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Nexus Minerals substantial shareholder increases stake to 12.43%

The management team is seeking further gold joint venture opportunities.
Map of Nexus projects
The company is active in the Goldfields of Western Australia

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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Nexus Minerals Ltd Timeline

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