Proactiveinvestors Australia Nexus Minerals Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Nexus Minerals Ltd RSS feed en Fri, 26 Apr 2019 22:31:25 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Nexus Minerals drills out high-grade gold from Wallbrook in March quarter ]]> https://www.proactiveinvestors.com.au/companies/news/219144/nexus-minerals-drills-out-high-grade-gold-from-wallbrook-in-march-quarter-219144.html Nexus Minerals Ltd (ASX:NXM) undertook a 6,960 metre reverse circulation (RC) drill program at the Wallbrook Gold Project in WA during the quarter ended March 31, 2019.

The Wallbrook project covers about 250 square kilometres of prospective geological terrain considered highly prospective for the discovery of significant gold mineralisation.

READ: Nexus Minerals hits high-grade gold up to 20.13 g/t at Wallbrook project

Nexus’ RC drill program completed at the Crusader and Paint prospects returned high-grade gold intersections including:

• Crusader: 27 metres at 3.18g/t gold from 61 metres;
• Crusader: 35 metres at 2.85g/t gold from 25 metres;
• Paint: 20 metres at 0.58g/t gold including 4 metres at 2.17g/t gold; and
• Paint: 16 metres at 0.89g/t gold including 8 metres at 1.70g/t gold.

June 2019 quarter work program

During the June 2019 quarter Nexus intends to undertake the following activities at the Wallbrook Gold Project:

• Analyse data received from recently completed RC drill program;
• Undertake 3D modelling of Crusader RC drill data;
• Drill program planning at Crusader prospect;
• Integrate and analyze gravity and high-resolution ground magnetic data from Templar prospect to generate drill targets along prospective mineralised corridor;
• Geological and structural mapping;
• Analysis of regional geochemistry; and
• Geophysical programs including high-resolution ground magnetics.

Well-funded for accelerated drilling

Nexus has also completed a $1,625,500 capital raising from a $1,254,000 private placement and a $371,500 share purchase plan.

The funds raised will allow accelerated drill testing of the company’s Wallbrook Gold Project.

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Fri, 26 Apr 2019 12:55:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219144/nexus-minerals-drills-out-high-grade-gold-from-wallbrook-in-march-quarter-219144.html
<![CDATA[News - Nexus Minerals hits high-grade gold up to 20.13 g/t at Wallbrook project ]]> https://www.proactiveinvestors.com.au/companies/news/218635/nexus-minerals-hits-high-grade-gold-up-to-2013-gt-at-wallbrook-project-218635.html Nexus Minerals Limited (ASX:NXM) has intersected high-grade gold of up to 20.13 g/t in reverse circulation (RC) drilling at Wallbrook Gold Project in the Eastern Goldfields of WA.

The drilling was completed on two high priority drill targets - the Crusader prospect, where 3,708 metres were drilled, and the Paint prospect, where 3,252 metres were drilled.

The next phase of drilling will be designed to define shallow gold potential, test depth extensions below 100 metres to high-grade zones of up to 30.33 g/t and to test the mineralised corridor, which remains open to the north.

READ: Nexus Minerals returns more high-grade gold results up to 15.07 g/t at Wallbrook

Nexus’ managing director Andy Tudor said: “Having completed the first drill program at Crusader we are very excited by the fact that every hole intersected signification mineralisation with stunning intercepts such as 35 metres at 2.85 g/t gold, including 15 metres at 6.23 g/t and 29 metres at 2.85 g/t including 8 metes at 7.20 g/t.

“These results clearly demonstrate the significant prospectivity of this mineralised corridor.

“Nexus’ drilling to date has only tested 600 metres of the 5-kilometre strike extent of the mineralised corridor and only down to 100-metre depth.

“We are now busy planning the phase II drill program required to test for depth extensions and strike continuity.”

At Crusader prospect, results were received from the final 13 of the 35 holes, which intersected gold mineralisation along a continuous 600-metre strike.

High-grade gold intersections include:

29 metres at 2.85 g/t from 30 metres, including 8 metres at 7.20 g/t, 2 metres at 16.93 g/t and 1 metre at 20.13 g/t 9 metres at 2.39 g/t from 75 metres, including 5 metres at 3.91 g/t.  17 metres at 1.07 g/t from 52 metre including 1 metre at 11.31 g/t and 1 metre at 2.48 g/t. READ: Nexus Minerals assays solid gold results first batch from Crusader prospect

At the Paint prospect, recent Nexus drilling intersected altered intrusive and volcanic rocks down to 300 metres depth across a width of about 800 metres.

These contain broad zones of prospective brick-red hematitic hydrothermal alteration and associated elevated mineralisation.

Intervals include 20 metres at 0.58 g/t from 204 metres, including 4 metres at 2.17 g/t, 20 metres at 0.63 g/t, including 4 metres at 1.20 g/t and 4 metres at 1.17 g/t, 20 metres at 0.42 g/t, 28 metres at 0.25 g/t, 16 metres at 0.89 g/t, including 8 metres at 1.7 g/t, and 16 metres at 0.30 g/t.

Geological interpretation and mapping have now begun.

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Tue, 16 Apr 2019 13:45:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218635/nexus-minerals-hits-high-grade-gold-up-to-2013-gt-at-wallbrook-project-218635.html
<![CDATA[News - Nexus Minerals returns more high-grade gold results of up to 15.07 g/t at Wallbrook ]]> https://www.proactiveinvestors.com.au/companies/news/218185/nexus-minerals-returns-more-high-grade-gold-results-of-up-to-1507-gt-at-wallbrook-218185.html Nexus Minerals Ltd (ASX:NXM) has intersected further high-grade gold of up to 15.07 g/t gold from a 6,960-metre reverse circulation (RC) drilling program on its Wallbrook project in the Eastern Goldfields of WA.

The drilling was undertaken on two high priority drill targets including the Crusader prospect, where 3,708 metres were drilled as well as the Paint prospect, where 3,252 metres were drilled.

The 15.07 g/t result was from a 1-metre intersection within a 38-metre intersection from 24 metres at 0.91 g/t, which also included 7 metres at 3.9 g/t. 

These results from nine holes are the second batch from the 35 holes drilled at Crusader, with a total of 22 holes now received.

READ: Nexus Minerals assays solid gold results in first batch from Crusader prospect

Nexus’ managing director Andy Tudor said: “We are very excited by the results received to date from both the shallow oxide component of the Crusader prospect and the higher-grade results returned from the steeply dipping mineralised zones in the fresh rock.

“The Nexus drilling has added a further 200 metres of strike to the south of the area drilled by previous operators, and potentially another 100 metres to the north giving us a potential total mineralised strike distance of over 600 metres.

“The prospect also remains open at depth along the full strike extent providing an excellent opportunity for the discovery of significant high-grade mineralisation below the oxide component.”

Other assays intersected within broad mineralised zones were:

20 metres at 1.71 g/t from 93 metres, including 7 metres at 4.46 g/t; 32 metres at 1.05 g/t from 46 metres, including 9 metres at 2.76 g/t and 3 metres at 4.96 g/t; 46 metres at 1.08 g/t from 33 metres, including 4 metres at 6.36 g/t and 1 metre at 10.50 g/t; and 16 metres at 1.34 g/t from 65 metres, including 3 metres at 5.97 g/t and 1 metre at 12.70 g/t.

The Wallbrook project.

A phase II Crusader RC drill program is underway to:

Infill drill density to allow a mineral resource estimate to be undertaken; Better define shallow oxide gold potential from surface to 100 metres; and Test depth extensions below 100 metres to the high-grade zones of up to 33.33 g/t intersected to date. ]]>
Tue, 09 Apr 2019 11:28:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218185/nexus-minerals-returns-more-high-grade-gold-results-of-up-to-1507-gt-at-wallbrook-218185.html
<![CDATA[Media files - Nexus Minerals intersects consistent high-grade gold in broad zones at Wallbrook ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12842/nexus-minerals-intersects-consistent-high-grade-gold-in-broad-zones-at-wallbrook-12842.html Tue, 02 Apr 2019 19:38:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12842/nexus-minerals-intersects-consistent-high-grade-gold-in-broad-zones-at-wallbrook-12842.html <![CDATA[News - Nexus Minerals assays solid gold results in first batch from Crusader prospect ]]> https://www.proactiveinvestors.com.au/companies/news/217696/nexus-minerals-assays-solid-gold-results-in-first-batch-from-crusader-prospect-217696.html Nexus Minerals Ltd (ASX:NXM) has received the first batch of assays from its completed drill program on its 100% owned Wallbrook project in the eastern goldfields of Western Australia.

The 6,960-metre reverse circulation (RC) drill program focused on two high priority drill targets, the Crusader prospect (3,708 metres) and the Paint prospect (3,252 metres).

High-grade gold was intersected ranging up to 30.33 g/t gold within broad mineralised zones including 27 metres at 3.18 g/t gold from 61 metres.

READ: Nexus Minerals completes share purchase plan to fund Wallbrook Gold Project

Initial results have confirmed the existence of significant mineralisation closely associated with a quartz-goethite supergene stockwork.

Notably, the stockwork intensity correlates closely with higher gold grades.

Results are still pending for the majority of the completed drill program and are expected in the coming weeks.

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Tue, 02 Apr 2019 10:48:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217696/nexus-minerals-assays-solid-gold-results-in-first-batch-from-crusader-prospect-217696.html
<![CDATA[News - Nexus Minerals completes share purchase plan to fund Wallbrook Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/216521/nexus-minerals-completes-share-purchase-plan-to-fund-wallbrook-gold-project-216521.html Nexus Minerals Ltd (ASX:NXM) has closed its share purchase plan (SPP) with valid applications received from eligible shareholders for 6,517,515 fully paid ordinary shares at 5.7 cents per share.

The total amount raised under the SPP is $371,500 representing a positive shareholder uptake of 49% of the maximum raising targeted under the SPP.

Nexus provided all eligible shareholders with the opportunity to participate in the SPP on the same terms as the placement completed on February 28, 2019 raising $1,254,000.

READ: Nexus Minerals secures $1.25 million, share purchase plan opens

The SPP shares will be issued on March 19 2019.

Nexus managing director Andy Turdor said: “I would like to thank all investors who participated in the SPP.

“I look forward to sharing the results from the RC drilling program currently underway on the Paint and Crusader prospects on the company’s Wallbrook Gold Project when they become available.”

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Fri, 15 Mar 2019 15:17:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216521/nexus-minerals-completes-share-purchase-plan-to-fund-wallbrook-gold-project-216521.html
<![CDATA[News - Nexus Minerals secures $1.25 million; share purchase plan opens ]]> https://www.proactiveinvestors.com.au/companies/news/215471/nexus-minerals-secures-125-million-share-purchase-plan-opens-215471.html Nexus Minerals Ltd (ASX:NXM) has raised $1,254,000 through the placement of 22 million shares at 5.7 cents each.

The funds will be used for exploration including a reverse circulation (RC) drilling program at the Wallbrook Gold Project about 140 kilometres northeast of Kalgoorlie-Boulder in Western Australia.

READ: Nexus Minerals starts Wallbrook drill program at Paint and Crusader prospects

Nexus has started a RC drilling program at the Paint and Crusader prospects at its Wallbrook Gold Project.

The 250 square kilometre project is 35 kilometres north of Nexus’ significant investor Saracen Mineral Holdings’ (ASX:SAR) 4 million ounce Carosue Dam Operations.

Nexus has a package of tenements in the Eastern Goldfields, holding land picked up from both Saracen and Newmont Mining Corp’s (NYSE:NEM) Newmont Exploration.

Share purchase plan

The company intends to raise up to a further $750,000 through a share purchase plan (SPP) which is now open.

