Nexus Minerals Discusses With JustStocks An Update To The Pinnacles Project Underground Mine Study

Nexus Minerals Ltd (ASX:NXM) MD Andy Tudor speaks with JustStocks Video following an announcement that the company has started a review of the Pinnacles JV Gold Project in Western Australia.

An underground mine study update has commenced in light of the positive attributes of the project and the current high gold price.

Highlights

Gold Price today AUD$3,970/ounce v’s original mine study Gold Price AUD$1,800/ounce
The Pinnacles Gold Deposit is contained within the Nexus - Northern Star Resources JV tenement (NXM 90% - NST 10% contributing JV)
Pinnacles is situated 13km south of the Northern Star Resources Carosue Dam Processing Plant, connected by existing roads and granted miscellaneous license
An existing Ore Sale and Purchase Agreement is in place - NST must buy & NXM must sell any ore produced from the Pinnacles JV tenement
The project is situated on a granted Mining Lease with clearing permit in place
Geotechnical, ground water, waste rock characterisation and metallurgical ( Greater than 97% recoveries) studies previously completed
Both flora and fauna and heritage surveys have been cleared
Nexus has engaged COO / Mining Engineer Will Coverdale to lead the mine study update
Nexus has engaged several underground mining contractors and support services contractors to refine mine planning and provide detailed costings

Resource

Pinnacles has a JORC 2012 Combined Mineral Resource Estimate of:

Total MRE: 609,000t @ 4.0g/t Au for 78,000oz (open pit and underground)
Open Pit: 159,000 @ 2.4g/t Au for 12,000oz Au
Underground: 450,000t @ 4.6g/t Au for 66,000oz Au