NickelSearch Ltd (ASX:NIS) has surged on identifying spodumene-bearing pegmatites in its first inspection and grab sampling program at the Carlingup Nickel Sulphide Project near Ravensthorpe in Western Australia accompanied by lithium-producing neighbour Allkem Ltd.
Following feedback from Allkem, the NIS team returned to the site and obtained further grab samples, from which spodumene in pegmatites was observed.
NickelSearch has recently partnered with Allkem in a technical collaboration to evaluate the lithium potential at Carlingup and offer guidance on target prioritisation.
Allkem is the owner and operator of the Mt Cattlin lithium mine, just 10 kilometres from NickelSearch’s Carlingup Project.
The markets have welcomed the news with shares trading as high as $0.09 at around midday, up 87.5% on yesterday's close.
Assaying – highest priority
NickelSearch managing director Nicole Duncan said: “NickelSearch is excited to have identified spodumene in pegmatites following our first joint site visit with Allkem.
“This is a great start to the technical collaboration between the companies.
“Given the similar geology with Mt Cattlin, we have agreed to work together to assess the lithium potential of Carlingup.
“There is a lot of work ahead and the Mt Cattlin geologists continue to share their vast technical expertise on greenfield lithium exploration.
“This collaboration sets NickelSearch up well to better determine where and how to target our exploration efforts.
“As our highest priority, we will agree on next steps on the spodumene occurrence and submit the grab samples for assaying.”
Grab sampling
The NickelSearch team, accompanied by members of the Allkem Mt Cattlin geology team, entered a portion of the Carlingup tenements that is private land and currently operated as a quarry for sand and gravel.
Following this visual inspection, and in consultation with the quarry operator, NickelSearch returned to the quarry and collected grab samples from a boulder containing pegmatites bearing coarse visible spodumene.
The boulder was within a stockpile of rock material extracted from the quarry, and its precise location within the pit is not known.
Grab sampling.
Lithium potential in Carlingup
In April 2023, NickelSearch highlighted the lithium potential at Carlingup, identified through an independent geochemical review.
This review studied the results of ultra-fine soil sampling conducted over parts of the Carlingup Trend by the company for lithium-caesium-tantalum (LCT) pegmatite potential.
$NIS NickelSearch identifies lithium and base metals potential at Carlingup Project in WA https://t.co/8Ab6TEsfyo @NickelSearch #NIS #ASX #ASXNews— Proactive Australia (@proactive_au) April 4, 2023