KalNorth Gold Mines (ASX:KGM) has completed reverse circulation drilling and downhole geophysics at the West Kambalda nickel project, joint ventured with Mithril Resources (ASX:MTH) in Western Australia.
A best result of 22 metres at 0.48% nickel from surface including 7 metres at 0.74% nickel from 8 metres was returned.
Three targets were drill tested with downhole EM surveying also undertaken at the Hendrix and Floyd prospects.
Drilling confirmed and extended the near surface zone of nickel mineralisation at Hendrix, and identified a zone of weak copper–zinc anomalism at Floyd.
Mithril has earned an initial 20% interest having completed expenditure of $320,000 and can earn an additional 60% interest by spending a further $1.68 million by 17 May 2017, for total expenditure of $2 million over 4 years for an 80% interest.
KalNorth is presently valued at around $2 million.
