re: its on!!!!!!!!!!!!!!!!!!!!!!!
ANNOUNCEMENT 31 August 2005 NEW NICKEL SULPHIDE ZONE DISCOVERED AT NORSEMAN HIGHLIGHTS • Highly anomalous Ni, Cu and PGM results returned over a one kilometre long zone from aircore drilling at Monarch (formerly Chinaman’s Well) near Norseman. • Nickel and copper sulphide mineralisation observed in diamond drill samples, confirming the presence of primary nickel sulphide and copper sulphide mineralisation at depth. • Mineralisation occurs in layered mafic-ultramafic intrusion. • Intensive exploration included aircore drilling, diamond drilling and electromagnetic surveys. • Follow-up exploration to commence when all results are received and evaluated. DETAILS Nickel Australia Ltd (ASX: NKL) is pleased to announce that it has received highly anomalous assay results from recently completed aircore drilling on the Monarch project at Norseman. These results are considered the most significant and promising received by Nickel Australia since the company listed on the ASX in December 2003. Numerous holes contain anomalous levels of key pathfinder elements, nickel and copper. Significantly, there are also very high values of platinum and palladium. Better drill results include: MONARCH PROJECT – SIGNIFICANT AIRCORE DRILL RESULTS Hole No North (MGA) East (MGA) From (m) To (m) Interval (m) Ni (%) Cu (ppm) Pt + Pd (ppb) NNA 578 6448400 379650 4 16 12 0.28 399 143 NNA 540 6448200 379650 9 17 8 0.59 298 104 NNA 585 6448000 379500 40 41 * 1 0.14 1360 555 NNA 589 6448000 379650 12 32 20 0.36 303 110 NNA 590 6448000 379700 16 40 24 0.19 538 125 NNA 591 6448000 379750 4 32 28 0.11 525 166 NNA 592 6448000 379800 4 28 24 0.08 415 235 NNA 558 6447800 379700 14 59 45 0.32 465 128 NNA 559 6447800 379750 8 24 16 0.12 608 160 NNA 560 6447800 379800 16 36* 20 0.15 392 117 NNA 597 6447600 379550 4 20 16 0.25 172 132 NNA 598 6447600 379600 4 60 56 0.43 236 124 NNA 599 6447600 379650 16 76 60 0.41 195 115 NNA 600 6447600 379700 28 84 56 0.35 245 119 NNA 601 6447600 379750 36 52 * 16 0.17 1049 435 NNA 602 6447600 379800 44 60 16 0.17 340 183 NNA 608 6447400 379600 56 88 32 0.28 406 233 All holes drilled at an inclination of -60 degrees towards 270 degrees. * End of Hole Holes drilled at 50m intervals on 200m spaced lines Samples
The intensive exploration program at Monarch was carried out by Nickel Australia during July and August, and comprised aircore drilling (43 holes for 1,996m), diamond core drilling (2 holes for 514m), and surface and downhole electromagnetics. The aircore drilling intersected broad widths of anomalous nickel, copper and Platinum Group Metals (PGM’s), varying from several metres up to 60 metres in drilled widths. Mineralisation occurs in an ultramafic unit which forms part of a large layered mafic-ultramafic intrusive complex known as the Mission Sill. The geochemical anomaly occurs within weathered ultramafics as a continuous zone extending more than one kilometre in length and up to 250 metres in width. While current drilling has not defined the limits of the anomalous zone, the Mission Sill is known to have overall dimensions of at least 5km x 1km. Two diamond holes were drilled on the 6448000N line to test for primary mineralisation beneath the northern end of the geochemical anomaly. Fine to coarse disseminated sulphides were intersected in pyroxenitic horizons in both holes. Petrological studies identified this mineralisation as both nickel sulphides and copper sulphides. This confirms that the geochemical anomaly in the weathered zone reflects the presence of primary nickel and copper sulphide mineralisation at depth. Assay results from the diamond drilling are awaited. Further work will be undertaken once all results have been received and evaluated. Follow-up exploration will include infill and extension aircore drilling to define the extent of the geochemical anomaly, and diamond drilling to identify and test the margins of the intrusive body. Importantly, disseminated nickel and copper sulphides have been identified in the diamond core. However this mineralisation is hosted internally within the intrusive body and is not present, at least in this location, in economic concentrations. The principal target will be sulphide accumulations situated on or adjacent to the basal contact, in structural trap sites, and within feeder zones. Nickel Australia is very encouraged by the discovery at Monarch, especially when the coincident presence of a large geochemical anomaly and the underlying primary nickel and copper sulphide mineralisation are viewed in the context of a layered mafic-ultramafic intrusion. The Mission Sill has been confirmed to host base metal sulphides and this makes it a very prospective project.
NKL Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
(20min delay)
