The 194km2 Bethanga Porphyry Copper-Gold Project is targeting a large-scale Porphyry Copper-Gold System.View ASX Announcements
The Project is located in Australia’s premier Porphyry Copper-Gold geological terrain.
Regional and Local Geology
- The Bethanga project is underlain by the Macquarie Arc / Yoeval Tract – a belt of volcanic and intrusive rocks part of the Cowra-Buchan Rift Complex some 600km long and 100-260km wide. (Shown in figures 1 and 3. USGS Porphyry Copper Assessment of Eastern Australia 2010).
- The Yoeval Tract is host to the Tier 1 Cadia Valley, Northparkes and Cowra deposits. It is defined by a belt of volcanic and intrusive igneous rocks of Late Silurian to Devonian age (440 – 380 Ma). The tract has an endowment of >80MozAu and 13Mt copper.
- The Yoeval Tract is classed as an Assessed Porphyry Copper Tract (figures 1 and 3) – meaning the volcanic and intrusive rocks within this tract indicate permissive depths of exposure within the Cowra-Buchan Rift Complex to host Porphyry Copper-Gold mineralisation.
- Geological Survey of Victoria recognises the “Macquarie Arc Derivatives” as a new style of terrain prospective for Porphyry Cu-Au (+/- Mo-Ag) and VHMS (Zn-Cu-Ag) mineralisation. See figure 2.
- The project site is located 300km northeast of Melbourne and 30km east of the major regional centre of Albury Wadonga.
- Combined area of the two tenements is 194km2 (EL006920 141km2 / EL06517 53km2)
- The project areas were mined at the turn of the century and produced 118kOz Au at 39g/t and 618t Cu from selectively mined narrow north-northeast trending quartz reefs developed within shear zones. The quartz veins are <1m wide and were mined down to 30-40m depth.
Nexus Work Program
Porphyry Cu-Au Fertility Assessment Proposed Works:
- Prospect wide soil sampling program planning commenced. Program aiming to identify pathfinder elements indicative of a magmatic hydrothermal system at depth.
- Geological mapping and lithogeochemical sampling – with specific alteration and geochemical characteristics being sought to indicate Porphyry Cu-Au prospectivity.
- Reprocess and 3D inversion of regional aeromagnetic data, followed by detailed ground magnetics survey.
The following terms and conditions have been agreed:
- The Company paid a $5,000 non-refundable fee for a one-month due diligence period that was completed 20 April 2021.
- The Company has successfully completed initial due diligence and Nexus has now paid a further $40,000 non-refundable option fee to the Vendors (Option Fee). This Option Fee allows Nexus to have the exclusive right for a period of 8 months to undertake reconnaissance exploration activities on the tenements.
- Once the 8 months has concluded the Company may elect to pay the following consideration to acquire 100% of the Bethanga project:
- AUD$300,000 cash consideration; and
- 2,000,000 NXM fully paid ordinary shares.