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Golden Mile Resources Limited (“Golden Mile”; “the Company”; ASX: “G88”) is pleased to announce that PQ diamond drilling for Stage 3 Metallurgical testwork on the 100% owned Quicksilver Nickel- Cobalt deposit “Quicksilver” has intersected very wide zones of high-grade nickel mineralisation within the existing Resource.
Highlights
- 23QDD008: 49m at 1.74% nickel (Ni), 0.071% cobalt (Co) from 30m
- Including 28m at 2.34% Ni & 0.109% Co from 32m depth, with intercepts up to 4.14% Ni and 0.421% Co; and
- 5m @ 1.6% Ni & 0.026% Co from 73m depth
Other significant intersections include:
- 23QDD006: 61m @ 0.61% Ni from 20m depth, including 1m @ 1.22% Ni from 77m depth
- 23QDD002: 47m @ 0.74% Ni from 18m depth, including 3m @ 1.15% Ni from 54m depth
- 23QDD007: 29m @ 0.65% Ni from 20m depth, including 1m @ 1.25% Ni from 36m depth
- 23QDD003: 13m @ 0.76% Ni from 21m depth, including 1m @ 1.53% Ni from 23m depth
- 23QDD001: 4m @ 1.5% Ni from 29m depth
- Potential for direct transportation and shipping of high-grade zones of the orebody without beneficiation
- High-grade cobalt in 23QDD008 exhibits good nickel-cobalt ratios (~10:1)
- High-grade nickel and cobalt in the oxide zone might be an indication of potential disseminated nickel mineralisation within the untested primary zone
- Hole 23QDD008 encountered the highest grade nickel and cobalt so far at Quicksilver
Golden Mile’s Managing Director Damon Dormer said “These are spectacular intersections and the highest nickel grade we have ever encountered at Quicksilver. The results indicate that we have a significantly higher-grade zone within the overall Resource with the potential of disseminated nickel mineralisation within the untested primary zone. This may provide an opportunity for direct transportation and shipping of high-grade zones of the orebody to provide early cash flow while constructing the beneficiation plant and accelerating project timelines.”
Quicksilver Nickel-Cobalt Project
The Quicksilver Nickel-Cobalt Project (“the project”; “Quicksilver”) is located near the town of Lake Grace (approximately 300km SE of Perth) on privately owned farmland in an area with excellent local infrastructure. The project is an oxide clay hosted Nickel-Cobalt deposit with an Indicated and Inferred Resource of 1:
cut-off grade >0.5% Ni or >0.05% Co
Further to the defined Resource, Quicksilver has confirmed mineralisation of Rare Earth Elements2 (REE’s) and significant high-grade Scandium3 (Sc) within the Resource envelope.
Metallurgical Diamond Drill Programme
The metallurgical diamond drilling programme4 was conducted to deliver a bulk sample for the Stage 3 metallurgical testwork programme. The drilling programme resulted in a total of 8 holes for 548.9m of PQ size diamond core. The PQ size was selected to deliver the highest quality and most representative sample of the orebody as well as maximise the mass for the Stage 3 metallurgical testwork programme.
Assay Results
The priority 1 assays from the diamond drill programme have returned wide zones of nickel mineralisation, including high-grade nickel and cobalt, hosted within the upper and lower saprolite oxide zones. The best nickel results from the Metallurgical PQ Diamond Drilling are shown in Table 1 with the positioning of the holes relative to the resource outline in Figure 1.
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