NiPlats Australia shares increase 10% after Phase 2 drilling ends
NiPlats Australia (ASX: NIP) has wound up Phase 2 of the drilling programme on the company's Speewah tenements in the Kimberley region, causing shares to spike 10% following the release of the announcement.
By 1.32pm, shares in NiPlats had increased by 6c to 66c on the back of the news.
In a statement to the market, the company reported that three of the four planned diamond core holes were drilled, two of which reached the target depth.
The fourth hole was not attempted due to the commencement of the wet season in the Kimberley, with a total of 1613.1 metres was drilled. Holes were drilled to the west at 55-60º dip.
The three deep DC holes tested copper mineralisation targets selected on structural, gravity, magnetic and geochemical criteria, along the Greenvale Fault Zone, a major tectonic lineament that defines the south-eastern edge of the Speewah Dome.
Copper and gold mineralisation has been recorded on the surface and in previous Reverse Circulation (“RC”) drilling along a 2.5km zone of the Greenvale Fault that hosts the ABCE fluorite deposit.
NiPlats executive director Richard Wolanski said the company was encouraged by the visible indications of alteration and sulphide mineralisation in the diamond core from holes SDH09-7 and SDH09-8.
"It resembles the alteration and sulphide veined intervals in DC holes drilled into the same Greenvale structures in 2008, where chalcopyrite and pyrite sulphides have been identified," Mr Wolanski said.
"The core will be transported to Perth next week for the commencement of detailed study, analysis and assay. NiPlats will provide further information as analysis and assays are provided over the coming weeks and months."
NiPlats is a mining and exploration company whose prime focus is the definition and development of its vanadium – platinum and fluorite discoveries in the East Kimberly region of Western Australia.
The company has an interest in three granted Mining Leases and two granted exploration licences covering 473 km2 located about 100 km southwest of Kununurra.
The tenements cover the Speewah Dome where Proterozoic-age Hart Dolerite intrudes older sediments of the Speewah and Kimberley Groups, which has been disrupted by fault and fault splays of the Greenvale Fault Zone that hosts both fluorite mineralisation and carbonatites in the Speewah area.
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