Nexus Minerals Limited (ASX: NXM) has advanced its porphyry Cu-Au fertility assessment study of the Bethanga porphyry copper – gold project in northeast Victoria.
Assessment and interpretation of the results is continuing, but there is sufficient evidence to allow the directors to exercise the option to acquire the project.
Acquisition Terms
• The company paid a A$5,000 non-refundable fee for a one-month due diligence period that was completed April 20, 2021.
• The company successfully completed initial due diligence and paid a further A$40,000 non-refundable option fee to the Vendors. This option fee allowed Nexus to have the exclusive right for a period of eight months to undertake reconnaissance exploration activities on the tenements – now completed.
• Nexus has renegotiated the final consideration to acquire 100% of the Bethanga project to:
➢ A$300,000 cash consideration; and
➢ 1,219,512 NXM fully paid ordinary shares (shares to the value of A$700,000 at a deemed price of A$0.57.4 cents).
Nexus is actively exploring for gold deposits on its highly prospective tenement package in the Eastern Goldfields of Western Australia. In addition to this, the company has recently expanded its existing project portfolio with the addition of the Bethanga Porphyry Copper-Gold project in Victoria.
In Western Australia, the consolidation of the highly prospective Wallbrook Gold Project (250sq. km) by the amalgamation of existing Nexus tenements with others acquired, will advance these gold exploration efforts.
Nexus Minerals’ tenement package at the Wallbrook Gold Project commences immediately to the north of Northern Star’s multi-million ounce Carosue Dam mining operations, and current operating Karari and Whirling Dervish underground gold mines. Nexus holds a significant land package of highly prospective geological terrane within a major regional structural corridor and is exploring for gold deposits.
Nexus is actively investing in new exploration techniques to refine the targeting approach for their current and future tenements.
For further information please visit: https://www.nexus-minerals.com/
