NXM SnapshotCrusader trumpsNexus Minerals continues to enjoy...

NXM Snapshot

Crusader trumps

Nexus Minerals continues to enjoy exploration success across its Wallbrook gold project, following the release of new assays from its Crusader prospect drill programme. The following image shows the region around Nexus Minerals key projects in Western Australia:

Source: Nexus Minerals

As Members can see from the above image, Nexus Minerals has the right address and is getting the results to match. We have reported on earlier results released for the Crusader prospect, as Nexus Minerals rolls through a 2021 7,000 metre drill programme. Earlier drill results from this programme returned nine metres graded at 4.46 grams per tonne (g/t) gold from 156 metres and included an enriched zone of three metres graded at 11.54g/t gold. This is an outstanding result and certainly warranted follow-up exploration.

The Crusader prospect has certainly been prospective for gold, with Nexus Minerals reporting numerous results to date, as shown by the following image (Au – gold):

Source: Nexus Minerals

The key takeaway from this image is the quantum of exploration success Nexus Minerals has enjoyed across its Crusader prospect, given the drill holes where assays have been released. The mineralised envelope for the Crusader prospect now extends to 600 metres and goes down to more than 500 metres deep. What is exciting is the Crusader deposit lay open along strike and at depth. The latest assay result is shown in the above image, with the yellow rectangle shown to the left-hand side of the above image.

Hole DDH21-2 was drilled deeper to test the extensions of the deposit at depth. The following image shows an interpretation of the Crusader gold deposit and the result for DDH21-2 highlighted:

Source: Nexus Minerals

The assay from this hole returned 2.42 metres graded at 4.28g/t gold from 550.53 metres and 9.77 metres graded at 1.35g/t gold from 560.05 metres with an enriched zone of 0.25 of a metre graded at 7.94g/t gold. These are outstanding assays and certainly extends the Crusader mineralisation at depth which has yet to be closed off, as Members can see from the above image. The Crusader prospect lay open along strike toward the Templar prospect to the north (right-hand side of the above image). Nexus Minerals is already in the planning stages for the next round of drilling across its Crusader prospect.

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 are outstanding outcomes and were accompanied by several results of a similar ilk. The Templar prospect extends for over 700 metres of strike and is open in all directions. Infill drilling of circa 7,000 metres is planned for the Templar prospect.

As of 31 March 2021, Nexus reported a cash total of A$10.2 million. This gives Nexus Minerals ample liquidity to work its Wallbrook project hard and we believe the rewards will continue to come.

We were drawn to Nexus Minerals on the back of its first pass exploration results from its Templar prospect. These results have now swelled to include the Crusader prospect and now form, in our view, the embryo of a significant gold find, and certainly the early indications are positive.

The region of the Laverton Belt does lend itself to a major gold discovery and there are hungry sharks working the same belt. We will be watching for future exploration results with considerable interest.

Consequently, we reiterate our buy recommendation for Nexus Minerals for Members with no exposure to the stock.