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LCL Resources Limited (ASX: LCL) (LCL or the Company), is pleased to provide an update on significant developments at its Veri Veri nickel prospect in southern PNG (Figure 1), part of the Company’s 100% owned Awala licence area which surrounds the Liamu and Ubei gold-copper projects.
- Scout program to confirm the source of high grade nickel sulphide float in Veri Veri creek identifies a 200m wide mineralised corridor in ultramafic rocks as a likely source.
- Multiple surface samples return > 10% Ni from nickel sulphides including a trench of 3m @ 2.11%Ni and 0.23g/t Au.
- LCL mapping/sampling confirms high grade nickel (with gold) mineralisation extends beyond the historical trench assays (including 7.8m @ 3.17% Ni, 1.32g/t Au, 7m @ 4.21% Ni, 1.45g/t Au and 10m @ 2.61% Ni, 0.77g/t Au).
- Veri Veri identified as a distinctive hydrothermal nickel sulphide-gold system with significant scale potential.
- LCL is currently considering its next steps at Veri Veri to ultimately identify first drilling targets.
A reconnaissance field program was conducted with the objective of finding the source of high grade nickel float, including boulders up to 1m in diameter, and to confirm assays and locations of trench sampling reported by previous explorer Goldminex Resources Ltd (ASX:GMX), (Figures 2, 3 & 4). The field work identified a 200m wide corridor which contains numerous serpentinised shear zones containing lenses (boudins) of nickel rich sulphides which are considered to be the likely source of the high grade nickel mineralisation.
The Company is encouraged by the very high grade and frequency of nickel sulphide boudins noted along and across the strike of the corridor, and its potential to yield bulk nickel grades of economic significance. LCL geologists were impressed with “boulder fields” of nickel sulphides and, when random pits/trenches were excavated within the corridor, nickel sulphide bearing outcrops up to 13.38% Ni and 5.35g/t Au were found (Plates 3 & 4) that confirmed surface boulders (boudins) to be in situ (Plate 1), and not transported float. LCL outcrop rock chip sampling also confirmed historical GMX rock grab samples of up to 19.8% Ni, 8.7g/t Au.
LCL’s limited scout trenching program returned an intersection of 3m @ 2.11% Ni, 0.23g/t Au, confirming historical GMX trenching results1 of:
- Trench V14 7.8m @ 3.17% Ni, 1.32g/t Au
- Trench V13 3m @ 4.9% Ni, 2.72g/t Au
- Trench V10 7m @ 4.21%Ni, 1.45g/t Au
- Trench V9 10m @ 2.61% Ni, 0.77g/t Au
The area of interest hosts ultramafic rocks (peridotites, pyroxenites and dunites) of the Papuan Ultramafic Belt of southern PNG proximal to the Keveri Fault. High grade nickel sulphide mineralisation is typically in the form of heazlewoodite, millerite and pentlandite and locally associated with the nickel silicate mineral garnierite plus gold.
A video discussing Veri Veri mineralisation can be accessed from the Digital Media page at LCL’s website – www.lclresources.au.
The Company’s Awala exploration licence covers 70km of the Papuan Ultramafic Belt bordered by the Keveri Fault. The proposed acquisition of the Munga River licence EL2566 to the east of Veri Veri2 and recently applied for exploration licences ELA2768 and ELA2783, will add approximately 30km of additional strike of the Keveri Fault and Papuan Ultramafic Belt lithologies (Figure 2).
LCL Managing Director Jason Stirbinskis commented: “We currently don’t know the extent and number of nickel-bearing shear zones within the identified structural corridor nor the presence of nickel sulphides separate from the boudin structures, however the scale of the shear zones in the small area we have mapped suggests they are part of a large nickel mineralised system which has yet to be tested either across its entire 200m width or along the majority of the Keveri Fault strike length.
The frequency of boudins and the very high nickel grades at Veri Veri bode well for the potential for what appears to be a distinctive hydrothermal nickel-gold mineralised system to ‘bulk up’ to something with economic potential.
The Company is currently planning its next steps for exploration programs appropriate for the steep topography and poor exposure, including new generation airborne electromagnetic (EM) geophysical surveys.”
Figure 1: LCL’s Veri Veri prospect is in the south of PNG in the Owen Stanley Range.
Figure 2: LCL’s project location plan for Veri Veri and surrounding licenses, with the prospective nickel-bearing Papuan Ultramafic Belt rocks and Keveri Fault. Note EL2566 remains subject to completion of an acquisition agreement.
About LCL
LCL Resources (previously Los Cerros Limited) is an active explorer across multiple targets prospective for Au, Cu and Ni in Papua New Guinea. The Company is currently drilling the priority gold/copper Kusi target that has already delivered exciting results.
The Company’s portfolio is underpinned by a 2.6Moz gold Resource4 in Colombia with early- stage engineering and metallurgy studies completed, including a 0.5Moz Reserve in final mining development approvals review. Given the prospectivity and size of its portfolio, the Company also aims to attract JV partners to advance targets in PNG and Colombia.
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This article includes content from LCL Resources Limited, 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.
