viewNexus Minerals Ltd

Nexus Minerals well funded for further exploration at Wallbrook Gold Project

The company has about $4 million in cash for further drilling across its compelling targets.

ground magnetics survey
A high-resolution ground magnetics survey is currently underway

Nexus Minerals Ltd (ASX:NXM) completed a resource estimate for its Crusader prospect during the quarter ended June 30 2019, delivering 2.17 million tonnes at 1.22 g/t gold for 85,000 ounces contained gold.

The estimate is based on results received from Nexus reverse circulation (RC) drill programs (4,626 metres) plus RC drilling and diamond drilling from previous companies.

The Crusader prospect is part of the company’s 100% owned Wallbrook project in the eastern goldfields of Western Australia.

READ: Nexus Minerals estimates 85,000 ounce gold resource at Crusader deposit

Ground-based exploration activities across the larger Wallbrook Gold Project tenement package continued during the quarter.

The Wallbrook project covers some 250 square kilometres of prospective geological terrain considered highly prospective for the discovery of significant gold mineralisation.

The Crusader resource covers a continuous 600-metre strike length which is open to the north and at depth.

Notably, this is only a small portion of the >5 kilometres strike of the interpreted mineralised corridor.

Next steps

Nexus has completed gravity survey and high-resolution ground magnetic survey over the Crusader and Templar prospects, with interpretation providing compelling drill targets.

A high-resolution ground magnetics survey is currently underway covering prospective corridor to the north of Templar.

Nexus is well funded for further exploration with about $4 million in cash as at June 30.

Quick facts: Nexus Minerals Ltd

Price: 0.052 AUD

Market: ASX
Market Cap: $6.15 m

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