1bcdf2aa-06fc-4ede-a341-491bffb264de.pdf
ASX ANNOUNCEMENT 21 January 2016
MULTIPLE HIGH GRADE GOLD INTERSECTIONS AT PINNACLES JV GOLD PROJECT
ASX: NXM
Capital Structure
Shares on Issue 70.4 million Unlisted Options 5.1 million
Corporate Directory
Mr Paul Boyatzis
Non-Executive Chairman
Dr Mark Elliott
Non-Executive Director
Mr Bruce Maluish
Non-Executive Director
Mr Phillip Macleod
Non-Executive Director and Company Secretary
Mr Andy Tudor
Chief Executive Officer
Company Projects Eastern Goldfields WA Company and Farm-In JV tenements
Pinnacles JV Project (Gold) Pinnacles Project (Gold) Triumph Project (Gold)
Mt Celia Project (Gold)
-
High grade gold mineralisation intersected in all 7 drill holes
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6 of the 7 drill holes intersected high grade zones >10g/t Au
-
Intersections include: 6m @ 13.1g/t Au, 8m @ 7.7g/t Au and 11m @ 5.6g/t Au
-
Drilling confirms width and grade of mineralised structure is maintained at depth
-
Drilling by previous operators and recent Nexus drilling identifies mineralisation from surface to 250m
-
Mineralisation remains open at depth and along strike
Eastern Goldfields gold explorer, Nexus Minerals Limited (ASX: NXM) (Nexus or the Company) is pleased to announce the results of the 2,000m, 7 hole RC drilling program completed at the Pinnacles JV Gold Project in December 2015.
The program was successful in its aim to test for depth extensions of the high grade mineralisation identified to date. This high grade mineralisation is now known to extend ~100m below the existing JORC resource1, and remains open at depth and along strike.
Table 1 below highlights significant +2g/t Au results received from the program. Intersections in red are shown on Figure 1 Long Section, with bold numbers highlighting high grade zones >10g/t Au.
Hole ID
|
From (m)
|
To (m)
|
Length (m)
|
Grade g/t Au
|
NMPRC1
|
175
|
186
|
11
|
5.6
|
incl
|
181
|
184
|
3
|
13.2
|
NMPRC2
|
208
|
214
|
6
|
13.1
|
incl
|
210
|
214
|
4
|
16.5
|
NMPRC3
|
250
|
253
|
3
|
9.8
|
incl
|
251
|
253
|
2
|
11.0
|
NMPRC4
|
246
|
250
|
4
|
7.6
|
incl
|
248
|
249
|
1
|
10.1
|
NMPRC5
|
210
|
218
|
8
|
7.7
|
incl
|
216
|
217
|
1
|
11.0
|
NMPRC6
|
226
|
233
|
7
|
5.9
|
incl
|
228
|
229
|
1
|
12.3
|
NMPRC7
|
285
|
289
|
4
|
2.2
|
Table 1: Summary of Significant Intercepts (2.0g/t Au Cut-off)
Nexus Minerals Limited (ASX: NXM) ABN: 96 122 074 006
41-47 Colin Street, West Perth, Western Australia 6005 PO Box 2803, West Perth WA 6872
T:+61 8 9481 1749 F: +61 8 9481 1756 W: www.nexus-minerals.com
Page 1 of 6
Figure 1: Pinnacles JV Long Section
Historically, some of the deepest RC drilling by previous operators (~150m) yielded significant high grade gold intersections. Mineralisation remained open at depth and to the north and south along strike. Geological modelling of the deposit revealed a significant high grade zone within the mineralised structure.
The first RC drilling program completed by Nexus since entering the Joint Venture with Saracen Mineral Holdings (ASX:SAR) in December 2015 (results highlighted in red on Figure 1 and 2) achieved the aim of testing for extensions to this known high grade mineralisation. The Nexus drilling has shown the mineralisation to continue a further 100m vertically to ~250m below surface, and also that the mineralised structure continues to the north and south of the known resource1.
