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.
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.