- Nimy Resources advances its hunt for nickel-copper sulphide in WA
- Legacy Iron Ore is set to become the ASX’s next gold producer
- Heavy Minerals chooses IHC for Port Gregory PFS duties
Here are the biggest small cap resources winners in early trade, Tuesday October 3.
Emerging minerals explorer Nimy is on the battery metals hunt in WA, primarily nickel (but also lithium), and is frothing today over a promising nickel-copper sulphide hit in its broad holdings.
The news comes from the company’s Mons nickel project in the Karroun Hill District, where Nimy has been going hard on an initial RC drilling campaign.
That drilling has intersected 13m of massive sulphide mineralisation in total, containing pyrrhotite, pentlandite, chalcopyrite and pyrite.
Nimy notes that the mineralised intersection is continuous and commencing from 102m depth, while the massive sulphide intersections are “coincident with the modelled MLEM [moving-loop electro-magnetic] plate locations”.
Samples have been gathered and are on their way to Perth for assaying.
Nimy executive director Luke Hampson commented with:
“The intersection of massive sulphide mineralization in our first drill hole targeting conductive plates is a big win following our strategy of extensive VTEM and follow up MLEM.
“The intersections represent proof of concept in our search for massive sulphide mineralisation in an enormous holding covering an 80km strike of greenstone in over 2000km² that has already delivered very deep intersections of low-grade nickel from previous drilling.”
Some safe-for-work nickel pic porn for you here… enjoy:
NIM share price
This small hunter of the semi-precious stone garnet, among other things, is up today after confirming it’s awarded its Port Gregory PFS (pre-feasibility study) to IHC Mining.
Let’s briefly break that down.
The company is searching for industrial minerals including garnet, zircon, rutile and ilmenite with an initial focus on its Port Gregory and Red Hill garnet projects in WA.
The Port Gregory project has a JORC Measured, Indicated and Inferred Mineral Resource of 166 million tonnes @ 4.0% Total Heavy Minerals. And this includes 5.9 million tonnes of contained garnet and 260,000 tonnes of ilmenite.
IHC Mining is, notes Heavy Minerals, a leading, highly experienced mineral sands engineering consultancy, including experience relating to the mineral extraction from fine sand ores.
“The learnings from this project and other mineral sand projects IHC Mining have undertaken will be applied to HVY’s PFS providing HVY with a best-in-class outcome.”
Heavy Minerals CEO Andrew Taplin said: “Completion of the PFS will be a significant milestone for the Company as it progresses towards the development of Western Australia’s next world class industrial garnet mine at Port Gregory.”
@HeavyMinerals Limited is pleased to announce that IHC Mining have been awarded the Port Gregory PFS following the successful completion by IHC Mining of $HVY ’s PGSS and PEA.#ASX Announcement: https://t.co/HzzpgtarUM#mining #garnet #heavyminerals pic.twitter.com/m0aoYV5L5i
— Heavy Minerals Ltd (@HeavyMinerals) October 3, 2023
HVY also recently announced it’s on a $500k funding drive focused on advancing the PFS at Port Gregory.
We’ve entered into binding subscription agreements to raise $500,000. The raised funds will be utilised for advancing the pre-feasibility study at our Port Gregory Project and for general working capital.
— Heavy Minerals Ltd (@HeavyMinerals) September 29, 2023
HVY share price
Legacy, a diverse iron ore, gold and base metals hunter, has announced this morning its intended gold operation at the Mount Celia deposit in WA has the approvals it needs to get cracking – with the Blue Peter pit to go into production in October.
The final approval for this has been received from the Department of Mining, Industry, Regulation and Safety, and so drill bits are due to start spinning later this month.
The company notes that the current AUD gold price provides a “favourable pricing environment to potentially deliver robust returns”.
Legacy’s CEO, Rakesh Gupta, said:
“We are excited to become Western Australia’s next gold producer. Mount Celia is the first production opportunity for Legacy Iron from a portfolio of prospective tenements in the Eastern Goldfields.
“The Mount Celia Gold Project will generate cash flow for the company to fund ongoing exploration and development programs it has planned for its South Laverton Project area.”
LCY share price
MGA is up today after announcing its maiden RC drilling at its Edwards Creek/Arunta project in the NT has intersected a mineralised shear zone – up to 17m* including up to 3.5% zinc, 0.8% copper, 0.5% tungsten, 0.2% lead and 1500ppm TREO.
The Edwards Creek operation is a copper-zinc that the company believes could potentially host large REE and copper-zinc mineralisation system at depth.
“Importantly, MGA’s technical team has identified schistose texture hard rock REE mineralisation at shallow depth,” managing director Sean Sivasamy said. “We continue to build our knowledge and technical understanding of our highly prospective and large-scale Arunta Project, and we are committed to unlocking its value through continued systematic exploration over the coming months.”
Exploration Update Edwards Creek Arunta Project-NT
Maiden RC drilling programme comprising two holes for 431m completed at Edwards Creek to test downdip extension of major structurehttps://t.co/mCpFfr3H05 $MGA $MGA.ax #copper #ASX pic.twitter.com/d9Flbm6SvC
— MetalsGrove (@metalsgrove) October 2, 2023
MGA share price
This gold and copper-hunting junior is one of a couple of handfuls of hard-rock explorers to recently pivot into Brazil’s ‘Lithium Valley’ hotspot on the search for the white gold battery metal.
And it has some news today regarding the progress of its lithium-based move.
Alderan recently acquired 100% ownership of not one but seven lithium exploration projects from Parabolic Lithium, consisting of 24 granted exploration licences covering 472km2 in Brazil’s Eastern Lithium Belt.
All seven projects are within, and to the south, of the famed ‘Lithium Valley’ in the resource-rich Minas Gerais state, which hosts 40 of Brazil’s top 100 mines. And those include Companhia Brasileire De Litio (CBL) and Sigma Lithium Corporation (NASDAQ: SGML; TSX: SGML), along with the deposits of Latin Resources (ASX:LRS) and Lithium Ionic (TSX.V: LTH).
The company notes that project site visits are currently underway, with geologist-led field inspections looking to provide some expert confirmation of potential lithium mineralisation from pegmatite fields.
Legal due diligence is also reportedly on track, following the appointment by Alderan of Brazilian legal firm FFA Legal.
AL8 share price
The post Resources Top 5: Nimy goes big and wide for nickel sulphide at Mons; LCY makes golden pivot appeared first on Stockhead.
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