Nexus builds Wallbrook into a 631,000oz gold system

Wallbrook Resource Reaches 631,000 Ounces

Nexus Minerals Limited (ASX:NXM) has more than doubled the reported gold inventory at its Wallbrook project in Western Australia, lifting the Mineral Resource to 13.3 million tonnes at 1.5 grams per tonne gold for 631,000 ounces. The 108% increase from the previous 304,000-ounce estimate comes from expanding Crusader-Templar and adding maiden resources at Payns and Branches.

The upgrade takes Nexus’s combined group resource to 14.0 million tonnes at 1.6g/t for 709,000oz, including 78,000oz at the Pinnacles project. The company says the newly added Wallbrook ounces were delineated at a discovery cost of $181 per resource ounce, excluding the existing Crusader-Templar inventory.

Crusader-Templar Supplies the Higher-Confidence Ounces

Crusader-Templar remains the centrepiece, growing to 10.8Mt at 1.5g/t for 533,000oz. It contains all of Wallbrook’s 207,000oz of Indicated Resources, while a maiden underground component contributes 1.4Mt at 1.9g/t for 86,000oz beneath the conceptual open-pit shell.

The deposit now incorporates the Clement prospect after drilling and modelling closed the gap between the two areas. Nexus says mineralisation remains open along strike and down-plunge, with potential for additional parallel lodes. That claim sits alongside the company’s earlier reports of high-grade extensions at Templar, including results of up to 41.27g/t gold, but the current announcement does not convert those intersections directly into a separate resource category.

Maiden Payns and Branches Resources Remain Inferred

Payns adds 1.2Mt at 1.3g/t for 50,000oz, while Branches contributes 1.34Mt at 1.1g/t for 48,000oz. Both deposits are classified entirely as Inferred because deposit-specific bulk-density measurements are not yet available, even where drilling is relatively close-spaced.

That distinction matters. Wallbrook’s total comprises 207,000oz Indicated and 424,000oz Inferred, so the bulk of the headline inventory still carries the lower-confidence classification. The estimate is also constrained by conceptual open-pit and underground assessments using a gold price assumption of A$6,000/oz; Nexus explicitly states that the work is not an Ore Reserve, detailed mine design or production schedule.

October Drilling Targets Conversion and Growth

Nexus plans to begin a diamond drilling program in October, with bulk-density work aimed at supporting conversion of parts of Payns and Branches from Inferred to Indicated. The program will also gather structural information at the Amand prospect, while future aircore and reverse-circulation drilling is expected to test regional targets and advance Amand and Godfrey towards resource status.

The company held $3.3 million in cash as at 17 September and is assessing development options, including an advanced processing plant cost and sizing study with Mincore Engineering. The next valuation question is therefore less about whether Wallbrook has scale and more about how efficiently Nexus can turn a predominantly Inferred, undiluted resource into a technically and economically supportable development case.