Parabellum Resources Defines Significant Nickel-Cobalt Exploration Target
PARABELLUM RESOURCES LIMITED (PBL) Share Update July 2024 Monday 22nd
Parabellum Resources Announces Significant Nickel-Cobalt Exploration Target
Parabellum Resources Limited (ASX:PBL) has announced a significant exploration target for nickel and cobalt at its Miandetta-Redlands Prospects, marking a major step forward in its NSW Projects.
Instant Summary:
- Exploration target between 10 and 17 million tonnes.
- Nickel grades between 0.8% and 0.9%, cobalt grades between 0.04% and 0.05%.
- Metallurgical testwork for nickel atmospheric leach has commenced.
- Next stage involves additional drilling to define mineralisation limits.
Exploration Target Details
Parabellum Resources Limited (ASX:PBL) has defined a significant exploration target at its Miandetta-Redlands Prospects. The target comprises between 10 and 17 million tonnes of mineralisation, with nickel grades ranging from 0.8% to 0.9% and cobalt grades between 0.04% and 0.05%.
The Miandetta-Redlands target was identified through a combination of aircore drilling, surface geological mapping, previous drilling, geochemistry, and geophysical data. This exploration target has been prepared and reported in accordance with the JORC Code (2012).
NSW Projects Overview
The Company's NSW Projects include the Redlands/Whitbarrow, Recovery, and Lunns Dam Projects in the Tottenham-Girilambone district, covering approximately 690km², and the Obley Project in the Yeoval district, covering approximately 180km².
During the June 2024 quarter, Parabellum focused on the initial exploration target for the Miandetta-Redlands Prospects. The significance of the Redlands nickel-cobalt mineralisation was first identified in November 2023, with the receipt of initial assay results from the aircore drilling program.
Exploration Methodology
The exploration target was estimated using 3D block modelling in MapInfo Discover 3D software, supplemented by manual cross-sectional interpretation. This approach was based on drill intersections, the type and style of mineralisation, and the potential continuity of mineralisation.
The volume ranges were guided by the extent of magnetic anomalies and the limits of current and previous drilling. A conservative approach was taken to determine the potential distribution of nickel-cobalt mineralisation at Miandetta and Redlands.
Next Steps
Parabellum has commenced preliminary metallurgical testwork to determine the deportment of the nickel and cobalt mineralisation and associated metallurgical recovery. This work focuses on an atmospheric acid leach flow sheet to optimise both operating and capital costs.
The next phase involves additional drilling to define the limits of the nickel-cobalt mineralisation, enabling the calculation of a Mineral Resource estimate.
The announcement of a significant exploration target is likely to positively impact Parabellum Resources' stock price. The defined nickel and cobalt grades are promising, and the commencement of metallurgical testwork indicates progress towards resource estimation. Investors may view this as a strong indicator of the company's potential growth and future profitability.
Investor Reaction:
Analysts and investors have reacted positively to the news, noting the significant potential of the Miandetta-Redlands Prospects. The defined exploration target and ongoing testwork are seen as positive steps towards resource development.
Conclusion:
Investors should monitor the progress of Parabellum Resources' exploration and metallurgical testwork closely. The company's strategic focus on defining the limits of mineralisation and calculating a Mineral Resource estimate will be crucial in determining its future success.