AI assistant
STRATA MINERALS LIMITED. — Capital/Financing Update 2021
May 10, 2021
65823_rns_2021-05-10_d9716107-885a-47b7-88bf-de687c5e4e29.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
www.nickelxlimited.com
ASX Announcement 11 May 2021
==> picture [142 x 49] intentionally omitted <==
NICKELX COMMENCES EXPLORATION IN THE ALBANY FRASER
-
Following the recent $7m IPO and ASX listing, NickelX Limited (ASX: NKL) has commenced exploration activities at the Biranup Project, located in the world-class Albany Fraser Orogen.
-
Geophysical data re-processing has identified new good quality conductivity anomaly targets at the Fire Dragon nickel target, which will be immediately followed up with close spaced Moving Loop Electromagnetic (MLEM) surveys.
-
Exploration Incentive Scheme (EIS) co-funded drilling grant of $150,000 received from the WA Government in support of a $310,000 diamond drilling program at the Fire Dragon nickel target.
-
Programme Of Work (POW) application lodged.
-
CSA Global Pty Ltd and Tony Donaghy has been contracted for Exploration Management.
-
Southern Geoscience Pty Ltd has been contracted for Geophysics Management.
-
Wireline Services Group Pty Ltd has been contracted to undertake MLEM surveys, with crews being mobilised for a May program.
NickelX Limited (“NickelX” or “The Company”) is pleased to report that following the successful $7 million IPO and ASX listing, the Company has immediately commenced exploration activities at the 100% owned Biranup Project, located in the world class Albany Fraser Orogen, WA.
The Biranup Project covers ~400km[2] and is located at the northern end of the Albany Fraser Orogen, 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 Airborne Electromagnetic (AEM), MLEM and drilling by previous explorers, which intersected semi-massive to massive sulphides (including pentlandite and chalcopyrite), from a limited 4-hole program (see ASX announcements by Ventnor Resources Ltd – now VRX Silica Ltd ASX:VRX - dated 13[th] October 2016, 8[th] November 2016 and 17[th] January 2017).
Geophysical data re-processing has identified new good quality conductivity anomaly targets including a further 4 high priority targets in the Fire Dragon area, which have been prioritised for immediate follow up close spaced MLEM surveys. The conductive targets FD1 to FD4 satisfy the company’s key criteria.
EIS co-funded drilling grant of $150,000 has been received from the WA Government in support of a $310,000 diamond drilling program at the Fire Dragon nickel target, with agreements signed with the Department of Mines Industry Regulation and Safety (DMIRS)MIRS for a 4 hole 1,212m diamond and diamond with RC pre-collar program. A Program of Works (POW) has been lodged for this and a wider 5,000m drill program.
The Company has also contracted high quality expertise in the exploration for magmatic nickel-copper deposits in the Albany Fraser Orogen, including CSA Global, Southern Geoscience, Wireline Services Group, to undertake the immediate exploration programs.
NickelX MD Matt Gauci Commented:
“We’re very excited to kick off exploration and hit the ground running immediately after our Australian Securities Exchange (ASX) listing, with the successful identification of new EM conductors, the successful application for an EIS grant for our diamond drilling program, and the contracting of very high-quality expertise in the discovery of magmatic nickel-copper deposits in the Albany Fraser Orogen.
“EM crews are being mobilised and drilling crews are being organised for what we believe will be a very exciting program, seeking Nova-type magmatic nickel-copper deposits across both previously identified and new EM conductors, while systematically generating new targets within Biranup”.
NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 322 7600 Email: [email protected]
www.nickelxlimited.com
==> picture [142 x 49] intentionally omitted <==
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
==> picture [433 x 305] intentionally omitted <==
NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 322 7600 Email: [email protected]
www.nickelxlimited.com
==> picture [142 x 49] intentionally omitted <==
New conductor anomalies identified at Fire Dragon
NickelX recently contracted Southern Geoscience Consultants Pty Ltd to conduct a review of the 2012 Airborne Electromagnetic (SPECTREM) survey covering the project, incorporating other geophysical data and previous review work, to rank EM targets previously identified in the SPECTREM data.
The objective of the review was to identify and rank conductive features considered prospective for nickel-copper sulphide mineralisation, for follow up ground EM surveying to then delineate drill targets.
