ASX ANNOUNCEMENT

7 July 2022

QUARTERLY ACTIVITY REPORT

FOR THE PERIOD ENDING 30 JUNE 2022

________________________________________________________________

For personal use only

ASX: NXM

Capital Structure

Shares on Issue 289 million Options 20 million

Cash on Hand $6.85 million (30/06/2022)

Corporate Directory

Mr Paul Boyatzis Non-Executive Chairman

Mr Andy Tudor

Managing Director

Dr Mark Elliott Non-Executive Director

Mr Bruce Maluish Non-Executive Director

Mr Phillip Macleod

Company Secretary

Company GOLD Projects

  • Wallbrook Project
  • Bethanga Copper-Gold Project - VIC
  • Pinnacles Project
  • Pinnacles JV Project (with Northern Star Resources Ltd)

JUNE QUARTER HIGHLIGHTS

Wallbrook Gold Project

  • Drilling at Crusader-Templar continued to intersect broad high- grade gold mineralisation
  • 68,951m reverse circulation (RC) drilling and 14,679m diamond drilling now completed across the 1.6km mineralised corridor
  • 16,264m RC and 10,989m diamond drill results remain pending
  • Regional gravity survey completed - processing underway
  • Multiple mineralised corridors and prospects demonstrates potential for an emerging gold camp
  • Crusader-TemplarRC Drill Results received include:

Shallow Oxide Mineralisation <100m incl:

  • 14m @ 2.44g/t Au and 33m @ 2.09g/t Au (within 84m @ 1.35g/t Au from 9m);
  • 11m @ 5.35g/t Au (within 77m @ 1.36g/t Au from 14m);
  • 7m @ 2.78g/t Au (within 22m @ 1.02g/t Au from 26m);
  • 10m @ 4.48g/t Au (within 16m @ 2.90g/t Au from 31m);
  • 7m @ 18.68g/t Au (within 29m @ 5.29g/t Au from 31m);
  • 5m @ 3.55g/t Au (within 16m @ 1.48g/t Au from 70m);
  • 12m @ 1.72g/t Au (within 18m @ 1.21g/t Au from 75m);
  • 5m @ 4.96g/t Au (within 12m @ 2.15g/t Au from 91m).

Transition Mineralisation ~100m:

  • 16m @ 2.07g/t Au (within 23m@1.65g/t Au from 102m);
  • 3m @ 5.78g/t Au (within 15m @ 2.22g/t Au from 143m);
  • 2m @ 5.76g/t Au (within 6m @ 1.97g/t Au from 147m);
  • 6m @ 5.86g/t Au (within 19m @ 2.41g/t Au from 150m);
  • 3m @ 8.77g/t Au (within 7m @ 4.15g/t Au from 177m).

Deeper Primary Mineralisation >200m

  • 4m @ 16.14g/t Au (within 9m @ 7.32g/t Au from 203m);
  • 3m @ 4.17g/t Au (within 71m @ 0.51g/t Au from 228m);
  • 7m @ 4.13g/t Au (within 12m @ 2.90g/t Au from 245m);
  • 3m @ 11.40 and 4m @ 9.65g/t Au (within 37m @ 2.10g/t Au from 252m);
  • 8m @ 13.76g/t Au (within 13m @ 8.54g/t Au from 267m).

Page 1 of 18

________________________________________________

Nexus Minerals Limited (ASX: NXM)

