DMC Mining employed a high-resolution Xcite heliborne survey returning several high priority conductivity anomalies associated with buried komatiite ultramafic sequences at the Ravensthorpe Nickel Project in Western Australia.
The promising exploration unfolds as nickel futures top the US$100,000 mark for the first time and almost tripled in value during Tuesday and Wednesday sessions as Western sanctions against Russia over its invasion of Ukraine sparked concerns over the metal supply.
The unprecedented move in the nickel market led the London Metal Exchange to halt trading and noticed that it’s unlikely to reopen before Friday.
Wasting little time, DMC will be reviewing 552-line kilometres of over 100-metre spaced airborne EM and magnetics to deliver a detailed map of drill-ready nickel targets.
“We are very excited by the number of high priority nickel sulphide targets identified from the survey,” executive chairman David Sumich said.
“The results highlight the tremendous potential of this project.”
The next steps for the company are planning fieldwork on the ground to test the priority targets identified.
The work will include a field visit to ground-truth the anomalies and assess exploration logistics.
A geochemical sampling program and ground EM geophysics will then test the anomalies and advance the targets to drill testing.
Diamond drilling will follow the geochemical and ground geochemical surveys.
DMM’s Australian Stock-Exchange-Listed share price was trading at 13.5c (7:39 am UTC+ 8 hours).