📉 Nikkei is down nearly 5% -> here are 43 recession-proof Japanese stocks from our screenerUnlock Now

Resource Mining Corporation switches out RC for diamond drill to go deeper at Liparamba Nickel Project in Tanzania

Published 24/07/2023, 10:22 am
Resource Mining Corporation switches out RC for diamond drill to go deeper at Liparamba Nickel Project in Tanzania

Resource Mining Corporation Ltd (ASX:RMI) has upgraded its reverse circulation (RC) campaign at the Liparamba Nickel Project in Tanzania’s Nyasa Ruvuma province to a diamond drilling program following encouraging disseminated sulphide results at 38 to 120 metres down hole.

The RC drill program achieved its objective of identifying disseminated sulphides but did not reach its target depth of 150 metres.

Deeper drilling needed

This led the company to re-evaluate the RC program in favour of a more suitable diamond drill program. The current RC contract has been terminated.

Diamond drilling will ensure all drill holes planned can reach at least 150 metres to intersect the many audio-frequency magnetotellurics (AMT)/ versatile time domain electromagnetic (VTEM) anomalies identified, often within the 100-150-metre depth range or deeper, if the need should arise.

Encouraging results so far

Resource Mining Corporation CEO Andrew Nesbit said: “We are very encouraged by the initial results.

“We found RC drilling was insufficient to reach the intended depths of the defined targets in the given ground conditions.

“Diamond drilling will provide a more reliable drilling methodology and help ensure holes can reliably reach, and test, all the AMT/ VTEM anomalies identified within the 100-150-metre depth range, as well as test deeper where warranted.

“We look forward to providing further updates to the market.”

Read more on Proactive Investors AU

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.