Nexus Minerals Limited - March Quarterly Report
During the March quarter, Nexus Minerals $NXM completed its first earn-in milestone at the Pinnacles JV, with Nexus now holding 25%. The Company completed a 4 hole, 1164m RC program at Pinnacles JV during the quarter. The holes were drilled below previous mineralised zones and encountered similar geology, alteration and structures. Results pending, due late April 2016.
- First Earn-in milestone completed in the Pinnacles JV with Saracen Mineral Holdings (ASX:SAR). Company now holds a 25% interest in the project
- RC drilling program at Pinnacles JV completed – results pending
- The 1,064m program tested width, grade and strike extent of mineralised structure to the north of the prospect area
- Re-logging of all 40 Saracen RC drill holes completed (drilled in 2008/2011/2012)
- Southern Geoscience Consultants engaged to undertake aeromagnetic data processing of Pinnacles Regional tenement package
Eastern Goldfields gold explorer, Nexus Minerals Limited (ASX: NXM) (Nexus or the Company) is pleased to announce that during the quarter it completed a follow-up 1,164m, 4 hole RC drilling program on the Pinnacles JV Gold Project.
The drilling program commenced in late March 2016 and was completed early April - with the aim being to test for strike and depth extensions to the high grade mineralisation at the northern end of the prospect area. Results are expected to be received by the end of April.
This program concentrated on following up the high grade gold results returned in holes drilled by Nexus in November 2015, and previously by Saracen Mineral Holdings Limited (Saracen). The re-logging of the 40 Saracen RC drill holes has allowed Nexus to build a consolidated geological / alteration / mineralisation model which has assisted in drill program planning.
In addition to the mineralisation encountered in the main lode (email@example.com/tAu), the November 2015 Nexus drilling also indicated that in the most northerly Nexus hole drilled to date (NMPRC1) there exists multiple hanging wall zones of mineralisation as can be seen in Table 1.
Multiple zones of hanging wall mineralisation were also encountered in the Saracen drill hole PERC19, drilled directly above NMPRC1, where firstname.lastname@example.org/t Au was reported in addition to the main lode intercept of email@example.com/t Au (see Nexus ASX release 19/9/2015).