SGC conducted the following processing in support of the SPECTREM review:
-
SPECTREM airborne EM processing, imaging, and analysis of EM line data in profile format.
-
Airborne magnetic and radiometric processing, filtering, and image generation.
-
Gravity processing, filtering, and image generation.
-
Updated 3D inversion of magnetics over Fire Dragon and Silver Dragon prospect.
-
Re-modelling of conductive responses identified in previous ground and borehole EM surveys.
The following criteria was used in ranking identified SPECTREM conductors considered potential for nickelcopper sulphide mineralisation:
-
EM conductor persisting to latest EM time channel.
-
EM conductor observed after overburden response decayed.
-
Limited strike length (not a stratigraphic conductive trend).
Targets interpreted as high priority and scheduled for immediate MLEM surveys at Biranup were all located within E39/1828, being FD1 to FD4 (with FD1 to FD3 highlighted in Figure 2).
DMIRS Exploration Incentivise Scheme (EIS) Grant
A DMIRS EIS Grant for co-funding of $150,000 towards a $310,000 drilling program at the Fire Dragon target (3 holes) and Silver Dragon target (1 hole) has been successful, with agreements signed with the DMIRS for a 4 hole 1,212m diamond and diamond with RC pre-collar program. A POW has been lodged for this work as well as a more expansive 5,000m diamond and RC drill program across a number of targets at Biranup.
At Fire Dragon, the strategy is not only to locate thicker and potentially economic extensions of the nickelcopper bearing sulphide zone intersected by historical drilling (see VRX ASX announcement dated 17[th] January 2017) but also to better understand the style of this mineralisation (i.e., whether magmatic or hydrothermal, or a tectonothermal modification of either). This will have important implications for Nickel exploration throughout the AFO.
A successful drilling program (e.g., intersection of potentially economic mineralisation or wide zones of alteration and anomalous metal concentrations that may serve as vectors to a buried mineral deposit) would dramatically expand the zone currently considered prospective for magmatic nickel deposits. This would have a flow-on effect on neighbouring projects, stimulating exploration investment in the northeastern AFO and enhancing its perception as an exciting exploration destination.
The diamond and diamond with RC pre-collar drill hole locations that have been awarded the EIS grant and subject to the initial drill program at Fire Dragon, particularly over the recently identified new EM conductors and targets is presented in Figure 2 (with holes 1-3 highlighted).
NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 322 7600 Email: [email protected]
www.nickelxlimited.com
==> picture [142 x 49] intentionally omitted <==
Figure 2. Fire Dragon Nickel Target new conductors and planned drill hole locations
==> picture [422 x 176] intentionally omitted <==
----- Start of picture text -----
FD3
----- End of picture text -----
==> picture [422 x 177] intentionally omitted <==
----- Start of picture text -----
FD2
FD1
----- End of picture text -----
NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 322 7600 Email: [email protected]
www.nickelxlimited.com
==> picture [142 x 49] intentionally omitted <==
- Appointment of high quality expertise in the Nickel exploration sector
Exploration Management - CSA Global Pty Ltd
The Company is pleased to report the appointment of CSA Global, an ERM Group company, and Mr Tony Donaghy to the role of Exploration Management for NickelX Limited. Tony is an internationally recognized expert in the global search for nickel, copper, cobalt and platinum group elements (PGEs) and a skilled exploration geologist who is familiar with most geological environments and a broad variety of mineral commodities. CSA Global is a mining industry consulting company that provides trusted technical and expert services, training and independent corporate advice to public and private mining companies, financial and legal groups. CSA Global has been providing services to its clients across all mineral commodities and regions globally for over 35 years. Their team of geologists, engineers, mining consultants and data specialists are some of the most experienced and soughtafter professionals across the mining industry.
Geophysics Management – Southern Geoscience Pty Ltd
The Company is pleased to report the appointment of Southern Geoscience Consultants (SGC) to the role of Geophysics Management. SGC is a group of highly experienced geophysicists based in Perth, Western Australia, who provide independent, specialised consulting services to the mineral and petroleum exploration industries globally. Working with all types of geoscientific data, SGC’s services include the planning, management, quality control, processing, imaging and interpretation of geophysical surveys, management of exploration programs, targeting and design of drill holes, GIS and data compilations, project evaluations, sales of multi-client data and value-added products, instrument rentals, rock property measurements and software development.
