NickelX Limited (ASX:NKL) has identified a number of follow up targets through the results of a recent magnetic survey across the Cosmos South Nickel Project in Western Australia.
The survey has confirmed that very strong conductors defined by MLEM and FLEM surveys are associated with prominent magnetic features consistent with buried channelised komatiite volcanic rocks prospective for nickel sulphide mineralisation.
NickelX contracted Drone Geoscience Pty Ltd to undertake a Drone Magnetic survey in the June Quarter and Southern Geoscience Consultants Pty Ltd to process the data to further map ultra-mafic rocks and identify drill targets.
The Cosmos South Nickel Project is located 10km south of the world-class high-grade Cosmos Nickel operations (Western Areas Limited – IGO Limited) and 20km North of the world class Leinster Nickel operations (BHP – Nickel West), within the prolific Wiluna Greenstone Belt (WGB), WA.
The Cosmos South Nickel project ranked highly on our target list and following our due diligence, approval of shareholders and exercise of the Option, the team are excited to have received some very positive results from the close spaced drone magnetic survey indicating prospective magnetic characteristics for ultramafic rocks and co-incident with the existing highly conductive MLEM and FLEM conductors,” Managing Director Matt Gauci said.
Cosmos South Nickel Project Summary Cosmos South M36/580 is situated within a highly endowed nickel rich region of the Wiluna Greenstone Belt (WGB). The WGB hosts world class nickel deposits of the Leinster Nickel Operations, Mt Keith, Yakabindie, Honeymoon Well and Cosmos.
The Cosmos South project is covered by recent transported cover sequences associated with the Lake Miranda drainage system. Mapping of subsurface lithology is dependent on interpretation of geophysical data.
Completed Drone Magnetic Surveys at Cosmos South Nickel Project Existing airborne magnetic survey data at Cosmos South was not optimal for use in targeting, having been acquired at 200 m line spacing at a height of 80 m above ground and flown on a bearing sub-parallel to strata of 160-340 degrees.
The recent Drone Magnetics survey was completed on 25 m spaced east-west traverses at a height of approximately 30m above ground, offering significantly better data resolution. The survey objective of the Drone Magnetics was to better define the magnetic characteristics of the strata associated with the identified MLEM and FLEM conductivity anomaly’s and to better map subsurface structure (faults, etc) and lithology based on the results.
The resolution of the existing magnetic data was insufficient to map local variations in the interpreted buried komatiite vocanic lithologies that may represent channelised environments within the larger komatiite sequence. Such channelised volcanic flows are critical to formation of nickel sulphide deposits.
Approximately 75% of the project area was flown with the drone magnetic survey, adverse weather having forced termination of the survey before the remaining southern portion of the M36/580 tenement could be completed. NickelX plan to complete the remainder of the survey as soon as possible.
Next Steps
The company is currently in the process of obtaining the required access agreements, permits and contractor engagement to drill test the targets identified.
Four drill holes are planned (in two sets of two drill holes) to test the near-surface and down dip extension of the conductivity and magnetic features identified.
