Nexus Minerals Confirms New High-Grade Lode at Wallbrook Gold Project
Key Takeaways
- Nexus Minerals confirmed a previously unmodelled high-grade eastern lode at the Crusader prospect, with the headline intercept returning 3m at 18.75g/t Au within 13m at 4.52g/t Au from 124m depth.
- The 21,985m, 196-hole RC drilling campaign is now fully complete, with all seven tranches of assay results reported — clearing the path to a formal mineral resource update.
- Clement will be incorporated into the Crusader–Templar Deposit going forward, expanding the base from the existing 5.6Mt at 1.7g/t Au for 304,000oz resource defined in May 2024.
- The updated multi-prospect Wallbrook combined MRE is on track for delivery before the end of the September quarter 2026, representing the key near-term catalyst for investors.
- The deposit remains open along strike to the north and south and down-plunge, with potential for further parallel lodes both laterally and at depth across a 192km² land package.
New high-grade lode confirmed at Wallbrook as Nexus completes 21,985m drill program
Nexus Minerals (ASX: NXM) has confirmed a new, previously unmodelled high-grade lode structure at the Wallbrook Gold Project, located approximately 140km northeast of Kalgoorlie in Western Australia’s Eastern Goldfields. The discovery came in the seventh and final tranche of assay results from a now-completed 21,985m reverse circulation (RC) drilling campaign spanning 196 holes across the project.
This final tranche covered 25 new RC holes, together with extensions to five previously reported Clement holes, for a combined 4,508m across the Crusader and Clement Prospects. The headline result from the new eastern structure — 3m at 18.75g/t Au within 13m at 4.52g/t Au from 124m — represents one of the strongest single intercepts returned from the project to date.
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Crusader lode results — a new high-grade structure emerges
RC holes targeting the Crusader portion of the Crusader–Templar Deposit confirmed a new mineralised structure lying immediately east of, and sub-parallel to, the main Crusader mineralised domain. The potential for this structure was first identified by historical Nexus drilling in early 2023 (ASX: NXM 8/2/2023), which returned 10m at 5.80g/t Au and 5m at 8.93g/t Au. The current campaign has confirmed and extended this structure with a series of high-grade intercepts.
Intercepts that define the new structure
All reported intersections are down-hole lengths — true width is not known.
- 3m at 18.75g/t Au within 13m at 4.52g/t Au from 124m
- 3m at 8.09g/t Au including 1m at 15.44g/t Au within 10m at 2.73g/t Au from 194m
- 2m at 7.40g/t Au within 18m at 1.11g/t Au from 192m
- 5m at 3.56g/t Au including 1m at 8.51g/t Au within 20m at 1.26g/t Au from 95m
- 1m at 11.54g/t Au within 8m at 1.58g/t Au from 82m
Closing the gap between Crusader–Templar and Clement
The new eastern structure sits in ground between the Crusader–Templar Deposit and the Clement Prospect. Rather than two separate assets, the drilling confirms a single, larger, interconnected mineralised system. Given this continuity, Nexus will report Clement as part of the Crusader–Templar Deposit going forward, with Clement mineralisation to be incorporated within an expanded Crusader–Templar Mineral Resource in the upcoming update.
The existing Crusader–Templar combined Mineral Resource stands at approximately 5.6Mt at 1.7g/t Au for 304,000oz (ASX: NXM 1/5/2024) — the base from which the updated estimate will grow.
Andy Tudor, Managing Director
“This final tranche of results closes out an incredibly successful drilling program at Wallbrook. Our Crusader drill holes have confirmed a new, high-grade mineralised structure immediately east of the main Crusader domain. Importantly, this structure sits between our Crusader–Templar Deposit and the Clement Prospect, closing the gap between them. The Clement follow-up drill holes have also returned strong grades, helping resolve the orientation of the higher-grade zones ahead of the mineral resource update. Together, these results confirm a larger, interconnected mineralised system. On the strength of this continuity, the Clement Prospect will report as part of the Crusader–Templar Deposit going forward, with Clement mineralisation to be incorporated within an expanded Crusader–Templar Mineral Resource in the upcoming update. As our understanding of this well-endowed corridor continues to mature, the identified link between Crusader and Clement is an example of the opportunity that underpins our confidence in the longer-term growth of the project.”
