The Nexus Minerals Ltd (ASX: NXM) share price has continued its remarkable run and is soaring again on Tuesday.
At the time of writing, the gold explorer’s shares are up 34% to a record high of 39.5 cents.
This means the Nexus Minerals share price is now up 340% in the space of a month.
Why is the Nexus Minerals share price racing higher?
Investors have been bidding the Nexus Minerals share price higher in recent weeks following the release of several drilling updates.
The most recent came last week when the company revealed a significant gold discovery at its Wallbrook Gold Project in the eastern goldfields of Western Australia.
According to the release, Nexus Minerals achieved high-grade assay results from 13 reverse circulation (RC) holes drilled at the Templar Prospect within the Wallbrook Project.
Nexus’ Managing Director, Andy Tudor, commented: “These broad high grade results received from Templar occur in the same altered and mineralised rocks we see at the Crusader prospect, 1.2km 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.”
What’s next for the company?
More drilling is on the way for Nexus Minerals. It advised that future drill programs at Templar will test for depth extensions to the mineralisation.
The drilling will also test for further strike extensions to the Crusader/Templar mineralised corridor that currently extends over 1.6km of strike and is constrained only by the extent of drilling completed by the company to date.
Based on the current Nexus Minerals share price and its share count, the gold explorer has a market capitalisation of just under $100 million. Time will tell whether it has a mineral resource that backs up this valuation.