Ground EM Surveys - Wireline Services Pty Ltd
The Company is pleased to report the appointment of Wireline Services Group to the contracted ground MLEM surveys at Biranup. Wireline Services Group has been servicing exploration, mining, hydrology and geotechnical industries in Australia since 1995 and expanded operations to Canada in 2012. Using cutting edge technology and highly professional systems, WSG provide powerful orebody knowledge to some of the world’s leading mining companies. A world class team for subsurface data acquisition and orebody knowledge that makes a difference.
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 8 322 7600 Email: [email protected]
www.nickelxlimited.com
==> picture [142 x 49] intentionally omitted <==
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 (AFO), 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 8 322 7600 Email: [email protected]
www.nickelxlimited.com
==> picture [142 x 49] intentionally omitted <==
JORC Code Table 1 for Biranup Project
The following tables are provided to ensure compliance with the JORC Code (2012 Edition) requirements for the reporting of the Exploration Results at the Biranup and Ponton Projects.
Section 1: Sampling Techniques and Data
==> picture [425 x 513] intentionally omitted <==
----- Start of picture text -----
Criteria JORC Code explanation Commentary
Sampling Nature and quality of sampling (e.g. cut channels, All references to electromagnetic data acquisition
techniques random chips, or specific specialised industry and sampling are taken from reports and
standard measurement tools appropriate to the documents prepared by previous explorers. They
minerals under investigation, such as downhole have been reviewed by NKL and considered, in the
gamma sondes, or handheld XRF instruments, etc.). Competent Person’s opinion, to provide sufficient
These examples should not be taken as limiting the confidence that sampling was performed to
broad meaning of sampling. adequate industry standards and is fit for the
purpose of planning exploration programs and
generating targets for investigation. Refer to ASX
releases by Ventnor Resources Ltd (now VRX Silica
Ltd – ASX: VRX) dated October 13 [th] 2016,
November 1 [st] 2016 and November 8 [th] 2016.
Include reference to measures taken to ensure All references to electromagnetic data acquisition
sample representivity and the appropriate and sampling are taken from reports and
calibration of any measurement tools or systems documents prepared by previous explorers. They
used. have been reviewed by NKL and considered, in the
Competent Person’s opinion, to provide sufficient
confidence that sampling was performed to
adequate industry standards and is fit for the
purpose of planning exploration programs and
generating targets for investigation. Refer to ASX
releases by Ventnor Resources Ltd (now VRX Silica
Ltd – ASX: VRX) dated October 13 [th] 2016,
November 1 [st] 2016 and November 8 [th] 2016.
Aspects of the determination of mineralisation that All references to mineralisation are taken from
are Material to the Public Report. reports and documents prepared by previous
explorers and have been reviewed by NKL and
considered to be fit for purpose.
In cases where “industry standard” work has been All references to electromagnetic data acquisition
done this would be relatively simple (e.g. “reverse and sampling are taken from reports and
circulation drilling was used to obtain 1 m samples documents prepared by previous explorers. They
from which 3 kg was pulverised to produce a 30 g have been reviewed by NKL and considered, in the
charge for fire assay”). In other cases, more Competent Person’s opinion, to provide sufficient
explanation may be required, such as where there is confidence that sampling was performed to
coarse gold that has inherent sampling problems. adequate industry standards and is fit for the
Unusual commodities or mineralisation types (e.g. purpose of planning exploration programs and
submarine nodules) may warrant disclosure of generating targets for investigation. Refer to ASX
detailed information. releases by Ventnor Resources Ltd (now VRX Silica
Ltd – ASX: VRX) dated October 13 [th] 2016,
November 1 [st] 2016 and November 8 [th] 2016.
Drilling Drill type (e.g. core, reverse circulation, open-hole No drilling results are reported
techniques hammer, rotary air blast, auger, Bangka, sonic,
etc.) and details (e.g. core diameter, triple or
standard tube, depth of diamond tails, face-
sampling bit or other type, whether core is oriented
and if so, by what method, etc.).
