Dynamic hits nickel payday at its Lake Percy project
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Initial assays from first drilling at Lake Percy in WA’s Goldfields region have more than validated Dynamic’s belief in its strong nickel potential.
The first pass drilling completed in April to obtain fresh rock geochemical samples along interpreted highly prospective ultramafic unit returned assays such as 16m grading 1.11% nickel from 32m down-hole (DYR032) and 46m at 0.7% nickel from 18m (DYA028) from the weathering profile.
Adding further interest for Dynamic Metals (ASX:DYM) bottom of hole geochemistry from DYR065 returned 0.35% nickel, 236 parts per million (ppm) copper and 38% magnesium oxide, which is strongly indicative of a fertile nickel sulphide system.
Several drill holes also intersected anomalous lithium grades of up to 1,170ppm lithium.
The company had drilled 102 aircore and reverse circulation holes totalling 6,372m to obtain fresh rock samples for geochemical analysis and utilise the results to improve the geological understanding and refine its nickel sulphide targeting across the roughly 10km strike of the western ultramafic unit.
Results have thus far indicated that a fertile nickel sulphide system is present at the LP1 and LP2 targets while additional pegmatites intersected during the drilling will be integrated into the existing pegmatite dataset for the Lake Percy area for future exploration.
Dynamic drilled 35 holes at the previously untested LP1, a 1.5km long target generated through magnetic interpretation to infer the continuation of the western ultramafic under transported granitic regolith.
This has defined a 600m long anomalous trend that was defined by significant nickel assays and accompanies results indicative of a fertile nickel sulphide system, between the northernmost and third northernmost drill lines. This remains open to the north.
Notably, hole DYR032 – the 16m intersection grading 1.11% nickel from 32m – is interpreted to have struck a nickel gossan, the fresh rock extension of which was not intersected in drilling due to a pegmatite intrusion at the bottom of the hole.
LP2 is defined by a 1.6km magnetic feature that is interpreted to be structurally separate from LP1 to the north.
It has been subject to historical rotary airblast, open hole percussion, RC and diamond drilling by previous explorers with high MgO results confirming the presence of ultramafic stratigraphy.
Dynamic drilled 27 holes over four drill lines, which confirmed that prospectivity for nickel sulphides is higher at the northwestern end of LP2.
This work also intersected further encouraging indications of a fertile nickel sulphide system exemplified by the fresh rock bottom hole ultramafic geology and geochemistry of drill hole DYR065.
Whilst favourable high MgO ultramafic units were intersected in bottom of hole geology and some elevated Ni returned from the weathering profile at other targets, the company plans to focus on the more prospective LP1 and LP2 targets for follow-up work due to their grade and tenor.
Dynamic will prioritise the follow up of the promising drilling results at LP1 and LP2, noting that further geological and geochemical interpretation will refine nickel targeting.
It will also assess the results from the multiple pegmatites that were intersected during the drilling by integrating the drilling dataset with its existing pegmatite dataset for the Lake Percy area and plan further lithium exploration.
Additionally, the company believes the western ultramafic remains underexplored and presents a further exploration opportunity.
This article was developed in collaboration with Dynamic 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.