regional project refers to the circa 100 square kilometres that surrounds the Pinnacles JV project, which sits on a granted 8 square kilometre mining lease.

The regional project is largely unexplored and commences less than 5 kilometres along strike from Saracen Mineral Holdings (ASX:SAR) 4+ million ounce Carosue Dam mining operations and the operating Karrari underground gold mine.

Saracen used similar style gravity surveys to what Nexus has used to help identify Carouse Dam, a major gold deposit.

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Nexus Minerals Ltd Timeline

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