Ocean Comment: We first identified NiPlats (ASX:NIP; current...

Ocean Comment: We first identified NiPlats (ASX:NIP; current price A$0.33; MCap A$35m) on our Ocean radar two weeks ago (Weekly Review 26th Aug10) when the company released extremely encouraging results from its surface sampling programme identifying 8.1% Cu, 5g/t Au and 24oz/t Ag at the Speewah Project. Since then, the share price has reacted positively, increasing 48% from A$0.25 to highs of A$0.37 this past week.

NIP have announced that RC and diamond rigs have arrived on site and commenced drilling. The RC/Diamond Drill Programme for 2010 will drill a total of 20,000m on a number of targets. Drilling will operate round the clock and results will start becoming available mid-Oct right through until Q111, providing significant news flow.

Seven priority drill targets have been delineated to be drilled first within this isolated area (of 200km2) of Western Australias Kimberley region that has never been explored for minerals. The setting and geological model is now interpreted to be of the same style and age as Mt Isa (a very large epithermal system with copper in breccias and veins located along mantle tapping faults).
We continue to watch NIP

Link to full weekly research note :-

http://www.minesite.com/fileadmin/content/pdfs/Brokers_Notes_Aug2010/Ocean%20Equities%20~%20Weekly%20Review%20080910.pdf