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Why is the Nexus Minerals (ASX:NXM) share price rocketing 28% today?

Nexus Minerals shares continue their ascent to cap off the week.
The post Why is the Nexus Minerals (ASX:NXM) share price rocketing 28% today? appeared first on The Motley Fool Australia. –

The Nexus Minerals Ltd (ASX: NXM) share price is soaring over 28% in afternoon trade today, and is now exchanging hands at 41 cents each.

Nexus shares are on the rise despite there being no market sensitive news for the company, however, September was a great month for the gold exploration company.

Here are the details.

What’s up with the Nexus Minerals share price today?

The Nexus Minerals share price popped from zero to a hundred to walk into September after the company made a key drilling announcement.

At the time, Nexus noted it had intersected a significant new discovery at its Templar gold prospect in Western Australia.

The company’s reverse circulation (RC) drilling program at the site produced high-grade assay results, plus intersected broad and high-grade gold.

The release notes the mineralisation is the “same style as (the) Crusader prospect – 1.2km south”.

As such, the assay results announced effectively “link” the two prospects together, presenting a “mineralised corridor (that) now extends over 1.6km of strike”.

The Nexus Minerals share price soared from 147% from 15 cents to 37 cents in the week after this announcement and has continued its journey northwards since.

Now it appears investors are chasing more of the story, with the price of Gold jumping from US$1,726/t.oz to US$1,751.t.oz from 29 September.

And the trend of the day looks established in the ASX gold basket, with the S&P/ASX All Ordinaries Gold Index (XGD) climbing 1.02% higher so far today, in direct contrast to the broader indices.

For instance, the S&P/ASX 200 (ASX: XJO) benchmark index is sliding 2% into the red as we approach the market close today.

Nexus Minerals share price snapshot

The Nexus Minerals share price has soared 207% this year to date, well ahead of its benchmarks.

It rallied 176% over the past month and climbed a further 14% this past week alone.

The post Why is the Nexus Minerals (ASX:NXM) share price rocketing 28% today? appeared first on The Motley Fool Australia.

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More reading

The Nexus Minerals (ASX:NXM) share price is up 34% today and 340% in a month
Nexus Minerals (ASX:NXM) share price soars 47% on new gold intercepts

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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