----- End of picture text -----
NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 322 7600 Email: [email protected]
==> picture [142 x 49] intentionally omitted <==
www.nickelxlimited.com
==> picture [425 x 627] intentionally omitted <==
----- Start of picture text -----
Criteria JORC Code explanation Commentary
Drill sample Method of recording and assessing core and chip No drilling results are reported
recovery sample recoveries and results assessed.
Measures taken to maximise sample recovery and
ensure representative nature of the samples.
Whether a relationship exists between sample
recovery and grade and whether sample bias may
have occurred due to preferential loss/gain of
fine/coarse material.
Logging Whether core and chip samples have been No drilling results are reported
geologically and geotechnically logged to a level of
detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical
studies.
Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc.)
photography.
The total length and percentage of the relevant
intersections logged.
Subsampling If core, whether cut or sawn and whether quarter, No drilling results are reported
techniques half or all core taken.
and sample
If non-core, whether riffled, tube sampled, rotary No drilling results are reported
preparation split, etc and whether sampled wet or dry.
For all sample types, the nature, quality, and All references to electromagnetic data acquisition
appropriateness of the sample preparation and sampling are taken from reports and
technique. documents prepared by previous explorers. They
have been reviewed by NKL and considered, in the
Quality control procedures adopted for all
Competent Person’s opinion, to provide sufficient
subsampling stages to maximise representivity of
samples. confidence that sampling was performed to
adequate industry standards and is fit for the
Measures taken to ensure that the sampling is purpose of planning exploration programs and
representative of the in-situ material collected, generating targets for investigation. Refer to ASX
including for instance results for field releases by Ventnor Resources Ltd (now VRX Silica
duplicate/second-half sampling. Ltd – ASX: VRX) dated October 13 [th] 2016,
Whether sample sizes are appropriate to the grain November 1 [st] 2016 and November 8 [th] 2016.
size of the material being sampled.
Quality of The nature, quality and appropriateness of the No assay data is reported
assay data assaying and laboratory procedures used and
and whether the technique is considered partial or total.
laboratory
For geophysical tools, spectrometers, handheld XRF All references to electromagnetic data acquisition
tests
instruments, etc, the parameters used in and sampling are taken from reports and
determining the analysis including instrument make documents prepared by previous explorers. They
and model, reading times, calibrations factors have been reviewed by NKL and considered, in the
applied and their derivation, etc. Competent Person’s opinion, to provide sufficient
confidence that instrumentation used performed to
adequate industry standards and is fit for the
purpose of planning exploration programs and
generating targets for investigation. Refer to ASX
releases by Ventnor Resources Ltd (now VRX Silica
Ltd – ASX: VRX) dated October 13 [th] 2016,
November 1 [st] 2016 and November 8 [th] 2016.
Nature of quality control procedures adopted (e.g. All references to electromagnetic data acquisition
standards, blanks, duplicates, external laboratory and sampling are taken from reports and
checks) and whether acceptable levels of accuracy documents prepared by previous explorers. They
have been reviewed by NKL and considered, in the
----- End of picture text -----
NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 322 7600 Email: [email protected]
==> picture [142 x 49] intentionally omitted <==
www.nickelxlimited.com
==> picture [425 x 628] intentionally omitted <==
----- Start of picture text -----
Criteria JORC Code explanation Commentary
(i.e. lack of bias) and precision have been Competent Person’s opinion, to provide sufficient
established. confidence that sampling was performed to
adequate industry standards and is fit for the
purpose of planning exploration programs and
generating targets for investigation. Refer to ASX
releases by Ventnor Resources Ltd (now VRX Silica
Ltd – ASX: VRX) dated October 13 [th] 2016,
November 1 [st] 2016 and November 8 [th] 2016.
Verification of The verification of significant intersections by either No significant intersections are reported
sampling and independent or alternative company personnel.
assaying The use of twinned holes. No twinned holes are reported
Documentation of primary data, data entry All references to electromagnetic data acquisition
procedures, data verification, data storage and sampling are taken from reports and
(physical and electronic) protocols. documents prepared by previous explorers. They
have been reviewed by NKL and considered, in the
Competent Person’s opinion, to provide sufficient
confidence that sampling was performed to
adequate industry standards and is fit for the
purpose of planning exploration programs and
generating targets for investigation. Refer to ASX
releases by Ventnor Resources Ltd (now VRX Silica
Ltd – ASX: VRX) dated October 13 [th] 2016,
November 1 [st] 2016 and November 8 [th] 2016.