The plan offers eligible shareholders the opportunity to purchase up to $15,000 of Nexus shares at 5.7 cents each without incurring brokerage or transaction costs.

Indicative timetable

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Thu, 28 Feb 2019 14:02:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215471/nexus-minerals-secures-125-million-share-purchase-plan-opens-215471.html
<![CDATA[News - Nexus Minerals starts Wallbrook drill program at Paint and Crusader prospects ]]> https://www.proactiveinvestors.com.au/companies/news/215367/nexus-minerals-starts-wallbrook-drill-program-at-paint-and-crusader-prospects-215367.html Nexus Minerals Ltd (ASX:NXM) (FRA:YAK) has started a reverse circulation (RC) drilling program for the Paint and Crusader prospects at its Wallbrook Gold Project about 140 kilometres northeast of Kalgoorlie-Boulder in Western Australia.

The 250 square kilometre project is 35 kilometres north of its significant investor Saracen Mineral Holdings Limited’s (ASX:SAR) 4 million ounce Carosue Dam Operations.

DEEP DIVE: Nexus Minerals to drill at Wallbrook Gold Project on Eastern Goldfields

Nexus has a package of tenements in the Eastern Goldfields, holding land picked up from both Saracen and Newmont Mining Corp’s (NYSE:NEM) Newmont Exploration.

Among that ground is the extra 190 square kilometres of Wallbrook land that Nexus grabbed from Newmont to increase project land by 317%.

About 5 million ounces of gold resources are hosted in the same district as Wallbrook in a similar geological setting to that underlying Nexus’ tenement holding.

The company’s 6,000-metre drill program at Wallbrook will involve it drilling the two high-priority drill targets of Paint and Crusader.

Nexus managing director Andy Tudor noted last week: “RC drilling (is) commencing at the Paint prospect and then moving to the Crusader prospect.

“It will be an exciting time for Nexus personnel and shareholders alike … and we will eagerly await the results.”

READ: Nexus Minerals to raise $1.25 million for gold exploration at Wallbrook

The company holds a number of coincident datasets for Paint prospect and said today geological mapping had highlighted strongly-altered host rocks that were adjacent to intrusive margins.

Structural interpretation showed a major northeast-southwest feature through the prospect.

A high-resolution ground magnetic survey supplied detailed structural data and information on magnetic highs and magnetic destruction zones.

A gradient-array induced polarisation/resistivity survey flagged coincident chargeability and resistivity anomalies while re-processed gravity datasets highlighted a zone of potential hydrothermal alteration.

 

Nexus has combined historical drill datasets into a single drill database for the Crusader prospect.

Modelling has shown multiple northwest-striking or steeply-dipping zones of mineralisation over a 1,000-metre strike at the prospect.

A surface gold soil geochemical anomaly of more than 9ppb exists over the priority target zone.

The zone is up to 920ppb gold.

High-resolution ground magnetic and gravity surveys confirmed the strike zone size and a complex structural feature.

READ: Nexus Minerals identifies gold drill targets at Wallbrook project

Drilling at Wallbrook will be funded with a Hartleys Limited placement to high-quality investors and a shareholder placement.

Institutional, sophisticated and professional investor clients of Hartleys have committed $1.25 million of funds while Nexus plans to open up a $750,000 share purchase plan for other investors.

The funds raised will primarily support Eastern Goldfields exploration with other funds to be used for working capital.

Saracen intends to maintain its 6% shareholding while Nexus directors will take up $67,800 of new investments if shareholders agree.

Nexus held $3.2 million cash on December 31 and expects $373,000 of cash outflows in the March quarter.

The company has budgeted $130,000 for exploration and evaluation this quarter.

Nexus is investing in new exploration techniques to refine targeting for its current and future tenements, ensuring its efforts involve the use of spectral data.

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Tue, 26 Feb 2019 20:14:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215367/nexus-minerals-starts-wallbrook-drill-program-at-paint-and-crusader-prospects-215367.html
<![CDATA[News - Nexus Minerals to raise $1.25 million for gold exploration at Wallbrook ]]> https://www.proactiveinvestors.com.au/companies/news/214920/nexus-minerals-to-raise-125-million-for-gold-exploration-at-wallbrook-214920.html Nexus Minerals Ltd (ASX:NXM) has received commitments to raise around $1.25 million through the issue of up to 22 million fully paid ordinary shares at 5.7 cents per share.

The company also intends to raise up to a further $750,000 through a share purchase plan (SPP) which will be offered to existing eligible shareholders.

Funds to accelerate work programs

Nexus Minerals managing director Andy Tudor said: “The proceeds from the placement and SPP will allow Nexus to accelerate work programs at the Wallbrook Gold Project with RC drilling commencing this week on two priority Wallbrook project targets.

“Commencing at the Paint prospect and then moving to the Crusader prospect will be an exciting time for Nexus personnel and shareholders alike over the coming months.

“The planned drilling has been the culmination of a lot of hard work by the Nexus geology team and we will eagerly await the results.”

The placement received strong support from a range of institutional, sophisticated and professional investor clients of Hartleys Limited and in addition, directors of Nexus have also committed to subscribe for a total of $67,800 on the same terms as the placement, subject to shareholder approval.

Strong investor support “encouraging”

Tudor added: “To have achieved such a strong level of investor support for the placement was very encouraging - this includes Saracen Mineral Holdings Limited (ASX:SAR), who confirmed their commitment to Nexus’ exploration efforts by participating in the placement to maintain their existing 6% shareholding.”

- Jessica Cummins 

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Tue, 19 Feb 2019 20:57:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214920/nexus-minerals-to-raise-125-million-for-gold-exploration-at-wallbrook-214920.html
<![CDATA[News - Nexus Minerals in trading halt with capital raising news pending ]]> https://www.proactiveinvestors.com.au/companies/news/214767/nexus-minerals-in-trading-halt-with-capital-raising-news-pending-214767.html Nexus Minerals Ltd (ASX:NXM) has been granted a trading halt by the ASX with an announcement regarding details of a proposed capital raising imminent.

This halt will remain in place until the start of normal trading on Wednesday, February 20, 2019, or when an announcement is released to the market, whichever occurs earliest.

The WA-focused gold explorer’s shares last traded at 7 cents.

READ: Nexus Minerals to drill at Wallbrook gold project in Eastern Goldfields

Nexus plans to start a reverse circulation (RC) drill program at its Wallbrook Gold Project in the Eastern Goldfields by the end of this month.

READ: Nexus Minerals identifies gold drill targets at Wallbrook project

This program will be at the Paint and Crusader prospects after high-priority drill targets were identified by geological mapping combined with other exploration data.

Paint and Crusader targets

The Paint prospect is considered prospective for Karari-style mineralisation as it shows numerous similarities to the Karari deposit of Saracen Mineral Holdings Ltd (ASX:SAR).

Crusader is considered prospective for steeply dipping sheeted mineralisation associated with sub-vertical vein sets, amenable to open pit mining.

Nexus’ RC drill program will concentrate on mineralisation from surface to a vertical depth of around 100 metres.

The recently acquired Templar prospect will also be subject to ground exploration activities during this quarter.

Historical data review and database integration of the complete 250 square kilometre Wallbrook tenement package is ongoing in 2019.

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Mon, 18 Feb 2019 14:15:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214767/nexus-minerals-in-trading-halt-with-capital-raising-news-pending-214767.html
<![CDATA[News - Nexus Minerals to drill at Wallbrook gold project on Eastern Goldfields ]]> https://www.proactiveinvestors.com.au/companies/news/214549/nexus-minerals-to-drill-at-wallbrook-gold-project-on-eastern-goldfields-214549.html Nexus Minerals Ltd (ASX:NXM) (FRA:YAK) specialises in exploration in the Goldfields-Esperance region of Western Australia. It is run by Andy Tudor, a geologist who has more than 34 years experience in the mining industry who previously headed up Navigator Resources Limited (ASX:NAB).

What does Nexus Minerals own?

Nexus’ key asset is the Wallbrook Gold Project less than 100 kilometres north-northeast of Kalgoorlie-Boulder in WA.

The company snapped up the project from Saracen Mineral Holdings Limited (ASX:SAR) for about 1.5 million Nexus shares last April.

Nexus’ pick-up included an ore purchase agreement that would let the company process ore at miner Saracen’s Carosue Dam operations 35 kilometres south of the project area on a haul road network.

The 4 million ounce Carosue Dam operation is less than 5 kilometres along strike from another Nexus gold project, the Pinnacles earn-in project which Nexus partly holds with Saracen in a JV.

About 5 million ounces of gold resources in the same district as the project are hosted in a similar geological setting to that underlying the Nexus tenement holding.

Nexus increased its ground at Wallbrook project by 190 square kilometres, or 317%, to more than 250 square kilometres last November after grabbing three tenements from Newmont Mining Corp’s (NYSE:NEM) Newmont Exploration.

Nexus’ work program at the project in the March quarter will include geophysical programs such as gravity and ground magnetics, R&D sampling and drill testing of priority exploration targets.

High-priority drill targets have already been identified at the project’s Paint and Crusader prospects, and a reverse circulation (RC) drill program is planned for later this month.

Paint is prospective for mineralisation similar to Saracen’s operating Karari mine while Crusader has open pit potential

The Templar prospect pick-up will also be subject to ground exploration this quarter.

Nexus has already drilled 3,992-metres in a reverse circulation program at Wallbrook project.

High-grade gold intersections from 1-metre samples were: 3 metres grading 19.36 g/t, including 2 metres at 27.18 g/t; and 3 metres grading 6.04 g/t.

Wallbrook’s mineralisation, alteration style and grades are analogous to Karari and Saracen’s historical Porphyry and Wallbrook mines.

Another asset for Nexus in the Eastern Goldfields is Pinnacles project south of Carosue Dam.

The Pinnacles joint venture lies northeast of Kalgoorlie-Boulder and Northern Star Resources’ (ASX:NST) (FRA:NS7) (OTCMKTS:NESRF) 25-year-old Kanowna Belle gold mine.

Saracen is Nexus’ partner on the 8 square kilometre Pinnacles Gold Project, with Nexus able to earn into a stake of up to 85% in the project through $1 million expenditure over a five-year period from 2015.

Once the Pinnacles Regional Gold Project tenements are included, total Pinnacles land is 100 square kilometres.

Saracen also agreed to buy Pinnacles project ore and process it through Carosue Dam.

Next steps at Pinnacles include geological and structural mapping.

Nexus has two other projects in its Eastern Goldfields portfolio, Mt Celia and Triumph, south of the towns of Leonora and Laverton.

The projects are near Matsa Resources Limited’s (ASX:MAT) (FRA:KB2) Lake Carey exploration and development project and planned Fortitude gold mine.

They are also in the same district as AngloGold Ashanti Limited’s (NYSE:AU) (JSE:ANG) (FRA:AOD) (OTCMKTS:AULGF) Sunrise Dam gold mine and Gold Fields Limited’s (NYSE:GFI) (JSE:GFI) (SWX:GOLI) (OTCMKTS:GFIOF) Granny Smith operations.

Inflection points

Progress of continued drilling at Wallbrook Gold Project

Advancement of Pinnacles Gold Project and progression of project earn-ins

Gold mining sentiment and wider support for Goldfields projects

Success of Goldfields neighbours with more mature projects

Managing director Andy Tudor flags upcoming drill program

“The Wallbrook project now is a full 250 square kilometres (in) a very large, contiguous package,” Nexus managing director Andy Tudor told the Proactive Investors Stocktube video channel in an interview earlier this week. “We’re getting ready for a fairly-extensive drill program and that’s all very exciting.”

