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Australian Mines identifies 14 new nickel and cobalt targets within Sconi Project

Following an independent study conducted by SRK Consulting new targets were defined, both within existing Sconi tenements and near the current tenement package.

Australian Mines Ltd - Australian Mines identifies 14 new nickel and cobalt exploration targets within Sconi Project
Australian Mines has divided these new, untested exploration targets into high priority targets

Australian Mines Ltd (ASX:AUZ) has identified 14 new nickel and cobalt exploration target areas within and adjacent to the flagship Sconi Cobalt-Nickel-Scandium Project in north Queensland.

An independent review by SRK Consulting re-evaluated existing AUZ drill data alongside digital mapping data sourced from the Geological Survey of Queensland’s 2018 ‘Detailed Solid Geography-Queensland’ map and the latest State of Queensland’s Department of Natural Resources, Mines and Energy (DNRME) regional airborne magnetics imagery.

The analysis defined additional nickel, cobalt, and scandium mineralisation targets both within the company’s existing tenements and within proximity to Sconi’s current tenement package.

“Untapped nickel and cobalt potential”

Managing director Benjamin Bell said: “While our primary focus remains securing binding offtake and financing agreements for our world-class Sconi Project, there is still a lot that we can do to add even more value to this project.

“The new nickel and cobalt targets uncovered through the study we commissioned from international mining experts SRK Consulting, is a very positive development and indicates just how much untapped nickel and cobalt potential may still exist in and around Australian Mines’ current Sconi tenement package.

“These new targets reinforce the exploration upside of the Sconi Project, have the potential to deliver significant value to shareholders and to significantly extend the lifespan of the Sconi Project beyond the current estimate of 30 years.”

Shares are up 12.5% to 0.9 cents.

Nickel and cobalt exploration target areas located within, and adjacent to, the Sconi Cobalt-Nickel-Scandium Project.

Australian Mines has divided these new, untested exploration targets into high priority targets within Sconi’s tenements and high priority targets across the broader Sconi region.

The company has pegged additional ground adjacent to the Sconi Project area which encompasses priority Target K, representing a prospective cobalt-nickel target along the proposed trucking route from the company’s Kokomo prospect to the planned processing plant at Sconi.

Exploration program set for 2020/2021

This list of high priority targets gives Australian Mines the opportunity to begin an exploration and testing program during the 2020/2021 financial year.

The objective of the program is to delineate additional mineralisation, which may result in an upward revision of the Sconi mineral resource and the project’s life span.

Quick facts: Australian Mines Ltd

Price: 0.009 AUD

ASX:AUZ
Market: ASX
Market Cap: $32.63 m
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