Discuss any adjustment to assay data. No assay data is reported
Location of Accuracy and quality of surveys used to locate NKL has done sufficient verification of the data, in
data points drillholes (collar and downhole surveys), trenches, the Competent Person’s opinion, to provide
mine workings and other locations used in Mineral sufficient confidence in the accuracy and quality of
Resource estimation. survey data and that it is fit for the purpose of
planning exploration programs and generating
targets for investigation. NKL continues to fully
verify the data.
No Mineral Resource or Ore Reserve has been
estimated.
Specification of the grid system used. Several grid systems have been used previously,
including AGD 1966 AMG Zone 51, AGD 1984 AMG
Zone 51 and GDA 1994 MGA Zone 51. NKL uses the
grid system GDA 1994 MGA Zone 51 although is in
the process of converting to GDA 2020 MGA Zone
51.
Quality and adequacy of topographic control. The local topography in the project areas is
relatively flat and nominal RLs or RLs taken from
handheld GPS are assumed to have been used
previously. NKL continues to fully verify the data
and has not found any material issues to date.
Data spacing Data spacing for reporting of Exploration Results. Various data spacing has been used at various
and prospects by previous explorers. Details of data
distribution acquisition spacing are provided in ASX releases by
Ventnor Resources Ltd (now VRX Silica Ltd – ASX:
VRX) dated October 13 [th] 2016, November 1 [st] 2016
and November 8 [th] 2016.
Whether the data spacing and distribution is No Mineral Resources or Ore Reserves have been
sufficient to establish the degree of geological and estimated.
grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s)
and classifications applied.
----- End of picture text -----
NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 322 7600 Email: [email protected]
==> picture [142 x 49] intentionally omitted <==
www.nickelxlimited.com
==> picture [425 x 204] intentionally omitted <==
----- Start of picture text -----
Criteria JORC Code explanation Commentary
Whether sample compositing has been applied. No Mineral Resources or Ore Reserves have been
estimated.
Orientation of Whether the orientation of sampling achieves Geophysical data acquisition has been carried out
data in unbiased sampling of possible structures and the on east-west lines at an oblique angle to the
relation to extent to which this is known, considering the regional northeast-southwest strike of
geological deposit type. aeromagnetic trends thought to indicate the trend
structure of bedrock geology.
If the relationship between the drilling orientation No drilling results are reported
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.
Sample The measures taken to ensure sample security. Original geophysical data has been digitally stored
security in databases and is readily available for use and
reprocessing.
Audits or The results of any audits or reviews of sampling NKL has not performed any audits at this time.
reviews techniques and data.
----- End of picture text -----
Section 2: Reporting of Exploration Results
| Criteria | JORC Code explanation Commentary |
JORC Code explanation Commentary |
|---|---|---|
| Mineral tenement and land tenure status |
Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The details and status of NKL’s exploration licences and exploration licence applications are provided in the body of the Announcement. NKL’s tenements cover unallocated crown land on the western edge of the sparsely populated Great Victoria Desert. No pastoral leases exist at the Biranup Project. The same is true for any sensitive historical sites, wilderness or national park and environmental settings. The Biranup Project area falls within a native title claim by the Nangaanya-ku Native Title Claim Group. |
|
| The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. NKL’s granted tenements E38/3191, E38/3294, E39/1828, E39/2000, E39/2001 and E39/2003 are 100% owned by NKL. The tenements are in good standing and NKL is unaware of any impediments for exploration on these licences. |
||
| Exploration done by other parties |
Acknowledgment and appraisal of exploration by other parties. |
Previous exploration has been completed on NKL’s projects by a variety of companies. Refer to ASX releases by Ventnor Resources Ltd (now VRX Silica Ltd – ASX: VRX) dated October 13th2016, November 1st2016 and November 8th2016. |
NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 322 7600 Email: [email protected]
==> picture [142 x 49] intentionally omitted <==
www.nickelxlimited.com
==> picture [425 x 616] intentionally omitted <==
----- Start of picture text -----
Criteria JORC Code explanation Commentary
Geology Deposit type, geological setting and style of NKL’s Projects are located in the eastern Albany-
mineralisation. Fraser Orogen, Western Australia, a poorly
outcropping, ca. 1,200 km-long, arcuate,
Neoarchean to Mesoproterozoic fold belt that
developed along the southern and south-eastern
margins of the Archean Yilgarn Craton and upon a
Yilgarn-like Archean basement. The orogen records
a long history of extensional tectonics (basins,
magmatism) as well as thrust tectonics (long-lived
structures) and is dominated by high-grade
metamorphic (amphibolite to granulite facies)
mafic and felsic gneisses and granite and mafic-
ultramafic intrusive plutons and complexes. Target
mineralisation is magmatic nickel-copper-cobalt
systems such as Nova-Bollinger. Orogenic and
possible intrusion-related gold systems may also be
found in the area.
