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Nimy Resources ‘Massive’ Mons Discovery

3 October 2023 12:26
ASX: NIM

Nimy Resources (ASX:NIM) has reported substantial findings from its Mons Project in Western Australia, unveiling the discovery of nickel-copper sulphides in the initial borehole within the Moving Loop Electromagnetic (MLEM) Conductive plates.

The program will persist with RC drilling to assess two recognised MLEM Plates within Block 2 of the Project, where notable intersections of 13 metres with substantial sulphide mineralisation, including pyrrhotite, pentlandite, chalcopyrite, and pyrite, have been reported.

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Figure 1: Nimy tenement map – prospects over the aerial magnetics

Continuous Testing of MLEM Plates

The Mons Project comprises 16 approved tenements, with one undergoing approval, encompassing a vast area of 2,806 square kilometres along an 80-kilometre north-to-south strike of mafic and ultramafic sequences.

This expansive project is characterised by extensive, fertile “Kambalda-Style” and “Mt Keith-Style” nickel-rich komatiite sequences within the Murchison Domain of the Youanmi Terrane, located in the Archean Yilgarn Craton, having already shown promising signs of mineralisation in previous assessments.

In September, Nimy initiated drilling activities at its flagship Project, conducting subsequent assessments of lithium and nickel targets identified through comprehensive geophysical studies.

The Company secured a significant $2.5 million cornerstone investment from Lind Global Fund II, LP, managed by Lind Partners in August, which has played a pivotal role in expediting the nickel and lithium drilling programs at the Project.

Nimy has noted that the mineralised intersections identified in the recently concluded drilling are uninterrupted, commencing at a depth of 102 metres. These significant sulphide intersections align with the modelled MLEM plate locations.

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Figure 2: Sulphide mineralisation from hole 23NRRC100 104-105 metres.

These findings are particularly promising for the Company as they closely align with Nimy’s strategy involving thorough Versatile Time Domain Electromagnetics (VTEM) surveys and subsequent MLEM assessments.

Future Outlook

After conducting preliminary visual assessments of mineral abundance, the drilling samples were promptly dispatched to Perth for accelerated assay analysis.

Furthermore, the drilled holes have been encased to facilitate downhole electromagnetic (DHEM) surveys, which will provide additional insights into the dimensions of the plates.

Currently, the drilling operations have shifted to Block 3, aiming to investigate the modelled conductive plates in that area. Nimy has identified an additional 31 VTEM anomalies displaying similar characteristics, which are now slated for further investigation.

Nimy Resources Executive Director Luke Hampson commented on the promising results.

“The intersection of massive sulphide mineralization in our first drill hole targeting conductive plates is a big win following our strategy of extensive VTEM and follow up MLEM,” he said.

“The intersections represent proof of concept in our search for massive sulphide mineralisation in an enormous holding covering an 80km strike of greenstone in over 2000km² that has already delivered very deep intersections of low-grade nickel from previous drilling.”

“Samples have been delivered to Perth for urgent turnaround and we look forward to confirmation of this significant development.”

NIM’s Australian Stock Exchange-listed share price has risen 18.42% today and is currently trading at 22.5 cents (12.30pm UTC+ 8 hours).

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