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.
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.
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