Nexus Minerals (ASX:NXM) has completed an expanded reverse circulation drilling program at the Payns prospect, part of its Wallbrook Gold Project in Western Australia. The company, which explores for gold and other minerals across Australia, focuses on projects in Western Australia, New South Wales, and Victoria. Nexus aims to build its near-surface ounce portfolio efficiently. The company has a market capitalisation of $44.67 million.
The drilling program initially comprised 46 holes for 5,172 metres, following up on mineralised gold identified in prior aircore drilling. Encouraging geology led to the addition of 14 holes, totalling 1,140 metres of drilling. The completed program is designed to refine the geological model at Payns and improve the delineation of emerging mineralised zones.
Managing Director Andy Tudor noted the exploration team’s work in gathering geological and mineralisation data at Payns. ‘Initial observations were sufficiently encouraging to justify a 25% expansion of the program to target prospective geology,’ Tudor stated. He emphasised the systematic exploration approach, focused on the efficient discovery of near-surface gold mineralisation.
The Wallbrook Gold Project, covering 192 square kilometres, is located within the Norseman-Wiluna Archean Greenstone Belt in Western Australia’s Eastern Goldfields. Assays from the drilling program are anticipated towards the end of July 2025.
