Explorer Nexus Minerals says it has struck gold at its Pinnacles project in Western Australia’s eastern goldfields with what it’s calling “Karari-style” gold.
“The Karari ‘discovery hole’ was drilled in 1997 and returned 12m at 2.05g/t Au from 38m,” Nexus told investors.
“These features were observed in the recent drilling at [Pinnacles prospect] GT6. The prospect will be subject to targeted exploration programs in 2018.
Nexus reported intersections from six holes in the GT6 zone — mostly low grades of around 0.11-0.33 grams per tonne (g/t) of gold at various depths.
It highlighted intercepts of 21m at 0.88g/t which included a hit at 10m at 1.66g/t , and 22m at 0.78g/t which included a hit at 14m at 1.02g/t Au.
Results from the GT5 zone in the south did not show any significant zones of mineralisation.
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Geological features included wide zones of higher gold grades (0.1-0.5g/t), higher quartz-hematite deposits directly related to higher gold grades, and mineralisation hosted adjacent to major regional structure.
“The geological and mineralisation features exhibited to date are consistent with results returned from initial exploration programs at the Karari gold mine, 20km to the north, in the mid 1990s,” Nexus told investors (ASX:NXM).
Nexus Minerals shares were flat on Friday morning at 10.5c.