NickelX plans further work on 12 nickel-copper-PGE targets at Dalwallinu

NickelX (ASX: NKL) has begun discussions with private landowners to get the next stage of work underway at its Dalwallinu nickel-copper-platinum group elements (PGE) project in Western Australia.

The explorer is seeking Julimar-style nickel-copper-PGE mineralisation at the project, which covers 86 square kilometres of the Barra Barra Greenstone Belt, about 150km northeast of Julimar in WA’s West Yilgarn district.

In its December quarterly report released today, the company confirmed it has started planning infill soil geochemistry and ground electromagnetic geophysical surveys to lead to a maiden drilling program. Talks with landowners has now commenced to enable this work to proceed.

12 priority targets identified at Dalwallinu

NickelX has identified 12 priority targets within the project over a strike length of 6km. The highest priority target is D1, which previously returned surface sample assays including 362-674 parts per million nickel, 201-349ppm copper and numerous assays over 49 parts per billion palladium/platinum.

During the December quarter the company completed a first pass field work and reconnaissance rock chip sampling program to support the prospectivity of the D1-D12 targets. These targets are interpreted to be coincident with mafic and ultramafic units of the Barra Barra Greenstone Belt. NickelX is awaiting assay results from this program.

The explorer also completed a close spaced (50m line spacing) drone magnetic survey over the project area with final processed data results pending.

The maiden drilling program will be designed to test the 12 targets, D1-D12 for nickel-copper-PGE mineralisation.

Options weighed up for Cosmos South after insignificant results

NickelX said it is evaluation future options for its Cosmos South nickel project in WA’s Wiluna Greenstone Belt after diamond drilling failed to return significant results for nickel or copper.

The drilling program completed during the December quarter reportedly encountered multiple horizons of stringer, vein, semi-massive and massive breccia sulphide between depths from 314-487m.

However, assays of all the sulphide intervals intersected did not return significant results for either base metal.

$2.25 million capital raising completed

During the December quarter, NickelX completed a two-tranche placement of 15 million new shares at an issue price of $0.15 per share to raise a total of $2.25 million (before costs).

Placement participants also received one option for every two shares subscribed at an issue price of $0.005 per option, with an exercise price of $0.20 and two-year expiry.

At the end of the December quarter, NickelX reported a solid cash position of $4.18 million.