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Nimy Resources Secures $2.5M for Nickel and Lithium Drill Programs at Mons Project

22 August 2023 10:59
ASX: NIM

Nimy Resources (ASX:NIM) has secured a $2.5 million cornerstone investment from Lind Global Fund II, LP, managed by Lind Partners, to drive its nickel and lithium drilling programs at the Mons Project North-East of Perth, signifying a substantial advancement in the Company’s exploration agenda and growth strategy.

Strategic Investment Overview

The cornerstone investment by Lind Partners demonstrates a vote of confidence in Nimy Resources’ exploration potential and management team. The investment will be provided in stages over a maximum 24-month period, with the initial payment of $1.75 million set to be disbursed within five days of the agreement. The remaining balance will be delivered within five days of obtaining shareholder approval.

Under the terms of the investment agreement, the placement price is set at $0.208 cents per share for the first four months. Beyond this initial period, the subscription price will be either the fixed price or a calculated Volume Weighted Average Price (VWAP), depending on certain conditions. The agreement reflects a commitment to aligning the interests of both parties and ensuring the effective utilisation of capital.

Nickel and Lithium Drilling Programs

The funds secured through this investment will be allocated towards Nimy Resources’ nickel and lithium drilling programs at the Mons Project, with the Company’s exploration efforts to be focused on high-potential targets that hold promise for both nickel and lithium extraction.

The Mons Project is an expansive landholding encompassing 12 authorised tenements and four under the approval process, spanning over 2,564 square kilometres and extending across an 80-kilometre north-to-south stretch of mafic and ultramafic sequences.

Notably, the geological context of Mons mirrors that of the belt’s southern region, and more significantly, aligns with the Kambalda nickel belt. Embedded within the Murchison Domain of the Youanmi Terrane within the Archean Yilgarn Craton, the Mons Project occupies a strategically poised position within potentially extensive, fertile nickel-rich komatiite sequences reminiscent of both the “Kambalda-Style” and “Mt Keith-Style,” underpinning its significant geological significance.

For the nickel program, the Company has submitted a Program of Works (POW) for Reverse Circulation (RC) drilling with this campaign designed to target two high-conductance anomalies identified through VTEM / MLEM surveys, with the aim of uncovering nickel massive sulphides. Further enhancing precision, downhole electromagnetic surveys are scheduled for late August at specific prospects.

In the realm of lithium exploration, Nimy Resources has submitted a POW for RC drilling targeting high-grade lithium deposits with the recent drilling efforts having already confirmed the presence of fertile LCT pegmatites, further solidifying the potential of the site. The Company plans to build on this success by targeting additional high-priority areas using soil samples and hyperspectral data confirmation.

Management’s Perspective

Nimy Resources’ Executive Director, Luke Hampson, expressed enthusiasm about the investment agreement, highlighting the positive momentum the Company has achieved in 2023.

“We are extremely pleased to have entered into this Agreement with The Lind Partners. To date 2023 has seen Nimy progress significantly with our nickel and lithium targets. The funds invested by Lind will further our ability to drill highly prospective targets and propel our project to the next level.”

Lind Partners’ Founder, Jeff Easton, also shared his positive outlook on the partnership, commenting “We have been watching Luke Hampson and Simon Lill both at Nimy Resources and De Grey Mining operate for some time now and are pleased to invest in Nimy Resources to further their exploration plans. We are confident both our interests are aligned given managements continued and significant shareholding in the Company. Nimy is preparing a drill campaign on Priority One targets for Nickel and Lithium at The Mons Project and we are very excited to see what they yield.”

NIM’s Australian Stock Exchange-listed share price has risen 20 per cent today is currently trading at 15c (10.45 am UTC+ 8 hours).

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