Nexus Minerals (ASX:NXM) is building on the Payns prospect’s opportunity via a 4,000m reverse circulation drilling program at the Wallbrook Gold Project in Western Australia.
The program is following up on a mineralised gold footprint within Payns, which was identified in prior aircore drilling in late 2024 and earlier this year.
Previous drill results include 4m @ 7.12 grams per tonne gold from 8m and 4m @ 6.85g/t gold from 28m.
Nexus, which has a market capitalisation of $45.88 million, says the drilling program will assess the continuity, geometry, and tenor of the emerging mineralised zones offering further insight into the growing potential at Payns.
The program is expected to be completed this month, with results to follow in July and August. The results will support refining the geological model at the prospect, as well as contribute to improving delineation of the emerging mineralised zones.
Managing Director Andy Tudor says the Payns prospect is ideally situated, located along strike of major deposits currently being mined by Northern Star Resources (ASX:NST).
“RC drilling continues our systematic exploration approach focused on efficient discovery of near-surface gold mineralisation,” Tudor says.
The Payns prospect lies within the Wallbrook Gold Project which covers 192km2 in the Norseman-Wiluna Archaean Greenstone Belt in the Eastern Goldfields.
Nexus Minerals is a gold-focused explorer with assets in Western Australia, New South Wales, and Victoria. The company’s projects are also considered prospective for critical minerals and porphyry copper-gold.
Global gold demand increased by 1.2% year-on-year in 2024 to 4,548 tonnes. The rise has been driven by increased investment across bar and coins and exchange traded funds, partly offset by falls in jewellery consumption. Gold consumption is expected to decrease in 2025 to 4,196 tonnes but will rise from 2026 as prices moderate to around 4,500 tonnes per year in 2030.
Global gold supply increased by 1% year-on-year to reach 4,974 tonnes in 2024, as high prices pushed up gold recycling and primary production. Canada, Australia, Papua New Guinea, and Central and South America are forecasted to lift their gold mine production in 2025, with expansions in existing projects and higher output offsetting output falls in Indonesia.
Write to Aaliyah Rogan at Mining.com.au
Images: Nexus Minerals
