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Nimy Resources Close Out a Strong Quarter

28 April 2023 14:59
ASX: NIM
Nimy Drill Rig

Nimy Resources have closed out a busy quarter strong, with the Company reporting that at the conclusion of the March quarter on the 31st, it held $2.43 million dollars in the bank.

Chasing Mons Nickel

During the quarter, the explorer’s main focus was uncovering the potential of its flagship Mon projects, with the explorer completing an 8000-metre drilling campaign across nine separate targets and an extensive series of electromagnetic surveys undertaken over the entire project.

Drilling focused on nine targets prospective for REEs, lithium, copper and the explorer’s major focus, nickel sulphides, with the Company able to enter a drilling equity agreement with Raglan Drilling to cover 50 per cent of the total drilling cost through the issue of Nimy shares, alongside receiving a grant from Western Australia’s Exploration Incentive scheme.

The EM surveys also proved to be highly successful, with the initial survey conducted over the Indian Sandrunner prospect, leading to the discovery of three new EM plates located 540 metres north of a previous drill hole which intersected a 4m interval of 112ppb Au, 120ppm Co, 1918 ppm Cu and 1337 ppm Ni from 61 m.

The second survey was flown at the as-of-yet under-explored northern tenements of Mons and revealed 21 new electromagnetic anomalies which confirm an 80km strike extent to the Projects north, with the Company already planning follow-up soil sampling and drilling to identify possible nickel sulphide mineralisation.

Searching the Soil

Alongside drilling, a number of extensive soil geochemistry and soil sampling programs were undertaken across the Project, with a primary focus placed on testing the geophysical and structural anomaly of the later stage nickel target areas, with some earlier-stage nickel and rare earth projects hit as well.

Assays from these programs further shored up Nimy’s confidence in the Project, with a number of nickel anomalies uncovered across seven prospects, with grades up to 210ppm for nickel alongside elevated values for chrome, copper, iron, sulphur and zinc.

Testing for lithium and rare earth was also encouraging, with highly anomalous lithium in soil results from the South Lake prospect up to 108 ppm discovered over 2.85 linear kilometres, and elevated total rare earth oxide values up to 86ppm were returned from the Lills Find targets.

Cash in Hand

Alongside the exploration team’s hard work, the Company’s executive side has kept its books balanced, raising $3.3 million dollars before cost from a share placement in February with Non-Executive Chairman Simon Lil participating in this placement.

NIM’s Australian Stock Exchange-listed share price has risen by 2.4 per cent today, currently selling at 0.21c (2:25 pm UTC+ 8 hours).

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