ABN: 96 122 074 006

41-47 Colin Street, West Perth, Western Australia 6005

PO Box 2803, West Perth WA 6872

T:+61 8 9481 1749 F: +61 8 9481 1756 W: www.nexus-minerals.com

For personal use only

Regional Prospects

  • RC drilling at Branches, Solomon and Clement Prospects all intersect high-grade gold mineralisation
  • Mineralisation hosted in the same rocks and alteration style as the Crusader-Templar Prospect
  • Branches Prospect RC Drill Results received during the quarter include:
    • 5m @ 17.91g/t Au (within 8m @ 11.37g/t Au from 118m);
    • 5m @ 5.45g/t Au and 3m @ 6.07g/t Au (within 36m @ 2.04g/t Au from 43m);
    • 6m @ 3.95g/t Au (within 31m @ 1.31g/t Au from 113m);
    • 8m @ 2.52g/t Au (within 13m @ 1.66g/t Au from 134m);
    • 6m @ 3.05g/t Au (within 9m @ 2.22g/t Au from 232m).
  • Solomon Prospect RC Drill Results received during the quarter include:
    • 10m @ 3.40g/t Au (within 22m @ 1.88g/t Au from 123m);
    • 3m @ 4.69g/t Au (within 26m @ 1.06g/t Au from 258m);
    • 3m @ 1.79g/t Au (within 6m @ 1.06g/t Au from 34m);
    • 2m @ 1.55g/t Au (within 8m @ 0.52g/t Au from 43m).
  • Clement Prospect RC Drill Results received during the quarter include:
    • 4m @ 3.73g/t Au (within 10m @ 1.70g/t Au from 151m);
    • 2m @ 5.57g/t Au (within 10m @ 1.29g/t Au from 71m).

Figure 1: Nexus Minerals Eastern Goldfields Projects

Page 2 of 18

For personal use only

During the quarter ended 30 June 2022, Nexus Minerals Limited (ASX: NXM) (Nexus or the Company) undertook extensive drill programs at the Crusader-TemplarProspect, and three other regional prospects, within the broader Eastern Goldfields Wallbrook Gold Project ("Wallbrook"). The drilling was undertaken to follow up on the outstanding high-gradeassay results received from previous drill campaigns. The Company also continued to advance the porphyry fertility assessment study of the Bethanga copper-goldproject in Victoria.

WALLBROOK GOLD PROJECT

Crusader-Templar Prospect

Reverse circulation (RC) drilling at Crusader-Templar prospect has been focussed on increasing the drill density in priority areas from >80 x 80m to a detailed 20m x 20m pattern drilling of the oxide component of the mineralisation down to ~100m. This targeted shallow RC drilling has been designed to achieve the detail required for inclusion in a mineral resource estimate and pit design optimisation studies, to be undertaken on any potential shallow oxide resource. Previous metallurgical test work on this oxide material returned positive results with gold recoveries of 98% being achieved.

The assay results received during the quarter demonstrate tenor and widths of gold mineralisaton which are consistent with results seen in previous RC drilling at Crusader-Templar.

The Crusader-Templar drilling has successfully shown the mineralisation to be continuous along the full extent of the 1.6km mineralised corridor tested to date, with multiple sub-vertical sheeted mineralised porphyry units being intersected effectively. The vertical continuity of mineralisation associated with these sub-vertical porphyry units allows for effective drill targeting of the mineralised zones, as demonstrated by RC and diamond drill testing of mineralised porphyry units from near surface to depths of >600m.

The operational focus for Nexus is now to analyse and interpret the geological data and assay results as they become available from the laboratory. This work, in conjunction with Snowden Optiro mineral consultants (Snowden), will be used as the basis for any future Mineral Resource Estimate.

Nexus has continued to engage with Snowdon to assist in the Company's exploration efforts. They will assist Nexus geologists in the review and analysis of the geological data and assay results. The aim being to generate a high-quality model based upon the geological, lithological, structural, alteration and assay data.

Snowden's focus is always on translating the geological model into the most accurate grade and tonnage model which honours the sample data and its relationships. Integral to this process are the sampling QA/QC procedures and Optiro have been working with Nexus geologists to ensure optimal sampling methodology using industry best practice assaying protocols.

Page 3 of 18

For personal use only

Figure 2: Nexus Eastern Goldfields Wallbrook Project Tenure and Prospects

Page 4 of 18

For personal use only

Figure 3: Crusader - Templar Prospect Drill Hole Location Plan

(Yellow highlighted boxes new results 16/05/22 / White boxes Nexus drill results)

Page 5 of 18

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Nexus Minerals Limited published this content on 06 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 July 2022 22:43:05 UTC.