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Nexus Minerals highlights gold potential at project being acquired

The 58 square kilometre Wallbrook tenement package is near Kalgoorlie, Western Australia.
project location map in Western Australia
The tenement package is being acquired for 1.49 million nexus shares

Nexus Minerals’ (ASX:NXM) review of historical data for the Wallbrook Gold Project in Western Australia has revealed significant gold assay results.

The company is in the process of acquiring the project from Saracen Minerals (ASX:SAR).

READ: Nexus Minerals to boost gold portfolio with acquisition from Saracen

The historical data search has resulted in assays from rock chips and multiple types of drilling.

Rock chips feature grades up to 88.9 g/t gold and drilling features intersections of 3 metres at 21.9 g/t gold.

Rotary air blast, reverse circulation and diamond drilling

Historical rotary air blast (RAB) drilling results include 3 metres at 16.6 g/t gold, 5 metres at 13.0 g/t gold and 12 metres at 4.1 g/t gold.

Furthermore, historical reverse circulation drilling results include 3 metres at 21.9 g/t gold, 12 metres at 5.3 g/t gold and 5 metres at 9.9 g/t gold.

Finally, a single diamond hole returned 9 metres at 8.8 g/t gold.

The transaction includes an ore purchase agreement

The transaction includes an ore purchase agreement, whereby any future ore mined from the project tenement may be purchased by Saracen for processing.

Saracen owns a 2.4 million tonnes per annum processing plant at its Carosue Dam Operations located 35 kilometres to the south of the project area via existing haul road network.

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