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.
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- Why is the Nexus Minerals (ASX:NXM) share price rocketing 28% today?
- The Nexus Minerals (ASX:NXM) share price is up 34% today and 340% in a month
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.
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