Nexus Minerals Limited (ASX: NXM) has announced a significant interim resource update for its Wallbrook Gold Project in Western Australia, revealing a 108% increase in its total Mineral Resource Estimate (MRE). The company, which actively explores for gold deposits on its highly prospective tenement package in the Eastern Goldfields of Western Australia, reported an updated MRE of 13.34 million tonnes at 1.5 grams per tonne (g/t) gold for 631,000 ounces. This marks a substantial growth from the previous MRE of 5.67 million tonnes at 1.7 g/t gold for 304,000 ounces, which was solely attributed to the Crusader-Templar Deposit.
The updated estimate now incorporates maiden Mineral Resource estimates for the Payns and Branches deposits, alongside an expanded Crusader-Templar resource. The Crusader-Templar Deposit remains the project’s principal asset, reporting 10.8 million tonnes at 1.5 g/t gold for 533,000 ounces, including a maiden underground component of 1.4 million tonnes at 1.9 g/t gold for 86,000 ounces. This deposit accounts for all of the company’s Indicated Mineral Resource of 207,000 ounces. The newly introduced Payns Deposit contributes 1.2 million tonnes at 1.3 g/t gold for 50,000 ounces, while the Branches Deposit adds 1.3 million tonnes at 1.1 g/t gold for 48,000 ounces, both classified entirely as Inferred.
Nexus Minerals has identified further growth potential across all three Wallbrook deposits, with Crusader-Templar remaining open along strike and at depth, while Payns is open laterally in all directions. Branches also presents high-grade depth extension opportunities. To advance these prospects, a diamond drilling program is planned to commence in October. This program aims to collect bulk density data to support the conversion of Inferred Mineral Resources to the Indicated category at Payns and Branches, and to provide structural information at the Amand prospect. The company also confirmed it continues to assess and evaluate development options for its resources, including a processing plant cost and sizing study.
