LCL Resources (ASX: LCL) has continued to build a contiguous, regional position of mineral tenements capturing Papuan Ultramafic Belt (PUB) lithologies on the back of highly encouraging results from Veri Veri field work in Papua New Guinea.
The PUB is a proven host of high-grade nickel sulphide mineralisation at LCL’s Veri Veri nickel prospect.
Within LCL’s expanded PUB footprint is a 7km x 4km stream sediment nickel anomaly at Wedei, as well as the Iyewe nickel sulphide prospect and multiple additional nickel stream sediment anomalies prospective for sulphide and lateritic nickel.
LCL’s Nickel Project now totals 2,400 sq. km of granted licences and pending applications and captures ~100km strike length of the Keveri Fault, believed to be a major controlling structure for both nickel sulphide and copper-gold mineralisation.
We were very encouraged by our early success at the Veri Veri nickel prospect and took the opportunity to control a very substantial, camp-scale footprint prospective for a key strategic battery metal,” Managing Director, Jason Stirbinskis, said.
“The company’s analysis of the PNG Mineral Resources Authority database identified several large nickel stream sediment anomalies over PUB lithologies that have never been drill tested.”
The early stage Wedei target is a very large, coherent stream sediment nickel anomaly covering an area of 7km x 4km of >0.25% Ni. The underlying geology consists of PUB lithologies including basalts, ultramafic intrusives, and ultramafic breccias and is prospective for nickel sulphides, nickel laterite, gold and Platinum Group Metals. Compilation of historical work is ongoing.
Wedei sits mostly within uncontested applications pending approval with the remainder on EL2566 (Munga), over which LCL has a binding agreement to secure 100% of the licence area, subject to renewal.
The Iyewe nickel sulphide prospect is located 5km SE of the company’s Veri Veri nickel sulphide prospect and, like Veri Veri, is proximal to the Keveri Fault.
Previous explorer, Goldminex Resources Ltd (GMX), drilled 10 diamond holes in 2009. LCL is validating the historical drill data, which will include a site visit to confirm the drill hole locations and identify the source of reported nickel sulphide boulder float.
An airborne electromagnetic survey (VTEM) flown by GMX in 2008 identified a significant number of geophysical targets with only a small portion followed up with groundwork. A review of the GMX VTEM survey data is underway.
The Iyewe licence also includes copper/gold targets in the south of the licence area which are part of the copper gold belt that also captures LCL’s highly prospective Ubei and Liamu targets.
Safia is the largest of the recent LCL acquisitions and consists of numerous early-stage targets prospective for sulphide and lateritic nickel.
In addition to a portion of the above-mentioned Wedei target which occurs in this licence, anomalous zones at the Safia Prospect include an area of 3km x 2km of >0.25% Ni. Only limited follow up was undertaken by previous explorers. Other stream sediment anomalies to the SE of Wedei warrant follow-up work programmes.
The Wowo Gap nickel-cobalt laterite project, owned by a third party, is an advanced project with an established resource located 15km east of the LCL Safia boundary