 

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Wed, 13 Feb 2019 16:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214549/nexus-minerals-to-drill-at-wallbrook-gold-project-on-eastern-goldfields-214549.html
<![CDATA[Media files - Nexus Minerals MD details upcoming exploration works at Wallbrook Gold Project ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12157/nexus-minerals-md-details-upcoming-exploration-works-at-wallbrook-gold-project-12157.html Mon, 11 Feb 2019 12:04:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12157/nexus-minerals-md-details-upcoming-exploration-works-at-wallbrook-gold-project-12157.html <![CDATA[News - Nexus Minerals identifies gold drill targets at Wallbrook Project ]]> https://www.proactiveinvestors.com.au/companies/news/213848/nexus-minerals-identifies-gold-drill-targets-at-wallbrook-project-213848.html Nexus Minerals Ltd (ASX:NXM) has completed geological mapping of the Paint and Crusader prospects within its Wallbrook Gold Project in the Eastern Goldfields of Western Australia.

The mapping combining with other exploration data has allowed the company to identify high-priority drill targets.

A reverse circulation (RC) drill program is planned for late February 2019.

READ: Nexus Minerals outlines busy work program at Wallbrook

The Paint prospect is considered to be prospective for Karari-style mineralisation.

The prospect shows numerous similarities to the Karari deposit owned by Saracen Mineral Holdings Ltd (ASX:SAR).

Exploration at Paint to date, which includes multiple surveys, has resulted in the identification of a priority drill target area.

Crusader has open pit gold potential

The Crusader prospect is considered to be prospective for steeply dipping sheeted mineralisation associated with sub-vertical vein sets, amenable to open pit mining.

Nexus’ RC drill program will concentrate on mineralisation from surface to a vertical depth of around 100 metres.

Similar to paint, previous exploration has been used to identify a priority drill target area.

Recently acquired Templar prospect planned exploration

The recently acquired Templar prospect will be subject to ground exploration activities in the current March quarter.

Historical data review and database integration of the complete 250 square kilometre Wallbrook tenement package has commenced and will be ongoing in 2019.

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Mon, 04 Feb 2019 10:49:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213848/nexus-minerals-identifies-gold-drill-targets-at-wallbrook-project-213848.html
<![CDATA[News - Nexus Minerals outlines busy work program at Wallbrook ]]> https://www.proactiveinvestors.com.au/companies/news/213203/nexus-minerals-outlines-busy-work-program-at-wallbrook-213203.html Nexus Minerals Ltd (ASX:NXM) will focus exploration efforts on its Wallbrook Gold Project in Western Australian during the current March quarter.

During the recent December quarter Nexus undertook ground-based exploration activities at Wallbrook, which it acquired from Saracen Mineral Holdings Ltd (ASX:SAR).

Wallbrook is considered underexplored and highly prospective for the discovery of significant gold mineralisation.

Drilling completed by Nexus in 2018 demonstrated this prospectivity.

READ: Nexus Minerals sets sight on discovering Eastern Goldfields’ next large-scale gold deposit

Notably, within the project’s district 5 million ounces of gold resources are hosted in a similar geological setting to that underlying the Nexus tenement holding.

During the December quarter Nexus also completed the Newmont tenement acquisition, increasing the Wallbrook Project.

READ: Nexus Minerals adds to Wallbrook ground after completing acquisition from Newmont

The work plan for the current March quarter at Wallbrook is as follows:

• Historical data review and database integration of new tenements;
• Geological and structural mapping;
• Analysis of regional geochemistry;
• Geophysical programs including gravity and ground magnetics;
• R&D sampling; and
• Drill testing of priority exploration targets.

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Thu, 24 Jan 2019 09:31:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213203/nexus-minerals-outlines-busy-work-program-at-wallbrook-213203.html
<![CDATA[Media files - Nexus Minerals will be busy in 2019 with two-pronged approach for Wallbrook project ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11646/nexus-minerals-will-be-busy-in-2019-with-two-pronged-approach-for-wallbrook-project-11646.html Wed, 19 Dec 2018 09:15:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11646/nexus-minerals-will-be-busy-in-2019-with-two-pronged-approach-for-wallbrook-project-11646.html <![CDATA[News - Nexus Minerals adds to Wallbrook ground after completing acquisition from Newmont ]]> https://www.proactiveinvestors.com.au/companies/news/210168/nexus-minerals-adds-to-wallbrook-ground-after-completing-acquisition-from-newmont-210168.html Nexus Minerals Ltd (ASX:NXM) has completed the acquisition of three tenements adjacent to its Wallbrook Gold Project in WA from Newmont Mining Corp’s (NYSE:NEM) Newmont Exploration.

The 190 square kilometres of tenements means Wallbrook now covers 250 square kilometres of highly prospective geological units known to host significant district gold mineralisation.

READ: Nexus Minerals sets sight on discovering Eastern Goldfields’ next large-scale gold deposit

Nexus plans to accelerate exploration across the enlarged underexplored project within WA’s Eastern Goldfields.

In this regard, the company has started high-resolution ground magnetic survey work and geological/structural mapping.

A gravity survey and gradient array induced polarisation (IP) survey are due to begin next week.

READ: Nexus Minerals acquiring additional tenements to expand its Wallbrook Gold Project

The new ground has been acquired for total consideration of $13,100 and a 2% net smelter royalty on all mineral product extracted and recovered from the tenements.

These new tenements are along strike immediately to the north, south and encompassed within the existing project tenements.

The Wallbrook project is considered underexplored and highly prospective for the discovery of significant gold mineralisation.

Recent drilling completed by Nexus has demonstrated this prospectivity.

Nexus Minerals’ Wallbrook Gold Project in WA’s Eastern Goldfields.

Exploration plans

Exploration activities to be undertaken at Wallbrook over the coming six months include:

- Historical data review and database integration; - Geological and structural mapping; - Analysis of regional geochemistry; - Ground magnetic survey; - Gravity and IP surveys; and - Drilling of exploration targets identified.

The drilling is expected to begin during the March quarter of 2019.

Nexus is actively exploring for gold deposits on its highly prospective tenement package in the Eastern Goldfields.

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Thu, 29 Nov 2018 11:06:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210168/nexus-minerals-adds-to-wallbrook-ground-after-completing-acquisition-from-newmont-210168.html
<![CDATA[News - Nexus Minerals sets sight on discovering Eastern Goldfields’ next large-scale gold deposit ]]> https://www.proactiveinvestors.com.au/companies/news/207905/nexus-minerals-sets-sight-on-discovering-eastern-goldfields-next-large-scale-gold-deposit-207905.html Nexus Minerals Ltd (ASX:NXM) is aiming to discover a large-scale gold deposit at its strategic landholding in the Eastern Goldfields of Western Australia.

The company is currently progressing substantial ground-based exploration activities at its Wallbrook Gold Project.

Nexus is also exploring for gold deposits at the Pinnacles Gold Project which is less than 5 kilometres along strike from the +4-million ounce Carosue Dam operation, owned and operated by Saracen Mineral Holdings (ASX:SAR).

Nexus project locations

Last month, Nexus confirmed high-grade gold drilling results from its 3,992-metre reverse circulation drill program at the Wallbrook Gold Project.

READ: Nexus Minerals’ drilling confirms high-grade gold intersections at Wallbrook Gold Project

High-grade intersections from 1-metre samples include:

3 metres at 19.36 g/t gold (including 2 metres at 27.18 g/t gold);

3 metres at 6.04 g/t gold (including 1 metre at 14.76 g/t gold); and

3 metres at 4.88 g/t gold (including 1 metre at 9.70 g/t gold).

Importantly, the results confirm the presence of high grade mineralised zones within a broader low-grade mineralised halo.

The mineralisation, alteration style and grades are analogous to Saracen’s operating Karari mine and their historical Porphyry and Wallbrook mines.

READ: Nexus Minerals acquiring additional tenements to expand its Wallbrook Gold Project

Nexus recently signed an agreement with Newmont Mining Corp's (NYSE:NEM, SWX:NEM, ETR:NMM, VIE:NEWM) Newmont Exploration to purchase three tenements covering about 190 square kilometres of prospective geological terrain contiguous with Nexus’ existing Wallbrook Gold Project.

Post completion, the greater gold project will cover 250 square kilometres of prospective geological units known to host significant district-scale gold mineralisation.

Nexus has planned a series of exploration activities to be completed during Q4 2018 at Wallbrook, including:

geological, alteration and structural mapping;

grid-induced polarisation (IP) and resistivity geophysical survey over the Paint prospect;

ground magnetic survey over the Paint prospect;

gravity survey and ground magnetic surveys covering the new Templar prospect;

priority drill target selection for 2019 drill program.

 

The company has also planned exploration activities on the new tenements at Wallbrook that were acquired from Newmont.

Newmont will provide a regional database to help Nexus with historical data compilation and exploration strategy development.

The Pinnacles Gold Project is all but throwing distance to Saracen’s Karari mine and from an exploration perspective Nexus has only scratched the surface in seeking out a Karari-style deep plunging ore body.

The company’s current exploration focus at Pinnacles is the GT7 anomaly which exhibits the following Carosue Dam-style gold features:

elevated gold and pathfinder geochemistry;

a northeast/southwest fault splay location off the Yilgangi Fault; and

positioning over a gravity low.

Nexus' 6-month program

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Fri, 26 Oct 2018 16:43:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207905/nexus-minerals-sets-sight-on-discovering-eastern-goldfields-next-large-scale-gold-deposit-207905.html
<![CDATA[Media files - Nexus Minerals about to do a lot of ground work on newly enlarged Wallbrook Project ]]> https://www.proactiveinvestors.com.au/companies/stocktube/10632/nexus-minerals-about-to-do-a-lot-of-ground-work-on-newly-enlarged-wallbrook-project-10632.html Thu, 27 Sep 2018 13:00:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/10632/nexus-minerals-about-to-do-a-lot-of-ground-work-on-newly-enlarged-wallbrook-project-10632.html <![CDATA[News - Nexus Minerals acquiring additional tenements to expand its Wallbrook Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/205275/nexus-minerals-acquiring-additional-tenements-to-expand-its-wallbrook-gold-project-205275.html Nexus Minerals Ltd (ASX:NXM) has signed an agreement with Newmont Exploration to acquire a 190 square kilometre tenement package adjacent to Nexus’ Wallbrook Gold Project in Western Australia.

Nexus will acquire the tenements for a total consideration of $13,100 and a 2% net smelter royalty on all mineral product extracted and recovered from the tenements.

The tenements are located along strike immediately to the north, south and encompassed within the existing Wallbrook Gold Project tenements owned by Nexus.

Over 5 million ounces of gold resources within the Carosue Dam district are hosted in a similar geological setting to Nexus’ tenement holding

Post completion, Nexus’ greater Wallbrook Gold Project will cover 250 square kilometres of prospective geological units known to host significant district gold mineralisation.

READ: Nexus Minerals’ drilling confirms high-grade gold intersections at Wallbrook Gold Project

Nexus recently confirmed high-grade gold hits from a reverse circulation (RC) drill program at Wallbrook.

High-grade intersections from 1 metre samples include:

• 3 metres at 19.36 g/t gold (including 2 metres at 27.18 g/t gold);
• 3 metres at 6.04 g/t gold (including 1 metre at 14.76 g/t gold); and
• 3 metres at 4.88 g/t gold (including 1 metre at 9.70 g/t gold).

Upcoming exploration program

Exploration activities to be undertaken at the Wallbrook Gold Project over the coming six months will include:

• Historical data review and database integration;
• Geological and structural mapping;
• Analysis of regional geochemistry;
• Geophysical programs including gravity and induced polarisation (IP) surveys; and
• Drilling of exploration targets identified.

