AusNiCo (ASX: ANW) is a Queensland based minerals exploration company focused on the discovery and economic development of large scale nickel projects.
AusNiCo has discovered significant new ore-grade nickel-cobalt sulphides and copper-gold mineralisation zones at the Pembroke prospect on the Black Snake Plateau, 30km south of Kilkivan in Southeast Queensland.
AusNiCo commences nickel sulphide drilling at Black Snake Plateau
AusNiCo (ASX: ANW) has kicked off a 1,200 metre reverse circulation drilling program to test a number of highly prospective targets at the Black Snake Plateau Region in Queensland.
Recent geophysical surveys defined induced polarization anomalies at the Mt Clara, Mt Coora and Peak prospects, with similarities to the regional settings at AusNiCo’s Pembroke prospect, also in the Black Snake region.
The Black Snake drilling program is planned to test the presence of nickel sulphide mineralisation underlying the large nickel oxide discovery at the Mt Cobalt prospect and the induced polarization anomaly along the geological contact at Mt Coora.
It will also test prominent induced polarisation anomalies at the Mt Clara North, Peak and Orion’s Belt prospects, along with geochemical anomalies at Peak and Orion’s Belt.
High silver values from previously reported rock chips at Peak and Orion’s belt, with more than 700 grams per tonne silver identified, suggest that Silver Valley mineralisation could extend over 5 kilometres of strike.
AusNiCo identified a potentially large copper-silver mineralised system at Silver Valley earlier this year, based on geochemical sampling, geophysical techniques and drill testing.
Assay results at Silver Valley, including 21 metres at 1% copper and 99 grams per tonne (g/t) silver including 1.5 metres at 6.2% copper and 582g/t silver, support semi-massive silver/copper mineralisation.
Results from the Black Snake drilling program will be reported in December 2012.
At the end of the September quarte, AusNiCo had total cash of $9.78 million.
