Nexus Minerals Is Primed With Cash; Exploration To Intensify

Nexus Minerals Ltd (ASX: NXM) is set to increase exploration and news flow on multiple projects including the Wallbrook Gold Project, located 140 kilometres northeast of Kalgoorlie.

The project is in between Northern Star’s (ASX: NST) Carosue Dam Operations and the Porphyry Mining Centre Operations.

Within Wallbrook is the Crusader-Templer prospect, which hosts an open pit combined resource of 175,000 ounces at 2.12g/t gold.

This includes an Indicated portion of 1.02 million tonnes at 2.5g/t gold for 81,000 ounces.

Mine studies

Mine studies are well advanced with completion expected by the end of March, where the opportunity exists for a low-risk, high-margin open pit mining operation.

Metallurgical test work returned high gold recoveries with oxide at 98% and fresh at 97.6%.

Providing inputs to the study process are technical service groups, mine and haulage contractors, and third-party toll treatment processing options.

The next steps for Nexus will be to update the resource and undertake a Scoping Study.

Crusader-Templer has an exploration target of between 480,000 and 790,000 ounces at 1.50g/t to 1.75g/t gold.

Bethanga Porphyry Copper-Gold Project

Diamond drilling has commenced at the Nexus Bethanga Porphyry Cu-Au Project in northeastern Victoria.

A 2,000-metre diamond drill program will target a potential porphyry Cu-Au system identified in the completed fertility study.

Nexus is well-funded with over $6 million in the bank, and with a market capitalisation of $15 million and no debt, the enterprise value is $9 million.

 

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