Chart Analysis
NES Daily Timeframe Chart as of 12 May 2026
Nelson Resources (ASX: NES) Completes Orleans Mine Rehabilitation — 77.9 g/t Au Chip Sample on the 300-Foot Level as Maiden Underground Drilling Approaches
For the first time in decades, the Dunfee Shaft at the historic Orleans Mine is accessible to the 900-foot level. Nelson Resources has completed underground rehabilitation at its Gold Point Project in Nevada's Walker Lane district, establishing drill platforms for a maiden underground program expected to commence shortly. During the rehabilitation work, a single chip sample from fault breccia adjacent to a historic stope on the 300-foot level (~150m below surface) returned 77.9 g/t gold and 46.1 g/t silver over 1 metre — a reconnaissance sample with no accompanying QAQC. The initial program targets remnant high-grade mineralisation (minimum 4 holes, ~20m each) before up to 15 diamond holes test vein extensions up to 40 metres beyond existing workings. Gold Point has reported pre-WWII production of approximately 75,000 oz at 20–30 g/t Au from just four of 15 mapped veins across more than 5 km of underground workings. The stock moved +25% to $0.005 on 12 May 2026 — a single-tick move at sub-cent levels.
What the Rehabilitation Achieved — And What Was Found
Local mining contractor Nevada Rand cleared previous blockages in the Dunfee Shaft — the primary production shaft extending to approximately 275 metres below surface. Underground drill platforms are now finalised, providing a lower-cost drilling approach (approximately half the cost of surface drilling) with shorter holes, improved targeting angles, and reduced surface disturbance.
| Data Point | Detail |
|---|---|
| Chip sample (C239317) | 77.9 g/t Au, 46.1 g/t Ag over 1m — fault breccia, 300' level |
| Prior underground samples | 64 g/t Au / 110 g/t Ag; 7.34 g/t Au / 574 g/t Ag; 5.61 g/t Au / 84 g/t Ag |
| Lab | ALS Minerals Reno — 50g fire assay + 48-element ICP-MS |
| QAQC | None submitted with this sample |
| Associated metals | Cu 939 ppm, W 90 ppm, Mo 37 ppm |
The 77.9 g/t result is a single point sample from a specific geological feature (fault breccia adjacent to a mined stope) — it is not systematic channel sampling, not representative of broader deposit characteristics, and cannot be used to infer grade continuity.
The Drill Program — Two Phases Testing Different Questions
Phase 1 (minimum 4 holes, ~20m each): Testing remnant and unmined vein material immediately adjacent to historic stope positions. Drill chip samples where diamond core is not effective in the underground environment. This phase answers: is there mineable material left adjacent to what was historically extracted?
Phase 2 (up to 15 diamond holes, Bazooka drill): Testing extensions of the Orleans vein up to 40 metres beyond existing workings, plus potential parallel footwall structures. This phase answers: does the system continue beyond where historic miners stopped?
Rehabilitation planning has also commenced at the Great Western Mine — another historic high-grade producer at Gold Point — with drilling expected to follow the Orleans program.
Gold Point — A Consolidated Historic District
The Gold Point Project consolidates — for the first time in over 140 years — a historic district in the Walker Lane structural zone (>40Moz gold produced within a 90 km radius across diverse deposit styles). Pre-WWII production of ~75,000 oz at 20–30 g/t Au came from just four of 15 mapped high-grade veins across five historic mines with more than 5 km of underground workings. Nelson is earning up to 90% of the project, with a 2% NSR royalty (50% buyback right for up to US$1M).
Risks & Considerations
A single chip sample from a fault breccia zone is the highest-risk form of geological data — selective, non-systematic, and non-representative. The maiden drill program has not commenced, and no drill assays exist. The 75,000 oz production figure is from pre-WWII records with limited documentation. Nelson does not yet hold 90% — it is earning in via staged commitments. At sub-cent levels, the +25% move is a $0.001 absolute change (one tick). Cash position and drill program costs were not disclosed.
Key Dates & Timeline
| Date | Event |
|---|---|
| December 2025 | Gold Point acquisition announced |
| April 2026 | Orleans rehabilitation commenced |
| 12 May 2026 | Rehabilitation completed; 77.9 g/t chip sample; stock moved +25% |
| Imminent | Drilling equipment mobilisation |
| TBC | Maiden underground drill program (Phase 1 + Phase 2) |
| TBC | Great Western rehabilitation and drilling |
Price Data
- Previous Close: $0.004
- Close Price (12 May 2026): $0.005
- Change (12 May 2026): +25.0%
- 52-Week Range: $0.002 – $0.012
Notable Price Levels
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$0.012 — 52-week high. At 140% above the announcement-day close, the stock has recovered only a fraction of its prior peak-to-trough decline. The overhead supply from the $0.009–$0.012 zone includes holders from the initial Gold Point acquisition re-rating.
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$0.005 — announcement-day close on the session high. At sub-cent levels, the close-on-high pattern reflects tick mechanics — a single additional seller would have closed the stock at $0.004. The +25% gain is a single-tick move ($0.001).
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$0.004 — undisturbed close. A retracement is a single tick that would fully unwind the rehabilitation announcement premium.
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$0.002 — 52-week low. A return here would reverse the entire Gold Point acquisition and rehabilitation narrative.
Summary
Nelson Resources completed underground rehabilitation at the historic Orleans Mine in Nevada's Walker Lane district, restoring access through the Dunfee Shaft to the 900-foot level and establishing drill platforms for a maiden underground program. A chip sample from fault breccia on the 300-foot level returned 77.9 g/t gold and 46.1 g/t silver over 1 metre — a single reconnaissance sample with no QAQC. The stock moved +25% to $0.005 on 12 May 2026 (single-tick move at sub-cent levels). The initial program targets remnant mineralisation adjacent to historic stopes (minimum 4 holes) before up to 15 diamond holes test vein extensions beyond existing workings. Gold Point has reported pre-WWII production of approximately 75,000 oz at 20–30 g/t Au from four of 15 mapped veins. No Mineral Resource exists, no drill assays have been reported, and rehabilitation planning has commenced at the Great Western Mine.
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