Whilst continuing to look for undervalued gold stocks on the...

Whilst continuing to look for undervalued gold stocks on the ASX, I keep coming back to NXM.

With current resources of 85koz Au at Crusader and similar sized mineralised footprints at Templar and Branches, it’s clear to me that they probably have a ‘back of the envelope’ oxide resource base of at least 250koz Au.

The recent drilling at Crusader demonstrated the continuation of mineralisation at depth, although results didn’t set the world on fire. I don’t think investors should be disheartened by the drill results at depth thus far, and should view the potential of the Wallbrook Project as a future source of oxide resources to blend mill feed at Carosue Dam for Northern Star.

The oxide resources are appealing to Northern Star for prolonging the wear and tear of their processing plant. It is likely in the years ahead, that their oxide resources will be depleted, with the need to find other sources close by.

I fully support NXM’s current 6,000m drill program at Crusader to delineate mineralisation at depth but I think they need to infill drill Templar and Branches this year to add to their oxide resource base.