Drill hole A summary of all information material to the No drilling results are reported
information understanding of the exploration results including a
tabulation of the following information for all
Material drill holes:
easting and northing of the drill hole collar
elevation or RL (Reduced Level – elevation above
sea level in metres) of the drill hole collar
dip and azimuth of the hole
downhole length and intersection depth
hole length.
If the exclusion of this information is justified on the The announcement pertains to potential anomalies
basis that the information is not Material and this derived from reprocessing of geophysical datasets
exclusion does not detract from the understanding previously acquired by past explorers. Refer to ASX
of the report, the Competent Person should clearly releases by Ventnor Resources Ltd (now VRX Silica
explain why this is the case. Ltd – ASX: VRX) dated October 13 [th] 2016,
November 1 [st] 2016 and November 8 [th] 2016.
Data In reporting Exploration Results, weighting No assay results are reported.
aggregation averaging techniques, maximum and/or minimum
methods grade truncations (e.g. cutting of high grades) and
cut-off grades are usually Material and should be
stated.
Where aggregate intersections incorporate short No assay results are reported
lengths of high grade results and longer lengths of
low grade results, the procedure used for such
aggregation should be stated and some typical
examples of such aggregations should be shown in
detail.
The assumptions used for any reporting of metal No metal equivalent values are reported.
equivalent values should be clearly stated.
Relationship These relationships are particularly important in the No mineralised intersections are reported.
between reporting of Exploration Results.
mineralisation
If the geometry of the mineralisation with respect No mineralised intersections are reported.
widths and
to the drillhole angle is known, its nature should be
intersection
reported.
lengths
If it is not known and only the downhole lengths are No mineralised intersections are reported.
reported, there should be a clear statement to this
----- End of picture text -----
NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 322 7600 Email: [email protected]
==> picture [142 x 49] intentionally omitted <==
www.nickelxlimited.com
==> picture [425 x 340] intentionally omitted <==
----- Start of picture text -----
Criteria JORC Code explanation Commentary
effect (e.g. “downhole length, true width not
known”).
Diagrams Appropriate maps and sections (with scales) and Appropriate maps and diagrams are provided in the
tabulations of intersections should be included for body of the Announcement.
any significant discovery being reported These
should include, but not be limited to a plan view of
drillhole collar locations and appropriate sectional
views.
Balanced Where comprehensive reporting of all Exploration No drilling results are reported.
reporting Results is not practicable, representative reporting
of both low and high grades and/or widths should
be practiced to avoid misleading reporting of
Exploration Results.
Other Other exploration data, if meaningful and material, All material data is reported in the body of the
substantive should be reported including (but not limited to): Announcement.
exploration geological observations; geophysical survey results;
data geochemical survey results; bulk samples – size and
method of treatment; metallurgical test results;
bulk density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
Further work The nature and scale of planned further work (e.g. A two-year exploration work program has been
tests for lateral extensions or depth extensions or planned and will include additional surface
large-scale step-out drilling). geochemical sampling, geophysical surveys and DD,
RC, AC or RAB drilling.
Diagrams clearly highlighting the areas of possible All diagrams are presented in the body of the
extensions, including the main geological Announcement.
interpretations and future drilling areas, provided
this information is not commercially sensitive.
----- End of picture text -----
NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 322 7600 Email: [email protected]