MTM Critical Metals Claims Laterite Nickel Discovery
THE DRILL SERGEANT: MTM Critical Metals (ASX: MTM) has claimed a new laterite nickel mineralisation discovery at the Seahorse prospect within the company’s East Laverton project in the north Eastern Goldfields of Western Australia.
MTM Critical Metals declared the discovery on the back of assay results from a recently completed program of aircore drilling that confirm nickel laterite mineralisation at the Seahorse prospect.
The Seahorse area is located approximately 50km southeast of Laverton and is considered by MTM Critical Metals as being prospective for a range of commodities, including nickel, cobalt, rare earth elements (REE), gold and base metals based on limited historical exploration results.
The results retuned nickel mineralisation grades in a lateritic weathering zone over an ultramafic host rock, up to 2.2 per cent nickel.
The nickel zones are locally coincident with elevated cobalt, chrome, and rare earth element (REE) mineralisation.
Higher grade drilling intersections include:
23ELAC175
17 metres at 0.92 per cent nickel;
23ELAC176
28m at 0.95 per cent nickel, 10m at 0.1 per cent cobalt and 21m at 0.97 per cent chrome; and
23ELAC185
28m at 0.97 per cent nickel and 32m at 1.08 per cent chrome.
“This discovery of lateritic nickel mineralisation is the successful result of MTM’s systematic exploration campaign at the Seahorse prospect over the past two years,” MTM Critical Metals managing director Lachlan Reynolds said in the company’s ASX announcement.
“Prior to our work, there has been limited historical exploration in this area, which is mostly covered by transported sediments and marginal to the greenstone belts that are traditionally considered to be most prospective.
“However, our combined soil sampling program and interpretation of the regional geophysical surveys has identified numerous anomalies, which this drilling confirms can be associated with mineralisation developed in the laterite profile developed over prospective rocks.
“The significant nickel grades and widths intersected at this stage are very encouraging.
“Furthermore, as only part of the interpreted strike length of the interpreted ultramafic unit have been tested with the drilling, there is considerable potential for a large resource to be delineated.
“We are also keen to evaluate the potential for sulphide-hosted nickel mineralisation associated with the ultramafic units and are considering what ground geophysical survey types may be appropriate to undertake to define new drilling targets.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE