Nexus Minerals has completed nearly 22,000m of RC drilling at Wallbrook, delivering strong gold intercepts and setting up an updated resource estimate by September. The company also moved to acquire Northern Star's remaining 10% stake in the Pinnacles JV, consolidating full ownership.
- 21,985m RC drilling at Wallbrook across Clement, Payns, Branches, Crusader-Templar
- Strong gold grades with multiple high-grade intercepts reported
- Updated multi-prospect Mineral Resource Estimate targeted for September quarter
- Acquisition of remaining 10% Pinnacles JV interest from Northern Star underway
- $5.3 million cash on hand with $1.777 million exploration spend in quarter
Wallbrook Drilling Confirms Robust Gold Mineralisation
Nexus Minerals (ASX:NXM) has wrapped up a substantial 21,985-metre reverse circulation (RC) drilling campaign at its Wallbrook Gold Project in Western Australia's Eastern Goldfields. The program targeted three key prospects; Clement, Payns, and Branches; alongside extensional drilling at the Crusader-Templar deposit, which currently holds a combined Mineral Resource Estimate (MRE) of 304,000 ounces of gold.
Assay results from Clement, Payns, and Branches have confirmed significant gold mineralisation, with multiple high-grade intercepts highlighting the project's potential. For example, Payns delivered 5 metres at 12.83 g/t Au including 1 metre at 34.77 g/t Au, while Clement returned 12 metres at 3.81 g/t Au including 1 metre at 26.53 g/t Au. These results reinforce the continuity and scale of mineralisation across the prospects.
Drilling at Clement confirmed a stacked multi-lode geometry with mineralisation extending to depth, supporting plans for a maiden MRE at the prospect. Geological and structural analysis indicates that Clement and Crusader-Templar form a continuous mineralised system within a single gold corridor, sharing host rock characteristics and mineralising events.
Meanwhile, the Payns Prospect, situated 4 kilometres northwest of Crusader-Templar, showed broad near-surface mineralisation with an emerging higher-grade core. The mineralised footprint at Payns spans approximately 900 by 750 metres and remains open along strike and at depth, indicating potential for further resource growth. The Branches Prospect, located just 500 metres east of Payns, demonstrated continuity over more than 1.5 kilometres of strike with strong assay results including 1 metre at 7.63 g/t Au within 13 metres at 2.00 g/t Au. Notably, drilling extended the mineralised trend 350 metres further south, leaving open opportunities for expansion.
An independent Competent Person has been engaged to deliver an updated multi-prospect Wallbrook MRE, targeted for completion by the end of September 2026. This update will build on the existing Crusader-Templar resource and incorporate the new drilling results from Clement, Payns, and Branches.
Crusader-Templar Permitting and Mine Development Progress
Nexus continues to advance permitting and technical studies at the Crusader-Templar deposit, aiming for a staged multi-open pit operation. Key operational permits for a stage 1 operation are now in place, pending agreement on processing solutions.
In a strategic move, Nexus signed a Memorandum of Understanding with Macro Metals Limited (ASX:M4M) subsidiary Macro Gold Mining Services Pty Ltd to collaboratively develop a profit-sharing mine development and mining operation at Crusader-Templar. Under this arrangement, Macro Gold Mining Services will provide and fund mine development and mining activities, while Nexus pursues ore sale agreements with third-party processing plants.
Pinnacles Gold Project Acquisition Nears Completion
Nexus is set to consolidate 100% ownership of the Pinnacles Gold Project by acquiring Northern Star Resources’ remaining 10% interest. The deal includes a 1.5% net smelter return royalty payable to Northern Star, with Nexus retaining the right to buy back 0.5% of the royalty for $550,000. Completion is expected in the September quarter, subject to conditions including legacy royalty agreements and ministerial consent.
The Pinnacles Project hosts a JORC 2012 Mineral Resource Estimate of 78,000 ounces of gold, with both open pit and underground components, and benefits from granted mining leases and environmental permits. Following acquisition, Nexus plans to submit the mine development and closure plan.
Exploration and Financial Position
Nexus also reported ongoing work at its NSW Mineral Project, where it has reduced its land package to 7,500 km² focusing on high-potential areas. The company runs a parallel research and development program aimed at understanding paleofluid interactions to enhance exploration targeting.
Exploration expenditure for the quarter was $1.777 million, with no substantive mining production or development activities reported. Cash and equivalents stood at $5.3 million as of 30 June 2026, providing a runway of approximately 2.5 quarters at current expenditure levels.
The company also updated its external auditor's name to Horizon Nexus (WA) Audit Pty Ltd, reflecting a rebranding without changes to audit personnel or arrangements.
Bottom Line?
Nexus Minerals is positioning Wallbrook for a significant resource upgrade while consolidating Pinnacles ownership, but upcoming assay results and JV completion will be key milestones to watch.
Questions in the middle?
- Will the updated Wallbrook MRE meet or exceed market expectations given recent drilling results?
- How will the profit-share arrangement with Macro Gold Mining Services impact project economics and timelines?
- What are the potential implications of the net smelter return royalty on Pinnacles’ future cash flow?