Nexus (ASX:NXM) ascends Crusader-Templar to 300 thousand Eastern Goldfields ounces

Nexus Minerals has uplifted its resource by 70 per cent and is now the bearer of over 300 thousand golden ounces between the combined Crusader-Templar deposits at its Wallbrook project in the Eastern Goldfields of Western Australia.

The 5.67 million tonnes at 1.7 grams per tonne gold resource was lifted to that mark in little over a year from the previous resource and completed in sync with ongoing mine studies.

A little less than half the resource is indicated, and Nexus is increasingly confident the project’s metallurgical recoveries, environmental studies, granted mining tenure, and access to infrastructure has the makings of a low-risk open pit operation.

Nexus Managing Director Andy Tudor said the achievement was underpinned by a more robust geological and mineralisation model and improved economic constraints utilising an optimised open pit shell.

“The modelling exercise has demonstrated the value in orebody understanding and has continued to highlight the ongoing opportunity to build the project through exploration,” Tudor said.

“Pleasingly, in the current market for gold, the optimisation work completed demonstrates the project provides significant scalability with the gold price.”

Tudor added the update will serve as a solid foundation for mine studies.

“Testament to our confidence in the project, a diamond drill program will shortly commence to complement study work and will include geotechnical and further metallurgical test work,” he said.

Diamond drilling is set to begin early this month and will be focused on gathering data on key technical aspects to bolster a mining proposal.

Crusader-Templar remains open to the north and along strike, down plunge of higher-grade shoots, and holds potential for parallel lodes, and with its floor now set, Nexus can begin exploring the wider project in earnest.

The greater exploration target is set between 480 and 790 thousand ounces across the 250 square kilometre Wallbrook tenement package Nexus acquired in 2018 from Newmont Corporation (ASX:NEM) and since-merged Saracen Mineral Holdings.

Future drilling will look at further expansion of Crusader-Templar and other regional targets to meet that mark, with Nexus believing in its tenements’ opportunities for cost-effective discovery of shallow orebodies.

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