Latest Report from Fat prophet and their interpretation of the latest drill results.
NXMNXM Snapshot
Crusader trumps again
The latest release of assays from drilling at Nexus Minerals Crusader prospect, continue to intersect high-grade porphyry gold mineralisation. Nexus Minerals is currently conducting a 7,000 metres drill programme at its Wallbrook gold project, with a focus on its Crusader prospect. The following image shows Nexus Minerals project sites (Eastern Goldfields consists of three gold projects – Wallbrook, Pinnacles (Nexus interest 90%) and Mt Celia).
Source: Nexus Minerals
The current Wallbrook drill programme consists of a 6,000 metres reverse circulation (RC) shallow drill programme and a 1,000 metre, deeper, two hole diamond drill programme. The programme is designed to extend the known mineralised envelope at Crusader, including deeper extensions. The current Crusader mineralisation is 600 metres long and over 500 metres deep, and we expect these dimensions will grow as the re-mining assays come in.
The latest set of RC drilling assay results have reinforced, in our view, the growing potential of the Crusader prospect. The better intersections included 17 metres graded at 3.97 grams per tonne (g/t) gold from 182 metres and included two rich zones, with one of ten metres graded at 6.42g/t gold and within this zone a further one metre graded at 41.23g/t gold. A second read came in at 20 metres graded at 4.54g/t gold from 140 metres and included two rich zones of 16 metres graded at 5.62g/t gold and within this zone a further four metres graded at 11.74g/t gold. The other assays also confirmed gold mineralisation. These are significant assay results in their own right and especially when put together with the earlier assays from Crusader. The following image shows the Crusader prospect and drill locations with the two results above highlighted:
Source: Nexus Minerals
As Members can see from the above image of the Crusader prospect, the mineralisation lay open along strike. This feature adds further blue-sky potential as Nexus continues to explore across the Crusader prospect. We reported in FAT-MIN-770 on the success of the two deeper diamond drill holes and this report can be viewed here. What is exciting from the deeper drilling is that the mineralisation is open at depth as well.
Nexus Minerals is already planning further drilling at its Crusader prospect and has also commenced a 6,000 metre RC drill programme at its Templar prospect.
There have been no updates on the cash position, which as of 31 March 2021 stood at A$10.2 million. Nexus Minerals will release its June 2021 quarter activities during the current month and will provide greater clarity on its cash position with this release.
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 which in its own right now has the potential, in our view, to form a significant gold find. The assay results from the current drill programme are continually reinforcing our view and we expect future assay results will continue the trend.
Consequently, we reiterate our buy recommendation for Nexus Minerals
Latest Report from Fat prophet and their interpretation of the...
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