‘A major nickel system’: LM1 exceeds expectations with wide, high-grade hits at William Lake

Initial assay results from Leeuwin Metals’ William Lake project in Canada validate it as a major nickel system within the world-class Thompson nickel belt.  

Leeuwin Metals’ (ASX:LM1) drillhole, WL23-367, has returned substantial intersections:

• 21.9m @ 1.02% Ni from 206.65m including: 7.35m @ 1.07% Ni from 206.65m and 12.15m @ 1.13% Ni from 216.4m (also including 1.35m @ 5.02% Ni from 227.2m)
• 4.4m @ 1.55% Ni from 247.1m

For context, most of the world’s famous nickel sulphide fields are around the 1% mark.

Nickel sulphide fields like Thompson, Sudbury and Norilsk, all of which have stood the test of time, have grades in the 1-2% range. Vale’s Voisey’s Bay, discovered in 1993, boasts reserves averaging 2.13% nickel. 

While the assays for an additional 10 holes are currently pending, the latest results confirm the continuity of high-grade mineralised shoots and provide further geological data to assist in future drilling at the William Lake project in Manitoba, Canada.

The seven-hole drilling program was focused on the W56 target, a large-scale prospect where recent drilling and historical data indicated a continuity of high tenor nickel sulphides along a trend of over 2km.

Large-scale nickel system on the cards

LM1 managing director Christopher Piggott says the results from the initial program leave no doubt that William Lake could be a significant nickel system.

“These assays not only exceed our expectations but also validate our decision to bring this project to the ASX,” he said.

“We look forward to compiling all key information and updating the market with valuable insights provided by DHEM together with pending nickel and lithium assays from Jenpeg, these will provide us with strong newsflow over the coming weeks.”

What’s next?

As the William Lake drill program comes to an end, Leeuwin Metals will be focusing additional resources at the Jenpeg Lithium Project, where there are currently historical drill holes with assays pending.

The company plans to begin field activities at Jenpeg in Q3.

This article was developed in collaboration with Leeuwin Metals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.