Nexus Minerals (ASX:NXM) share price soars 47% on new gold intercepts

The market is reacting positively to Nexus’ latest discovery.

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The Nexus Minerals Ltd (ASX: NXM) share price is soaring today on the news of a golden discovery.

The company has announced its intercepted numerous high-grade discoveries at its Templar Prospect.

Right now, the Nexus share price is 22 cents. That’s a whopping 46.67% higher than its previous close and marks a new multi-year high.

Let’s take a closer look at the news driving the Nexus share price today.

Nexus’ new discovery

The Nexus share price is surging today following the company’s newest discovery.

Nexus has received assay results from 13 reverse circulation drill holes conducted at its Templar Prospect.

The prospect is located within Nexus’ Wallbrook gold project in Western Australia’s goldfields.

Gold mineralisation at the Templar Prospect is hosted in the same stockwork as that of the company’s nearby Crusader Prospect. The company, therefore, believes the prospects are part of the same mineralisation system.

The Templar Prospect’s assay results include:

  • 10 metres at 5.64 grams of gold per tonne (within 23 metres at 85 grams of gold per tonne from 132 metres)
  • 6 metres at 6.21 grams of gold per tonne (including 4 metres at 9.24 grams of gold per tonne from 90 metres)
  • 2 metres at 11.02 grams of gold per tonne (from 220 metres)
  • 28 metres at 3.64 grams of gold per tonne, including 4 metres at 10.11 grams of gold per tonne (within 72 metres at 1.68 grams of gold per tonne from 24 metres)
  • 4 metres at 5.07 grams of gold per tonne (within 20 metres at 1.42 grams of gold per tonne from 176 metres)
  • 4 metres at 2.37 grams of gold per tonne (within 36 metres at 1.10 grams of gold per tonne from 24 metres)
  • 8 metres at 1.56 grams of gold per tonne (within 16 metres at 1 gram of gold per tonne from 76 metres)
  • 24 metres at 1.08 grams of gold per tonne (from 24 metres)

Commentary from management

Nexus’ managing director, Andy Tudor, commented on the news driving the company’s share price today, saying:

These broad high grade results received from Templar occur in the same altered and mineralised rocks we see at the Crusader prospect, 1.2 kilometres to the south. This has effectively linked the two prospects together into one large mineralised system. Nexus is the first company to drill the Templar prospect and we are very proud of the work our exploration team has contributed leading to this discovery.

Nexus share price snapshot

Today’s gain has placed the Nexus share price well and truly in the ASX green.

Right now, it’s 53% higher than it was at the start of 2021. It has also gained 207% since this time last year.

At its current share price, the company has a market capitalisation of around $53.7 million.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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