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Highlights
- Nexus Minerals increases gold resource estimate by 70% at Wallbrook.
- Crusader-Templar project shows open-pit potential and further exploration upside.
- Nexus maintains a strong financial position with A$7.1 million in cash.
Nexus Minerals Ltd (ASX:NXM) has reported a successful year in its 2024 financial update, highlighting notable advancements at the Wallbrook Gold Project in Western Australia. The company's exploration activities have significantly boosted its gold resource estimates, with a 70% increase at the Crusader-Templar project.
Updated Resource Estimate at Wallbrook
Nexus reported an updated JORC 2012 mineral resource estimate (MRE) of 5.67 million tonnes at 1.7 grams per tonne (g/t) of gold, amounting to 304,000 ounces (oz) of contained gold. The resource is divided into 2.46 million tonnes at 1.8g/t gold in the indicated category, translating to 140,000 oz of gold, and 3.21 million tonnes at 1.6g/t gold in the inferred category, contributing 164,000 oz of gold.
The project remains open along strike and down plunge of high-grade mineralisation zones, with potential for further expansion. Nexus also identified the possibility of extending the mineralisation to parallel lodes in the area, indicating a promising exploration upside.
Crusader-Templar Exploration Target
Nexus Minerals continues to evaluate the larger Crusader-Templar Exploration Target, estimated between 10–14 million tonnes at 1.5–1.75g/t gold, with a contained gold range of 480,000 to 790,000 ounces. While conceptual, this highlights the significant potential of the Wallbrook area for further development.
Additionally, regional aircore drilling within Wallbrook has produced encouraging results, including 8 metres at 2.93g/t gold within a broader 28 metres at 1.05g/t from 28 metres, and 8 metres at 2.33g/t gold within 14 metres at 1.37g/t from 32 metres at Target MC2.
Expanding Exploration Activities
Apart from the Wallbrook project, Nexus continues to advance its Pinnacles gold project near Northern Star Resources’ (ASX:NST) Carosue Dam operations. The company is also exploring opportunities at a porphyry copper-gold project in Victoria and managing a large-scale greenfields critical minerals project in New South Wales, covering 15,000 square kilometres.
Financially, Nexus remains well-positioned with A$7.1 million in cash as of September 18, providing ample resources to continue its exploration initiatives across its portfolio.
