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Nimy Resources MONS Project Unearths Rich Nickel and Copper Deposits

17 October 2023 11:22
ASX: NIM
NIMY NICKEL MAP NOV24 2022.png Copy

Nimy Resources (ASX:NIM) has announced the confirmation of significant nickel and copper sulphides discovered at the Mons Project in Western Australia, with Executive Director Luke Hampson highlighting that this result further bolsters Nimy’s comprehensive land portfolio.

Unlocking the Riches of Block 2

The reverse circulation drilling program, initiated to assess the extent and style of mineralisation related to two modelled conductor plates identified within the VTEM data and MLEM survey, has yielded promising results.

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Figure 1: Drill plan showing intersection position of drill holes relative to modelled MLEM plates

Assays from hole 23NRRC0100, designed to probe these conductive plates, delivered a favourable finding. A five metre intersection revealed a composition of 0.73% nickel, 0.53% copper, 0.06% cobalt, and 0.55 g/t of platinum group elements (2PGE) from a depth of 102 metres.

When these results are translated into nickel equivalents, a composition of 1.16% Ni, with a peak value of 1.47% Ni equivalent is determined.

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Figure 2: 23NRRC100 R/C Drill Piles, black material represents massive sulphide intersections.

The drilling operation appears to have intersected the southern edge of the upper plate, with initial dimensions suggesting 20 metres by 100 metres. The lower plate presents as 50 metres by 150 metres, providing a substantial target for further exploration.

Future Prospects

To further explore the potential of this discovery, a diamond drilling rig has been deployed to Block 2, with the goal of drilling through both plates and gathering core samples. This strategic move underscores the Project’s commitment to understanding the full extent of the mineralisation.

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Figure 3: Block 2 MLEM drilling location plan and section.

Additionally, assays from another high-priority 60-metre disseminated sulphide intersection in RC drill hole 23NRRC101 on Block 3 are currently pending, which could potentially yield more positive results.

To gain a better understanding of the plates’ dimensions and identify any off-hole conductors, particularly at greater depths, the Project will soon undertake downhole electromagnetic (DHEM) surveys coupled with fixed loop electromagnetic (FLEM) surveys.

Future Outlook

Nimy Executive Director Luke Hampson expressed optimism about the discovery, emphasising the Project’s commitment to exploring what lies beneath the currently identified plates.

Furthermore, this success enhances MONS’s overall land package, with an additional 31 VTEM anomalies undergoing further investigation.

Hampson remarked, “The confirmation of massive sulphide mineralization in our recent drill hole at Block 2 provides us with ongoing confidence.”

“The result is particularly pleasing considering that it has occurred only at the edge of the interpreted conductor plate.”

“We have redirected the diamond drilling rig to Block 2 so that we can further explore the heart of both plates. The next hole is set to commence in a matter of days.”

“We will then undertake DHEM and FLEM surveys to identify any off-hole conductors that may be present. We are particularly interested in what may lie below the two already identified plates. The initial assessment of mineralization indicates that we have encountered a near-vertical intrusion.”

“Today’s results continue to enhance Nimy’s overall land package. We currently have an additional 31 VTEM anomalies undergoing further investigation, providing us with a strong baseline for comparison.”

NIM’s Australian Stock Exchange-listed share price is currently trading at 18 cents (11.00am UTC+ 8 hours).

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