Nexus Minerals Ltd (ASX:NXM) has initiated a new underground mine study for the Pinnacles Joint Venture (JV) Gold Project, opting to reassess the asset’s potential after gold prices more than doubled since the last review.
Pinnacles deposit sits within the jointly owned tenements with Northern Star Resources (NXM 90%:NST 10%), host to a mineral resource estimate of 609,000 tonnes at 4 g/t gold for 78,000 ounces.
The underground portion of the resource accounts for 450,000 tonnes at 4.6 g/t gold for 66,000 ounces of gold, representing the majority of the resource.
Just 13 kilometres from the Northern Star Carosue Dam Processing Plant, with a sale agreement already in place for Northern Star to buy any ore from the project, NXM sees Pinnacles as a potentially valuable near-term opportunity.
Gold prices continue to set highs
“With the gold price continuing to break all historic records this is a great time to be reviewing Pinnacles,” Nexus Minerals managing director Andy Tudor said.
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