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Nexus Minerals Ltd.
Summary
| Project: | Pinnacles | |
|---|---|---|
| Deposit: | Pinnacles East | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 10/13/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 13-10-2016: Nexus Minerals Ltd. announces a Resource Estimation report for its Pinnacles East deposit at the Pinnacles project. Pinnacles East mineral resource update, increased by 193%. Nexus Minerals Limited (ASX: NXM) (Nexus or the Company) is pleased | |
| Resources: | (Resource, I+I): 550000t @ 4.6g/t Au for 82000oz Au contained at Pinnacles East | |
| CP/QP: | [Resources]: Paul Blackney (Optiro Pty Ltd.) | |
| ABSTRACT: | Nexus Minerals Limited (ASX: NXM) (Nexus or the Company) is pleased to announce the successful completion of a mineral resource upgrade on the Pinnacles East gold resource area, within the Pinnacles JV gold project, located in the Eastern Goldfields, 120km northeast of Kalgoorlie. The updated JORC 2012 mineral resource of 550,000t @ 4.6g/t Au for 82,000 ounces is a 193% increase above the previous Saracen Mineral Holdings (Saracen) JORC 2012 mineral resource of 413,000t @ 2.1t/t Au for 28,000 ounces. The additional drilling undertaken by Nexus over the last 12 months has allowed the previous resource model to be extended to a depth of 350m, approximately 220m deeper than the previous estimate, resulting in the tonnage increasing to 550,000t, up from 413,000t. The additional drill hole data has also allowed for a more selective interpretation of the geological controls on the mineralisation, resulting in the increase of the mineral resource grade to 4.6g/t Au, up from 2.1g/t Au. | |
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