- Nexus Minerals (NXM) has entered back-to-back trading halts while it undertakes a capital raise
- The gold explorer will remain in the halts until November 19 or when an announcement is made
- In early November, Nexus announced it had intersected high-grade gold at the Pinnacles Joint Venture Gold Project in WA
- 30 reverse circulation (RC) holes were drilled to test three specific zones and up to 40.36g/t gold was intersected
- Nexus last entered a trading halt in mid-June regarding a $3.38 million capital raise
- The company stated it would use the funding to undertake a feasibility study at the Pinnacles Gold project, as well as kickstart RC drilling and geophysical surveys at the Wallbrook Gold Project
- Shares in Nexus last traded for 17 cents on November 12
Nexus Minerals (NXM) has entered back-to-back trading halts while it undertakes a capital raise.
The gold explorer will remain in the halts until the earlier of November 19 or when an announcement is made.
On November 2, Nexus announced it had intersected high-grade gold at the Pinnacles Joint Venture Gold Project in WA.
30 reverse circulation (RC) holes were drilled to test three specific zones, as well as investigate the potential to set up open pit and underground mining operations at the project.
A best result of eight metres at 6.4g/t gold from 186 metres, including one metre at 40.36g/t gold was intersected in underground drilling, while open pit drilling returned a result of nine metres at 9.51g/t gold from 70 metres, including four metres at 20.13g/t gold.
Nexus last entered a trading halt in mid-June in regards to a $3.38 million capital raise.
Roughly 75 million fully-paid ordinary shares were issued to sophisticated and professional investors at 4.5 cents.
Nexus stated it would use the money to undertake a feasibility study at the Pinnacles Gold project and begin RC drilling and geophysical surveys at the Wallbrook Gold Project.
Shares in Nexus last traded for 17 cents on November 12.