Nimy Resources (ASX:NIM) has hit the ball out of the park this morning after intersecting pegmatites – rock that contains lithium – in eight holes, over 1.3km of strike, at the South Lake and Royale prospects within the Mons project in Western Australia.

Shares surged some 14%  in early morning trade before settling down to around 10% on the news, which highlighted the return of multiple, substantial intersections of pegmatite below lithium soil anomalies grading up to 232ppm Li2O.

At the Royale prospect, drilling comprised eight holes for 1,920m with pegmatites encountered within all holes.

The maximum interval recorded included 189m of dolerite containing pegmatite intrusions from 51m to the end of the hole.

Another 12 holes for 2,676m were drilled at South Lake, where NIM encountered pegmatites in ten holes.

Here, the maximum interval reached 187m in hole NRCC080 from 52m, which was logged as pegmatite in diorite and granite.


Similarities with other lithium juniors

The news mirrors results from Voltatic Resources (ASX:VSR) in May at Andrada, part of the Ti Tree project in the Gascoyne region of WA.

The 15-hole for 900m first pass program returned continuous pegmatite up to 58m thick, from surface across six targets.

All holes hit pegmatite.

On the day, VSR saw its share price surge 100% from 0.030 to 0.060.

Voltaic’s CEO Michael Walshe said at the time that drilling had successfully confirmed key structural trends and deepened the company’s understanding of the broader geological controls within the project.


Exploration on the fast-track

NIM geological consultant Fergus Jockel says to intersect such extensive pegmatites below a strong lithium soil anomaly is highly promising.

“Favourable assays would confirm that the soil sampling is an effective lithium exploration tool at Mons and in this event we will move quickly to expand the anomaly, which remains open”.


What’s next?

All samples have been submitted for assay as 4m composite and 1m intervals within mineralised zones with results expected within a fortnight.

Nimy will be releasing a further announcement relating to the base metal and rare earth element potential ascertained from helicopter and ground based geophysical surveys, surface geochemistry and the recently completed RC drilling program alluded to in this announcement.

Planning is now underway to extend the soil anomaly, which remains open along strike, and for follow-up drilling.