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Thu, 20 Sep 2018 11:29:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205275/nexus-minerals-acquiring-additional-tenements-to-expand-its-wallbrook-gold-project-205275.html
<![CDATA[News - Nexus Minerals’ drilling confirms high-grade gold intersections at Wallbrook Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/204291/nexus-minerals-drilling-confirms-high-grade-gold-intersections-at-wallbrook-gold-project-204291.html Nexus Minerals Limited (ASX:NXM) has revealed the final results of its 3,992-metre reverse circulation (RC) drill program at the Wallbrook Gold Project in the Eastern Goldfields of Western Australia.

The Wallbrook RC program comprised 18 holes drilled to a maximum depth of 300 metres, across three prospect areas. The drill holes successfully tested high priority drill targets and exploration technique methodology.

High-grade intersections from 1 metre samples include:
• 3 metres at 19.36 g/t gold (including 2 metres at 27.18 g/t gold)
• 3 metres at 6.04 g/t gold (including 1 metre at 14.76 g/t gold)
• 3 metres at 4.88 g/t gold (including 1 metre at 9.70 g/t gold)

1-metre assay results from RC drill holes (>2 g/t gold)

Importantly, the results confirm the presence of high grade mineralised zones within broader low-grade mineralised halo.

The mineralisation, alteration style and grades are analogous to Saracen Mineral Holdings’ (ASX:SAR) operating Karari mine, and their historical Porphyry and Wallbrook mines.

READ: Nexus Minerals assays gold in all 18 holes drilled at Wallbrook

The results from Nexus’ drilling show that the prospective rocks are being mapped quite accurately with the use of gravity and induced polarisation (IP) geophysics.

These prospective altered rocks occur over an extensive corridor striking 10’s of kilometres with widths of up to 1-kilometre within the Nexus tenement package and are widely gold mineralised within this zone.

This now provides ‘proof of concept’ and focus for ongoing exploration planning throughout the complete 60 square kilometres tenement package.

Targeted exploration of the project area will utilise surface geology and geochemistry, in conjunction with gravity / IP survey results and historical aeromagnetic data, to guide exploration drill programs.

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Thu, 06 Sep 2018 12:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204291/nexus-minerals-drilling-confirms-high-grade-gold-intersections-at-wallbrook-gold-project-204291.html
<![CDATA[News - Nexus Minerals assays gold in all 18 holes drilled at Wallbrook ]]> https://www.proactiveinvestors.com.au/companies/news/202243/nexus-minerals-assays-gold-in-all-18-holes-drilled-at-wallbrook-202243.html Nexus Minerals Ltd (ASX:NXM) has completed drill programs at both its Wallbrook Gold Project and Pinnacles GT6 prospect in Western Australia.

The 18-hole, 3,922-metre reverse circulation (RC) drill program at Wallbrook intersected gold in all holes including 4 metres at 12.86 g/t gold.

Significantly, the mineralisation, alteration style and grades are analogous to the nearby mines including the operating Karari gold mine owned by Saracen Mineral Holdings Ltd (ASX:SAR).

Four prospects targeted in drilling at Wallbrook

Next phase of drilling to target high-grade mineralisation

Nexus’s managing director Andy Tutor said: “These first pass drill results are extremely encouraging and prove the efficacy of combined geology, geophysics and deep RC drilling in this underexplored region.

“Ongoing exploration work and modelling will focus on refining geophysical and geological interpretation and extending geophysical datasets with an aim of identifying controls and vectors towards high grade mineralisation prior to the next phase of drilling.”

Assays pending from aircore program at Pinnacles

The Pinnacles GT6 prospect is within the Pinnacles Project in the Eastern Goldfields of Western Australia, south of the Wallbrook project.

The GT6 aircore program consisted of 53 holes for 4,156 metres along 7 drill lines 150 metres apart.

Drilling was following up previous results including 12 metres at 3.27 g/t gold.

Multi-element geochemistry results are pending.

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Mon, 06 Aug 2018 10:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202243/nexus-minerals-assays-gold-in-all-18-holes-drilled-at-wallbrook-202243.html
<![CDATA[News - Nexus Minerals’ Andy Tudor to outline gold drilling progress at Proactive's CEO Sessions ]]> https://www.proactiveinvestors.com.au/companies/news/201005/nexus-minerals-andy-tudor-to-outline-gold-drilling-progress-at-proactive-s-ceo-sessions-201005.html Nexus Minerals Ltd’s (ASX:NXM) managing director Andy Tudor will present at next week's Proactive Investors CEO Sessions.

The company provides an interesting valuation as it holds $4 million in cash and has a market cap of $7 million, which provides an enterprise value of just $3 million.

Nexus is focused on gold exploration in Western Australia’s Eastern Goldfields and has upcoming news flow based on its biggest quarter of drilling to date.

A 6,000-metre aircore drill program is almost complete ahead of schedule at the Pinnacles Gold Project, which Nexus holds in a joint venture with Saracen Mineral Holdings Limited (ASX:SAR).

This is following up promising results from a 4,000-metre aircore drill program earlier this year, which included 12 metres at 3.27 g/t gold from 100 metres.

At the Wallbrook Gold Project, which was recently acquired from Saracen, a 4,000-metre RC drill program is advancing with first results expected in August.

Register today to find out more.

Sydney details, Monday, July 23, 2018

Melbourne details, Tuesday, July 24, 2018

Or call John Phillips on (02) 9280 0700

The Proactive CEO Sessions will feature five presenting companies in total.

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Wed, 18 Jul 2018 15:47:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201005/nexus-minerals-andy-tudor-to-outline-gold-drilling-progress-at-proactive-s-ceo-sessions-201005.html
<![CDATA[Media files - Nexus Minerals wrapping drill programs at two eastern goldfields projects this week ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9766/nexus-minerals-wrapping-drill-programs-at-two-eastern-goldfields-projects-this-week-9766.html Tue, 03 Jul 2018 18:46:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9766/nexus-minerals-wrapping-drill-programs-at-two-eastern-goldfields-projects-this-week-9766.html <![CDATA[News - Nexus Minerals is cashed up and leveraged to gold exploration success ]]> https://www.proactiveinvestors.com.au/companies/news/198225/nexus-minerals-is-cashed-up-and-leveraged-to-gold-exploration-success-198225.html Nexus Minerals Ltd (ASX:NXM) provides an intriguing valuation, holding $4.2 million in cash at the end of March 2018, while have a market cap in the region of $6 million.

This provides Nexus with an enterprise value of just $2 million.

Nexus has now commenced a dual-exploration strategy in the Eastern Goldfields of Western Australia.

Aircore drill program

First up is a 6,000 metre aircore drill program at the Pinnacles GT6 prospect which will consist of 56 holes, along 7 drill lines 150 metres apart, with 50 metre drill centres along the lines.

They will be drilled to top of fresh rock with samples subjected to multi-element geochemical analysis and geological / alteration mapping.

Results from the initial round of drilling earlier in the year at the prospect include: 12 metres at 3.27g/t gold from 100 metres.

READ: Nexus Minerals hits high-grade gold at GT6 prospect Reverse circulation drilling

Nexus is also undertaking a 4,000 metre reverse circulation program at the Wallbrook gold project.

The program will comprise around 20 holes to a maximum depth of 350 metres, across a number of prospect areas.

Nexus acquired Wallbrook from Saracen Mineral Holdings Ltd (ASX:SAR)

The transaction includes an ore purchase agreement, whereby any future ore mined from the project tenement may be purchased by Saracen for processing through its 2.4Mtpa CIL processing plant at Carosue Dam Operations, 35 kilometres to the south of the project area via existing haul road network.

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Tue, 05 Jun 2018 10:37:00 +1000 https://www.proactiveinvestors.com.au/companies/news/198225/nexus-minerals-is-cashed-up-and-leveraged-to-gold-exploration-success-198225.html
<![CDATA[News - Nexus Minerals hits high-grade gold at GT6 prospect in Western Australia’s Eastern Goldfields ]]> https://www.proactiveinvestors.com.au/companies/news/196498/nexus-minerals-hits-high-grade-gold-at-gt6-prospect-in-western-australias-eastern-goldfields-196498.html Nexus Minerals Ltd (ASX:NXM) has enhanced its golden future after receiving a wide high-grade gold intersection from GT6 prospect of the Pinnacles project in Western Australia’s Eastern Goldfields.

A 12-metre intersection from 100 metres returned 3.27 g/t gold, including 4 metres from 108 metres at 6.37 g/t.

The company has received initial results from a recently completed 76-hole, 4,672-metre aircore drill program which was drilled to the top of fresh rock.

READ: Nexus Minerals searches for the next Karari at Pinnacles Gold Project

Four broad spaced lines were drilled, testing a 3 kilometre by 600-metre surface auger gold anomaly.

Nexus has received 4-metre composite gold results from about 50% of the program with the remainder due this month.

Pinnacles project is largely under-explored and commences less than 5 kilometres south of, and along strike from the Carosue Dam operations.

This 4-million ounce plus mining operation, which includes the Karari underground gold mine, is owned by Saracen Mineral Holdings Limited (ASX:SAR).

READ: Nexus Minerals begins drilling as it seeks to enhance gold potential at Pinnacles

During the aircore program, gold mineralisation was intersected adjacent to the major Yilgangi Fault splay regional structure, over a gravity low.

This structure is synonymous with all Carosue Dam deposits.

An auger regional geochemical sampling program has also been completed infilling three targets identified in a first pass regional auger geochemical program with results pending.

Follow-up program

A 6,000-metre follow-up aircore program covering an 800-metre by 400-metre core anomaly is expected to start at GT6 in early June.

Nexus holds 125 square kilometres of highly prospective geological terrain within a major regional structural corridor and is exploring for gold deposits.

The company also has a joint venture over the Pinnacles JV Gold Project with Saracen.

Nexus recently acquired the Wallbrook tenement package from Saracen in a transaction completed at the start of April.

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Tue, 08 May 2018 09:49:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196498/nexus-minerals-hits-high-grade-gold-at-gt6-prospect-in-western-australias-eastern-goldfields-196498.html
<![CDATA[News - Nexus Minerals searches for the next Karari at Pinnacles Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/195306/nexus-minerals-searches-for-the-next-karari-at-pinnacles-gold-project-195306.html Nexus Minerals Ltd (ASX:NXM) is actively exploring for gold deposits on its highly prospective tenement package in the Eastern Goldfields of Western Australia.

The recent addition of the Wallbrook tenement package will further advance these gold exploration efforts.

Nexus Minerals’ flagship Pinnacles Gold Project is largely unexplored and commences less than 5 kilometres to the south of, and along strike from Carosue Dam.

This 4-million ounce plus Carosue Dam operation is owned and operated by Saracen Mineral Holdings Limited (ASX:SAR).

Nexus has more than just a neighbourly association with Saracen

Nexus acquired the Wallbrook tenement package from Saracen in a transaction completed at the start of April.

The upfront consideration of 1.5 million Nexus shares, as well as an agreement to subscribe for 3.8 million shares at a price of 8.4 cents per share with attaching options will see Saracen take a sizeable stake in the group.

This has also helped Nexus to maintain its robust cash position of about $4.5 million, suggesting its market capitalisation of $7 million is shy of fair value.

Wallbrook highly prospective

The Wallbrook region has historical production of more than 350,000 ounces but none of this was from the tenements now owned by Nexus.

Consequently, while considered highly prospective, it is currently an unknown quantity.

Ore mined from the Wallbrook tenement may be purchased by Saracen for processing through its Carosue Dam operations.

