Nexus Minerals
NXM
April 28, 2021 FAT-MIN-765AUD$0.089SpeculativeBNXM Snapshot
Drilling delivers results
Drilling at Wallbrook has not disappointed, with Nexus Minerals (Nexus) deeper drill holes at its Crusader prospect intersecting multiple mineralised zones. Two deeper drill holes have been completed at the Crusader prospect, to follow up on the successful 2020 drill campaign. The following image shows the region of the Wallbrook project on a geological setting:
Source: Nexus Minerals
The focus of drill programme at Crusader was to explore the depths and strike extensions of the mineralisation and consisted of two drill holes totalling 1,054 metres. The 2020 drill programme produced an assay of 12 metres graded at 3.61 grams per tonne (g/t) from 138 metres with a sweet zone of six metres graded at 6.74g/t gold. This is an outstanding result especially as it was accompanied by several others of a similar ilk, and certainly warranted follow exploration.
The 2021 follow up drill programme at Crusader has also not disappointed and certainly confirms the results. The following image shows a concept of the Crusader deposit from drilling results to date:
Source: Nexus Minerals
The latest assay from the Crusader prospect was exceptional with multiple intersections and enriched zonesincluding 2.7 metres graded at 5.70g/t gold from 53.4 metres, a second intersection of seven metres graded at 1.63g/t gold and an enriched zone of four metres graded at 2.59g/t gold from 138 metres and a final intersection of nine metres graded at 4.4g/t gold and an enriched zone of three metres graded at 11.54g/t gold. The third intersection, the nine metres referenced above, continues at depth. With the deposit open at depth, Crusader continues to carry blue sky potential.
Going forward, Nexus is already in the planning stages for the next round of drilling, which will be finalised once all existing data sets have been integrated.
On the cash front, Nexus reported a cash total of A$10.2 million as of 31 March 2021. This gives Nexus ample liquidity to turn Wallbrook into a pin cushion and we believe the rewards will come as shown already.
We were drawn to Nexus Minerals on the back of its first pass exploration results from its Templar prospect hosted in the Wallbrook project. The results from the Crusader prospect are, in our view, the embryo of a significant gold find, certainly the early indications are positive.
The region of the Laverton Belt would lend itself to a major discovery and there are hungry sharks working the same belt. We will be watching for future announcements with considerable interest.
Consequently, we reiterate our buy recommendation for Nexus Minerals for Members with no exposure to the stock.
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