Nexus Minerals Limited (ASX:NXM) Reports Strong Exploration Results
Exploration Success at Wallbrook
Nexus Minerals Limited (ASX:NXM) has reported exceptional results from its December quarterly activities, highlighting success in exploring the Wallbrook Gold Project. A comprehensive aircore drill program consisting of 284 holes over 9,811 metres has yielded two major gold discoveries, the Payns and Godfrey prospects, both showcasing broad and high-grade near-surface gold assay results.
The Payns Prospect returned notable intercepts, including 4m at 6.85 g/t Au, reinforcing the area’s potential for significant gold mineralisation. Similarly, the Godfrey Prospect revealed a substantial gold system over a 1,200m x 100m area, with results such as 4m at 4.02 g/t Au, indicating robust continuity across the mineralised zones.
Upcoming Drilling Plans and Analysis
Nexus plans to commence follow-up aircore drilling in February to build upon the recent successes at Wallbrook. The results validate the company’s exploration strategy, which focuses on delivering quality shallow gold discoveries and confirms the prospectivity of the Wallbrook “Gold Camp”.
Additionally, key technical studies conducted during the quarter validate Nexus’ assumptions from the Scoping Study for the Crusader-Templar gold deposit, indicating a strong potential for a simple open-pit operation in conjunction with discussions ongoing with possible operational and toll treatment partners.
Financial Position and Corporate Updates
At the end of the quarter, Nexus reported a cash balance of $5.7 million. The company continues to explore additional opportunities, including the NSW Mineral Project, which has secured the largest exploration tenure package in that region. Furthermore, the Pinnacles JV Gold Project will see ongoing development with updates to the underground mine study.
Future Outlook
Looking ahead, Nexus Minerals is set to enhance its exploration efforts with a series of drilling programs and technical studies.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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