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NickelSearch Limited (ASX: NIS) (NiS or Company) is pleased to announce a huge step forward in confidence in the Mineral Resources for its flagship 100%-owned Carlingup Nickel Sulphide Project (Carlingup or the Project) near Ravensthorpe, Western Australia.
KEY HIGHLIGHTS:
- NickelSearch is pleased to report a significant upgrade of Carlingup nickel sulphide Indicated Resources to 8.3Mt @ 0.52% Ni, 0.06% Cu and 0.01% Co.
- Updated sulphide JORC 2012 Mineral Resource estimates (MRE) of 11.6Mt @ 0.56% Ni, 0.05% Cu and 0.01% Co.
- Significant Global JORC 2012 Resource of 155kt contained nickel.
- Work done since listing (including drilling, validation of historic data, and metallurgical test work) has significantly enhanced the confidence of the sulphide MRE.
- MREs for RAV1, RAV4 and RAV4 West demonstrate the potential for NickelSearch to continue to add resources through expansion of those shallow open pit resources and discovery of new deposits across the Carlingup Nickel Project -
- Over 30 nickel sulphide targets with limited or no previous drilling identified across the Carlingup Nickel Project.
- Industry-leading approach adopted for geological modelling and resource reporting has impacted RAV8 MRE, but also highlights opportunities for more near-surface mineralisation at RAV8.
- Priority high-grade underground mineralisation zone at RAV8 to be tested in CY2023, with the aim to materially extend the zone that contained 8.4kt Ni @ 3.0% Ni.
- Immediate upside from the low-cost assessment of historic surface dump material, which is from the RAV8 mine, where only material above 1.0%-1.5% Ni was processed.
- Focus in CY2023 to deliver high-grade nickel discoveries to complement the existing shallow resource base through testing of high-priority regional targets:
- Maiden RC programs at Serendipity and B1 scheduled for April 2023
- Follow-up drilling at recent nickel sulphide intersections at Sexton
- Extensional drilling at RAV8 high-grade underground mineralized zone and testing newly identified potential near-surface mineralisation.
The updated JORC 2012 Mineral Resource Estimate (MRE), comprising 154.9kt of contained nickel (see Table 1), of which 64.9kt is from nickel sulphides. NickelSearch is extremely pleased to report an increase of Indicated Resources within the nickel sulphides to 42.3kt, which represent 65% of the total resource. This increase in confidence is a result of the success of the in-fill drill programs completed during CY2022. The Company plans to support its existing shallow resource base through the discovery of high-grade nickel sulphides at depth.
NickelSearch’s Managing Director, Nicole Duncan, commented:
“NickelSearch is focused on exploration for high-grade nickel sulphides at our Carlingup Project, which is underexplored at depth. We are confident that our systematic approach to exploration will deliver a nickel sulphide discovery, as we prioritise and test our prospective greenfield targets. We are off to a great start to our greenfields exploration program following the successful nickel sulphide intersections at Sexton. We are extremely excited to test our high-priority targets at Serendipity, B1 and the high-grade underground extensions at RAV8. Today’s significant upgrade to Carlingup’s nickel sulphide Indicated Resources is an important milestone, providing a base from which we can confidently grow, including at RAV8. NickelSearch is committed to delivering value through increasing the confidence of our existing shallow resource base and progressing our heap leach processing solution, which we believe will be the most economic pathway forward.”
CARLINGUP MINERAL RESOURCE ESTIMATE
Table 1: Carlingup Project Mineral Resources as at 1 March 2023 (and see NIS Prospectus lodged October 2021 for Resources as at 1 August 2021)
The in-fill resource development drilling program focused on:
- shallow nickel deposits that are mineable through an open pit,
- upgrading RAV1, RAV4 and RAV4-West Exploration Targets to JORC 2012,
- testing the possibility of converting RAV5 to a resource, and
- upgrading the disseminated halo at RAV8.
RAV1, RAV4, RAV4-WEST
Drilling within the Exploration Target areas at RAV1, RAV4, and RAV4W has confirmed the extent, width, and grade of mineralisation in each deposit. Replacement of historic drilling in these areas with high quality data has mostly converted at the higher end of the Exploration Targets, to Inferred or Indicated Mineral Resources (see figure 1, 2, 3).
In Figure 1, the application of the Company’s “reasonable prospects for eventual economic extraction” process for constraining resources amenable for open pit mining is the cause of Mineral Resources not achieving the high case Exploration Target. Some mineralisation lies below the shell for the open pit (Figures 2 and 3) and the Company is planning programmes to define more near-surface mineralisation that could allow this deeper material to be reported.
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This article includes content from NickelSearch 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.
Stage Two Gold Proceeds Exceed $18 Million. Highest Price Achieved is $3,727 per Ounce.
HIGHLIGHTS
- Gold sales for 2024 exceed $18.23 Million.
- Current campaign gold sales reach $13.77 Million.
- Highest gold price achieved is A$3,727 per ounce.
- 154,000 tonnes delivered to the Mill, haulage continuing.
- Current campaign to conclude on 4 September 2024.
- First cash of $3.0 Million to be received by Auric shortly.
Managing Director, Mark English, said: “Gold has sold at up to $3,727 per ounce during August with more to come.
“BML have delivered in excess of 154,000 tonnes to the Coolgardie mill with haulage and milling continuing. Some of that ore will be processed in another campaign later in the year. The current campaign is continuing to produce thousands of ounces of gold.
“Already we have passed $13.77 Million in gold sales for this current campaign of the year and total gold sales for 2024 passing $18.23 Million. We are in the middle of a highly successful time for the Company.
“By the middle of September, Jeffreys Find Gold Mine is expected to generate in excess of $25 Million in gross gold sales for 2024. This current campaign is due to finish in early September. Unforeseen power outages and some inclement weather have slowed the whole process down, but we are hopeful more than 130,000 tonnes of the 150,000 tonne allocation at the Mill will get utilised in this campaign.
“A further campaign is planned at the Greenfields Mill towards the end of this year.
“The mill contract is to process 300,000 tonnes in 2024 so everyone is focussed on making that happen,” said Mr English.
Photo: Jeffreys Find doré bars at Greenfields Mill.
The Greenfields Mill (Greenfields or Mill) is contracted to process up to 150,000 tonnes of ore for the current campaign through Auric’s Joint Venture partner, BML Ventures Pty Ltd of Kalgoorlie (BML). As of 25 August 2024, just over 110,000 tonnes have been processed by the Mill.
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This article includes content from Auric Mining, 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.
