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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.
High grade Assay Results Continue at Youanmi
- The latest batch of assays have been received from the 11,000m drilling program (both diamond core and reverse circulation) at the high gold-grade Youanmi Gold Project, located centrally in Western Australia’s prolific gold fields
- The recently-completed infill/exploration program aimed to improve resource confidence and open up corridors for resource growth; to underpin the Definitive Feasibility Study (DFS), and, additionally, provide sample material for ongoing metallurgical optimisation test-work for the DFS program
- Latest highlights from the program include:
- RXDD131: 4.38m @ 19.07 g/t Au from 387.98m,
- incl. 1.73m @ 41.43 g/t Au from 389.96m
- RXDD119: 4.56m @ 14.60 g/t Au from 220.64m
- RXDD115: 2.99m @ 21.11 g/t Au from 249.88m
- RXDD119: 4.0m @ 7.37 g/t Au from 162.0m
- RXDD132: 7.19m @ 3.90 g/t Au from 263.61m
- RXDD133: 2.83m @ 6.53 g/t Au from 431.00m
- RXDD128: 3.82m @ 4.51 g/t Au from 364.59m,
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- RXDD122: 0.95m @ 13.50 g/t Au from 204.44m
- §These results further demonstrate the continuity of high- grade gold mineralisation along the Youanmi greenstone belt belt, and the potential for resource growth both at depth and along-strike, with discovery potential to the south
- 35,000m Step-up drill campaign well underway with the plan to bring forward ounces and increase the mine plan
The program focused on converting Inferred stopes at Pollard, United North and Youanmi Main to higher confidence Indicated classification and providing material for metallurgical testing for the upcoming Definitive Feasibility Study (DFS) – on track for H2 CY25.
This final consignment of diamond assay results are the fourth batch of assays results returned from the drill program and have been entirely drilled from the Pollard, Youanmi and United North areas (Figure 1).
Rox Resources’ Chief Executive Officer, Phillip Wilding, commented:
“It’s pleasing to round out the 11,000m RD and DD drilling program with another batch of excellent intercepts.
“More importantly, the program has significantly improved our knowledge of the high grade and underexplored Youanmi ore system, and shown that mineralisation remains open at depth.
“Next steps are to convert Inferred areas of the Resource to the higher confidence Indicated classification, and finalise key intercepts of sample material for metallurgical test work to feed into the Youanmi DFS.
“We are excited to have commenced the 35,000m Step-up program to potentially bring forward ounces in the mine plan and significantly increase the size of the Pollard ore zone.”
Youanmi Major Growth Drill program
Resource drilling has focused on converting selected Inferred stopes in the current Mineral Resource of 16.2Mt at 4.4g/t Au for 2.3Moz (Indicated: 10.7Mt at 4.5g/t Au for 1.6 Moz : Inferred 5.5Mt at 4.2g/t Au for 0.7 Moz) 1 to higher confidence Indicated classification at Pollard, United North and Youanmi Main as shown in plan on Figure 1. The drilling has also provided both sample material for metallurgical testing and valuable geological data for the pending Definitive Feasibility Study (“DFS”) planned for second half of 2025.
Figure 1: Plan view of the Youanmi Gold Project featuring drill hole collar locations and 2024 Resource outline overprinted on aerial photography
Outside of the immediate resource area, drilling was also conducted on near-mine exploration and focused on the Youanmi South prospect area, or Paddy’s Lode, first reporting high-grade intercepts in 20232. The drilling at Paddy’s has complimented the Company’s exploration strategy moving south along the Main Lode Shear Zone (MLSZ) and adding additional gold ounces to the Resource. Youanmi South has the potential to grow the Resource above the 103kozpa Production Target outlined in the recently completed Pre-Feasibility Study (“PFS”)3.
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This article includes content from Rox 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.
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen 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.
