Nexus Minerals - Quarterly Activities Report
Nexus Minerals (ASX:NXM) has moved to 50% equity in the Pinnacles JV gold project, following completion of the second earn-in milestone. Drilling has commenced at Pinnacles, aimed at extending the Pinnacles East resource at depth as well as assessing regional targets. It is envisaged that a resource update will be completed following the current round of drilling.
Pinnacles JV Gold Project
- Second Earn-in milestone completed in the Pinnacles JV with Saracen Mineral Holdings (ASX:SAR) with Nexus now holding a 50% interest in the project;
- 2,500m Pinnacles East Resource Area drill planning complete, with drilling to commence early in September quarter;
- Extensive gold soil geochemical anomaly identified;
- Southern Geoscience Consultants complete aeromagnetic data processing – multiple targets identified for follow up;
- IP Geophysical survey completed – major intrusive related alteration system signature – Drill ready gold targets;
- 850m Regional drill program to test coincident geophysical / geochemical gold targets to commence early September quarter.
Triumph Gold Project
- IP Geophysical survey completed – processing and interpretation underway.
Eastern Goldfields gold explorer, Nexus Minerals Limited (ASX: NXM) (Nexus or the Company) is pleased to announce that during the June quarter it completed a number of successful work programs at both the Pinnacles JV Gold Project (Pinnacles) and the Triumph Gold Project (Triumph).
At Pinnacles, the Pinnacles East Resource Area drill planning has been completed, with the next phase 6 hole 2,500m RC/DDH drill program planned for commencement early in the September quarter. A 1.6km x 300m geochemical coincident gold (>15ppb Au) and arsenic (>50ppm As) anomaly was identified. This work, in conjunction with aeromagnetic data processing / interpretation, and results from processing of a ground geophysical IP survey has provided the Company with drill ready gold targets, which will also be tested with a 6 hole 850m RC program.
At Triumph, a ground geophysical IP survey was completed, covering both areas where previous drill testing had returned elevated gold results as well as in an area where no previous work has been undertaken, in an attempt to identify potential repeat mineralised structures under cover. Data processing and interpretation is underway.