COMMODITY CAPERS: NickelX (ASX: NKL) is exploring for high-grade Nova-type magmatic nickel-copper deposits, as well as large scale Tropicana-type structural gold deposits in the Albany Fraser Belt, located in Western Australia.
NickelX owns 100 per cent-interest in its six granted Exploration Licenses at the Biranup project in the Albany Fraser Orogen, including numerous high priority targets at Fire Dragon, Silver Dragon, Black Dragon and Red Dragon, as well as additional priority targets which comprise the projects.
The company listed on the ASX in May with a IPO-funded bank account balance of $7 million to fund exploration programs, which it wasted little time commencing.
The company is implementing systematic work programs at the Biranup project, including a diamond drilling program partly funded by the WA Government, where it is looking for massive sulphides over well-defined and strong conductors at Fire Dragon.
Previous work at the Biranup project had identified more than 20 EM conductors, including four high priority targets that NickelX considers 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 semi-massive to massive sulphides (including pentlandite and chalcopyrite), from a limited four-hole program.
The MLEM surveys were designed to better define the four targets that had been identified from a SPECTREM AEM survey flown by previous explorers that NickelX had reprocessed by Southern Geoscience Consultants.
Three first order conductivity targets (FD1, FD2 and FD4) were followed up by MLEM surveys to test the conductivity anomalies and define targets for drill testing.
The MLEM conductive anomalies detected at FD1, FD2 and FD4, implying basement sources with preliminary modelling on FD1 suggesting a conductor located down dip of previously identified EM conductors at Fire Dragon.
Drilling now underway includes 2 PHASES of diamond and diamond with RC pre-collars to test for nickel-copper sulphides at Fire Dragon and FD1 based on current data, while a wider PHASE 2 program of diamond and diamond with RC pre-collars is planned to test for nickel-copper sulphides at Fire Dragon, FD1, FD2, FD4 and Silver Dragon and to test for structural Gold at Black Dragon that will be based on completion of modelling from the recent EM surveys and results from PHASE 1.
“We’re pleased to have…secured a Diamond Rig for our PHASE 1 and PHASE 2 drilling programs at Fire Dragon (Nickel Copper), Silver Dragon (Nickel Copper) and Black Dragon (Gold), for what will be the only comprehensive and systematic drill program on highly prospective targets, identified by the NickelX team’s data review and recently successful EM surveys,” NickelX Managing Director Matt Gauci said.