NickelX Limited (ASX:NKL) has been awarded an Exploration Incentive Scheme (EIS) grant of up to A$180,000 by the WA Government in support of four diamond drill holes.
The company is currently in the process of obtaining the required access agreements, permits and contractor engagement to drill test the targets identified.
An initial programme of four diamond drill holes is planned to test the near-surface and down dip extension of the conductivity and magnetic anomalies identified.
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 by shareholders and exercise of the Option, the team are excited to have received some very positive results from a recent close spaced drone magnetic survey,” NickelX Managing Director, Matt Gauci, said.
“As per our application to the Exploration Incentive Scheme (EIS), the results have indicated prospective magnetic characteristics for ultramafic rocks and co-incident with the existing highly conductive MLEM and FLEM conductors within the project area.
“The team are very excited to be well funded and are now planning to execute our drilling plans at Cosmos South with the planned program designed to test these new, exciting targets not previously the subject of a systematic exploration programme. The company thanks the WA Government for its support of the exploration industry via the EIS scheme.”