Aston Minerals confirms billion tonne resource estimate at Boomerang nickel-cobalt target
Aston managing director Dale Ginn says Boomerang still has incredible growth potential.
Perth-based Aston Minerals (ASX: ASO) has confirmed the Boomerang target within its wholly-owned Edleston project in Canada to be one of the world’s biggest nickel-cobalt deposits.
The company today announced a billion-tonne maiden resource estimate at the target, which comes just 18 months after exploration commenced.
The global resource sits at 1.044 billion tonnes grading 0.27% nickel and 0.011% cobalt, which equates to 0.30% nickel equivalent.
It is based on 62 diamond holes for a total 28,001m of drilling and has a total of 2.82Mt of contained nickel and 115,000t of cobalt.
The resource comprises an inferred 889Mt at 0.27% nickel and 0.011% cobalt (0.30% nickel equivalent) and an indicated amount of 155Mt at 0.28% nickel and 0.011% cobalt (0.31% nickel equivalent).
Maiden achievement
Executive chairman Tolga Kumova said the maiden estimate was a result of hard work by the Aston team.
“Finding and defining such a gigantic resource within 18 months is an incredible achievement by all involved,” he said.
“This deposit ranks as one of the largest undeveloped nickel-cobalt sulphide resources globally … these types of assets are very rarely held by junior explorers.”
He said Boomerang could potentially address a growing supply shortfall for raw materials in the electric vehicle market.
“The lack of exploration success in recent history with respect to the delineation of substantial nickel sulphide resources is a risk to the rapidly-developing electric vehicle market match the projected demand,” he said.
“We believe what we have discovered and delineated at Boomerang uniquely positions Aston to provide a large part of the solution.”
Boomerang’s potential
Meanwhile, Aston managing director Dale Ginn said the maiden estimate was an indication of Boomerang’s potential.
“Boomerang still has incredible growth potential at depth and our geophysical surveys have identified numerous other lookalike targets on our tenements which are yet to be tested by drilling,” he said.
“The broad nature of the mineralisation, its amenability to conventional beneficiation, access to environmentally-responsible hydroelectric power, availability of local skilled labour and a well-established mining legislature positions this project to be a globally-significant nickel-cobalt mine which could meet a significant portion of demand from the market over the coming decades.”