Nimy Resources Unveils Significant Sulphide Mineralisation at Masson Project
NIM (NIM) Share Update August 2024 Tuesday 27th
Nimy Resources Reports Promising Sulphide Mineralisation at Masson Project
Nimy Resources (ASX: NIM) has reported promising results from its ongoing drilling at the Masson Project in Western Australia, revealing significant sulphide mineralisation that increases with depth.
Instant Summary:
- Three drill holes completed, testing recent electromagnetic survey anomalies.
- Mineralised zone increasing with depth and dipping to the west.
- Massive sulphide discovery includes copper, nickel, cobalt, and PGE.
- Samples submitted for assay, results expected in 4-5 weeks.
- Final deeper diamond hole completion expected early next week.
Drilling Results
Nimy Resources has completed three drill holes at the Masson Project, targeting recent electromagnetic survey anomalies. The results indicate that the mineralised zone is increasing with depth and dipping to the west as predicted.
Executive Director Luke Hampson stated, 'The Masson copper, nickel, cobalt, and PGE massive sulphide discovery is now building momentum in terms of potential volume and grade. The setting is quite unique to WA, being in gabbroic to doleritic rocks with intervals of more anorthositic rocks.'
Significant Intersections
Drilling beneath the initial RC hole 24NRRC0124, which intersected a 10m interval of massive and disseminated sulphide mineralisation from 128-138m downhole, has revealed continued and increasing widths of both massive and disseminated sulphide mineralisation.
Hole 24NRDD0125 encountered a 65.1m mineralised zone, suggesting a thickening with depth and dipping to the west. Visible sulphides became present at 209.4m through to 274.5m, including multiple massive sulphide zones.
RC hole 24NRRC0127 intersected visible disseminated sulphides from 148m, with massive sulphides intersected at various intervals, including a substantial interval at 180-185m and again at 193-194m.
Next Steps
The final diamond hole at Masson, passing beneath 24NRDD0125, is underway and expected for completion early next week. This hole is designed to further test the dip and depth of mineralisation. Samples have been submitted to Intertek for assay, with an anticipated 4-5 week turnaround.
The discovery of increasing sulphide mineralisation at depth is a positive development for Nimy Resources. This could potentially lead to a significant increase in the resource estimate for the Masson Project, positively impacting the company's stock price. The unique geological setting also adds to the project's attractiveness.
Investor Reaction:
Analysts are likely to react positively to the news, given the potential for increased resource estimates and the unique geological setting. However, the final assay results will be crucial in determining the true impact of these findings.
Conclusion:
Investors should keep an eye on the upcoming assay results and the completion of the final diamond hole. These developments could provide further insights into the potential of the Masson Project and influence investment decisions.