Why the Nexus Minerals (ASX:NXM) share price just leapt to an all-time high

St Barbara share price Minder underground looks excited a he holds a nugget of gold he has discovered.

The Nexus Minerals Ltd (ASX: NXM) share price is pulling back after surging to an all-time high today. This comes after the company announced positive results in regards to its drilling campaign at the Templar Prospect.

During morning trade, the gold explorer’s shares reached a record high of 49.5 cents. However, profit-taking has led its shares in negative territory, down 2.3% to 42.5 cents at the time of writing.

High-grade gold mineralisation

In a statement to the ASX, Nexus advised it has received high-grade assay results from its drilling operations.

Strong gold mineralisation has been detected from one diamond hole and two RC holes within the company’s Wallbrook gold project.

Diamond hole #3 yielded the following intercept result:

  • 4.61 meters at 5.78 grams per tonne of gold (within 18.38 meters at 2.40g/t Au from 123.72 meters).

Both diamond drill holes #3 and #4 were tested from the surface to a depth of 600 meters, intersecting mineralisation. While the results for drill hole #3 have been collected, assays are still pending for drill hole #4.

The two RC drill holes (#199 and #201) are highlighted below, respectively:

  • 4 meters at 4.13 grams per tonne of gold (within 12 meters at 1.72g/t Au from 200 meters); and
  • 8 meters at 1.99 grams per tonne of gold (within 40 meters at 0.82g/t Au from 44 meters).

While these holes indicated promising mineralisation, five other RC holes were halted due to poor drilling conditions. As such, Nexus will now use diamond tails to extend the five holes to their desired depth.

No timeline has been given by the company of when it expects to complete the remaining holes to be tested.

Nexus managing director, Andy Tudor commented:

These broad high- grade results received from DDH#3 at Templar are in line with our expectations. What has significantly exceeded our expectations is the alteration style and mineralisation observed in both DDH#3 and the recently completed deeper diamond hole #4. They exhibit the same style that hosts the multi-million-ounce Karari deposit 30km to the south.

This has now linked the Crusader-Templar alteration and mineralisation style with that of Karari, providing confidence in the potential for the Crusader- Templar Prospect to evolve into a very large mineralised system.

About the Nexus Minerals share price

Over the last 12 months, Nexus shares have accelerated by more than 220%, with year-to-date also up 220%.

Based on today’s price, Nexus commands a market capitalisation of roughly $104.2 million and has approximately 245.16 million shares outstanding.

The post Why the Nexus Minerals (ASX:NXM) share price just leapt to an all-time high appeared first on The Motley Fool Australia.

Should you invest $1,000 in Nexus right now?

Before you consider Nexus, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Nexus wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/3aoz7jV

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s