Gold-seeking junior Nexus Minerals Ltd (ASX: NXM) has bumped up the Crusader-Templar combined mineral resource estimate (MRE) at its West Australian Wallbrook gold project by more than 70 percent in contained ounces through optimisation and modelling work.
The new estimate for the Crusader-Templar deposit – an open pit resource – sits at 5.67 million tonnes at 1.7 grams per tonne for 304,000 ounces of gold, at a cut off of 0.4 grams per tonne, with the update being completed by consultants Snowden Optiro.
Wallbrook is one of several projects held by Nexus in WA’s Eastern Goldfields, with the Crusader-Templar being the most advanced deposit, simultaneously undergoing both a MRE update and mine studies.
Managing director Andy Tudor said the update showed the potential of Crusader-Templar to grow in size, as well as suggesting a future low-cost mining operation.
“This achievement is underpinned by a more robust geological and mineralisation model, and improved economic constraints using an optimised open pit shell for reporting,” he said.
“The modelling exercise has demonstrated the value in orebody understanding and has continued to highlight the ongoing opportunity to build the project through exploration.
“The MRE update serves as a solid foundation for the mine studies currently being undertaken at Crusader-Templar which continue to progress.”
Diamond drilling at the deposit is set to begin this month, to support the mine study work, and will include geotechnical and metallurgical testing.
Nexus Minerals has been trading flat at 6.4c towards noon.