AusNiCo awarded tenements in Tasmania and Queensland

THE BOURSE WHISPERER: AusNiCo (ASX:ANW) Has had its tenement application granted for ERA 882 in western Tasmania near Heazlewood River.

The company said the Heazlewood River project is prospective for nickel sulphides, gold, copper, lead and platinum‐group elements.

The tenement area is located about 25 kilometres west of Waratah and the Mt Bischoff Tin deposit.

 

Southern portion of Heazlewood River Project with mapped geology, prospects and targets.

 

According to AusNiCo previous exploration work carried out over the project area has reported nickel sulphide breccia at Fenton’s Knob containing up to 1.4 per cent nickel sulphide (Avebury Style), surface rock chip values up to 18.3 gper tonne gold, 15 per cent lead, 8 per cent copper and 4.7 per cent nickel.

Costeans at Fenton’s prospect returned up to 6 metres at 6.7 parts per million platinum and 9 metres at 4.0ppm platinum.

The company said the area has been subjected to considerable exploration, however several prospective targets remain untested.

One of these is the Brassey North area, which has several areas of soil geochemistry greater than 3,000ppm and up to 5,600ppm nickel over a strike of one kilometre.

“Several Platinum and Osmium‐Iridium anomalies also require further investigation at Fentons and north of Fentons,” AusNiCo said in its ASX announcement.

“The copper and lead-zinc prospects in the south of the tenement have received little attention in the past and have not been tested for nickel or Platinum‐group mineralisation, and the north‐western part of the tenement remains largely unexplored.

“AusNiCo intends to design a work program to follow‐up previously reported historic results of third party exploration programs, and to exploit the other prospective, under‐explored areas of the tenement.”

AusNiCo also had its application for a large area adjacent to the Marlborough Mines nickel project in Queensland granted, subject to the company carrying out necessary public notification aspects.

The company said the Marlborough South project will target the nickel sulphide potential of the Princhester Serpentinite.

AusNiCo considers the geology of Marlborough South to be similar to its own Pembroke discovery, with a well‐defined quartz‐serpentinite contact along the northern boundary.

Historic geochemical sampling has delineated a nickel anomalous area in the centre of the tenement (including samples greater than 3,000ppm nickel) providing the basis for further exploration activity.

Once AusNiCo has met its native title notification requirements, the company said it intends to conduct preliminary field work with a view to developing a comprehensive work program to be undertaken in due course.