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NickelSearch Confirms Eight New Drill-Worthy LCT Anomalies

13 February 2024 10:55
ASX:NIS

NickelSearch Limited (ASX:NIS) has recently intensified exploration at the Carlingup Project in Western Australia, culminating in the discovery of three new lithium-caesium-tantalum (LCT) anomalies north of the Quarry, representing a substantial advancement in their quest for additional lithium resources.

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Figure 1: Plans of the sampling area, drill targets are highlighted in pale blue. Top panel: New soil geochemical results. Bottom panel: Recent geological mapping and location of rock chip samples

Identification of Additional LCT Anomalies

In late 2023, NickelSearch conducted an infill Ultrafine soil sampling program in a high-priority geochemical area north of the Quarry, initially identified through soil sampling for nickel exploration in 2022.

The LCT anomalies range in size from 350 x 250 metres to 150 x 100 metres, with peak values reaching 2.7 times the average background for lithium, 15.6 times for caesium, and 9.3 times for tantalum.

These anomalies include a substantial multi-element anomaly at the centre of the survey area, spanning approximately 350 x 250 metres, a discrete anomaly in the far east, measuring around 150 x 100 metres and an extensive anomaly extending over 300 metres in the far west of the survey area.

These findings, interpreted against background element levels, have expanded the total drill testing targets to eight, including areas around the Quarry and newly identified anomalies to the north, west, and south.

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Figure 2: Map showing soil sampling coverage and status in the vicinity of the Quarry. New sample results discussed in this document are in red.

Confirming LCT Pegmatite Associations

In conjunction with infill soil sampling, the Company conducted geological mapping and rock chip sampling in the vicinity of the Quarry and high-priority LCT areas.

The mapping confirmed a correlation between anomalous LCT surface geochemistry and felsic intrusions, including pegmatites.

Rock chip assays further validated this association, indicating that many intrusions contain elements linked to LCT pegmatites and are likely part of a larger LCT pegmatite system.

The soil assays provided additional support for this interpretation, revealing anomalous concentrations of LCT elements overlaying and adjacent to mapped outcrops.

Next Steps

The Company plans to initiate its inaugural lithium-focused drill program aimed at testing the identified LCT anomalies surrounding the Quarry and in adjacent areas to the west, south, and north.

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Figure 3: Plan showing the eight drill targets identified to date in the wider Quarry area

Negotiations for access and compensation on private land are underway to facilitate drilling activities, while ongoing work to expose the bedrock geology of the Quarry is progressing under Mining Warden permits.

Assay results from extensional sampling to the east of the Quarry, in addition to findings from rock chips and soil samples collected during regional lithium exploration, are eagerly anticipated.

Concurrently, NickelSearch is advancing its regional lithium exploration initiatives across the 28 identified areas of interest within the Carlingup tenements.

Furthermore, the Company is accelerating lithium exploration programs at newly acquired tenements in Ravensthorpe, aiming to define drill-ready targets by the first half of 2024 through mapping, soil sampling, and rock-chip sampling.

NickelSearch continues to interrogate its exploration database for evidence of potential lithium host rocks and mineralisation to inform future exploration strategies.

Company Commentary

NickelSearch Managing Director Nicole Duncan has expressed optimism regarding the Company’s recent findings.

“Our work within and around the Quarry continues to produce encouraging indicators of a LCT pegmatite system with a large footprint,” she said.

“The latest assays from soil sampling to the north of the Quarry show levels of LCT pegmatite metals well above background levels (between 2.7x and 15.6x background). Rock chip samples taken during the mapping confirm that many of the intrusions contain elements associated with LCT pegmatites.”

“It is very encouraging to see these results, with pegmatites in the region generally having relatively weak surface expressions and better grades in the fresh parts of the system below. Drill planning is now underway to test under these strong anomalies.”

NIS’s Australian Securities Exchange-listed share price has risen 2.63% today and is currently trading at $0.039 (10.45am UTC+ 8 hours).

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