Nexus Minerals Ltd (ASX:NXM) says that information yielded from diamond drilling completed in April at its Bethanga project in northeastern Victoria has indicated potential for a copper-gold porphyry system.
The drilling program comprised three holes for 1,516 metres, picking up geochemical and hyperspectral results which are consistent with magmatic–hydrothermal fluids
originating from a copper-gold porphyry system.
Nexus was able to identify anomalous element concentrations such as 3.23 parts per million (ppm) gold, 474 ppm copper, 9,840 ppm arsenic, 36.3 ppm bismuth and 1,900 ppm zinc.
The highest metal values were those suggesting breccias cemented by a quartz-carbonate-sulphide matrix and local argillic alteration.
Now the company intends to move to a project review to assess the next stage of exploration at Bethanga, which is located 260 kilometres northeast of Melbourne.
Nexus managing director Andy Tudor said the results marked an important step for the company, and a successful end to its diamond drilling work.
“Whilst the program did not see a direct hit on the core of a Cu-Au porphyry system the results have continued to demonstrate fertility and indicate the potential presence of such a system,” he said.
“The program has offered further insight into the project and presents an opportunity to continue vectoring towards the potential potassic core where highest metal grades
typically occur.
“The exploration team will continue to review the results and exploration strategy on the
project.”
Nexus has been trading at 3.8 cents.