THE BOURSE WHISPERER: PLD Corporation (ASX: PLD) has lodged an Exploration Licence Application (ELA70/4622) with the Western Australia Department of Minerals and Energy to be owned 100 per cent by the company.
The EL is consider by the company to be prospective for magmatic nickel sulphide and copper sulphide deposits.
Albany Fraser nickel, copper and gold belt. Source: Company announcement
PLD explained the Albany Fraser Belt is considered analogous to the Thompson and Cape Smith Belts in Canada, which is host to multiple Proterozoic magmatic nickel-copper sulphide deposits.
“The analogy has been demonstrated by the recent discovery of the Nova-Bollinger nickel-copper deposit, by Sirius Resources (ASX: SIR),” PLD said in its ASX announcement.
“Rocky Gully North covers an area of 176 square kilometres and is underlain by mafic gneisses of the Proterozoic Biranup Complex.
“Two strike extensive priority copper targets have been identified by previous explorers, defined by surface geochemical sampling (up to 900ppm copper) and partially drill tested by shallow RAB and aircore drilling, which generated open ended intercepts up to 550ppm copper.
“Previous explorers considered that the anomalous copper may represent a metamorphosed feeder system to a VMS massive sulphide deposit which will remain the focus of the company’s exploration activities at Rocky Gully North.”
With the application of the Rocky Gully North project and the grant of the Rocky Gully East project, PLD Resources indicated it is now accelerating and organising sampling, geophysics and drilling of the nickel and copper targets it has designated to be priorities.
This is happening in conjunction with a recently approved and planned 3,000 metre drilling program at the M20 nickel target.