Nexus Faces Key Tests as Payns Assays Pending and Crusader-Templar Permits Progress
Nexus Minerals has reported a significant new gold discovery at its Wallbrook Gold Project, highlighted by strong drilling results at the Payns Prospect, while progressing permitting for the Crusader-Templar deposit and maintaining a solid cash position.
- Significant high-grade gold intercepts at Payns Prospect, Wallbrook
- Completed 5,172m RC drilling across 46 holes confirming mineralisation
- Crusader-Templar deposit permitting underway for multi-stage open pit operation
- Pinnacles JV advancing with mine study updates and regulatory submissions
- Strong cash balance of $11.2 million following $8.1 million capital raise
Strong Gold Discovery at Payns Prospect
Nexus Minerals Limited has delivered a robust quarterly update for the period ending 30 June 2025, anchored by a significant new gold discovery at the Payns Prospect within its Wallbrook Gold Project in Western Australia's Eastern Goldfields. The company completed a comprehensive reverse circulation (RC) drilling program totaling 5,172 metres across 46 holes, with 45 holes intersecting gold mineralisation. Noteworthy intercepts include 8 metres at 7.99 grams per tonne (g/t) gold within a broader 24-metre zone averaging 2.80 g/t from 40 metres depth, underscoring the prospect's potential.
The Payns Prospect lies strategically close to Nexus's Crusader-Templar resource and near operating mines owned by Northern Star Resources, reinforcing the regional prospectivity. The drilling results have not only confirmed previous anomalous footprints but also revealed a higher-grade core emerging within the mineralised envelope. One-metre assay results are pending and expected by the end of August, which will refine the geological model and guide further drilling.
Advancing Crusader-Templar and Pinnacles Projects
Alongside exploration success, Nexus is progressing technical studies and permitting for the Crusader-Templar gold deposit. The company envisions a multi-stage, multiple open pit operation and has submitted the Mine Proposal and Closure Plan to the Department of Mines, Industry Regulation and Safety (DEMIRS). Discussions with potential operational and toll treatment partners are ongoing, signaling a strategic approach to unlocking value from the existing resource inventory.
Meanwhile, the Pinnacles Joint Venture Gold Project, located near Northern Star’s Carosue Dam processing plant, continues to advance with updated mine study work. Pending joint venture committee approval, Nexus plans to submit the Mine Proposal and Closure Plan to regulators, moving closer to potential development.
Exploration and Financial Position
Exploration expenditure for the quarter was $921,000, reflecting focused investment in high-quality targets. Nexus also reported a strong cash position of $11.2 million at quarter-end, bolstered by an $8.1 million capital raise completed in April from North American, Canadian, and local institutional investors. This financial strength supports ongoing exploration, permitting, and research and development activities.
The company’s broader NSW Mineral Project continues to be refined, with tenure reduced to focus on the most prospective areas for gold, copper, and critical minerals. Nexus’s R&D program is developing innovative rock characterisation tools to enhance exploration efficiency across its portfolio.
Looking Ahead
In the coming quarter, Nexus plans to receive and assess detailed one-metre assay results from Payns, undertake further RC drilling to expand and infill mineralised zones, and continue permitting efforts at Crusader-Templar. The company also aims to progress Pinnacles JV approvals and maintain momentum in NSW exploration and R&D initiatives.
Bottom Line?
Nexus Minerals’ latest results at Wallbrook and progress on permitting position the company well for unlocking value, but upcoming assay results and operational partnerships will be key to watch.
Questions in the middle?
- Will the pending one-metre assay results at Payns reveal a more extensive high-grade core?
- How soon can Nexus secure operational partnerships to advance Crusader-Templar into production?
- What impact will the R&D innovations have on exploration success and cost efficiency?