However, as mentioned, Nexus’ relationship with Saracen extends beyond its financial stake in the company with its Pinnacles project adjoining Saracen’s tenements.

Pinnacles is all but throwing distance to Saracen’s Karari mine and from an exploration perspective Nexus has only scratched the surface in seeking out a Karari-style deep plunging ore body.

About Karari

Karari was one of the original deposits that constituted justifying the construction of the Carosue processing facility in 1999.

The pit lies about 500 metres to the south of the Carosue Dam processing plant, with all ore trucked to the mill.

Historically, this was a high tonnage deposit which lent itself to additional cutbacks and potentially a bulk mining method for an underground operation.

Average grade of 1.8 g/t gold

Over its four-year life, 4.7 million tonnes of ore averaging 1.8 g/t for 278,000 ounces were mined from the Karari deposit.

From a geological perspective, mineralisation is dominated by silica-sericite-pyrite alteration hosted in a broad hematite altered sandstone unit.

The Karari underground mine in 2017.

A series of north plunging high-grade ore shoots are developed at the intersection of key mineralised structures.

Identifying similar geological features, particularly deep plunging shoots, at Pinnacles would be an early indication that Nexus is on the right track.

Possibility of a Karari-type strike

Nexus holds a 125 square kilometre land package of highly prospective terrain within a major regional structural corridor, giving itself a fair chance of a Karari-type strike.

The company also has a joint venture over the Pinnacles JV Gold Project with Saracen.

This joint venture is consistent with the company’s strategy of investing in advanced gold exploration assets.

Regional geological, geophysical and structural interpretation has enabled early stage targeted and focused auger surface geochemical sampling and reverse circulation drilling.

Similar exploration approach to Karari in the 1990s

This was the strategy employed during the developmental stages of Karari in the 1990s.

Aircore results shaped a targeted reverse circulation drilling program which eventually delineated deeper high-grade mineralisation.

Consequently, recent drilling which only covered a portion of the Pinnacles territory could be viewed as the start of something bigger.

Two holes with widths of about 20 metres at Pinnacles graded 0.9 g/t and 0.8 g/t gold at depths of 10 metres and 14 metres respectively.

Interestingly, relatively wide intersections of 10 metres and 14 metres respectively were delineated in both holes which graded 1.6 g/t and 1 g/t.

The price is right

In fiscal 2013, the mid-range gold price was US$1,525.

Saracen saw the benefits in developing Karari at the prevailing gold price despite having an average grade of about 1.5 g/t gold.

During that period the mid-range AUD:USD exchange rate was US$0.97.

This equates to an Australian dollar gold price of US$1,570.

The gold price is currently about US$1,345 an ounce and the exchange rate is around US$0.78.

This translates to an Australian dollar gold price of about $1,725.

Determining economic viability

It could be argued that if Karari was worth developing then, a similar deposit at Pinnacles would be deemed as economically viable today.

Under Saracen’s ownership, Karari delivered 1.3 million tonnes of ore at a grade of 1.48 g/t for 60,740 ounces in fiscal 2013.

Karari was worth progressing in 2013 with the gold price hovering some $150 per ounce lower than it is now, and Saracen’s investment in the project has delivered strong returns.

The deeper you go the better it gets at Karari

Karari has now been developed to a depth of 230 metres below the open pit and Saracen has invested in dual declines to efficiently extract multiple ore loads.

Remember, Nexus’ drill results were from a mid-range level of 12 metres.

Is also worth noting that what was deemed as the Karari ‘discovery hole’ drilled in 1997 returned 12 metres at 2.05 g/t gold from 38 metres.

This was at a time when the gold price was hovering in the vicinity of US$300 per ounce.

Karari production up 66% and grades of 9.3 g/t identified at depth

Total ore production from Karari in fiscal 2017 was 866,000 tonnes at 2.8 g/t for 77,000 ounces, a 66% increase on the previous year's tonnage.

Underground drilling at Karari has continued through the year from two additional drill platforms, resulting in the ore body being extended a further 100 metres down dip.

However, its best days may be ahead with outstanding results released in February, demonstrating wide high-grade intersections.

These included 17.3 metres at 8.3 g/t, 44.7 metres at 4.4 g/t and 12.2 metres at 9.3 g/t.

The average depth of Karari and Saracen’s other underground mines in that region are 350 metres

However, it was a discovery at 38 metres and ongoing success over time, that has enticed Saracen to dig another 300 metres.

Can Nexus come up with that discovery hole?

investors will be watching Nexus as it undertakes further drilling at Pinnacles.

Drill results from the recent 8-hole program at Pinnacles provided the company with encouragement to test the full 3-kilometre by 600-metre extent of the anomalous gold zone referred to as the GT6 anomaly.

The geological and mineralisation features exhibited to date are consistent with results returned from initial exploration programs at the Karari gold mine in the mid-1990s.

The Karari-style gold mineralisation is known to be confined to volcaniclastic sediments and is associated with quartz-hematite alterations.

These features were observed in recent drilling and prospects with these characteristics will be subject to targeted exploration programs in 2018.

Could 6000-metres of drilling at GT6 be a defining moment?

The recently commenced 6000-metre/75-hole aircore drill program at the GT6 anomaly will be crucial in terms of providing evidence as to the existence of a major gold mineralised system.

The anomaly is on a north-south offset of the Yilgangi Fault, a structural setting synonymous with all Carosue Dam deposits.

In addition to this, the anomaly is situated over Carosue Dam Basin sediments and is proximal to a 1.7-kilometre gravity low corridor.

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Thu, 19 Apr 2018 07:56:00 +1000 https://www.proactiveinvestors.com.au/companies/news/195306/nexus-minerals-searches-for-the-next-karari-at-pinnacles-gold-project-195306.html
<![CDATA[News - Nexus Minerals completes acquisition of Wallbrook Gold Project near Saracen's Carosue Dam ]]> https://www.proactiveinvestors.com.au/companies/news/194379/nexus-minerals-completes-acquisition-of-wallbrook-gold-project-near-saracen-s-carosue-dam-194379.html Nexus Minerals Ltd (ASX:NXM) has completed the acquisition of Wallbrook Gold Project from Saracen Mineral Holdings Limited (ASX:SAR) for consideration of about 1.5 million Nexus shares.

Saracen also subscribed for 3.8 million Nexus shares at a price of 8.4 cents per share with attaching options, providing the group with capital to invest in the Wallbrook project.

In keeping with management’s strategy

This acquisition is consistent with Nexus' strategy of investing in advanced gold exploration assets.

The transaction also includes an ore purchase agreement.

This would enable future ore mined from the project tenement to be purchased by Saracen for processing through its 2.4 million tonnes per annum processing plant.

The plant is part of Saracen’s Carosue Dam Operations, which lie 35 kilometres south of the project area via an existing haul road network.

Wallbrook underexplored

Nexus is actively exploring for gold deposits on its highly prospective tenement package in the Eastern Goldfields of Western Australia.

The addition of the Wallbrook tenement package will further advance these exploration efforts.

Nexus’ tenement package at the Pinnacles Gold Project is largely underexplored and the recent commencement of drilling could deliver promising news.

READ: Nexus Minerals begins drilling as it seeks to enhance gold potential at Pinnacles

The Pinnacles project is less than 5 kilometres to the south of, and along strike from, Saracen’s 4 million ounce plus Carosue Dam mining operations. 

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Fri, 06 Apr 2018 09:11:00 +1000 https://www.proactiveinvestors.com.au/companies/news/194379/nexus-minerals-completes-acquisition-of-wallbrook-gold-project-near-saracen-s-carosue-dam-194379.html
<![CDATA[News - Nexus Minerals begins drilling as it seeks to enhance gold potential at Pinnacles ]]> https://www.proactiveinvestors.com.au/companies/news/194202/nexus-minerals-begins-drilling-as-it-seeks-to-enhance-gold-potential-at-pinnacles-194202.html Nexus Minerals Ltd (ASX:NXM) has started an extensive aircore drilling program at the GT6 prospect of its Pinnacles Gold Project in Western Australia’s Eastern Goldfields.

The 6,000-metre program will test the full 3-kilometre by 600-metre extent of the anomalous gold zone.

A regional auger geochemical sampling program is also underway with the aim of infilling three key target areas identified in previous regional programs.

READ: Nexus Minerals’ drilling continues to highlight gold potential at Pinnacles

Shares are up almost 7% to 8 cents.

Results from the company’s initial drill program at GT6 in 2017 provided encouragement to test the full extent of the anomalous zone.

Geological and mineralisation features exhibited to date are consistent with results from initial exploration at Karari gold mine, 20 kilometres to the north, in the mid-1990s.

Karari is part of the 4 million ounce Carosue Dam operations of Saracen Mineral Holdings Limited (ASX:SAR), which also include the Whirling Dervish mine.

Near operating gold mine

Nexus’ Pinnacles regional project comprises 125 square kilometres of highly prospective geological terrain within a major regional structural corridor south of the Saracen properties.

It also has the Pinnacles Joint Venture Gold Project with Saracen northwest of GT6.

Auger soil survey results and prospect areas in the Carosue Dam Basin.

The aircore program will comprise about 75 holes drilled to the top of fresh rock.

Bottom of hole samples will be subjected to multi-element geochemical analysis and geological/alteration mapping.

Seeking major gold system

These elements will be critical in providing evidence of the existence of a major gold mineralising system.

The setting of the GT6 anomaly is considered highly prospective for the discovery of significant gold mineralisation.

It is on a north-south offset of the Yilgangi Fault, a structural setting synonymous with all Carosue Dam deposits.

Extensive anomaly

GT6 is an extensive anomaly comprising three areas, the main central anomaly and two smaller anomalies to the south and north.

The larger central anomaly forms a rough crescent shape which fringes a gravity low to the southwest.

Of the others, southern is centred on the gravity low that extends in a corridor to the south, whilst the northern anomaly is offset to the northeast of the main anomaly.

Multiple target areas

Previous regional auger geochemical sampling programs have identified multiple target areas over the Pinnacles tenement package.

The new sampling will complete first pass coverage of the project area.

It will provide infill data over three gold anomalies identified in previous regional programs.

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

Nexus recently added the Wallbrook Gold Project to its portfolio and this is expected to further advance its gold exploration efforts.

The company’s review of historical data for Wallbrook has revealed significant assay results including 3 metres at 16.6 g/t gold, 5 metres at 13.0 g/t and 12 metres at 4.1 g/t.

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Wed, 04 Apr 2018 12:24:00 +1000 https://www.proactiveinvestors.com.au/companies/news/194202/nexus-minerals-begins-drilling-as-it-seeks-to-enhance-gold-potential-at-pinnacles-194202.html
<![CDATA[News - Nexus Minerals’ drilling continues to highlight gold potential at Pinnacles ]]> https://www.proactiveinvestors.com.au/companies/news/191744/nexus-minerals-drilling-continues-to-highlight-gold-potential-at-pinnacles-191744.html Nexus Minerals Ltd (ASX:NXM) has received positive assays from a 3,092 metre drill program at its Pinnacles Gold Project in the Eastern Goldfields of Western Australia.

Six drill holes at the GT6 prospect returned wide anomalous gold intersections including:

• 21 metres at 0.88 g/t gold, including 10 metres at 1.66 g/t gold from 18 metres; and
• 22 metres at 0.78 g/t gold, including 14 metres at 1.02 g/t gold from 9 metres.

Importantly, the drilling to date at GT6 has tested only a fraction of the 3 kilometres x 600 metres anomalous gold corridor.

Similar to the 1990 Karari discovery

The geological and mineralisation features exhibited to date are consistent with results returned from initial exploration programs at the Karari gold mine, 20 kilometres to the north, in the mid 1990’s.

