FP Report was after hours as they were still digesting the announcement.NXM
NXM Snapshot
Crusader trumps again and again and ag….
The success Nexus Minerals is enjoying at its Wallbrook gold project continues to lengthen, with the latest assays released today extending this trend. As Members will be aware, Nexus Minerals is currently conducting a 7,000 metres drill programme across its Wallbrook gold project, with a focus on its Crusader prospect. The latest assays for the Crusader prospect, continue to intersect high-grade gold mineralisation. While drilling next door to your neighbour with these results, may get them interested as well. The following image shows the region of the Crusader prospect and other priority prospects for Wallbrook on a geological background:
Source: Nexus Minerals
Assays from 3,700 metres representing 11 drill holes have now been reported and success has been exceptional. There are a further eight holes representing 1,625 metres with results pending and we look to these with considerable interest.
Mineralisation at The Crusader prospect now extends for some 600 metres of strike and down to circa 500 metres deep. The following image shows a cross section schematic of the known mineralised envelope at the Crusader prospect:
Source: Nexus Minerals
What is exciting about the above mineralisation, is it remains open at depth and along strike. We expect the mineralised envelope at Crusader will continue to expand, as further assay results are released.
Nexus Minerals has reported three new assays for Crusader, with all three holes reported intersecting gold mineralisation. The current holes are part of the drill programme exploring extensions at depth beneath the known mineralisation at Crusader. These assay results are exceptional, with drill hole one returning 19 metres graded at 6.57 grams per tonne (g/t) gold from 141 metres and included an enriched zone of 14 metres graded at 8.8g/t gold and within the enriched zone a super zone of three metres graded at 21.59g/t gold. A second assay reading returned 24 metres graded at 1.32g/t gold from 144 metres and included an enriched zone of eight metres graded at 3.51g/t gold. The third drill hole returned 18 metres graded at 1.08g/t gold from 188 metres.
With the Crusader strike now extending to 600 metres, when added to the Templar strike of about one kilometre, gives a total strike length of 1.6 kilometres.
Briefly, a reminder of what Nexus Minerals reported for its Templar prospect back in 2020. The better assays included 12 metres graded at 5.04g/t gold from 39 metres, with an enriched zone of one metre graded at 57.1g/t gold and a second assay of 10 metres graded at 3.94g/t gold from 38 metres with multiple enriched zones of six metres graded at 4.4g/t gold, one metre graded at 10.35g/t gold and one metre graded at 12.48g/t gold. These were outstanding outcomes and were accompanied by several results of a similar ilk. A single deeper diamond drill hole is now underway at the Templar prospect and we eagerly await the result.
The Wallbrook gold project has certainly been the focus of Nexus Minerals exploration efforts over the past months and for good reason, given the constant stream of successful assays. Nexus Minerals has commenced surface activities at its Bethanga copper-gold project in Victoria. An assessment study of the project has commenced with soil sampling across the tenements now well underway. Geological mapping and associated sampling are also well underway. We will monitor progress.
As of 30 June 2021, Nexus Resources had a cash hoard of A$9.0 million and we have no concerns regarding liquidity.
First pass results from the Templar prospect drew us to Nexus Minerals and now Crusader is adding weight to the successful and growing Wallbrook story. The Crusader prospect now has the potential, in our view, to form a significant gold find, and we expect the pending assays from the Crusader prospect will continue to reinforce our view.
The release of the latest Crusader results has been a boon for Nexus Minerals share price, rising 25% on the news to A12 cents, at the time of writing
Ann: Drilling at Crusader Delivers 14 Metres @ 8.8g/t Gold, page-40
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