Nickelsearch Ltd confirms bulk nickel tonnage potential with Carlingup drill results, shares

NickelSearch Ltd (ASX:NIS) is considering a bulk mining method following broad and robust nickel results from reverse circulation (RC) drilling at the Carlingup project in Western Australia.

The company has confirmed an increase in resources in three deposits (RAV8, RAV5 and RAV4 West) during the drilling of the project.

There were particularly encouraging results from the RAV8 deposit, where disseminated nickel sulphide mineralization up to 56 to 76 meters thick and open to the west was observed.

Drilling at RAV8 yielded:

  • 22 meters at 0.6% nickel from 85 meters, including 5 meters at 1.1% and 25 meters at 0.5% from 112 meters; and
  • 15 meters at 0.8% nickel from 79 meters, including 12 meters at 0.9% and 10 meters at 0.7% from 112 meters.

At RAV5, NickelSearch has defined a mineralized outline of greater than 0.7% nickel over an area 50 to 200 meters wide and 200 to 300 meters long, remaining open to the west and down dip. The company intends to generate an initial resource estimate for this deposit.

RAV4 West returned broader intervals of disseminated sulphides from an overhanging wall of higher grade nickel intersections, adding to previously reported extensions of massive sulphide mineralization to the west.

The results prompted a positive response from investors with shares up to 26% higher in early trading at $0.252.

Ready to start the next phase

“We are very pleased with the results of our 2021 program which will add significant value to our current resource base across multiple deposits,” said NickelSearch Managing Director Nicole Duncan.

“We are now very excited to embark on the next phase of new field exploration work programs, which aim to unlock the hidden potential of new nickel sulphide discoveries in our very large property complex. strategies in Carlingup.”

In addition to the RC program, NickelSearch conducted a large diameter diamond drilling program on all three deposits, adding to the company’s understanding of the project geology and providing samples to determine the best processing routes.

Having also completed an airborne electromagnetic (EM) survey and pending ground geochemistry, the company believes it now has a solid foundation to classify its drill targets and begin the process of testing each one.

NickelSearch will begin drilling as soon as the necessary approvals and drill rigs can be obtained, keen to discover new high-grade nickel sulphide deposits at Carlingup.