FPX Nickel Completes Production Run of Battery-Grade Nickel Sulphate to Support Discussions with Prospective EV Battery Supply Chain Partners
Overview
As described in the Company's October 15, 2024 news release, FPX completed a pilot-scale refining test program to advance the technical maturity of refining the Baptiste awaruite concentrate to nickel sulphate. This test program included continuous, pilot-scale leaching to produce low-impurity leach solution. A small portion of the leach solution was further advanced through purification and crystallization operations to nickel sulphate crystals to demonstrate the technical viability of the purification process. The remainder of leach solution was retained for future testing including continuous, pilot-scale processing of the purification and crystallization area, ensuring the final refinery strategy is supported by purification and crystallization requirements defined in collaboration with FPX Nickel's current and prospective downstream partners.
FPX recently re-engaged Sherritt Technologies Ltd. to conduct an additional nickel sulphate production run, building on Sherritt's successful completion of the previous pilot-scale refining test program. In the current testing campaign, a portion of this remaining leach solution has been processed to produce larger quantities of nickel sulphate crystals. As with previous testing campaigns, the quality of the produced nickel sulphate, presented in Table 1, meets the strict target specifications for battery applications. To further advance the produced qualification process, the nickel sulphate samples will be provided to prospective downstream partners to ensure the quality and suitability of the nickel sulphate for their battery manufacturing process. Figure 1 shows a portion of the nickel sulphate samples produced.
Table 2 – Baptiste Nickel Sulphate Crystal Quality vs. Target Specification
Qualified Person
The metallurgical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101: Standards of Disclosures for Minerals Projects of the Canadian Securities Administrators ("NI 43-101"). Testwork was supervised, reviewed, and verified by Kyle D. Marte, P.Eng., FPX Nickel's Director of Metallurgy and a "Qualified Person" as defined by NI 43-101.
About the Baptiste Nickel Project
The Company's Baptiste Nickel Project represents a large-scale greenfield discovery of nickel mineralization in the form of a sulphur-free, nickel-iron mineral called awaruite (Ni3Fe) hosted in an ultramafic/ophiolite complex. The absence of sulphur and our ability to connect to the BC Hydro grid means that Baptiste has the potential to be one of the lowest carbon-intensive nickel producers in the world and will produce a very high-grade product that does not require any intermediate smelting or complex refining. The Baptiste mineral claims cover an area of 453 km2 west of Middle River and north of Trembleur Lake, in central British Columbia. In addition to the Baptiste Deposit itself, awaruite mineralization has been confirmed through drilling at several target areas within the same claims package, most notably at the Van Target which is located 6 km to the north of the Baptiste Deposit. Since 2010, approximately US$55 million has been spent on the exploration and development of Baptiste.
FPX has conducted mineral exploration activities to date subject to the conditions of agreements with First Nations and keyoh holders.
About FPX Nickel Corp.
FPX Nickel Corp. is focused on the exploration and development of the Decar Nickel District, located in central British Columbia, and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite. For more information, please view the Company's website at https://fpxnickel.com/.
On behalf of FPX Nickel Corp.
"Martin Turenne"
Martin Turenne, President, CEO and Director
Forward-Looking Statements
Certain of the statements made and information contained herein is considered "forward-looking information" within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Ni-Co Energy Set to Mobilize Critical Minerals Exploration just 90 km from Montreal
Bilingual Corporate Video introducing Ni-Co Energy Inc.
Summer Field Program Priorities (June–July)
- Targeted prospecting of southwest TDEM conductors (Kremer-2)
To verify the presence of outcropping massive or semi-massive sulfides. - Prospecting of northeast TDEM conductors (Kremer-1 2)
To assess the nature of EM anomalies and any associated metallic indicators. - Analysis of residual conductors in the eastern portion
To refine the global geophysical model ahead of final drill target placement.
Updated Interpretation of the 420 Assays from 2023
The 420 samples from the 22 holes drilled in fall 2023 have been recalculated in terms of nickel equivalent (NiEq %), using metal prices as of May 22, 2025 (Ni = $7.0375/lb, Cu = $4.6559/lb, Co = $15.286/lb).
Indicator | Updated Result |
Samples > 0.5 % NiEq | 134 (≈ 32%) |
Samples > 1.0 % NiEq | 70 (≈ 17%) |
Maximum grade | 3.89 % NiEq |
Average grade (all samples) | 0.48 % NiEq |
These data confirm the presence of significant mineralization, which may be associated with a mafic intrusion interpreted from geophysical surveys. Magnetic, gravity, and EM data show remarkable alignment over 8 km, suggesting a highly favorable environment in the central block (Kremer-2) over a 3 km section — an ideal structural setting for the formation of thicker sulfide lenses.
Next Steps – The Company Anticipates Undertaking a Drill Program in the Fall
- Validate the position and dip of key targets through surface work.
- Mobilize two drill rigs in the fall to test the central fold hinge and associated deep conductors.
- Carry out borehole EM (BHEM) surveys after each drill hole to visualize the extension of mineralized zones or detect off-hole conductors.
Photos of the team, outcrops, and trenches will be shared regularly on the company website, as well as on Facebook, LinkedIn, and X during the campaign.
The scientific and technical information in this news release has been reviewed and approved by Marc Boivin, P.Geo., a Qualified Person under National Instrument 43-101.
About Ni-Co Energy Inc.
Ni-Co Energy Inc. is exploring the Kremer project, a mafic–ultramafic intrusion prospective for nickel, copper, and cobalt, advantageously located in southern Québec and supported by infrastructure and low-carbon hydroelectric power.
For further information, please contact:
Ni-Co Energy Inc.
info@nicoenergy.ca
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