The Karari discovery hole was drilled in 1997 and returned 12 metres at 2.05 g/t gold from 38 metres.

This Karari-style gold mineralisation is known to be confined to volcanic sediments and is associated with quartz-hematite alterations.

Notably, these features were observed in the recent drilling at GT6 and the prospect will be subject to targeted exploration programs in 2018.

READ: Nexus Minerals highlights gold potential at project being acquired

Nexus is actively exploring for gold deposits on its highly prospective tenement package in the Eastern Goldfields of Western Australia.

The company’s tenement package commences along strike from Saracen Mineral’s (ASX:SAR) 4 million ounce Carosue Dam mining operations, and operating Karrari underground gold mine.

The recent addition of the Wallbrook Gold Project is expected to further advance Nexus’ gold exploration efforts.

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

The company’s review of historical data for the Wallbrook Gold Project has revealed significant gold assay results including 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.

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Fri, 16 Feb 2018 11:16:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191744/nexus-minerals-drilling-continues-to-highlight-gold-potential-at-pinnacles-191744.html
<![CDATA[News - Nexus Minerals highlights gold potential at project being acquired ]]> https://www.proactiveinvestors.com.au/companies/news/190417/nexus-minerals-highlights-gold-potential-at-project-being-acquired-190417.html 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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Tue, 23 Jan 2018 09:16:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190417/nexus-minerals-highlights-gold-potential-at-project-being-acquired-190417.html
<![CDATA[News - Nexus Minerals to boost gold portfolio with acquisition from Saracen ]]> https://www.proactiveinvestors.com.au/companies/news/190133/nexus-minerals-to-boost-gold-portfolio-with-acquisition-from-saracen-190133.html Nexus Minerals Ltd’s (ASX:NXM) pending acquisition of Saracen Minerals’ (ASX:SAR) Wallbrook Gold Project is consistent with the company’s strategy of investing in advanced gold exploration assets.

Under the binding terms of agreement, Nexus Minerals will acquire the project exploration tenements package for a consideration of 1.49 million Nexus Minerals shares.

Strengthening of ties with Saracen

Saracen will also subscribe for 3.8 million shares at $0.084 per share, an 11% premium to Nexus Minerals’ 30 day volume weighted average price (VWAP).

Following the transactions, Saracen will hold an equity stake in Nexus Minerals of circa 6%.

Andy Tudor, managing director, said: “We are pleased to welcome successful Goldfields miner and existing JV partner, Saracen, as a strategic shareholder, and also have the opportunity to secure such a highly prospective tenement package at the same time.

“Saracen’s extensive experience and technical expertise in the region will be invaluable to Nexus in our exploration efforts to make the next big gold discovery in the district.”

Nexus plans to ramp up exploration

Nexus Minerals is actively exploring for gold deposits on its highly prospective tenement package in the Eastern Goldfields of Western Australia.

The addition of Wallbrook will advance these gold exploration efforts, and the company intends to accelerate exploration across the 58 square kilometre Wallbrook tenement package.

Other projects also have exploration potential

Nexus Minerals’ assets in the region are highly prospective, and include its wholly-owned Pinnacles Gold Project as well as a joint-venture agreement with Saracen where Nexus has a stake of 88%.

The company’s exploration model is targeting similar geological features to those that have been identified at the Carosue Dam Gold Project where there is surface gold in soil anomalies.

READ: Nexus Minerals’ drilling continues to highlight gold potential at Pinnacles Area largely unexplored and Nexus is well-funded

This region is largely underexplored and commences less than 5 kilometres to the south of, and along strike from, Saracen’s circa 4 million ounce Carosue Dam mining operations, which includes the Karari underground gold mine.

Nexus Minerals holds a significant land package of 125 square kilometres of highly prospective geological terrain within a major regional structural corridor.

The group is well funded with cash of circa $5 million, seemingly at odds with its market capitalisation of $8 million.

Substantial shareholder, Graham Kirk demonstrated his faith in the company in December, increasing his stake in the group from 10.5% to 12.43%.

READ: Nexus Minerals substantial shareholder increases stake to 12.43% ]]>
Wed, 17 Jan 2018 10:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190133/nexus-minerals-to-boost-gold-portfolio-with-acquisition-from-saracen-190133.html
<![CDATA[News - Nexus Minerals substantial shareholder increases stake to 12.43% ]]> https://www.proactiveinvestors.com.au/companies/news/188757/nexus-minerals-substantial-shareholder-increases-stake-to-1243-188757.html Nexus Minerals Ltd (ASX:NXM) is well funded with a cash balance over $5 million, yet its current market cap is circa $6 million, providing an enterprise value of just $1 million.

Substantial shareholder Graeme Kirke has increased his interest in the company to 12.43% from 10.5% through an on market acquisition of more than 1.58 million shares.

READ: Nexus Minerals’ drilling continues to highlight gold potential at Pinnacles

Nexus is an active gold explorer in a multi-million ounce gold region, the majority of which is largely underexplored.

Its professional and experienced management team is actively seeking gold joint venture opportunities.

Nexus holds the Pinnacles Regional Gold Project, Mt Celia Gold Project and Triumph Gold Project in the Goldfields of Western Australia.

Joint venture project with Saracen Gold Mines

It also has an 88% interest in the Pinnacles Joint Venture Gold Project with Saracen Mineral Holdings Limited (ASX:SAR).

Saracen has the Carosue Dam operations immediately north of Nexus’ Pinnacles Regional Gold Project.

Primary focus on Pinnacles Regional Gold Project

The primary focus of Nexus is on the Pinnacles Regional project and the company aims to compile and assess results from reverse circulation drilling in the first two months of 2018.

It also plans to undertake another drilling program in March and April of 2018 to follow up new target areas.

Geological and structural mapping has been scheduled for the Mt Celia project in March and April 2018.

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Thu, 14 Dec 2017 08:46:00 +1100 https://www.proactiveinvestors.com.au/companies/news/188757/nexus-minerals-substantial-shareholder-increases-stake-to-1243-188757.html
<![CDATA[News - Nexus Minerals is a well-funded explorer leveraged to news flow ]]> https://www.proactiveinvestors.com.au/companies/news/187865/nexus-minerals-is-a-well-funded-explorer-leveraged-to-news-flow-187865.html Nexus Minerals Ltd (ASX:NXM) maintains a cash balance over $5 million, yet its current market cap is circa $6 million, providing an enterprise value of just $1 million.

Nexus is an Eastern Goldfields gold explorer, and has commenced a 3000 metre follow-up reverse circulation drilling at the Pinnacles Project.

The latest results from Pinnacles confirm previous 4 metre composite sample intersections, – including: 1 metre at 20.53g/t gold, 1 metre at 5.60g/t gold, 1 metre at 3.18g/t gold and 1 metre at 1.92g/t gold.

Prospectivity

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) >4 million gold ounce Carosue Dam mining operations, and current operating Karari underground gold mine.

Nexus holds a land package covering 125 square kilometres of highly prospective geological terrain within a major regional structural corridor, and is actively exploring for gold deposits.

This positions Nexus as being leveraged to news flow.

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Tue, 28 Nov 2017 11:28:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187865/nexus-minerals-is-a-well-funded-explorer-leveraged-to-news-flow-187865.html
<![CDATA[News - Nexus Minerals’ drilling continues to highlight gold potential at Pinnacles ]]> https://www.proactiveinvestors.com.au/companies/news/186916/nexus-minerals-drilling-continues-to-highlight-gold-potential-at-pinnacles-186916.html Nexus Minerals Ltd (ASX:NXM) has received further significant gold intersections from a reverse circulation drill program at the Pinnacles Gold Project in Western Australia.

The Pinnacles gold project is located less than 10 kilometres along strike from Saracen Mineral Holdings’ (ASX:SAR) 1.97 million ounce Karari / Whirling Dervish gold mines.

Nexus’ 4-metre composite samples returned significant intersections from adjacent holes:

- 8 metres at 1.15 g/t gold (within 24 metres at 0.47 g/t gold); and
- 12 metres at 0.71 g/t gold (within 24 metres at 0.46g/t gold)

The company’s drill program was designed to test three previously identified high order auger soil geochemistry gold anomalies – GT5, GT6 and GT8.

Samples were submitted for analysis throughout the program, with the final results of the 4 metre composite sampling now all received.

Andy Tudor, managing director, commented: “These results from GT6 continue to highlight the potential for mineralisation similar to that seen nearby in the Saracen gold deposits.

“With each stage of the program, we continue to gain further knowledge regarding the geology, geochemistry and ultimately economic potential.”

Nexus will now collect and submit individual 1 metre samples for analysis, on any composite sample returning >0.1 g/t gold or exhibiting interesting geological features.

The analysis and interpretation of the results will allow follow up drilling to be planned.

Nexus is well funded with $5 million in cash and equivalents at the end of the September quarter.

Based on the latest share price of $0.078, the company has a market cap of just $6.5 million for an enterprise value of circa $1.5 million, providing room for further share price growth.

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Wed, 08 Nov 2017 14:34:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186916/nexus-minerals-drilling-continues-to-highlight-gold-potential-at-pinnacles-186916.html
<![CDATA[News - Nexus Minerals receives more results from gold drilling ]]> https://www.proactiveinvestors.com.au/companies/news/185994/nexus-minerals-receives-more-results-from-gold-drilling-185994.html Nexus Minerals (ASX:NXM) has received a new batch of results from its recently completed 48 hole, 4,108-metre drilling program at its Pinnacles Gold Project in Western Australia.

Drilling targeted three anomalies, GT5, GT6 and GT8 and results have now been received for all 17 holes drilled at the GT5 anomaly.

Anomalous gold results were returned in 7 of 17 holes at GT5 with 3 holes returning multiple anomalous zones.

The best result to date from the 17 holes assayed is 4 metres at 19.74 g/t gold from 68 metres depth.

The remaining results from 31 holes at the GT6 and GT8 anomalies are expected over the coming two weeks.

Drill program details

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

GT6 is also a high priority 2.0x0.6 kilometre gold anomaly and similarly, GT8 is a high priority 800x500 metre gold anomaly.

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.

Strong cash position

At the end of the September quarter, Nexus held $5.035 million in cash and equivalents.

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Mon, 23 Oct 2017 16:47:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185994/nexus-minerals-receives-more-results-from-gold-drilling-185994.html
<![CDATA[News - Nexus Minerals shares jump on first gold assays ]]> https://www.proactiveinvestors.com.au/companies/news/185013/nexus-minerals-shares-jump-on-first-gold-assays-185013.html 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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Wed, 04 Oct 2017 12:36:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185013/nexus-minerals-shares-jump-on-first-gold-assays-185013.html
<![CDATA[News - Nexus Minerals' shares bound higher, while valuation intrigue remains ]]> https://www.proactiveinvestors.com.au/companies/news/183865/nexus-minerals-shares-bound-higher-while-valuation-intrigue-remains-183865.html 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.

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Wed, 13 Sep 2017 08:43:00 +1000 https://www.proactiveinvestors.com.au/companies/news/183865/nexus-minerals-shares-bound-higher-while-valuation-intrigue-remains-183865.html
<![CDATA[News - Nexus Minerals delivers free kick in the Kalgoorlie Goldfields ]]> https://www.proactiveinvestors.com.au/companies/news/181089/nexus-minerals-delivers-free-kick-in-the-kalgoorlie-goldfields-181089.html Nexus Minerals Ltd (ASX:NXM,FWB:YAK) is a cashed up Western Australian gold explorer, with $5.8 million in the bank at the end of June 2017.

Considering the company's market cap of circa $6 million, this delivers an enterprise value in the region of $200,000.

