Nexus Minerals (ASX:NXM) is on track for operational readiness and site mobilisation, after receiving approval for a mine development and closure plan for the Crusader-Templar deposit, within the Wallbrook Gold Project in Western Australia.
Site mobilisation will take place, subject to finalising operational and toll treatment partners. The company is progressing discussions with potential partners.
Nexus, which has a market capitalisation of $45.9 million, says final operational permits are scheduled to be received during the current quarter.
Crusader-Templar’s 2024 Scoping Study will now be updated to current costing and gold price assumptions, which will allow for the generation of an updated production target mining inventory.
Using a gold price of $3,500 per ounce, the production target mining inventory is 1.5 million tonnes @ 1.75 grams per tonne – producing 80,000 ounces of gold. The production target is forecast to generate an undiscounted cash surplus of $67 million over a 28-month multi-pit campaign.
This news comes after a regional aircore drilling program was completed at Wallbrook, testing the new MC3.3 target and extensions at the Branches prospect. All of the samples have been submitted to the laboratory, with results pending.
Managing Director Andy Tudor says with a regional aircore drilling program completed, the company is continuing to build momentum at the Wallbrook Gold Project in Western Australia.
“Clement has returned outstanding results that confirm broad, high-grade gold mineralisation and point to a material opportunity for resource growth,” Tudor says.
“Clement is situated just 250m east of the Crusader-Templar deposit. These results reinforce our view that the mineralising system driving Crusader-Templar is larger and more continuous than previously recognised.
“At Godfrey, the final results have improved on the earlier 4m composites, confirming the existence of higher grade gold zones along the prospects current 1.2km strike footprint and highlighting further upside potential across this highly prospective corridor.”
Tudor notes, together both prospects continue to strengthen the growth outlook for Wallbrook and show the quality of the mineralised system the company is uncovering.
At Clement, results include 15m @ 5.21g/t gold from 116 and 3m @ 5.36g/t gold from 112m.
Meanwhile at Godfrey, results include 5m @ 1.81g/t gold, including 1m @ 5.89g/t gold from 52m and 1m @ 4.82g/t gold from 87m.
The Wallbrook Gold, covering 192km2, located 130km northeast of Kalgoorlie, Western Australia.
Nexus Minerals is a resources company with a portfolio of gold and copper projects across Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Nexus Minerals
