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.
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.
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.