Cullen Resources (ASX:CUL) and Matsa Resources (ASX:MAT) have discovered a new nickel sulphide belt at their Killaloe joint venture project in Western Australia.
Elevated nickel values in conjunction with nickel sulphides were observed in diamond drillholes at the Hanging Wall Gossan prospect with interpretation confirming the potential for Kambalda style nickel sulphide mineralisation.
Downhole electromagnetic survey of Stage 2 diamond drillholes at Hanging Wall Gosshas been completed with analysis underway.
This seeks to identify off-hole conductors which may indicate the presence of significant nickel sulphide mineralisation.
JV manager Matsa plans to recommence diamond drilling in October targeting interpreted basal contact positions that remain prospective for economic sulphide mineralisation.
It is also deepening a diamond drill hole to intersect the basal contact between ultramafic komatiitic lavas and underlying basalt where the best mineralisation is expected.
Cullen had $1 million in cash at hand as at 30 June 2014.
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