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Australian Mines drill results extend nickel cobalt resource potential

Results will now feed into an updated JORC resource estimate for the Greenvale deposit.

rc drill rig
Results feature 42 metres at 1.01% nickel from surface

Australian Mines Ltd (ASX:AUZ) has received positive, near-surface results from its extension drilling program at the Sconi Cobalt-Nickel-Scandium Project in northern Queensland.

The company has been progressing its 50,000-metre drill program completing the initial 446 holes for 12,241 metres targeting the historical Greenvale mine area.

Highlights from Greenvale include 42 metres at 1.01% nickel from surface and 53 metres at 0.724% nickel from surface.

READ: Australian Mines boosted by $12 million investment from US fund

Australian Mines managing director Benjamin Bell said: “The metres drilled in this initial phase equate to a 50% increase in the total metres historically drilled at the Greenvale mine site since 1962 and we expect the current resource model will be updated as a result, demonstrating the true untapped potential of the Greenvale Deposit at Sconi.”

“We are currently reviewing the base-case bankable feasibility study for Sconi and completing a thorough verification process for all capital costs modelled to ensure the project is costed as accurately as possible ahead of a final investment decision.

Optimised BFS expected first half of next year

“We are very pleased with these initial assays and look forward to the full results of the program being available to feed into a fully-optimised version of the BFS in the first half of next year.

50% of assays from Greenvale received

Australian Mines has received 50% of the total assays from the drilling at the Greenvale mine site to date.

Results so far show widths and tenor of early results demonstrating the potential for the existing JORC resource at the Greenvale Deposit to be extended in multiple mineralised zones.

Once all assay data has been received and validated, an updated JORC resource will be estimated.

Quick facts: Australian Mines Ltd

Price: 0.034 AUD

Market: ASX
Market Cap: $134.69 m

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on 18/2/19

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