NME 3.13% 6.6¢ nex metals exploration limited

538,000 ounces of gold and growing !!

  1. 3,531 Posts.
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    Good announcement by Nex of resource upgrade to 538,000 ounces. But this figure will grow for the following reasons;

    - the orient well figures do not include the latest round of drilling. As Nex mentioned about orient well in their latest quarterly;

    " A total of 583 holes for 3,609 metres of drilling was completed to infill the existing drilling dataset on a 10m X
    10m and 25m X25m grid pattern. The results display continuity of the mineralised Laterite over the entire area
    suggesting a significant resource will be unearthed by this drilling ". Note the words "significant resource" which is not included in the 538,000 ounces.

    - $1m drilling program taking place at phase 3 high grade cosmopolitan, diamantina and cumberland - 538,000 ounces only from phases 1 and 2

    The other things to note are;

    - the maximum depth of the 538,000 ounces is 120m
    - Nex believe that there is potential to extend the mineralisation both at depth and along strike within the
    Nex’s tenements, hence there is potential to expand this resource.
    - low costs due to heap leach
    - 538,000 ounces is JORC compliant

    All leading towards large, low cost JORC compliant resource right when the gold price is peaking.

    DYOR
 
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