The ASX granted the company a back-to-back halt which will remain in place until the earlier of the start of normal trading on Thursday, November 19, 2020, or when an announcement is released to the market.
Shares last traded at 17 cents and since September 9 have traded in the range of 6.6 cents to 21.5 cents early this week, a new high of more than four years.
High-grade Pinnacles results
Earlier this month Nexus confirmed high-grade mineralisation within the proposed open pit at the Pinnacles JV Gold Project in the eastern Goldfields of Western Australia.
A reverse circulation program tested three specific areas of the proposed open pit and underground operations with the best result from the open pit being 7 metres at 6.25 g/t from 54 metres including 4 metres at 9.68 g/t.
The best result from the base of the open-pit was 9 metres at 9.51 g/t from 70 metres including 4 metres at 20.13 g/t while the best underground result was 5 metres at 6.86 g/t from 99 metres including 2 metres at 13.6 g/t.
Consultants have been engaged to undertake a pit optimisation study and mine development plan options, to assist in determining the financial viability of establishing a gold mining operation at Pinnacles.
Due to the pre-existing ore sale and purchase agreement JV with Saracen Mineral Holdings Limited (ASX:SAR), there is minimal capital expenditure required to initiate mining, with any ore mined to be processed through Saracen’s Carosue Dam Operation.
Nexus has also made significant advancements on the feasibility study inputs, with the end of year timeline for completion of the study remaining in place.