NexMetals Boosts Selebi Main Resource 72% to 32.47 Mt, Adds Cobalt
NEXM is trading near its 52-week low of $1.81 (3.9% above the low).
Summary
NexMetals reported a 72% increase in the Selebi Main inferred mineral resource to 32.47 million tonnes grading 1.53% copper and 0.98% nickel. Contained copper rose 55% to 495,400 tonnes and contained nickel jumped 91% to 316,800 tonnes, with cobalt now included as a third metal. The growth is driven by new drilling in the Flexure Zone, and the company notes step-out drilling after the cut-off date hit thick high-grade sulphides not yet in the estimate. The Selebi North resource estimate is still pending and will be reported separately. This follows a series of strong drill results and a prior 70% resource increase at Selkirk, but the company also faces a going concern warning and urgent financing needs by year-end. The resource expansion strengthens the project's scale, but the pending Selebi North estimate and financing status remain key watch items.
At the time of this announcement, NEXM was trading at $1.88 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $67M. The 52-week trading range was $1.81 to $6.65. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: TMX Newsfile.