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Nimy Uncover Rare Earth Corridor at Mons

25 July 2023 15:20
ASX: NIM

Having just demonstrated the Project’s nickel potential by delivering drill assays up to 0.73% nickel, Nimy Resources’ (ASX:NIM) latest drilling program at the Mons project has now bolstered the Project’s potential to host rare earth by uncovering rare earth elements and base metals within a 4.5-kilometre long corridor.

Compelling Corridor

Sitting well away from the recently uncovered nickel and lithium targets, the newly revealed corridor connects the Projects of Indian Sandrunner and South Lake Prospect and bears rare earth element mineralisation alongside anomalous values for copper, silver, lead and zinc.

Elevated Total Rare Earth Oxide + Yttrium oxide grades exceeding 250ppm TREO+Y were assayed in nine separate holes with a peak anomalous intersection of 2353ppm Total Rare Earth Oxides + Yttrium oxide, with select samples being submitted for re-assay comprising the full REE suite.

Of the nine holes which identified REEs, four were situated on the newly uncovered corridor, with an additional nine holes along the corridor intersecting copper, lead, zinc, +/- silver sulphide zones up to 24 metres wide, returning peak values up to 847ppm Cu, 0.54% Pb, 0.48% Zn and 8ppm Ag.

Mineralisation within the corridor remains open in all directions making the new corridor prime for further exploration, with a follow-up program now underway to identify the source of mineralisation within this corridor.

Carbonatite Core

Alongside uncovering the corridor, Nimy has also returned drill results from the Project’s carbonatite prospect, where the rig uncovered an entirely different type of mineralisation primarily characterised by elevated sulphur, hitting sulphide zones with anomalous bismuth, molybdenum and silver values.

Hole RRC091 was drilled directly into the prospect’s low magnetic core and intersected 4m sulphide zones bearing peak grades of 347pm Bi, 51ppm Mo, 6ppm Ag and 0.47% S.

Nimy will not have to wait long to follow up on this compelling intersection, with the Company having a diamond drill hole cofounded by Australia’s Exploration Incentive Scheme for August, which is set to reach 1000 metres in depth through the low magnetic core.

Looking Ahead

The Company said that these new results demonstrate the immense prospectivity of the greenstone belt hosted within Mons.

“These results provide more evidence that Mons hosts a standalone greenstone belt of significance with rare earth elements and base metal potential in addition to our more advanced and main focus of nickel and lithium exploration,” Executive Director Luke Hampson said.

“Preliminary drilling at the rare earths carbonatite prospect shows that the core is mineralised with bismuth, and molybdenum sulphides to the extent of the drilling and is of a different rock type to peripheral drill holes. The core mineralisation, particularly a sulphide zone, gives us encouragement to drill deeper. This will be done as an EIS diamond hole down to a maximum depth of 1km.”

NIM’s Australian Stock Exchange-listed share price has risen 3.25 per cent today and is currently trading at 16c (2.53 pm UTC+ 8 hours).

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