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STRATA MINERALS LIMITED. — Capital/Financing Update 2021
May 24, 2021
65823_rns_2021-05-24_624b6caf-3a6f-4cd8-ab66-f0bac1fc4808.pdf
Capital/Financing Update
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ASX Announcement 25 May 2021
EM SURVEYS COMMENCE AT THE FIRE DRAGON Ni-Cu TARGET
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Moving Loop Electromagnetic (MLEM) surveys have commenced on E39/1828 within the Biranup Project, located in the world class Albany Fraser Orogen (AFO), WA.
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The MLEM surveys have been designed at a spacing to better define 4 high priority targets previously highlighted by SPECTREM Airborne Electromagnetic (AEM) surveys by previous explorers and geophysical data re-processing by the Company.
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Programmes of Work (POW) area approvals received from Department of Mines, Industry Regulation and Safety (DMIRS) in preparation for drilling of EIS co-funded drilling program and follow up on targets identified from current MLEM program.
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DDH1 Limited (DDH1) to undertake an EIS co-funded drill program at the Fire Dragon target and also follow up the MLEM results and interpretation, as part of a wider drilling contract at the Biranup Project.
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The initial drill program is designed to test and expand previously identified semi massive to massive sulphides and the FD1 target at Fire Dragon, and to test new conductivity anomalies at the FD2-FD4 targets.
NickelX Limited (“NickelX”, “NKL” or “the Company”) is pleased to report that MLEM Surveys have commenced across 4 high priority targets on E39/1828. In addition, the Company has received POW area approvals and appointed DDH1 for a drill program supported by a recently awarded $150,000 EIS grant, at the 100% owned Biranup Project, located in the world class Albany Fraser Orogen (“AFO”), WA.
Recent geophysical data re-processing by the Company identified new good quality conductivity anomaly targets including a further 4 high priority AEM targets in the E39/1828 area (Figure 3), which were prioritised for the current close spaced MLEM surveys. The conductive targets FD1 to FD4 satisfy the Company’s key criteria for the potential discovery of magmatic nickel-copper deposits in the AFO.
The MLEM surveys are now underway at targets FD1-4 following efficient mobilisation of Wireline Services Group to site and appropriate safety inductions. The MLEM surveys have been designed to better define 4 high priority targets defined from a SPECTREM AEM survey flown by previous explorers and reprocessed by Southern Geoscience Consultants for the Company. Three 1[st] order conductivity targets (FD1 to 3 – Figures 4 and 5) and one 2nd order target (FD4 – Figure 6) will be followed up by MLEM surveys to test the conductivity anomalies and define targets for drill testing. Survey crews are making excellent progress and NKL expects to be in the position to update the market with the MLEM survey results and interpretation in coming weeks.
Additionally, the Company has appointed experienced AFO drilling company DDH1 to undertake initial drill programs following the MLEM results and interpretation. The appointment is part of a wider drilling appointment to test targets at Biranup. The initial drill program which is supported by a $150,000 EIS grant from the WA Government (see NKL ASX release dated 11[th] May 2021), will test targets at Fire Dragon and Silver Dragon defined from reprocessing surface and EM data acquired by previous explorers. In addition, POW area approvals have been granted, covering these targets and the FD1-4 AEM and MLEM target areas, to allow flexibility of drill planning to immediately follow up on all the results of exploration activity upon completion of the MLEM program (Figure 2).
NickelX Managing Director Matt Gauci commented:
“Following efficient and safe mobilisation to site so soon after the Company’s listing, the NickelX team are excited to better define both previously identified and newly identified high priority targets on E39/1828. The MLEM results and interpretation will systematically guide our planned drill program where we have appointed DDH1 to lead an initial program, supported by an EIS grant, as part of a wider minimum 5,000m drill program testing several targets at Biranup.”
NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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Biranup Nickel Project Overview
The Biranup Project is comprised of six granted exploration licenses (EL’s) covering a total area of ~400km[2] and is located at the north-eastern Albany Fraser Orogen (AFO), where previous work has identified 20+ EM conductors, including 4 high priority targets, that are considered highly prospective for magmatic nickel-copper mineralisation. The high priority Fire Dragon nickel target has been the subject of an AEM survey, ground MLEM survey and very limited drilling by previous explorers, which intersected semimassive to massive sulphides (including pentlandite and chalcopyrite), from a limited 4-hole program.
