NexMetals Mining Corp. (TSXV: NEXM) reported new assay results from its surface drilling program at the Selebi project in Botswana, revealing a growing kilometre-scale trend of thick, high-grade massive sulphides within the Flexure Zone. The latest data, derived from four drill holes, continues to extend mineralization beyond the boundaries defined in the company’s 2024 Mineral Resource Estimate. The stock closed at $3.23 on July 22, 2026, marking a 2.54% increase on the day following the announcement.

The most notable result came from drill hole SMD-26-212-W1, which intersected an 11.15-metre interval grading 7.65% CuEq (3.10% Cu, 2.21% Ni). This intercept mirrors previous success at the project; in February 2026, the company reported 11.05 metres at 7.31% CuEq. These findings reinforce the presence of significant high-grade mineralization at depth. The company maintains a core strategic focus on redeveloping its past-producing copper-nickel-cobalt-PGE assets in the region, utilizing a data-driven exploration model that integrates borehole electromagnetic (BHEM) targeting to identify expansion potential.

"The Selebi Main deposit continues to exceed our expectations. Each phase of drilling has expanded our understanding of the system, while continuing to deliver exceptional grades and thicknesses."

— Sean Whiteford, CEO and Director

The drilling program, which has now reached nearly 30,000 metres of its planned scope, aims to define the geometry of the mineralized system. By spacing drill holes at nominal 200-metre intervals, the technical team has demonstrated lateral continuity along a trend that remains open for further expansion. The company’s ability to replicate significant intercepts at wide spacing suggests that the deposit holds substantial scale potential beyond the historical resource footprints.

"As we continue to define the scale and geometry of the system, understanding the geological and structural controls on mineralization is becoming increasingly important, not only to enhance drill targeting, but also to support future resource modelling and potential mine planning."

— Sean Whiteford, CEO and Director

Looking ahead, the company is preparing to release an updated Mineral Resource Estimate in the third quarter of 2026. This process will incorporate the recent exploration data and is intended to refine the understanding of the project's economic potential. To assist in this effort, NexMetals has engaged TECT Geological Consulting to develop an integrated three-dimensional geological and structural model for both the Selebi North and Selebi Main deposits. This modeling is designed to provide better clarity on the geological controls of mineralization, which will guide future drill targeting and assist in the long-term planning for potential mine development.

The success of the current drilling program underscores the effectiveness of the company’s exploration strategy in Botswana. By combining focused diamond drilling with advanced geophysical surveys, the team continues to validate its geological hypothesis regarding the size and high-grade nature of the Selebi system. As the 2026 resource update approaches, the accumulation of these high-grade results serves as a key indicator of the deposit’s evolving growth trajectory. The integration of structural modeling, expected later this year, should further clarify the potential for additional high-priority targets along the strike of the currently defined mineralized trend, maintaining the momentum of the site's development cycle as the company moves toward its next major milestone.

Read the full announcement: NexMetals Reports 11.15 Metres of 7.65% CuEq (3.10% Cu, 2.21% Ni) at Selebi Main, Highlighting a Kilometre-Scale Trend of Thick, High-Grade Massive Sulphides