Chart Analysis
NES Daily Timeframe Chart as of 12 May 2026
Nelson Resources (ASX: NES) — Orleans Mine Rehabilitation Completed at Gold Point With 77.9 g/t Au Chip Sample and Maiden Underground Drill Program Imminent
On 12 May 2026, Nelson Resources Limited (ASX: NES) announced the completion of underground rehabilitation at the upper levels of the historic Orleans Mine at its Gold Point Project in the Walker Lane district of Nevada, USA. Drill platforms have been established and the company's maiden underground drilling program is expected to commence shortly. During rehabilitation work, a chip sample from the 300-foot level returned 77.9 g/t gold and 46.1 g/t silver over a 1-metre interval of fault breccia adjacent to a historic stope, approximately 150 metres below surface. The initial drill program will comprise a minimum of four short holes (~20 metres each) testing remnant high-grade mineralisation adjacent to historic stopes, followed by up to 15 diamond holes to extend the Orleans vein up to 40 metres beyond existing workings. Rehabilitation planning has also commenced at the Great Western Mine, another historic high-grade gold-silver mine at Gold Point, with drilling expected to follow completion of the Orleans program. The Gold Point Project includes more than 5 km of underground workings across five historic mines, with reported pre-WWII production of approximately 75,000 oz gold at an average grade of 20–30 g/t Au.
Key Details at a Glance
| Detail | Value |
|---|---|
| Project | Gold Point Project, Walker Lane district, Nevada, USA |
| Mine | Orleans Mine — historic high-grade gold-silver mine |
| Earn-In Structure | Nelson earning up to 90% interest |
| Chip Sample Result | 77.9 g/t Au and 46.1 g/t Ag over 1m (fault breccia, 300' level) |
| Sample Depth | ~150m below surface (300-foot level) |
| Phase 1 Drilling | Minimum 4 holes (~20m each) — remnant mineralisation adjacent to stopes |
| Phase 2 Drilling | Up to 15 diamond holes — vein extensions up to 40m beyond workings |
| Historical Production (Gold Point) | ~75,000 oz Au at 20–30 g/t Au (pre-WWII, largely from 4 of 15 mapped veins) |
| Underground Workings | >5 km across five historic mines |
| Primary Shaft | Dunfee Shaft — extends to 900-foot level (~275m below surface) |
| Existing Royalty | 2% NSR on all minerals (50% buyback right for up to US$1M) |
Orleans Mine Rehabilitation and Underground Access
The rehabilitation programme, undertaken by local mining contractor Nevada Rand LLC, successfully restored access through the Dunfee Shaft — the primary historical production shaft, which extends to the 900-foot level (approximately 275 metres below surface). Previous blockages that restricted underground access have been cleared and stabilised.
Underground drill platforms are now being finalised, providing Nelson with a lower-cost drilling platform compared to surface drilling. The company states that underground drilling is expected to cost approximately half of a comparable surface drill programme, while allowing shorter holes, improved drill angles, higher targeting precision, and reduced surface disturbance.
Chip Sample Result — 77.9 g/t Gold on the 300-Foot Level
During rehabilitation, a single rock chip sample (C239317) was collected from a 1-metre interval of fault breccia adjacent to a historic stope on the 300-foot level. The sample returned 77.9 g/t gold and 46.1 g/t silver, along with elevated copper (939 ppm), tungsten (90 ppm), and molybdenum (37 ppm). The sample was analysed by ALS Minerals in Reno, Nevada, using 50g fire assay (Au-AA26) and 48-element ICP-MS (ME-MS61).
Previous underground sampling at Orleans has returned results including 64 g/t Au and 110 g/t Ag, 7.34 g/t Au and 574 g/t Ag, and 5.61 g/t Au and 84 g/t Ag.
The chip sample is reconnaissance in nature — a single point sample, not a systematic channel or drill sample. No QAQC samples were submitted with this sample.
Maiden Underground Drill Program — Two Phases Planned
Phase 1: A minimum of four drill holes, each approximately 20 metres long, testing remnant and unmined vein material immediately adjacent to existing historic stope positions within the Orleans vein system. Drill chip samples will be collected where diamond core drilling is not considered effective in the specific underground environment.
Phase 2: Up to 15 diamond core holes using a Bazooka drill, designed to test extensions of the Orleans vein up to 40 metres beyond existing workings, as well as potential parallel structures in the footwall position. Drilling equipment is expected to be mobilised to site shortly.
Gold Point Project — History and Geological Setting
The Gold Point Project is located in the Walker Lane district of Nevada — a major northwest-trending structural zone with reported production exceeding 40 million ounces of gold across diverse deposit styles within a 90 km radius. For the first time in more than 140 years, the historic district has been consolidated under a single owner.
Reported pre-WWII production at Gold Point totalled approximately 75,000 oz gold at an average grade of 20–30 g/t Au, with significant silver production. This production was largely derived from only four of 15 currently mapped high-grade gold-silver veins, meaning the broader district remains materially underexplored.
