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NEX METALS EXPLORATION LIMITED - ASX: NME
The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.
Description
100% Kookynie Gold Project combined with the neighbouring, earning 70% Yundamindera Gold Project, provide Nex Metals and Explorations Ltd. an opportunity to capitalise on the historically high gold price and fast track development from Junior Explorer to Gold Producer with longevity of gold inventory.
Kookynie Gold Project
Nex Metals Explorations Ltd (Nex or The Company) is pleased to announce that negotiations have been finalised with FMR Investments (FMR) to acquire 100% of the Kookynie Gold Project. Nex will gain 100% ownership of the project's 44 tenements in return for the issue of 7.8 million shares (tradeable after 6 months) and payment of $150,000 on settlement and assumption of the standard environmental bonds. The Nex board believe that the Kookynie Gold Project, combined with the neighbouring Yundamindera Gold Project, provide the company an opportunity to capitalise on the historically high gold price and fast track development from Junior Explorer to Gold Producer with longevity of gold inventory. On November 4 Nex announced a JORC compliant resource estimate of 12.3 Mt @ 1.1 g/t Au for 432,000 Ounces of gold at the Kookynie Gold Project.
Yundamindera Gold Project
Nex Metals has signed an agreement to earn a 70% managing interest in the Yundamindera Gold Project from Saracen Gold Mines Pty Ltd, a 100% owned subsidiary of Saracen Mineral Holdings Ltd. Under the terms of the agreement Nex can earn the 70% interest by spending $1.5M on the mining tenements within a 3 year time frame. The project comprises 9 granted mining leases covering 46.2 km² with wide spread gold mineralisation present. This gold project has many features that offer a unique opportunity for Nex. The company can spend the entry money on completing a detailed scoping study and potentially setting up and fast tracking a small and highly profitable goldmine with abundant potential for additional discoveries.
Kalgoorlie West Project (Gold)
The project comprises 8 granted prospecting licenses and 1 granted exploration license located approximately 8km south west of Kalgoorlie and 9km south east of the Binduli mining centre mined by extensive open pits by Croesus mining during the early to late 1990s. Composite sample TS1006 [20m; 20–40m] returned an Au value of 1119ppb [1.12g/t] and composite sample TS1007 [2m; 40-60m] returned an Au value of 1436ppb [1.44g/t] for a total intersection of 40m at 1.28g/t. Other anomalous samples include a 20m composite at 0.13ppm Au [Sample TS1002] and a 20m composite at 0.17g/t Au [Sample TS1010].
Euro Project (Gold)
The Euro Project comprises 6 tenements located approximately 10 kilometres south of Laverton. They cover a sequence of predominantly sedimentary rocks with subordinate BIFs, Cherts and minor ultramafic rocks. A number of major structures are interpreted from the regional mapping data which transect the tenements with minor outcrop over much of the tenement area. A recent ASX announcement by neighbouring tenement holder Crescent Gold Limited highlighted the definition of a 1.5 million tonnes deposit at a grade of 1.6 g/t Au located just 2 kilometres north of the Nex Euro Project tenements.
Randalls Project (Gold, Nickel, VMS Copper Zinc)
The Randalls project comprises 8 exploration licenses located to the east and north east of the Bulong Anticline, a large south plunging sequence of sediments and volcanic rocks. The company expects the tenements to have similar geology to Integra Mining Ltd, which has a 1.2m ounce gold discovery in the region.
Collurabbie Project (Nickel, Copper & Platinoid Metals)
* A large tenement parcel.
* Five granted exploration licences totaling 500km².
* Situated between the recently discovered BHP / Falcon Minerals and Gryphon, polymetallic (including platinum) sulphide prospects.
Kookynie East Project (gold, Nickel)
* 175km² in 2 ELs pending, 25km SW of Leonora.
* Located south of and along strike from the historical Sons of Gwalia goldmine.
* 22km strike on the Melita Fault in mafic sediments - a good host for gold.
* Prospective gold workings.
Lake Julia Project (Gypsum, Nickel)
* In excess of 70km²
* Within 15km of the Southern Cross gold mining centre on a parallel structure.
* Historical resource of 1.2 million tonnes of Gypsum (which is used extensively in the building industry).
* Minimal production costs for a commercial operation. Short haul to the Lake Julia siding on the Perth Kalgoorlie rail link.
Depot Hill (Gold Nickel)
* 58km² EL 20km west of Kambalda. Located around a granite contact.
Norseman (Gold)
* 70km² granted EL 5km east of Norseman covering 20km of strike of a major regional structure parallel to Central Norseman Gold.
Nambi (Gold, Nickel)
* 86km² granted EL 50km NNW Murrin Murrin Nickel (large producing nickel mine).
Mine For
gold, nickel, copper, zinc, gypsum
Location of operation(s)
Western Australia
Address
Unit 2, 42 Terrace Rd
EAST PERTH, WA, AUSTRALIA
Phone
08 9221 6813
Website
Last Updated
3/3/2011
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