What is a reverse circulation drilling program — and why does this one matter?
RC drilling is a widely used exploration method that provides high-quality representative samples for analysis. It is particularly suited to resource definition work where sample representativeness is important.
Here is why the Wallbrook program stands out:
- Scale and purpose: A program of 21,985m across 196 holes is substantial by any measure. It was designed from the outset to underpin a formal Mineral Resource Estimate (MRE) update — not merely to generate exploration targets.
- What an MRE update means: A Mineral Resource Estimate is a formally classified estimate of the amount of gold in the ground that could potentially be extracted.
- Chrysos PhotonAssay technology: All samples were analysed using Chrysos PhotonAssay rather than traditional fire assay. Independent comparison testing found this method to be superior on the Wallbrook project, owing to the benefits of a larger sample size and the presence of coarse gold.
Clement delivers high-grade follow-up results ahead of MRE
Follow-up RC drilling at the Clement Prospect was completed specifically to resolve the orientation and geometry of higher-grade zones ahead of the MRE update. These holes returned further strong results:
- 6m at 8.24g/t Au including 3m at 13.70g/t Au within 21m at 2.53g/t Au from 93m
- 3m at 6.82g/t Au including 1m at 10.17g/t Au within 17m at 1.64g/t Au from 54m
These results build on a strong track record of high-grade Clement results from prior campaigns (ASX: NXM 21/10/2025; 26/5/2026; 1/7/2026), including 20m at 4.06g/t Au, confirming grade continuity across multiple drilling phases.
The table below presents highlight results from the final tranche, verified directly from Table 1 in the announcement.
| Prospect | Hole ID | From (m) | Interval (m) | Grade (g/t Au) |
|---|---|---|---|---|
| Crusader | NMWBRC26-1007 | 124 | 13m (incl. 3m) | 4.52 (incl. 18.75) |
| Crusader | NMWBRC26-1010 | 194 | 10m (incl. 3m) | 2.73 (incl. 8.09) |
| Crusader | NMWBRC26-1014 | 192 | 18m (incl. 2m) | 1.11 (incl. 7.40) |
| Crusader | NMWBRC26-1013 | 82 | 8m (incl. 1m) | 1.58 (incl. 11.54) |
| Clement | NMWBRC26-1015 | 93 | 21m (incl. 6m) | 2.53 (incl. 8.24) |
| Clement | NMWBRC26-1016 | 54 | 17m (incl. 3m) | 1.64 (incl. 6.82) |
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MRE update on track — and the discovery pipeline remains open
With drilling and assay reporting now complete across all 196 holes, focus turns to the updated multi-prospect Wallbrook combined MRE. The company has stated the update is on track for completion before the end of the September quarter 2026.
Independent consulting geologist Mr Jeremy Clark of Lily Valley International has been engaged as the Competent Person to deliver the updated estimate. The MRE will incorporate the expanded Crusader–Templar Deposit (now including Clement), alongside the Payns and Branches Prospects.
The deposit itself is not fully bounded. It remains open along strike to both the north and south, and down-plunge of the higher-grade structures. With multiple stacked and sub-parallel lodes now recognised, there is considered to be potential for further parallel and repeat lodes, both laterally to the east and at depth.
The broader Wallbrook land package covers 192km² of prospective geological terrane, the substantial majority of which has seen only limited early-stage exploration. Wallbrook sits within the same structural corridor as Northern Star Resources’ Carosue Dam operations, a location that lends geological credibility to the project’s longer-term potential.
What this means for investors watching the stock is straightforward: the September quarter MRE update is the near-term catalyst to monitor. It will be the first formal quantification of a resource base that now incorporates prospects discovered and defined across an 18-month systematic exploration campaign — and the first to reflect a mineralised system that is demonstrably larger and more continuous than the one defined in May 2024.
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