NickelX marks out new nickel targets ahead of further drilling at Cosmos South
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A large, highly conductive feature has been defined at Cosmos South, in a nickel-rich producing belt dominated by BHP and now IGO with the $1.1 billion takeover in progress of Western Areas Limited (ASX:WSA).
New high-priority geophysical nickel targets have been defined at NickelXs’ recently acquired Cosmos South project, 20km north of BHP’s world-class Leinster nickel operations within the prolific Wiluna Greenstone Belt in Western Australia.
Surface EM data re-processing has defined a large, highly conductive feature at less than 100m from surface and suggests the conductor may extend south beyond the limits of the MLEM data coverage.
NickelX (ASX:NKL) says the modelled plate from both MLEM and FLEM data is coincident with magnetic lineaments observed from regional aeromagnetic data over the project location.
Managing director Matt Gauci says Cosmos South represents a “very strong” nickel target.
“The recently completed geophysical data re-processing has successfully defined a near surface, large, highly conductive feature with the company now progressing shareholder approval, magnetic surveys and drilling contracts to progress this target,” he said.
Despite being surrounded by major nickel miners, M36/580 has undergone very limited exploration to date.
Areas of outcropping-subcropping bedrock to the south and north of M36/580, on the other hand, have undergone considerable exploration, resulting in the discovery of nickel mineralisation to the immediate south at the Taurus, Sir Samuel and Sir Tristram prospects.
M36/580 is almost entirely covered by transported alluvial deposits and no systematic drilling has been undertaken on the tenure.
Upon shareholder approval, NickelX intends to conduct a detailed drone airborne magnetic survey over the entire tenement to better delineate the magnetic strata representing continuations of the ultramafic komatiite lithologies that host nickel mineralisation to north and south of M36/580.
This information will be critical for drill hole planning, the company says, and for targeting the most promising parts of the interpreted conductor/ultramafic package.
A maiden drill program consisting of four diamond drill holes is expected to begin in the March quarter 2022.
This article was developed in collaboration with NickelX, 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.