Nov 11, 2024

Nexus Minerals Hits 4m @ 10.95 g/t Au at Wallbrook Gold Project, Western Australia

Introduction:

Nexus Minerals (ASX: NXM) (Market Cap: $26M | Last Close: $0.054 | Cash Holding: $6.9M) has reported strong results from its recent 284 hole / 9,811 metre aircore drill program at the Wallbrook Gold Project in Western Australia, highlighted by 4m @ 10.95 g/t Au from 16m at Target MC1.5.

Drill Results:

4m @ 10.95 g/t Au (within 8m @ 6.55 g/t Au) from 16m (Target MC1.5)
4m @ 6.85 g/t Au (within 16m @ 2.74 g/t Au) from 28m (Payns Prospect)
4m @ 7.12 g/t Au (within 20m @ 1.77 g/t Au) from 8m (Payns Prospect)
4m @ 4.02 g/t Au (within 15m @1.30g/t Au) from 24m (Godfrey Prospect)‍
8m @ 2.94 g/t Au (within 28m @1.13g/t Au) from 44m (Target MC2.1)

Project Overview:

The Wallbrook Gold Project is located in the Eastern Goldfields of Western Australia. It covers a highly prospective tenement package within a major regional structural corridor. The project area is situated immediately north of Northern Star's multi-million ounce Carosue Dam mining operations.

Nexus has been systematically exploring the project area, with this latest program testing four priority regional targets. The results demonstrate the potential for additional gold discoveries across the project.

Program Details:

The aircore drilling program comprised 284 holes for 9,811 metres across four target areas - Payns Prospect (MC5.2), Godfrey Prospect (MC2.2), Target MC2.1, and Target MC1.5. Drilling encountered fresh rock at depths ranging from 23-40 metres. Mineralization is associated with quartz-goethite veining, hematite alteration, and proximity to porphyry intrusions.

Understanding These Results:

The high-grade intercepts, particularly at Payns Prospect and Target MC1.5, indicate the potential for significant near-surface gold mineralization. The results validate Nexus' exploration strategy focused on shallow discoveries. The continuity and grades encountered, especially at Payns and Godfrey prospects, warrant follow-up drilling to define the full extent of mineralization.

Management Commentary:

Nexus Managing Director Andy Tudor stated:

“This has been an incredible result to a well-executed aircore program, with strong results across all four targets drill tested. Whilst any one of the prospects assessed represent a major success, the highlight of the program is the Payns Prospect discovery. This prospect is the combined footprint of MC5.1 and MC5.2 which offers exciting scale and grade potential for the Wallbrook Gold Project. Through the exploration teams’ achievements, we continue to demonstrate the ability for Wallbrook to deliver additional gold discoveries.

“We will continue to use first pass aircore drilling to follow up on these results and to complete our planned testing of the 18 high priority regional targets. We will then rank the targets for follow-up RC drilling. Planning for the next phase of exploration AC drilling is already well advanced.”

Next Steps & Catalysts:

Nexus is planning follow-up aircore drilling to expand upon these results. The company will continue testing its 18 high-priority regional targets with first-pass aircore drilling.

Targets will be ranked for follow-up reverse circulation (RC) drilling. RC drilling is likely to be prioritized at Payns Prospect and Target MC1.5 to test mineralization at depth and along strike.

Commodity Outlook:

Gold serves multiple markets, including investment assets, central bank reserves, jewellery manufacturing and industrial applications in electronics. Currently trading at US$2,667.19/oz (November 7, 2024), the metal has experienced record highs in 2024 despite recent volatility linked to U.S. political shifts and Federal Reserve policy expectations.

Long-term market dynamics continue to be shaped by central bank purchasing programs, investment demand for safe-haven assets, and consistent jewellery consumption from Asian markets. The Eastern Goldfields of Western Australia remains a premier gold mining jurisdiction with well-established infrastructure and a supportive regulatory environment.

Conclusion:

The latest results from Wallbrook demonstrate the project's potential to host significant gold mineralisation. With high-grade intercepts across all four targets and two new discoveries at Payns and Godfrey prospects, Nexus is positioning itself to advance exploration in this prolific region.

Sources:

NXM Drill Results Announcement

Additional Figures:

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Nov 6, 2024