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NickelSearch jumps on identifying strong nickel sulphide potential at Javelin priority 1 target with DHEM survey

Published 12/12/2022, 12:30 pm
Updated 12/12/2022, 01:00 pm
© Reuters.  NickelSearch jumps on identifying strong nickel sulphide potential at Javelin priority 1 target with DHEM survey
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NickelSearch Ltd (ASX:NIS) is trading higher on identifying strong nickel sulphide potential in downhole electromagnetic (DHEM) conductive plates just south of a reverse circulation (RC) hole drilled at the Javelin priority 1 target of the flagship Carlingup Nickel Sulphide Project in Western Australia.

The company drilled four RC holes at the Javelin and RAV8 targets, sampling the holes in their entirety with a DHEM survey.

Conductive plates modelled at Javelin returned high to very high conductive sources, which are indicators of prospectivity for massive sulphide mineralisation.

Shares are 7.41% higher intra-day at $0.145 and are up from $0.115 at the market close on December 6.

NickelSearch is now poised to kick off a 1,500-metre RC drilling program to follow up these conductive plates, as well as high-priority greenfield targets at the Sexton and RAV8 South prospects.

Modelling points to mineralised zone

“We are excited to see strong indicators of mineralisation in the Javelin target area. The modelled DHEM plates and anomalous mineralisation seen in assays suggest we are close to a mineralised area,” NickelSearch managing director Nicole Duncan said.

“We will commence our next round of RC drilling in the coming weeks and will incorporate these priority results into the sequence of drilling at Carlingup.”

An independent review of NIS’ Carlingup soil sample database recently identified nine high-priority and 15 medium-priority nickel sulphide volcanogenic massive sulphides (VMS) targets which will be used as part of the company’s ongoing target ranking process.

“This is a great result at this stage of the program and gives us more confidence in the opportunity at Javelin,” NickelSearch exploration manager Andy Pearce said.

“Hitting sulphidic units this close to a very strong conductive plate is a great place to start follow-up work.”

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