- Nexus Minerals (NXM) has intersected high-grade gold in three zones of the Pinnacles Joint Venture Gold Project in WA
- 30 holes were drilled at the project to investigate the potential to establish an open pit and underground gold mining operation at Pinnacles
- Drilling intersected gold grading up to 11.61, 20.13 and 40.36 grams per tonne across the top part and the base of the proposed open pit, and at the proposed underground mine
- Nexus will incorporate these results into an ongoing feasibility study that is planned to be completed by the end of this year
- Company shares have dropped 3.85 per cent to trade for 12.5 cents
Nexus Minerals (NXM) has now received all assay results from a reverse circulation (RC) drilling program at the Pinnacles Joint Venture Gold Project.
The project is located in the Eastern Goldfields of Western Australia and is held in a joint venture with fellow ASX-lister, Saracen Mineral Holdings (SAR).
The company is investigating the potential to establish an open pit and underground gold mining operation at Pinnacles and will incorporate this drilling as well as environmental studies and metallurgical test work into a feasibility study.
30 RC holes were drilled in this latest program to target three specific zones within the project’s previous mineral resource outline where a greater drill density was needed to confirm current grade modelling.
Pleasingly, drilling has intersected high-grade gold mineralisation and the Pinnacles JV mineral resource area is now well defined and understood from surface down to around 250 metres.
RC drilling intersected shallow mineralisation from surface to 60 metres in the top part of the proposed open pit.
Results include seven metres at 6.25g/t gold from 54 metres including four metres at 9.68g/t gold, seven metres at 3.34g/t gold from 48 metres including one metre at 11.61g/t gold, and seven metres at 3.68g/t gold from 36 metres including one metre at 5.44g/t gold.
At the base of the proposed open pit, the company intersected deeper high-grade mineralisation from between 60 and 90 metres.
Results include nine metres at 9.51g/t gold from 70 metres including four metres at 20.13g/t gold, four metres at 4.45g/t gold from 77 metres including one metre at 8.26g/t gold, and three metres at 9.4g/t gold from 93 metres including two metres at 12.73g/t gold.
Drilling intersected high-grade mineralisation at around 200 metres below surface at initial proposed underground mine levels.
Results include five metres at 6.86g/t gold from 99 metres including two metres at 13.6g/t gold, eight metres at 6.4g/t gold from 186 metres including one metre at 40.36g/t gold, and three metres at 8.72g/t gold from 160 metres end of hole.
“The results received from this RC drill program have confirmed the grade
profile we have modelled at the different levels of the proposed mining operation, in particular the high-grade mineralisation in the base of the proposed open-pit,” Managing Director Andy Tudor said.
The feasibility study for the Pinnacles JV Gold Project is ongoing and Nexus is aiming for it to be completed by the end of the year.
Company shares have dropped 3.85 per cent to trade for 12.5 cents at 1:40 pm AEDT.