Valuation conundrum

Investors are currently placing very little value of the company's assets, which include the Pinnacles JV Gold Project with the billion-dollar valued Saracen Gold Mines (ASX:SAR).

The importance of the joint venture is that it provides Nexus with a potential pathway to production by utilising existing mine and mill infrastructure.

Adding interest, the tenement package is largely unexplored and commences less than 5 kilometres south - and along strike - from Saracen's >4 million ounce Carosue Dam mining operations.

Other Nexus assets include the Pinnacles Regional Gold Project, Mt Celia Gold Project and the Triumph Gold Project.

Additional assets explained

The combined Pinnacles Gold Project area covers 100 square kilometres of highly deformed Archaean greenstone sequence of basalts, dolerites, and co-magmatic high-level intrusions.

This mafic volcanic association is overlain by a series of medium to coarse grained volcaniclastic sandstones and subordinate felsic volcanic rocks.

The Triumph Gold Project is located 145 kilometres north-east of Kalgoorlie and comprises both wholly-owned tenements covering 46 square kilometres, and a farm-in / joint venture for another 24 square kilometres.

The Mt Celia Gold Project lies 180 kilometres north-east of Kalgoorlie within the southern part of the Laverton Tectonic Zone.

This structure hosts numerous major gold mines and currently contains resources of circa 20 million ounces.

Upcoming work programs

Nexus has a busy end to 2017, and the company also remains actively looking for new joint venture activities.

At Pinnacles, the company is undertaking auger infill and a ground magnetic survey, to be followed by reverse circulation drilling.

Over at Mt Celia, soon geological and structural mapping will commence, to be followed by an auger survey.

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Wed, 19 Jul 2017 09:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/181089/nexus-minerals-delivers-free-kick-in-the-kalgoorlie-goldfields-181089.html
<![CDATA[News - Nexus Minerals reveals gold targets with auger results ]]> https://www.proactiveinvestors.com.au/companies/news/179492/nexus-minerals-reveals-gold-targets-with-auger-results-179492.html Nexus Minerals (ASX:NXM) has received results from its phase two auger soil geochemical sampling program over its Pinnacles Gold Project in the Eastern Goldfields of Western Australia.

The completion of the phase two auger survey means that circa 50% of the prospective Pinnacles regional 100 square kilometre tenement area has now been surveyed.

Auger soil results to date have now defined 16 gold anomalies.

These include one high priority target, two medium priority targets and 13 areas of interest.

A final auger soil program will be undertaken to further define the core of the anomalies and allow drill targets to be defined.


Survey details

This phase 2 program involved the collection of 836 shallow auger samples across the south eastern 25% of the tenement area.

408 samples were collected as infill samples to GT5 anomaly originally identified from phase one sampling.

Outcomes from phase two include:

- GT5 (high priority) infill sampling of phase 1 anomaly defines robust gold + bismuth-copper-molybdenum-tellurium anomaly 1.9x0.3 kilometres;
- GT6 (high priority) gold + arsenic anomaly 2.0x0.6 kilometres identified in phase 2 program; and
- GT7 (medium priority) upgraded from “broad anomalous zone” identified in phase 1 following encouraging ground investigation.

Ground geological surveys and structural mapping has also been completed over the auger soils coverage area.


Background

Nexus owns a 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 help identify Carouse Dam, a major gold deposit.


Next steps

The exploration plans at the identified targets include:

- GT5: A final auger soil program will be undertaken to reduce the sampling density to 50x40 metres to further define the core of the anomaly and allow drill targets to be defined;
- GT6: This anomaly will now be subject to infill auger sampling to 100x40 metres to define the core of the anomaly and allow drill targets to be defined;
- GT7: This anomaly will now be subject to infill auger sampling to 200x80 metres to better define the core and extent of the anomaly, thus allowing drill targets to be defined; and
- 13 other anomalies: These areas require ground geological truthing and infill auger soil lines to better define these anomalies.

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Tue, 20 Jun 2017 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/179492/nexus-minerals-reveals-gold-targets-with-auger-results-179492.html
<![CDATA[News - Nexus Minerals gets on-market support from chairman ]]> https://www.proactiveinvestors.com.au/companies/news/176341/nexus-minerals-gets-on-market-support-from-chairman-176341.html Nexus Minerals (ASX:NXM) has had its board’s chairman, Paul Boyatzis, purchase a total of 400,000 shares on market.

The shares were purchased for consideration of $32,000 and increase Boyatzis’s combined share holdings to 9.08 million shares.

Nexus most recently completed its phase one regional auger soils exploration program at the Pinnacles Gold Project in the Eastern Goldfields of Western Australia.

Exploration comprised an auger soil geochemical sampling program, the regional gravity survey and ground geological activities over the prospective Pinnacles regional 100 square kilometre tenement area.

Multiple auger soil geochemical anomalies were identified with the maximum result grading 1,552 ppb gold.

Infill auger soil lines will be undertaken to better constrain the GT5 anomaly boundaries prior to planning drill activities.

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Wed, 12 Apr 2017 11:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/176341/nexus-minerals-gets-on-market-support-from-chairman-176341.html
<![CDATA[News - Nexus Minerals substantial shareholder increases stake ]]> https://www.proactiveinvestors.com.au/companies/news/175962/nexus-minerals-substantial-shareholder-increases-stake-175962.html Nexus Minerals (ASX:NXM) has received a change of substantial interests from Graeme Kirke, advising of an increased stake to 10.5% from 9.43%.

The change was from on-market purchases.

Nexus owns a 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.

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Wed, 05 Apr 2017 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/175962/nexus-minerals-substantial-shareholder-increases-stake-175962.html
<![CDATA[News - Nexus Minerals uncovers gold anomalies in Eastern Goldfields ]]> https://www.proactiveinvestors.com.au/companies/news/175639/nexus-minerals-uncovers-gold-anomalies-in-eastern-goldfields-175639.html Nexus Minerals (ASX:NXM) has completed its phase one regional auger soils exploration program at the Pinnacles Gold Project in the Eastern Goldfields of Western Australia.

Exploration comprised an auger soil geochemical sampling program, the regional gravity survey and ground geological activities over the prospective Pinnacles regional 100 square kilometre tenement area.
988 auger samples were collected across the northern 25% of the tenement area.

Multiple auger soil geochemical anomalies were identified with the maximum result grading 1,552 ppb gold.

Other highlights included a 2.4x0.3 kilometre gold anomaly known at GT5 and a broad anomalous 1.5x2.5 kilometre gold zone.


Background

Nexus owns a 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 help identify Carouse Dam, a major gold deposit.


GT5 target details

GT5 is a high order 2.4x0.3 kilometre gold anomaly showing good strike continuity across six of the 400 metre spaced survey lines within a sheared ultramafic unit.

This area is located in a gravity low and had been highlighted previously as a zone of interest from Nexus regional aeromagnetic assessment and interpretation.

Infill auger soil lines at 100x80 metres will be undertaken to better constrain the anomaly boundaries prior to planning drill activities.

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Thu, 30 Mar 2017 09:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/175639/nexus-minerals-uncovers-gold-anomalies-in-eastern-goldfields-175639.html
<![CDATA[News - Nexus Minerals with a renewed focus in the Eastern Goldfields ]]> https://www.proactiveinvestors.com.au/companies/news/173647/nexus-minerals-with-a-renewed-focus-in-the-eastern-goldfields-173647.html Nexus Minerals (ASX:NXM) has commenced exploration including geochemical sampling and gravity surveys at its Pinnacles regional project in the Eastern Goldfields of Western Australia.

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 help identify Carouse Dam, a major gold deposit.

The company intends to focus 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.


Exploration program details

Exploration programs at the Pinnacles regional project include:

- Auger and soil geochemical sampling programs;
- Ground geological / structural mapping;
- Gravity survey over northern part of tenement package completed in late 2016;
- Gravity survey over southern part of tenement package commenced February 2017;
- Regional aeromagnetic targets follow up; and
- New regional emissivity mapping target method commenced.


Analysis

Nexus entered 2017 with $5.98 million in cash and equivalents meaning the company is well funded to conduct the current exploration programs at the Pinnacles regional project.

Nexus owns a portfolio of four gold projects all located in the Eastern Goldfields of Western Australia, providing multiple sources of exploration based news flow.

The Pinnacles regional tenement package is largely unexplored and is considered prospective geological terrain within a major regional structural corridor.

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Fri, 24 Feb 2017 08:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/173647/nexus-minerals-with-a-renewed-focus-in-the-eastern-goldfields-173647.html
<![CDATA[News - Nexus Minerals drill high-grade gold at Pinnacles ]]> https://www.proactiveinvestors.com.au/companies/news/172730/nexus-minerals-drill-high-grade-gold-at-pinnacles-172730.html Nexus Minerals (ASX:NXM) now has all the assays in from the 2425 metre drilling program over the Pinnacles East Resource area, located near Kalgoorlie in Western Australia.

Highlights include: 6 metres at 11.46g/t gold, 7 metres at 4.64g/t gold, 25 metres at 2.33g/t gold and 17 metres at 2.25g/t gold.

The principal purpose of the drill program was to provide the necessary geotechnical information required to input into the mine potential study currently underway.

Many of the high-grade intercepts confirmed the widths and grades of previous drilling.


Pinnacles East potential

Nexus recently commenced mine studies at Pinnacles East following the engagement of consultants to undertake a resource update.

The consultants will also to assist the company in determining the potential of establishing an initial open cut pit followed by an underground gold mining operation.

This is ongoing.


Well-funded

Nexus held close to $6 million in cash at the end of December 2016, and with a market cap of circa $10 million, the enterprise value is $4 million.

The company remains focused on the Pinnacles joint venture and farm-in agreement with mid-tier gold producer Saracen Gold Mines (ASX:SAR).

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Tue, 07 Feb 2017 09:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/172730/nexus-minerals-drill-high-grade-gold-at-pinnacles-172730.html
<![CDATA[News - Nexus Minerals advancing towards resource update ]]> https://www.proactiveinvestors.com.au/companies/news/172452/nexus-minerals-advancing-towards-resource-update-172452.html Nexus Minerals (ASX:NXM) mineral resource update and mine studies continued into the December quarter within the Pinnacles JV Project located in the Eastern Goldfields of Western Australia.

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

Its flagship project is the Pinnacles JV, located on an 8 square kilometre granted mining lease

The mining lease is surrounded by the Pinnacles regional project, covering 94 square kilometres.

Mine studies at Pinnacles East within the Pinnacles JV commenced during the September quarter following the engagement of consultants to undertake a mineral resource update, and also to assist in determining the potential of establishing an initial open cut pit followed by an underground gold mining operation.


Joint venture details

Nexus entered into a farm-in and joint venture agreement over the Pinnacles JV Gold Project with Saracen in late 2015, which allows it to earn up to an 85% interest in the project.

Under the agreement, Saracen will buy any ore produced and process it at their 2.4 million tonnes per annum mill at Carosue Dam Mining Operations, just 13 kilometres to the north of the project.

Nexus has full access to Saracen infrastructure, haul roads and camp facilities.


March quarter work program

During the current March quarter, Nexus intends to undertake the following activities:

- Complete mine potential studies (Pinnacles JV Gold project);
- Complete final 30% coverage of gravity survey to complete coverage of total 100 square kilometres regional tenement package (Pinnacles regional gold project); and
- Commence auger geochemical orientation survey post assessment of gravity survey data and integration with structural and geological information (Pinnacles regional gold project).

