EXPLORATION & DEVELOPMENT

More gold hits for aggressive Nexus

WITH A$17 million in cash and five rigs in the field, Nexus Minerals is watching successful drill hits flood in from its Wallbrook project, 140km northeast of Kalgoorlie in Western Australia, and the picture that is emerging at Crusader-Templar is of a very high-grade gold system that continues at depth.

Nexus is enjoying victories at Crusader-Templar(Image by Jens Auer)

Nexus is enjoying victories at Crusader-Templar(Image by Jens Auer)

The latest batch of assays from some 9590m of RC drilling has delivered some stunning widths and grades such as 77m at 1.36 grams per tonne from 14m, including 11m at 5.35gpt, and 29m at 5.29gpt from 31m, including 7m at 18.68gpt, all within the oxide zone above 100m.
 
Below 200m, in the primary zone, the results are equally as impressive, such as 13m at 8.54gpt from 267m, including 8m at 13.76gpt, and 37m at 2.1gpt including 3m at 11.4gpt and 4m at 9.65gpt.
 
The transition zone at about 100m is proving to be now slouch either, with assays such as 15m at 2.2gpt from 143m, including 3m at 5.78gpt.
 
Managing director Andy Tudor said the increased drill density was helping it get to grips with what is shaping up as a large mineralised system, with shoots that plunge to the south, and are being targeted to 300m subsurface, however the mineralised units are defined to 600m.
 
"To have received multiple bonanza gold grades in both near surface drilling and at a depth of over 250m vertically from these results, reflects the large scale and high-grade nature of this evolving gold system," he said. 
 
The 300m-wide mineralised corridor contains multiple sub-vertical mineralised porphyry units mapped to depth along full 1.6km-long Crusader-Templar corridor, and while the focus is on the combined prospect area to support a resource estimate and open pit mining studies, drilling is also attempting to map the mineralisation along the full 5km-plus trend.
 
Wallbrook sits over a 50km prospective "corridor of riches" between Northern Star Resources' operating Porphyry mining centre and its multi-million ounce Carosue Dam mining operation - where a 3.2Mtpa mill is operating and could be a destination for any ore mined.
 
Nexus has three RC and two diamond rigs in the field and plans to drill for most of the year, plus a gravity survey team is wrapping up a 95sq.km project in the central Wallbrook area. 
 
Assays from a 7900m regional program at the Branches and Solomon projects are expected next week.
 
Solomon is some 800m north of the Crusader-Templar corridor, and Branches prospect is a further 2km north of Solomon. Visually, the rocks appeared to be similar. 
 
Solomon was previously undrilled, but Branches had delivered promising assays in prior work.
 
The explorer is aiming to complete around 40,000m in its current program. 
 
Metallurgical tests completed last quarter indicated gold recoveries 98% for the oxide and 97.6% for the fresh ore.
 
Nexus shares, which have traded between 6.5c and 65c over the past year, closed on Friday at 31c, valuing it at $90 million.
 

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