Key points
- Combined Mineral Resources increased to 709,000oz gold
- Wallbrook Resource increases by 108% to 631,000oz
- New deposits identified, including Payns and Branches
- Exploration pipeline remains robust with multiple targets
- Ongoing exploration expected to add further value
Full summary
Nexus Minerals Ltd (ASX:NXM) has announced a significant increase in its gold resources at the Wallbrook Gold Project, located in the Eastern Goldfields of Western Australia. The updated Combined Mineral Resource Estimate (MRE) stands at 13.3Mt at 1.5g/t Au for 631,000oz of contained gold, representing a 108% increase from the previous estimate. The increase is attributed to the addition of maiden resources for the Payns and Branches deposits, bringing the total group resources to 14Mt at 1.6g/t Au for 709,000oz. The Crusader-Templar deposit, which includes the Clement Prospect, remains the principal asset with resources now exceeding half a million ounces. The company plans to commence a diamond drilling program in October to further explore and potentially convert some of the Inferred Mineral Resources to Indicated categories.
Outlook
Nexus Minerals remains confident in continued discovery success with future exploration, with multiple targets and a robust pipeline of regional targets.