Accelerate Resources Releases Exploration Update for Young Henry

Accelerate Resources (ASX:AX8) has announced that analysis of its drilling result at the Young Henry nickel prospect at the companies Mount Read project in Tasmania has returned two significant nickel intersections.

Accelerate managing director Yaxi Zhan said

“Stage two drilling at Thomas Creek is already underway with a fourth drill hole and we are planning for further exploration program in line with our strategy to best position Accelerate to attract large partners to further develop the Mount Read project.”

As quoted in the press release:

YHDD001 tested a 300m long SSW plunging electromagnetic conductor, coincide with aeromagnetic high and associated nickel, zinc, cobalt anomalous and locally gossanous soil samples. The primary target was magmatic nickel-copper-cobalt sulfides. The drilling intersected two zones of elevated Nickel within ultramafics. Peak results including 3820ppm nickel, 388ppm cobalt, 456ppm copper and 2150ppm zinc. The upper serpentinised ultramafic zone returned an extensive 38.3m at 0.23 percent nickel from 36.5m, whilst a lower zone returned 17.7m at 0.12 percent nickel from 90m. Relatively massive pyroxenite between the serpentinised zones was low in nickel, reaching 0.02 percent. A 14.3m zone of quartz – carbonate – pyrite veining within shale beneath the ultramafics was generally not metal anomalous, but returned weakly elevated nickel (~900ppm) from 114 to 116m. This interval contained local patches of pervasive silica – pyrite and semi-massive pyrite to 20cm.

Click here to read the full Accelerate Resources (ASX:AX8) press release.