The project hosts multiple mineralisation styles: fault-controlled high-grade gold-silver veins (potential epithermal affinity), intrusion-hosted gold-silver mineralisation, calc-silicate skarn (Au-Ag-Cu-W), and broader Cu-Mo-Au porphyry potential within the Sylvania Intrusive Complex.
Nelson is earning up to a 90% interest in Gold Point. A 2% NSR royalty exists on all minerals, with Nelson holding a right to buy back 50% of the royalty for up to US$1 million.
Market Context
NES closed at $0.005 on the announcement day, up +25.0% from a previous close of $0.004, with the stock closing on the intraday high. The 52-week range spans $0.002 to $0.012. At sub-1-cent prices, the absolute price movement was $0.001 (one-tenth of a cent), reflecting the stock's micro-cap and low-priced nature where minimal order flow can produce significant percentage moves.
Risks & Considerations
Single chip sample: The 77.9 g/t Au result is from a single reconnaissance chip sample, not systematic channel sampling or drilling. No QAQC samples were submitted. A single high-grade sample from a fault breccia zone adjacent to a historic stope is not representative of the broader deposit and cannot be used to infer grade continuity or tonnage.
No drilling results yet: The maiden underground drill program has not yet commenced. The announcement describes rehabilitation completion and drill readiness — no drill assays have been reported. All drill results are pending.
Historical production data limitations: The reported 75,000 oz production at 20–30 g/t Au is from pre-WWII records with limited documentation. Historical production figures from this era may be incomplete or approximate.
Earn-in structure — not full ownership: Nelson is earning up to a 90% interest in the Gold Point Project via staged earn-in payments. The company does not currently hold a 90% interest. A 2% NSR royalty also applies.
Sub-cent stock price: NES trades at sub-1-cent levels with extremely limited liquidity. A $0.001 price movement represents a 25% change. Percentage moves at this price level can be misleading in terms of underlying value change.
Funding: The announcement does not disclose the company's cash position or the cost of the maiden drill program and ongoing rehabilitation at Great Western. Further capital may be required.
No Mineral Resource: No Mineral Resource exists for the Gold Point Project. The project is at a very early exploration stage, with the maiden underground drill program yet to commence.
Key Dates & Timeline
| Date | Event |
|---|---|
| December 2025 | Gold Point Project acquisition announced |
| January 2026 | High-grade surface rock chip assays reported |
| April 2026 | Mine rehabilitation commenced at Orleans |
| 12 May 2026 | Rehabilitation completed; 77.9 g/t Au chip sample reported; share price moved +25.0% |
| Imminent | Drilling equipment mobilisation to Orleans |
| TBC | Maiden underground drill program (Phase 1: min. 4 holes; Phase 2: up to 15 diamond holes) |
| TBC | Rehabilitation and drill planning at Great Western Mine |
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
- $0.006 — prior trading level within the 52-week range
- $0.007 — earlier consolidation zone
- $0.009 — upper range of prior trading activity
- $0.005 — announcement-day close
- $0.004 — pre-announcement close
- $0.003 — lower range of recent activity
- $0.0025 — near the 52-week low zone
Key Takeaways
- NES moved +25.0% on 12 May 2026 following a price-sensitive ASX disclosure (absolute move of $0.001 at sub-cent price levels).
- The announcement — Rehabilitation Completed at Orleans Mine — was the primary catalyst for the price movement.
- Underground rehabilitation at the Orleans Mine has been completed, with drill platforms established and the maiden underground drill program expected to commence shortly (minimum 4 holes Phase 1, up to 15 diamond holes Phase 2).
- A single chip sample from the 300-foot level returned 77.9 g/t Au and 46.1 g/t Ag over 1 metre of fault breccia — a reconnaissance sample with no accompanying QAQC.
- Underground drilling is expected to cost approximately half of a comparable surface program due to restored access through the Dunfee Shaft (extends to 900-foot level / ~275m depth).
- No Mineral Resource exists. No drill results have been reported. The Gold Point Project has reported pre-WWII production of approximately 75,000 oz Au at 20–30 g/t from four of 15 mapped veins across the district.
Summary
Nelson Resources announced the completion of underground rehabilitation at the historic Orleans Mine within its Gold Point Project in Nevada's Walker Lane district, with drill platforms established and the maiden underground drill program expected to commence shortly. A chip sample collected during rehabilitation returned 77.9 g/t gold and 46.1 g/t silver over 1 metre from fault breccia on the 300-foot level. The announcement coincided with a +25.0% move to $0.005 (absolute move of $0.001). The drill program will comprise a minimum of four short holes testing remnant mineralisation adjacent to historic stopes, followed by up to 15 diamond holes to extend the Orleans vein. Rehabilitation planning has commenced at the Great Western Mine. No Mineral Resource exists for the project, and no drill assays have been reported. Gold Point has reported pre-WWII production of approximately 75,000 oz gold at 20–30 g/t Au, largely from four of 15 mapped high-grade gold-silver veins across the district.
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