The AFO is still considered an emerging mineral belt as nickel-copper discoveries continue after only 10 years from the discovery of the Nova-Bollinger deposit. Total mineral endowment of the AFO is approximately 0.3Mt contained nickel-copper, whereas more mature belts, such as the Thompson Belt in Canada, have been explored for more than 40 years with total mineral endowment of 2.7Mt contained nickel. Discoveries continue to be made in the AFO including the Silver Knight deposit (Creasy Group), Mawson’s deposit (Legend Mining Limited) and the Orion target (IGO Limited).
Figure 1. NickelX Biranup and Ponton Projects in the Albany Fraser Belt
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NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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www.nickelxlimited.com
Figure 2. Approved POW area locations highlighted in green, E39/1828
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NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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www.nickelxlimited.com
Figure 3. Fire Dragon Nickel Target conductive anomalies and planned drill hole locations
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NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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Figure 4 MLEM Survey at Fire Dragon and FD1
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NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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www.nickelxlimited.com
Figure 5 MLEM Survey at FD1-FD4
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NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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www.nickelxlimited.com
Figure 6 MLEM Survey at FD1-FD4
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NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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www.nickelxlimited.com
Figure 7 NickelX MLEM Team Survey at FD1-FD4
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Figure 8 NickelX MLEM Team Survey at FD1-FD4
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NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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Authorised for ASX release by Matt Gauci, Managing Director of the Company.
ENDS
CONTACT
Matt Gauci NickelX Limited [email protected] +61 8 417 417 907
David Tasker Chapter One Advisors [email protected] +61 8 433 112 936
NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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ABOUT NICKELX LIMITED
NickelX Limited is an Australian, ASX listed, Nickel and Copper exploration company exploring for highgrade Nova-type magmatic Nickel-Copper deposits in the world class Albany Fraser Belt, located in Western Australia.
The Company owns 100% interest in its 6 granted Exploration Licenses at the Biranup Project in the Albany Fraser Belt, including 4 high priority targets at Fire Dragon, Silver Dragon, Black Dragon and Red Dragon, as well as 16 further priority targets which comprise the projects.
Competent Person’s Statement
The information in this announcement that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Tony Donaghy who is a Registered Professional Geoscientist (P.Geo) with the association of Professional Geoscientists of Ontario (PGO), a Recognised Professional Organisation (RPO). Mr Donaghy is an employee of CSA Global, an ERM Company, and is contracted as Exploration Management Consultant to Nickel X Limited. Mr Donaghy has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Donaghy consents to the inclusion in the report of the matters based on his information in the form and context in which it appears .
Forward Looking Statements
Some statements in this announcement regarding estimates or future events are forward-looking statements. Forward-looking statements include, but are not limited to, statements preceded by words such as “planned”, “expected”, “projected”, “estimated”, “may”, “scheduled”, “intends”, “anticipates”, “believes”, “potential”, “could”, “nominal”, “conceptual” and similar expressions. Forward-looking statements, opinions and estimates included in this announcement are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Statements regarding plans with respect to the Company’s mineral properties may also contain forward looking statements.
Forward-looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance. Forward-looking statements may be affected by a range of variables that could cause actual results to differ from estimated results expressed or implied by such forwardlooking statements. These risks and uncertainties include but are not limited to liabilities inherent in exploration and development activities, geological, mining, processing and technical problems, the inability to obtain exploration and mine licenses, permits and other regulatory approvals required in connection with operations, competition for among other things, capital, undeveloped lands and skilled personnel; incorrect assessments of prospectivity and the value of acquisitions; the inability to identify further mineralisation at the Company’s tenements, changes in commodity prices and exchange rates; currency and interest rate fluctuations; various events which could disrupt exploration and development activities, operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions; the demand for and availability of transportation services; the ability to secure adequate financing and management's ability to anticipate and manage the foregoing factors and risks and various other risks. There can be no assurance that forward-looking statements will prove to be correct.
NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]