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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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This article includes content from Golden Mile Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
June 2024 Quarterly Report
HIGHLIGHTS
- High impact, low cost regional exploration activities continuing at the Pulju Project.
- Analysis of an important, extensive new Bottom of Till (“BOT”) drilling database (9,632 samples) covering the entire Pulju Project area, recently acquired from the Geological Survey of Finland (GTK), is underway.
- Detailed summer mapping program underway focused on better characterising the extensive areas of known nickel/copper mineralisation and outcrop within the regional exploration licences at Pulju to prioritise future drilling targets.
- Positive progress on the metallurgical test work program for the Hotinvaara Resource to confirm potential recoveries and concentrate grades, with final results expected in Q3 2024.
- Discussions with potential strategic partners remains ongoing.
PULJU NICKEL PROJECT
The known nickel mineralisation in the CLGB is typically associated with ultramafic cumulate and komatiitic rocks with high-grade, massive sulphide lenses and veins enveloped by very large, lower grade disseminated nickel sulphide near-surface. The disseminated nickel at Pulju is widespread and indicates the presence of a vast nickel-rich system.
Following the conclusion of the 2023 drilling campaign, in March 2024, Nordic Nickel reported an updated Mineral Resource Estimate for the Hotinvaara Prospect at the Pulju Project which now comprises 418 million tonnes grading 0.21% Ni, 0.01% Co and 53ppm Cu for 862,800 tonnes of contained Ni, 40,000t of contained Co and 22,100t of contained Cu1.
Pulju is located 195km from Boliden’s Kevitsa Ni-Cu-Au-PGE mine and 9.5Mtpa processing plant in Sodankylä, Finland. Kevitsa provides feed for the 35ktpa Harjavalta smelter, which is located approximately 950km to the south and processes concentrate from Kevitsa’s low-grade disseminated nickel sulphide ore (Mineral Resource Estimate Ni grade ~0.21%). Europe’s only other smelter is Terrafame’s 37ktpa Sotkamo smelter, located 560km south-east of Pulju.
Figure 1: Location of Pulju Nickel Project and Europe’s entire nickel smelting and refining capacity.
Management Comment
Commenting on the June Quarter, Nordic Nickel Managing Director, Todd Ross, said: "We are very pleased with the progress made during this quarter despite continued challenging market conditions.
“The acquisition of the extensive BOT drilling database combined with historical drilling results and geophysics across Pulju provides us with a wealth of data to guide our future exploration efforts. This data, combined with the third summer mapping program now underway is another critical step in identifying new drilling targets and advancing our understanding of the Pulju Project's geology.
“Additionally, the ongoing metallurgical test work at Hotinvaara is crucial for assessing the economic potential of the project and advancing an initial scoping study, and we eagerly anticipate sharing the final results in the coming quarter.
“These activities underscore our commitment to advancing the Pulju Project and our strategic vision of supplying sustainably sourced nickel and battery metals to Europe. With that in mind, discussions with potential strategic partners continue which will allow us to ultimately fully unlock the value of Pulju for our shareholders.
Click here for the full ASX Release
This article includes content from Nordic Nickel, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