Andy Tudor, Nexus' Chief Executive Officer, commented "We are very excited to have intersected the target zone where modelled, and that significant widths of high grade mineralisation were identified in the Nexus drill holes. Geological modelling will now take place integrating the Nexus drilling with that of previous operators, resulting in the next phase of drill planning".
1 JORC-2012 compliant Indicated and Inferred Mineral Resource, completed by Saracen Mineral Holdings Limited, of 413,000t @ 2.1g/t Au for 28,000oz gold (see Saracen Mineral Holdings Limited's ASX release 9 October 2014 '2014 Mineral Resources and Ore Reserves' and '2014 Mineral Resource and Ore Reserve Statement Explanatory Notes and Table').
Figure 2: Pinnacles JV Cross Section through mineralised structure
Hole ID
|
From (m)
|
To (m)
|
length (m)
|
Grade g/t Au
|
GDA_94 East
|
GDA_94 North
|
RL
|
Depth (m)
|
Dip
|
Azimuth
|
NMPRC1
|
131
|
137
|
6
|
4.4
|
439599
|
6649448
|
359
|
200
|
-60
|
105
|
141
|
154
|
13
|
4.6
|
incl
|
143
|
144
|
1
|
11.8
|
incl
|
147
|
150
|
3
|
8.6
|
160
|
162
|
2
|
10.7
|
164
|
165
|
1
|
14.2
|
175
|
186
|
11
|
5.6
|
incl
|
181
|
184
|
3
|
13.2
|
|
NMPRC2
|
201
|
204
|
3
|
3.1
|
439568
|
6649426
|
360
|
270
|
-60
|
105
|
208
|
214
|
6
|
13.1
|
incl
|
210
|
214
|
4
|
16.5
|
|
NMPRC3
|
250
|
253
|
3
|
9.8
|
439533
|
6649412
|
361
|
330
|
-60
|
105
|
incl
|
251
|
253
|
2
|
11.0
|
278
|
280
|
2
|
10.3
|
|
NMPRC4
|
246
|
250
|
4
|
7.6
|
439513
|
6649377
|
362
|
330
|
-60
|
105
|
incl
|
248
|
249
|
1
|
10.1
|
|
NMPRC5
|
210
|
218
|
8
|
7.7
|
439532
|
6649329
|
361
|
255
|
-60
|
105
|
incl
|
216
|
217
|
1
|
11.0
|
|
NMPRC6
|
226
|
233
|
7
|
5.9
|
439504
|
6649270
|
362
|
275
|
-60
|
105
|
incl
|
228
|
229
|
1
|
12.3
|
|
NMPRC7
|
285
|
289
|
4
|
2.2
|
439469
|
6649265
|
367
|
336
|
-60
|
105
|
292
|
293
|
1
|
2.5
|
Table 2: Summary of All Intercepts (2.0g/t Au Cut-off) and RC Drill Hole Locations
In addition to the mineralisation encountered in the main mineralised structural zone, the drilling also indicated that in the most northerly Nexus hole drilled to date (NMPRC1) there exists multiple hanging wall zones of mineralisation as can be seen in Table 2: [email protected]/t Au, [email protected]/t Au, [email protected]/t Au and [email protected]/t Au. Multiple zones of hanging wall mineralisation were also encountered in the Saracen drill hole PERC019, drilled directly above NMPRC1, where [email protected]/t Au was reported in addition to the main mineralised zone intercept of [email protected]/t Au (see Nexus ASX release 19/9/2015).
Discussion
The Pinnacles Project area covers part of a highly deformed Archaean greenstone sequence of basalts, dolerites, and comagmatic high-level intrusions. This mafic volcanic association is overlain by a series of medium to coarse grained volcaniclastic sandstones and subordinate felsic volcanic rocks. These greenstones have been intruded and disrupted by the forceful intrusion of a series of granitoid rocks.
The recent drill program has shown that locally the volcaniclastic package consists of shales, sandstones and conglomerates, with the units displaying varying degrees of silicification. This silicification is more prominent in the northern holes where silica flooding and hydrothermal brecciation was observed.
Gold mineralisation occurs within a sub-vertical shear zone hosted within the sediments. This mineralisation is associated with an increase in quartz veining, chlorite alteration and increase in sulphide content.