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Tue, 31 Jan 2017 15:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/172452/nexus-minerals-advancing-towards-resource-update-172452.html
<![CDATA[News - Nexus Minerals Ltd receives assays from Pinnacles gold project ]]> https://www.proactiveinvestors.com.au/companies/news/167474/nexus-minerals-ltd-receives-assays-from-pinnacles-gold-project-167474.html Nexus Minerals Ltd (ASX:NXM) has received assays from a recently completed 6 hole, 825 metre reverse circulation drill program within the Pinnacles JV Project located in the Eastern Goldfields of Western Australia.

Two holes drilled into the GT1 geophysical anomaly intersected strong silicification and sulphide alteration.

The presence of intense silicification and alteration provide for the existence of a large scale regional gold system.

Four holes drilled into the GT2 soil geochemistry anomaly returned results up to 2 metres at 1.77 g/t gold.

Exploration will continue with a 100 square kilometre gravity survey covering the complete regional tenement package to commence in early November.

Results will be used for regional first pass auger drilling.


Background

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

Its flagship project is the Pinnacles JV, located on an 8 square kilometre granted mining lease

The mining lease is surrounded by the Pinnacles regional project, covering 94 square kilometres.

Nexus entered into a farm-in and joint venture agreement over the Pinnacles JV Gold Project with Saracen in late 2015, which allows it to earn up to an 85% interest in the project.

Under the agreement, Saracen will buy any ore produced and process it at their 2.4 million tonnes per annum mill at Carosue Dam Mining Operations, just 13 kilometres to the north of the project.

Nexus has full access to Saracen infrastructure, haul roads and camp facilities.


Drill result details

Two drill holes were designed to a depth of 200 metres to test the GT1 anomaly identified from a gradient array induced polarisation (GAIP) survey undertaken in June.

Both drill holes encountered strongly silicified stratigraphy, with quartz-carbonate veining, extensive hydrothermal brecciation and up to 10% sulphide content – explaining the GAIP survey anomaly.

Whilst no mineralised intersections were returned in this location, the presence of intense silicification and alteration provide for the existence of a large scale regional alteration system

Four drill holes were designed to a depth of 100 metres to test the GT2 anomaly

The GT2 anomaly was centred over the Pinnacles North 1.6x0.3 kilometre geochemical gold anomaly.

The mineralisation in these holes suggests potential for the discovery of a proximal primary gold bearing system.


Analysis

The positive anomalous gold results returned in the recent drill program provide encouragement for regional exploration success.

The Carosue Dam district exhibits a large scale mineralised hydrothermal gold system having produced multi-million ounces of gold to date, and still today contains over 4 million ounces of gold in regional resources. 

Nexus holds a significant land package of highly prospective geological terrain within a major regional structural corridor, and is actively exploring for gold deposits.

The Pinnacles gold project represents an opportunity to significantly grow the gold resource base and with it a near term production profile.

Nexus recently upgraded its JORC resource for Pinnacles East to 550,000 tonnes at 4.6 g/t gold for 82,000 ounces.

This represented a 193% increase in ounces and 120% increase in grade.

Further resource drilling, test work and studies will take place in the December quarter to assist in determining mine development options.

Nexus shares are trading up 120% year to date, currently priced at $0.15.

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Mon, 17 Oct 2016 14:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/167474/nexus-minerals-ltd-receives-assays-from-pinnacles-gold-project-167474.html
<![CDATA[News - Nexus Minerals' gold discovery cost under $10 an ounce ]]> https://www.proactiveinvestors.com.au/companies/news/167405/nexus-minerals-gold-discovery-cost-under-10-an-ounce-167405.html Nexus Minerals Ltd (ASX:NXM) is a well-funded resource company with a portfolio of projects in Western Australia, and has a strategy of investing in advanced gold exploration assets.

Nexus has now completed a resource upgrade on the Pinnacles East gold resource area, within the Pinnacles JV gold project, located in the Eastern Goldfields, 120 kilometres northeast of Kalgoorlie.

The JORC 2012 Resource is now: 550,000 tonnes at 4.6g/t gold for 82,000 ounces.

The ounces increased by 193%, and the grade by 120%, above the previous resource by partner Saracen Mineral Holdings Ltd (ASX:SAR).

Importantly, the Nexus discovery cost is under $10 an ounce.

Andy Tudor, managing director, commented: "I am very pleased with the significant increase to the mineral resource in terms of both tonnes and particularly grade.

"These results further enhance the strength of the Pinnacle’s project and its ability to produce a robust and viable gold mining operation."


Analysis

Due to the pre-existing ore sales agreement with Saracen, there is very low capital expenditure required to initiate mining, with any ore mined to be processed through Saracen’s Carosue Dam Operation.

Today's news shows that Nexus is moving quickly to complete 85% ownership of the project.

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Fri, 14 Oct 2016 10:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/167405/nexus-minerals-gold-discovery-cost-under-10-an-ounce-167405.html
<![CDATA[News - Nexus Minerals Ltd's gold assays define open cut potential at Pinnacles ]]> https://www.proactiveinvestors.com.au/companies/news/165422/nexus-minerals-ltds-gold-assays-define-open-cut-potential-at-pinnacles-70942.html Nexus Minerals Ltd (ASX:NXM) is a well-funded resource company with a portfolio of gold projects in Western Australia, and has a strategy of investing in advanced gold exploration assets.

The company has previously entered into a farm-in and joint venture agreement over the Pinnacles JV Gold Project mid-tier producer Saracen Mineral Holdings Ltd (ASX:SAR).


Latest drilling

Nexus has now received results from the diamond and reverse circulation drilling campaign at the Pinnacles East gold resource, which is part of the joint venture, and located 120 kilometres northeast of Kalgoorlie.

The results define the open cut potential of project, with JORC 2012 resource update work underway.

Drilling tested for depth and strike extensions to the south of, and beneath, high grade gold mineralisation identified at Pinnacles East to date.

The deeper holes under the Pinnacles East resource (which commences at surface) were targeted to intercept mineralisation at circa 350 metres vertical depth, 100 metres below previous mineralised intercepts.

These included: 8 metres at 7.7g/t gold, 7 metres at 5.9g/t gold, 3 metres at 9.8g/t gold and 4 metres at 7.6g/t gold.

The drill program intersected the structure hosting the mineralisation at the depths interpreted, with the geological package of volcaniclastic sandstones, shales and conglomerates also intersected.

The Pinnacles gold mineralisation is typically associated with an increase in quartz veining, chlorite alteration and increase in sulphide content.

Nexus said that whilst all of these geological factors were observed, the drill results returned only narrow and low grade intersections of mineralisation in the two holes (NMPDD1 & NMPDD2) 100 metres underneath previous significant intercepts.


Pinnacles East mining studies advancing

Nexus will continue to determine the feasibility of the open cut potential of the Pinnacles East gold resource area, being initially from surface to ~150 metres - with mineralisation between ~150 metres and ~250 metres to be considered as a potential underground operation.

Nexus consultants have been engaged to undertake a resource update and pit optimization study, to assist in determining the financial viability of establishing an initial open cut gold mining operation.

The current resource of 413,000 at 2.1g/t gold for 28,000 ounces is from surface to 130 metres below surface, and nearly 94% of this resource is in the Indicated category.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 09 Sep 2016 09:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/165422/nexus-minerals-ltds-gold-assays-define-open-cut-potential-at-pinnacles-70942.html
<![CDATA[News - Nexus Minerals Ltd secures cash for Pinnacles gold project ]]> https://www.proactiveinvestors.com.au/companies/news/165421/nexus-minerals-ltd-secures-cash-for-pinnacles-gold-project-70567.html Nexus Minerals Ltd (ASX:NXM) has received commitments to raise $2.3 million through the issue of 11.9 million shares at $0.195 as part of a placement.

Funds will be used to accelerate exploration activities, including drilling on the company’s Pinnacles JV tenement and Pinnacles Regional tenements, located 130 kilometres northeast of Kalgoorlie, Western Australia.

The Pinnacles JV is with mid-tier gold producer Saracen Mineral Holdings Ltd (ASX:SAR).

This provides Nexus with an opportunity to significantly grow the gold resource base, and with it, a near term production profile.

Nexus is expecting assays in September from two recently completed drill programs within Pinnacles.


Background

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

It’s flagship project is the Pinnacles JV, located on an 8 square kilometre granted mining lease

The mining lease is surrounded by the Pinnacles regional project, covering 94 square kilometres.

Nexus entered into a farm-in and joint venture agreement over the Pinnacles JV Gold Project with Saracen in late 2015, which allows it to earn up to an 85% interest in the project.

Under the agreement, Saracen will buy any ore produced and process it at their 2.4 million tonnes per annum mill at Carosue Dam Mining Operations, just 13 kilometres to the north of the project.

Nexus has full access to Saracen infrastructure, haul roads and camp facilities.


Assays pending

Nexus recently completed a six hole, 2,244 metre Pinnacles gold resource extension drill program.

It is testing extensions to Pinnacles East within the Pinnacles JV which previously delivered 8 metres at 7.7 g/t gold; 7 metres at 5.9 g/t gold; and 3 metres at 9.8 g/t gold.

Initial results are expected early September 2016.

A regional six hole, 825 metre drill program was also recently completed testing two target areas.

Initial results are expected late September 2016.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Fri, 19 Aug 2016 12:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/165421/nexus-minerals-ltd-secures-cash-for-pinnacles-gold-project-70567.html
<![CDATA[News - Nexus Minerals Ltd raising capital to advance Pinnacles gold project ]]> https://www.proactiveinvestors.com.au/companies/news/165419/nexus-minerals-ltd-raising-capital-to-advance-pinnacles-gold-project-70537.html Nexus Minerals Ltd (ASX:NXM) is undertaking a share placement to raise capital to fund the advancement of the Pinnacles gold project located 120 kilometres from Kalgoorlie.

This includes the resource drill out of the Pinnacles East resource area and associated mine development studies.

The funds will also allow for the acceleration of the company’s regional exploration program across the highly prospective 100 square kilometre Pinnacles tenement package.

Nexus is expecting assays in September from two recently completed drill programs within Pinnacles.

Within the Pinnacles project exists the Pinnacles JV with mid-tier gold producer Saracen Mineral Holdings Ltd (ASX:SAR).

The company has an opportunity to significantly grow the gold resource base and with it a near term production profile.


Assays pending

Nexus recently completed a six hole, 2,244 metre Pinnacles gold resource extension drill program.

It is testing extensions to Pinnacles East which previously delivered 8 metres at 7.7 g/t gold; 7 metres at 5.9 g/t gold; and 3 metres at 9.8 g/t gold.

Initial results are expected early September 2016.

A regional six hole, 825 metre drill program was also recently completed testing two target areas.

Initial results are expected late September 2016.


Pinnacles JV

Nexus entered into a farm-in and joint venture agreement over the Pinnacles JV Gold Project
with Saracen in late 2015.

Under the agreement, Saracen will buy any ore produced and process it at their 2.4 million tonnes per annum mill at Carosue Dam Mining Operations, just 13 kilometres to the north of the project.

Nexus has full access to Saracen infrastructure, haul roads and camp facilities.


Analysis

The Pinnacles gold project represents an opportunity to significantly grow the gold resource base and with it a near term production profile.

This capital raising exercise will provide Nexus with sufficient funding to take the Pinnacles JV project to a decision to mine.

Furthermore by securing funding it will de-risk the medium term production opportunity for Nexus.

Nexus is highly leveraged to exploration upside as it awaits assay results from two completed drilling programs at Pinnacles.

The stock price has been performing very well recently, up 150% over the past 3 months, currently trading at $0.205.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Thu, 18 Aug 2016 14:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/165419/nexus-minerals-ltd-raising-capital-to-advance-pinnacles-gold-project-70537.html