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

Last month, the company confirmed high-grade gold drilling results from the Wallbrook Gold Project.

project area
Nexus shares closed about 9% higher today, at 6 cents.

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

Quick facts: Nexus Minerals Ltd

Price: 0.043 AUD

ASX:NXM
Market: ASX
Market Cap: $5.08 m
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Full interview: Nexus Minerals begins aircore drilling prospects within WA...

Nexus Minerals (ASX:NXM) managing director Andy Tudor updates Proactive Investors on the start of an aircore drilling program on the Crusader and Templar prospects within its Wallbrook Gold Project in WA. Ground-based exploration activities will also be continued, including geological mapping...

on 29/8/19

3 min read