Nexus Minerals Raises Wallbrook Gold Resource to 631,000 Oz
Nexus Minerals increased its Wallbrook gold resource by 108% to 631,000 ounces and raised A$5.4 million to fund further drilling.
Key points
- Nexus Minerals increased the Wallbrook Gold Project resource by 108% to 631,000 ounces of gold.
- The company raised A$5.4 million via a placement to fund the October diamond drilling program.
- Nexus Minerals' total group resources now exceed 700,000 ounces of gold across its Australian portfolio.
Nexus Minerals (ASX:NXM) has revised the mineral resource estimate for its Wallbrook Gold Project upward by 108%, bringing the total to 631,000 ounces of gold. This significant expansion of the resource base marks a pivotal step for the company, which is actively consolidating its tenements in the Eastern Goldfields of Western Australia.
To support the next phase of exploration and drilling, the company completed a placement raising A$5.4 million. The capital injection is specifically earmarked to fund the October diamond drilling program and to continue growing the Wallbrook resource, further solidifying Nexus's position in a region adjacent to major operating mines.
Resource expansion drives group value
The uplift in the Wallbrook estimate pushes Nexus Minerals' total group resources beyond 700,000 ounces of gold. This aggregate figure reflects the company's broader portfolio, which includes the Pinnacles Gold Project and other tenements in Western Australia, New South Wales, and Victoria.
According to reporting from mining-journal.com, the Wallbrook project is strategically located immediately north of Northern Star Resources' Carosue Dam, Karari, and Whirling Dervish operations. This proximity to established mining infrastructure provides a compelling geological and logistical context for Nexus's exploration efforts in the major regional structural corridor.
Capital allocation for drilling
The A$5.4 million raised through the placement will directly fund the upcoming diamond drilling campaign. Managing Director Andy Tudor indicated that these funds are critical for executing the October program, which aims to test additional targets within the highly prospective land package held by the company.
With a market capitalization of A$32.60 million as of September 2026 and 603.76 million shares on issue, Nexus Minerals is positioned to leverage its well-funded status. The company's strategy focuses on advancing gold exploration in Western Australia while maintaining a diversified portfolio that includes copper and critical mineral prospects in other Australian states.
