The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • A 4000 metre air-core drilling program has begun at Nexus Minerals’ Crusader and Templar prospects – both located within the Wallbrook Gold project
  • Geological mapping and sampling will continue across the larger Wallbrook project
  • Nexus will now invest in new exploration techniques to refine the targeting approach for all current and future tenements

Nexus Minerals has begun a 4000 metre aircore drilling program at its Crusader and Templar prospects within the Wallbrook project in Western Australia.

In addition to this, geological mapping and sampling will continue across the larger Wallbrook Gold project tenement package.

Wallbrook covers 250-square kilometres and is a merge of tenements obtained from Newmont and Saracen Minerals in 2018.

The region is dominated by metamorphosed volcaniclastic sediments, such as basalt and andesite, and variously metamorphosed rock units.

These rock units have been intruded by numerous small, variably mineralised, porphyritic intrusions and the majority of these identified intrusions are either undercover or very weathered.

Gold mineralisation has been identified and mined historically with over 350,000 ounces of gold being produced from 1921 to 2012.

Today, this same region contains a current JORC 2012 mineral resource inventory of 31 million tonnes at 1.5g/t for 1.5 million ounces of gold.

Drilling at the Crusader prospect will be following up from previous results which include 27 metres at 3.18g/t gold from 61 metres and 35 metres at 2.85g/t gold from 25 metres.

The lithologies at Crusader are dominated by volcaniclastic sediment, intermediate volcanic and granite/quartz monzonites.

The dominant feature is the Wallbrook Quartz Monzonite which outcrops to the south of Crusader.

High-grade results include 4 metres at 11.70g/t gold, 8 metres at 7.20g/t gold, and 15 metres at 6.23g/t gold.

Based on the positive high-resolution ground results received so far the decision was made to extend the survey north of the Templar prospect. The survey started this quarter and will cover approximately 500 line kilometres.

Geological mapping of the tenement package will focus on exploring for host rock alteration where surface outcrop is evident.

Nexus will now invest in new exploration techniques to refine the targeting approach for all its current and future tenements.

Shares in Nexus closed 6.38 per cent in the green at 5 cents apiece in a $5.557 million market cap.

NXM by the numbers
More From The Market Online

Plagues precede widespread power shifts. We’re living in one – and minerals are at the fore

The one defining feature of our post-COVID 'new normal' is a USA swing towards domestic supply…

Talga to form joint venture with lithium producer SQM to develop Sweden’s Aero project

Talga Group Ltd has entered an agreement to form a joint venture with lithium producer SQM…

Jade’s strong gas exploration results in another step towards Mongolian development

Jade Gas Holdings Ltd has picked up strong drilling results from seven wells at its BNG…

Scoping study and Phase 2 drilling progress Prospect Ridge magnesium play for GWR

GWR Group Ltd is set to roll out a scoping study and second phase of drilling…