- Nexus Minerals (NXM) completes nine months of extensive drilling at its Wallbrook gold project in the eastern goldfields of Western Australia
- At the Crusader-Templar prospect, the company commenced a detailed review and interpretation, with some reverse circulation and diamond drill results still remain pending
- Majority of the assay results from the two programs at the prospect are expected to be received within the next two months and a follow-up drill program has been planned
- Meanwhile, NXM completed over 18,500m of RC drilling at the Regional Prospects with results still pending
- NXM shares drop 2.38 per cent to trade at 20.5 cents per share at 10:17 am AEST
Nexus Minerals (NXM) has completed nine months of extensive drilling at its Wallbrook gold project in the eastern goldfields of Western Australia.
At the Crusader-Templar prospect, the company completed 68,591 metres of reverse circulation (RC) and 14,679m diamond drilling.
Nexus geologists have commenced a detailed review and interpretation of the prospect’s geology, alteration, structure and gold mineralisation even though some drill results still remain pending.
Majority of the assay results from the two programs are expected to be received over the next two months.
The company has planned a follow-up drill program to commence after the geological work has been interpreted as well as completing the next phase of drilling.
Additionally, Nexus have completed 18,590m RC drilling at Branches, Solomon and Clement prospects with 4,050m results still pending.
Processing is underway of the regional gravity survey and a ranking of prospects is expected to be completed on receipt of drill assays and interpretation of geophysical datasets.
Further, the multiple mineralised corridors and prospects show a potential for an emerging gold camp, the company said.
“We are very excited with the prospectivity of the project and look forward to completing the detailed geological work and interpretation required on a project of this size,” Managing Director Andy Tudor said.
“The geological modelling will allow the company to fully assess the significant amount of information gathered to date and planning future drill programs.”
Nexus said it is well funded and have $7.4 million cash on hand.
Shares in Nexus Minerals have dropped 2.38 per cent and last traded at 20.5 cents per share at 10:17 am AEST.