Si6 Metals is edging towards approvals for drilling at a major nickel and copper deposit in Botswana with similarities to some of the world’s biggest base metals deposits.

Si6 (ASX:SI6) has held 60% of the Maibele JV for some time but has long required the approval of liquidators from 40% owner BCL in relation to its proposed drilling programs.

Why Si6 is so keen to get down to business at Maibele is pretty clear.

The project contains nickel sulphide mineralization related to ultramafic intrusions in mobile belt rocks with broad similarities to vaunted discoveries like IGO’s Nova-Bollinger mine, Chalice’s Julimar and the Thompson Belt in Canada, one of the world’s richest nickel domains.

Maibele already holds a resource of 2.4Mt at 0.72% Ni and 0.21% Cu, with platinum group elements, cobalt and gold in tow.

Si6 says it expects to end a frustrating wait for approvals ‘in due course’.

“Si6 continues engagements to obtain approvals for the drilling works to commence. Approval from the relevant stakeholders has been delayed by a number of unforeseen circumstances,” the company says.

“Historical information has been provided to the liquidator of BCL to enable them to gain a better understanding of past work, previous approvals and other related matters.

“Si6 anticipates to receive the liquidator’s approval in due course and will proceed to obtaining final mining and environmental approvals which also hinge on liquidator approvals, after which the works will commence in earnest.”

Discussions ongoing

BCL owned a number of assets around Botswana, four of which have been the subject of sales in the past 12 months.

Si6 says it is in discussions with parties regarding potential deals around Maibele, though there is no guarantee a transaction will eventuate.

Meanwhile it is looking to progress exploration work at regional targets on its own, 100% held tenure.

That is alongside the Maibele, Airstrip and Dibete prospects at the JV, where prior work including the 2021 geophysical programs have increased Si6’s chances of drilling success.

Outside the JV geological reviews and the generation of high quality targets have been in focus, with fieldwork in May on these areas with the Maibele East, Mashambe and Gobjango prospects presenting base and precious metals prospectivity.

Lithium bearing pegmatites are also being studied, with results on those investigations expected in July.

Building a Monument

Back home in WA, Si6 plans to start the third phase of a major aircore drilling campaign this quarter, with results for its second due back from the labs in the middle of this month.

Monument boasts a resource of 154,000oz and sits in the Laverton gold district, surrounded by multi-million ounce orebodies like Granny Smith (3Moz), Wallaby (7Moz) and Sunrise Dam (10Moz). In fact, the area is directly north of Dacian Gold’s Mt Morgans operation, part of a merger agreement with Raleigh Finlayson’s Genesis Minerals announced yesterday, the first step in what could be a major gold consolidation play in the Leonora and Laverton gold fields.

Further RC and diamond drilling is needed to build on the resource base, which was compiled in 2021.

Si6 has identified some 60 intrusive style targets alongside more traditional BIF and basalt hosted targets.

Analysis of end of hole multi-element geochem data from some of the targets has shown they are fractionated, felsic intrusives similar to the style of rocks that hosts De Grey Mining’s historic 8Moz Hemi discovery.

Meanwhile, at Murrin Murrin

Meanwhile, recent drilling has also intersected ultramafic lithologies from the Murrin Murrin domain on the western side of the Celia tectonic lineament, prospective for nickel and cobalt laterites.

Owned by Glencore, the nearby Murrin Murrin mine is one of the largest standalone nickel deposits in the world and Australia’s only substantial producer of cobalt.

“Felsic volcanics were also intersected at North Well and Aermotor target areas, which are prospective for volcanic hosted massive sulphide (VHMS) Zn-Pb-Cu-Au-Ag mineralisation,’ Si6 reported, adding: “Further sampling is required”.

 

 

This article was developed in collaboration with Si6 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.