Assay results have confirmed the historic mineralisation and geological interpretation of high grade nickel, copper, and cobalt mineralisation. Pic via Getty Images.
Mining
QX Resources’ 39% stake in Bayrock Resources is certainly beginning to pay off, with Bayrock confirming high grade nickel-copper-cobalt in drill results at the Lainejaur deposit in Sweden.
Bayrock Resources is an unlisted public Australian company with a portfolio of highly prospective battery minerals exploration and development assets in Sweden.
The Lainejaur project hosts the historic Lainejaur underground mine which operated during World War II produced approximately 100,000t grading 2.2% nickel.
Plus, a Mineral Resource Estimate completed in 2018 established an Inferred Mineral Resource of 460,000t at 2.2% nickel, 0.15% cobalt, 0.70% copper, 0.68g/t palladium, 0.20g/t platinum and 0.65g/t gold.
Bayrock’s diamond drill assay results include 4.7m at 2.0% nickel, 1.6% copper and 0.1% cobalt from 283m downhole, within a mineralised section of 22m at 0.61% nickel, 0.52% copper and 0.04% cobalt from 267m downhole (LAI23001).
“Bayrock is starting to deliver very encouraging assays from this first stage of drilling at the Lainejaur deposit,” QX Resources (ASX:QXR) executive chairman Maurice Feilich said.
“Confirming almost 5 metres at 2% nickel is a great start and validates our investment.
“It is pleasing to note that drilling is also well-advanced at Vuostok, a highly prospective project with solid historical grades, and we look forward to sharing Bayrock’s results from here too.”
The mineralisation at Lainejaur is currently open to the north in a down-dip position and Bayrock has planned deep extensional drilling for the winter drilling season (Feb-Mar 2024).
Potential repeats of the mineralisation are indicated in the geophysics (magnetics and GeoTEM) with a 6km extension potential which is almost undrilled.
A 450m diamond drilling program (16 hole) is now underway at a second asset in Sweden, the Vuostok project, a near surface nickel-copper project where high-grade nickel and copper sulphides were previously intersected 70 years ago.
Conveniently, Vuostok is also within trucking distance of Lainejaur – meaning there’s potential for future stand-alone nickel-copper operations or additional ore feed for a potential Lainejaur operation.
This article was developed in collaboration with QX Resources Limited, 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.
